Popular television personality John Oliver in his recent episode talked about cryptocurrencies, John Pierce and Bitconnect. In his latest segment of HBO’s “Last Week Tonight with John Oliver”, he gave a fair assessment towards Bitcoin and cryptocurrency market. He also gave an overview toward both the investors on the sidelines and also who recently boarded the crypto trend.
— John Oliver (@iamjohnoliver) March 12, 2018
Introduction by Oliver
John Oliver gave audiences a detailed introduction to the world of cryptocurrencies with a cautionary reminder of the pitfalls. On his HBO show, the British comic started by talking about bitcoin. Initially, he gave a brief description of cryptocurrency in his usual comic manner. He stated, “Everything you don’t understand about money combined with everything you don’t understand about computers”. Furthermore, he covered the much-publicized rise of bitcoin in comparison to how it was viewed not long before.
“Just a few years ago you’d only hear about bitcoin from that one guy in your office who wouldn’t shut up about it.”
After explaining basic premise behind Bitcoin, Oliver takes the time to caution viewers against blindly throwing money at the markets. Furthermore, he warned people who are investing in cryptomarket with the expectation of high returns. He also continually stressed the fact that investors should understand what they’re putting their money in. He joked, “Don’t worry if you still don’t understand it – most people don’t”.
John also pointed out the recent trend of companies rebranding themselves to include ‘blockchain’ in their name. Earlier this year after the announcement of its own cryptocurrency, shares of Eastman Kodak jumped 60%.
EOS and Brock Pierce
Moving toward the massive raises happening in the ICO space, Oliver turns to EOS. It is an up and coming blockchain platform to scrutinize its massive raise based on future promises.
It took Facebook seven years to raise a billion dollars from investors, it took Uber five years – EOS surpassed that in around nine months. And that is despite the fact that the Wall Street Journal described Block One as ‘a software startup that doesn’t plan to sell any software.
Oliver continued his segment on EOS by bringing up Block.one’s co-founder Brock Pierce, and his relationship to the company. Referring to Pierce as a “sleepy, creepy, cowboy from the future” due to his questionable attire worn at press events and conferences, Oliver encouraged viewers to search “Brock Pierce Scandal” on Google. The results shown referred to his termination from Digital Entertainment Network. Furthermore, it involved two civil lawsuits involving the sexual abuse of minors.
Research and Invest
To end the segment, Oliver reminds viewers that investing in cryptocurrency is akin to gambling. He also cautioned that the markets are still highly unregulated and volatile. Governments won’t be able to cover any losses as result of wild market fluctuations, as exchanges aren’t typically insured or registered.
Many people are buying coins for no reason other than other people are buying them. I am not saying that every cryptocoin is a scam, just as I’m not saying that every blockchain company is bullshit. What I am saying is: in a speculative mania, it can be very hard to tell which companies are for real. The crypto market is extremely volatile and insufficiently regulated… they pump and they dump and they dump and they pump.
He ended the segment by recreating the infamous promotional conference video by now-defunct Bitconnect. Oliver’s segment ends with asking actor Keegan-Michael Key playing the role of Bitconnect promoter Carlos Matos whether or not he should throw everything he owns into cryptocurrency.