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01:45:36
to steal to pay its debts and it can no
01:45:38
longer pay the debts that it's accrued
01:45:40
that's how Ponzi schemes fail that
01:45:42
making promises they cannot sustainably
01:45:45
fulfill it seems too good to be true it
01:45:48
often is in crypto too good to be true
01:45:51
is actually true pretty damn often right
01:45:53
like free money is given out all the
01:45:55
time
01:45:55
Bitcoin used to be free you could just
01:45:57
download you get it from a faucet for
01:45:59
free or double-click an exe and get on
01:46:01
your computer for basically free right
01:46:03
XRP was given away for free to anyone
01:46:05
that wanted to give their email xlm was
01:46:07
given away for free to anyone that had
01:46:08
Bitcoin these are all top 10
01:46:10
cryptocurrencies this was free ass money
01:46:12
but a lot of people took but you
01:46:15
maximalist might have been too stupid to
01:46:17
take oops less money for you
01:46:20
hope the bear market is treating you all
01:46:21
right maybe the next time three money
01:46:23
comes along get it so normal world free
01:46:28
money very hard usually scam crypto free
01:46:31
money not usually scam
01:46:34
oddly enough so pyramids require maximum
01:46:41
middlemen between product and
01:46:44
manufacture right so instead of selling
01:46:48
vitamins we sell vitamins through this
01:46:51
guy this guy and this guy in this guy in
01:46:52
this guy in this guy and they all get a
01:46:53
lot of money and then this guy gets a
01:46:55
shitty deal and somehow the world is
01:46:57
better no the world is worse pyramid
01:46:59
scheme suck so in my currency Bitcoin
01:47:02
hacks there's only one tier referral you
01:47:05
can refer someone and get 20% of their
01:47:07
stack you just put your theorem address
01:47:08
at the end of the link question mark R
01:47:10
equals write the contacts com forward
01:47:13
slash question mark R equals your
01:47:14
aetherium address you don't have to sign
01:47:15
up anyone that clicks that link it puts
01:47:17
a cookie on their machine when they
01:47:19
claim get 20% of their stack it gets to
01:47:22
inflate it in the currency they still
01:47:23
get their full stack your currency
01:47:25
inflates 20% of that dudes payout to pay
01:47:28
you they refer not multi-tier right you
01:47:32
can't game a system oh well refer myself
01:47:34
10 times and I'll make 10 accounts none
01:47:35
of that crap works can't game the system
01:47:37
you know who else has single tier
01:47:38
affiliate programs
01:47:40
amazon.com Tesla motorcars they have
01:47:44
affiliate programs if you have Krypton
01:47:46
doesn't have filly program you're
01:47:48
probably stupid actually Amazon takes a
01:47:50
step further did you know that if you
01:47:52
buy something on Amazon through an
01:47:54
affiliate link anything that person will
01:47:57
buy for 24 hours even if other products
01:48:00
you still get paid affiliate you can
01:48:02
still get paid commission so this is one
01:48:04
tire but for 24 hours no matter what he
01:48:06
buys it's good that's really good I like
01:48:09
that
01:48:10
so somebody bought my book and then they
01:48:12
bought a fridge for example got in the
01:48:15
fridge that's good I like it like I got
01:48:18
rich on affiliate programs I really like
01:48:19
afloat programs I think they scale and
01:48:21
they're awesome and their paper action
01:48:23
so things that don't work people stop
01:48:25
doing you know they stop wasting the
01:48:27
public's consciousness the heads it
01:48:28
don't work it's just better for everyone
01:48:31
like paper action and paper acquisition
01:48:32
is vastly superior for all parties then
01:48:35
crapping out adds that no one can track
01:48:38
that clutter up the environment that no
01:48:40
one wants every time someone advertises
01:48:42
me makeup on youtube I am buying makeup
01:48:47
so so Ponzi's fail because they make
01:48:52
promises they can't keep
01:48:52
so as Bitcoin hexa Ponzi no because it
01:48:55
minted the coins that it owes you it can
01:48:57
always meant more whatever it is you it
01:48:59
can pay not a ponzi is it a pyramid no
01:49:02
there's only one level over her can it
01:49:05
be a speculative bubble yes okay if
01:49:08
people decide something's worth a lot
01:49:11
and then they decide it's worth less
01:49:14
okay what are you gonna do about that
01:49:16
you can't program your way out of that
01:49:18
okay that's humans deciding what they
01:49:20
think is valuable and then what they
01:49:21
think ain't valuable there's nothing you
01:49:23
can do about it right I mean we can lock
01:49:25
up more coins and affect the supply side
01:49:28
but on the demand side like human
01:49:30
changing humans is a marketing job and I
01:49:33
do a good job of it but if they decide
01:49:35
to pump the price to the absolute total
01:49:37
moon sure we're gonna have a dip right
01:49:39
dips aren't illegal after you go to the
01:49:41
moon so that's the difference between
01:49:44
ponzi pyramid and a speculative bubble
01:49:46
you might as well use correct language
01:49:48
and understand how these things really
01:49:50
work
01:49:51
most cryptocurrencies are not Fonzie's
01:49:53
and other cryptocurrencies aren't scams
01:49:56
I would say most cryptocurrencies could
01:49:58
be overvalued right so you know a
01:50:02
cryptocurrency that has no adoption and
01:50:04
no use case and no development going on
01:50:07
where or they were not aware or that
01:50:09
they will become scout it could be those
