Topic: The Money Illusion (Read 436 times)

My take on the series:

1. Good work, especially how Episode 8 was filmed over several years!
2. It is still an advertisement nevertheless for gold and silver; why not platinum?
3. Gold is indeed more resilient than crypto in apocalyptic event, when there is no more internet.
4. He fails to mention that buying Gold is a scam: there is only so much gold in the reserves and there are claims that the same gold has been sold many times over. That is, if everyone asks for their physical gold in bullion, 90% will be told sorry but there is no actual physical gold, you only bought numbers.
5. In the more likely event of robbery / assault etc rather than apocalyptic event: crypto is much more resilient. You can make 10 copies of your wallet, you can't duplicate gold
6. This is my main take: he states in various instances that Bankers don't know the difference between this and that, even some fundamental monetary concepts. This is furthest from the truth, bankers are almost Trump smart, and they know exactly what they are doing.
7. He goes on to contradict himself about the federal reserve not being part of government, whereas the the single task of the federal reserve is to prevent politicians from keep promising prosperity today at the expense of future generations.
8. What he explains very well is how the system must inevitably collapse under its own weight: where he shows how the debt ceiling keeps getting raised (each time for the last time), there is no escape from this in the current framework and the system will inevitably collapse as it makes itself worthless every inch of the way.
9. I think he made a big mistake with mixing hash graphs with bitcoin. Hashgraphs are very good inside one organisation, where it is none of a Microsoft's employee's business to peek through the transaction between Google employees, for example. It is a solution in-between anonymity coins where the ledger is open only to the members of the group but mean nothing to an outsider.

Overall score 6 / 10

After considerable research into this topic, we have reached similar conclusions, but not identical. Remember that money by definition is "a medium of exchange". This means, anything that becomes a medium of exchange is by definition money, and we have seen historically, the evolution of money from Wheat (Commodity), to Gold/Silver/ to Fiat, and now we are on the cusp of et another evolution of money, cryptocurrencies. Since Bitcoin, for example, is being used as a medium of exchange across multiple platforms, it is by definition money.

If you find this interesting, I'm sure you'll like this video I uploaded covering these topics. It is intended for Hindi/Urdu speaking members though.

Title: This is the REASON why Bitcoin is MONEY (for Hindi/Urdu)
Link: https://www.youtube.com/watch?v=iEnC-qVyG0Q

From a country that is becoming accustomed to physical money scarcity (ie. cashless by force, not by choice) i can tell you that it actually IS possible, but you lose flexibility and have to learn new things, such as planning in advance how much "money" are you going to use that day before moving away to some place without connectivity.

In our case, its the very old debit card system and a network of (stupidly dial up) pads to validate transactions at hopping 1200bps (quite retro indeed). Funny thing is some people actually found how to make the things work over WAN, but its kept very low profile as the banks are intentionally using dial up to "slow down" the transactions...

Get into a socialist central planned economy, and you will learn even weirder things...

Completely reliable network? NO downtimes? LOL. Get used to: Today we won't be able to buy food here, or, "there is no system/electricity/internet". But your physical money (if you have any left) won't be enough to buy a candy...

Actually i have been to "developed" (capitalist) countries and connectivity was nearly 100%, at least in places with other humans...

"Solar storm" could be compared to, that month (March 2019) where we spent many days without continuous electricity. Its survivable, been there, done that. We even experienced some strange phenomenon reminiscent of the past, such as the neighbors coming out to socialize with others during daylight kids playing with others away from any digital gadgets, etc. The nights were scary tough, especially in the less safe areas.

This is the same as I would say now that the Mendeleev’s table is very old))).Money is really an illusion that humanity has dipped into. I hope that the relationship and life itself will change with the help of cryptocurrency. Thank you for the video.

Most people say this is an illusion that not even a few say this is a cliche.
How is it possible, which in ancient times gold and silver could be used as a tool for payment and now replaced with sheets of paper, is that strange isn't it? all of this is evidence that this can be seen from many perspectives, from dollars, euros, etc. and indeed this is the fact that money is an illusion.

And, no offense, but you really believe such a thing would ever happen?
We still have so many "old people" that don't understand a thing about Bitcoin and also lots of relatively young people that seem to don't care about anything but their own belly button.. not to mention that government has already proven that they are not giving a fuck for us and what we think (most all the countries at least)

We need regular people to stop accepting fiat and just flat out refuse to use it.  They will put governments in real trouble and would bring the power back to the citizens.  All it takes is a few people at first before a chain reaction sets off.

