I watched the whole thing, which is too long. He gets a bit carried away at some points, but he doesn't seem to be factually wrong.
He makes a good point - cryptocurrencies are a transfer of money from late adopters to early adopters. That's implicit in anything where "line goes up" but there is no revenue, no dividends, it's zero sum, and there's no exit.
The NFT thing seems to be on the way out. The NFT industry is Axie Infinity, OpenSea, Bored Ape Yacht Club, and the little guys. Axie Infinity recently crashed hard. Their Smooth Love Potion token, the one players grind for, is down to $0.01246 (was around $0.35 at peak). Their other token, Axie, is down to about half the peak. OpenSea seems to be stalling out with limited liquidity - too many items with high prices but no bids. People are frantically issuing new NFTs every day, but the available sucker supply seems to have dried up. It's hard to tell, because wash sales to pump the price are so easy in the NFT space. This whole thing is starting to look like Pet Rock 2.0.
Bitcoin and Etherium don't look so good right now. Both are around half of peak.
At the end of the day, it is a video which serves to further actual discussion. There are going to be points where he gets "carried away" because that's the entire point - simply listing the facts doesn't really contribute much, the video uses the facts that we have and extrapolates a conclusion. Crypto currencies, in their current state, are just learning WHY centralized systems exist. While we all would love to be decentralized all the time (and some decentralization is a good idea!), these people end up just using centralized systems to more easily manage their "decentralized" systems.
And really, I don't think this should be surprising for most people. This is exactly what happened to Email - a decentralized system that also just happens to be 90% controlled by 1 company because people much prefer the benefits of centralization to the "freedoms" of decentralization.
He makes a good point - cryptocurrencies are a transfer of money from late adopters to early adopters. That's implicit in anything where "line goes up" but there is no revenue, no dividends, it's zero sum, and there's no exit.
The NFT thing seems to be on the way out. The NFT industry is Axie Infinity, OpenSea, Bored Ape Yacht Club, and the little guys. Axie Infinity recently crashed hard. Their Smooth Love Potion token, the one players grind for, is down to $0.01246 (was around $0.35 at peak). Their other token, Axie, is down to about half the peak. OpenSea seems to be stalling out with limited liquidity - too many items with high prices but no bids. People are frantically issuing new NFTs every day, but the available sucker supply seems to have dried up. It's hard to tell, because wash sales to pump the price are so easy in the NFT space. This whole thing is starting to look like Pet Rock 2.0.
Bitcoin and Etherium don't look so good right now. Both are around half of peak.