What Crypto's Failures Reveal About Money's Future

The Money with Katie Show

Money with Katie

Investing, How To, Self-improvement, Business, Education

4.8 • 1.3K Ratings

🗓️ 13 September 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

In 2021, high school boys on TikTok were pumping meme coins and discovering (then misapplying) the concept of exponential compounding. Today, with the benefit of hindsight, we can learn a lot about what crypto's rapid rise and fall might mean about money. Plus, we’re going down the rabbit hole of the competing theories about what money really is: Why do we all agree it has value? What happens if the government keeps making more of it, and is crypto the wrong solution for the right problem? Transcripts can be found at podcast.moneywithkatie.com While I love diving into investing- and tax law-related data, I am not a financial professional. I have no formal financial education. I am not a financial advisor, portfolio manager, or accountant. This is not financial advice, investing advice, or tax advice. The information on this podcast is for informational and recreational purposes only. Investment products discussed (ETFs, index funds, etc.) are for illustrative purposes only. It is not a recommendation to buy, sell, or otherwise transact in any of the products mentioned. Do your own due diligence. Past performance does not guarantee future returns. Money with Katie, LLC. — Mentioned in the Episode The Future of Cryptocurrency, via The Economist: https://www.youtube.com/watch?v=5-rCKo4CBgM&ab_channel=TheEconomist Narrative Economics by Robert Shiller: https://bookshop.org/a/90396/9780691210261 Mike Green of Simplify Asset Management: https://investresolve.com/podcasts/mike-green-the-fourth-turning-and-reimagining-the-american-dream/ Stephanie Kelton's TED Talk on the Big Myth of Government Deficits: https://www.youtube.com/watch?v=FATQ0Yf0Fhc — Follow Along at Money with Katie: https://moneywithkatie.com/ Watch on YouTube: https://www.youtube.com/@MoneywithKatie Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter - Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2 Follow the Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The legend has it that in 1929, right before the stock market crashed, Joseph Kennedy
0:18.7	Sr. was getting his shoes shined.
0:21.4	The raggedy boy, shining his shoes, starts shouting up Kennedy about the stock market,
0:27.1	and he offered him a stock tip.
0:29.4	Now the myth goes that Kennedy was like, oh, this poor shoe shine boy is giving me stock tips.
0:34.9	Yeah, we're at the top. I'm going to sell.
0:37.6	And that's how he preserved his fortune through the stock market crash and great depression.
0:47.2	Now the story has never been corroborated anywhere with truly historical shops,
0:51.2	but when I first heard it, I couldn't help but notice the similarities between a stock tip
0:56.4	from a shoe shine boy and the more recent headlines about Justin Bieber buying a monkey jpeg
1:02.0	for millions of dollars. Shouldn't more of us have been tipped off that we had officially
1:06.7	entered bullshit territory? But as with most bubbles, it's hard to think clearly in the midst of
1:12.4	the run-up. So whether you're talking about board apes or tulip mania or shit coins,
1:18.5	groupthink is an innate part of human psychology, which can tell us a lot about investor behavior.
1:27.2	Welcome back to the money with Katie show Rich Girls and Boys. I'm your host,
1:32.2	Katie Gatties-Hassan, and today we are talking about the rise and fall of crypto and what it says
1:38.2	about the future of money.
1:45.2	What I don't want today to be is a crypto technology explainer because frankly that is less
1:51.9	interesting to me and I imagine to you than an exploration of the narratives that landed us here
1:59.0	and the obstacles that cryptos promises purport to solve. Those narratives include the fundamental
2:06.0	promises of permissionless payment systems, why we may or may not need them, and what might be
2:12.5	coming next. Much of what we're going to discuss today is abstract and paradoxical because when we
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