Very informative content even though it has been published for a long time. I understand what is being discussed, there is a lot of speculation about the money that has emerged since I was in junior high school. On average they do say this is an illusion that not even a few say this is magic.
How can it be, which was previously gold and silver as a means of payment and is now being replaced with only a piece of paper, strange isn't it. These facts are viewed from many perspectives, from dollars, euros, etc. I have seen the other side of money from other videos and that is indeed the fact that money is an illusion.

It's too much to watch the whole video and the post a comment based on what's the point all about. Anyway, if you just summarised all the episode maybe it a topic worth the concern in the community.

There is no question that in today's modern world, fiat money represents nothing more than a promise and in many instances that promise can easily be broken due to the government's mismanagement and wrong priorities. For me, fiat money equals the government and because no government will ever survived the test of time we can say that the promise has no real value especially viewed in the prism over a period of time. Only gold and silver are able to survive the litmus test of time and usability that is why fiat money should have been tied to them...but bureaucrats think they know better so they print and print more money away from the backing of gold thinking that they can change the course of history and that this time it could be different. Time will tell us that this a very dangerous idea. History will definitely repeat itself because we have never learned it.

I've been watching this video for a long time. I wish we could add a subtitle option. Someone could translate by sharing. So you could reach a wider audience.

Honestly, I do not mind if it's old or not. My favourite saying is, if you do not learn from the mistakes of the past, you will repeat those mistakes in the future.

You have to watch these videos with a open mind and observe how people analyses their current situation and how they predicted the future.  

Thanks, OP time well spend. 

Print money will likely almost never become a thing of the past, at least not till we reach a point where absolutely everyone is connected on an almost completely reliable network that experiences no downtime. That, and you also have to consider the issues that could be presented by a power grid outage, especially when one considers the extreme vulnerabilities that national power grids have. Tons of grids are networked together and the infrastructure that maintains them is not the greatest. If those go down for whatever reason (solar storm being the chief potential issue), then everything gets scuffed. There will always be a need and use for paper money, there will never be a true replacement for those pay methods in the digital age.

That and some people just like not having a record of where they spend their money. I personally don't care too much about it, but to each their own.

Old as it may seems, but for some it will be very useful. I haven't seen this video yet so thanks for the link. Been in crypto for so many years as well but this is kinda informative one. We need to broaden our perspectives when it comes to currencies that we are dealing with and know the foundation how we are utilizing them everyday.

We know that gold and silver were the real money before we knew fiat/physical money.
After fiat was printed in many countries, gold and silver become precious and have a high position in the economy and some people use gold and silver as their investment.
But we are now live on the digital era, and we already know that cryptocurrency existed around us, and I think cryptocurrency could be the next currency or the next fiat, but it needs approval from all countries.
And with the developing of the technology itself, the print money will extinct and we cannot find the resources, I think the government then will think to solve this, or they could have a serious problem in their country.
But mmm that is far away from me because I am not an economist either.

Wow! This is actually an eye-opener video on money, currency and the big lie that in the past and into the present being sold into the people. The real money is always gold and silver as all fiat monies in the past not one ever survived. As many governments all over the world are now prone to solved their problems by printing more and more paper money, inflation is eating up the purchasing power of the people. As the money in circulation increases, the lesser the people get. Now, am thinking how can this be connected to bitcoin. Well, bitcoin is now considered to be the digital gold and just like bitcoin it is essentially limited and can function as money and as store of value.

I don't think so, can you explain the difference of currency and money without researching the internet?  If you do then I guess it is pointless to you.  But it is a great watch since it tackles historical financial systems.  It is always good to have a good foundation and knowledge about the world's monetary system.

It's actually worth watching even though it's an old video. I have known crypto for years but I still find this kind of video informative. It's content is still an eye opener since it's like a banking documentary and the difference of digital currency and physical money. Even old traders and crypto lovers would still gain information from it. Thanks for sharing this video, OP.

That was such a rude comment.. doesn't matter how old the video may be, there will always be people that never heard about it and can be interested in watching it (i.e: me)
As long as the content is good it never gets older

Well, honestly the date when it was published doesn't matter as long as the content it self is informative and is intended for education and information purposes. The video talks about money and how currency affects the power to purchase, and that our true wealth is our time and freedom and money is just a trading tool that keeps us away from our time and freedom.