01:50:12
a lot of coins and
ICO
that were
01:50:15
invented and they thought it was going
01:50:16
to be easy because they were almost
01:50:17
giving money to them and unfortunately
01:50:20
I've met a lot of these people in
01:50:21
companies and they're idiots so sorry
01:50:24
I'm not trying to yell but they are we
01:50:27
afraid of
01:50:28
totally mistake there are actually very
01:50:30
very very smart people in programming
01:50:34
with no life or business experience and
01:50:36
whatsoever especially in sales and
01:50:38
marketing and that's where the problem
01:50:39
is but they're so smart they don't
01:50:41
realize this and there's a done
01:50:43
dunning-kruger effect involved and
01:50:45
because they're all crypto orientated
01:50:48
they don't open up the mind that they
01:50:49
need marketing they need people from
01:50:51
outside crypto and that's where they
01:50:53
lose everything there's like engineers
01:50:55
hate marketing and you're like you
01:50:57
really you know if no one ever uses the
01:50:59
thing you engineered what was the use of
01:51:01
engineering it like the market is
01:51:06
speaking for yourself
01:51:07
the public should speak for itself I
01:51:09
don't give you probably shouting if the
01:51:11
one can hear well a lot of these
01:51:16
products have no market their solutions
01:51:18
looking for a market that doesn't exist
01:51:20
and you're just like it's like let's
01:51:23
take Syrian labs right hey guys we're
01:51:25
gonna build a new cell phone to hold
01:51:27
crypto and you're like well why wouldn't
01:51:30
Samsung just do that they've already
01:51:31
gotten a secure Enclave on the device
01:51:33
that I'm sure shit's all over your
01:51:35
secure Enclave this is just software for
01:51:37
them and then oh look
01:51:39
Samsung did do it right like it it was a
01:51:43
dumb dumb dumb business to start right
01:51:46
like hardware is not a good business at
01:51:48
all
01:51:57
thank God they listen to you you always
01:52:01
rather be in software than hardware
01:52:02
because software scales
01:52:04
you want to be in hardware okay well we
01:52:06
need a year lead time and a ton of R&D
01:52:09
and then we can only sell this thing for
01:52:11
maybe two years and then we have to do
01:52:14
it all over again for the next one it's
01:52:17
super super super super hard so you know
01:52:21
the reason Apple can do all of the fancy
01:52:24
hardware stuff that it does it's because
01:52:26
they make so much money on their
01:52:27
software right and it's the same with
01:52:30
Google like if if Google didn't own
01:52:32
Android and you wouldn't have a good
01:52:35
alternative ecosystem to the Apple one
01:52:41
oh yeah oh they're taking the way Google
01:52:46
Plus pages and they even Google phone at
01:52:49
some point they've they've tried a lot
01:52:52
of things there's a website of Google's
01:52:53
failures it's got them all listed there
01:52:56
numerous but you know that's that's okay
01:53:00
so they have a lot of failures but their
01:53:03
experiments also have successes so for
01:53:05
instance Gmail was an experiment that
01:53:08
some dev there did in his 20% free time
01:53:10
so they give you 20% free time there
01:53:12
that you can just do whatever you want
01:53:14
so it's 20% free time he built Jim Gmail
01:53:18
and look at that product now all right
01:53:21
I think Maps might have come out of the
01:53:24
same type of thing I'm not totally sure
01:53:26
so they've got a lot of failures but
01:53:28
this few successes they've had pretty
01:53:30
much pretty much pretty much today yeah
01:53:35
I wish that we lived in a world that was
01:53:37
more competitive and you had viable
01:53:40
search options that weren't Google or
01:53:44
Bing you know I'd like more options I'd
01:53:48
like more innovation I don't like it
01:53:50
when I click you know 20 20 pages in and
01:53:52
then it runs out even though you know it
01:53:54
showed there was like 50 pages and you
01:53:56
get to page 20 it just stops you're like
01:53:57
yeah what's up with the false
01:53:58
advertising where my other 30 pages bro
01:54:01
right
01:54:01
were you doing image search like you do
01:54:03
an image search you're like yeah my
01:54:05
friend was at this party I want to find
01:54:07
my friend I know you guys have better
01:54:09
software to actually find his ass I know
01:54:12
that you could find him if you really
01:54:13
wanted to tell me about it but you want
01:54:15
to pretend that your image recognition
01:54:16
ain't that good
01:54:17
all right I guess I guess image search
01:54:21
is useless then okay you know like it I
01:54:27
I believe that these large
01:54:29
mega-corporations
01:54:33
if Google and Facebook and Amazon decide
01:54:39
that your persona non-grata
01:54:41
unwanted your life sucks hard is that
01:54:47
fair to a human being right
01:54:49
if you it's like and these companies
01:54:53
don't have customer service you can't
01:54:55
even call them right you can't even call
01:54:59
that something could like ruin your life
01:55:01
right no phone call no phone number like
01:55:05
you guys ain't making enough money to
01:55:07
slap an Indian do it on the phone and at
01:55:09
least pretend to help come on you are
01:55:11
making enough money so then they've also
01:55:14
created a lot of successes out there if
01:55:20
it wasn't for the a to do what if it
01:55:21
wasn't for you to be for what Facebook a
01:55:23
lot of people wouldn't be successful I'm
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