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Speaker 1: Welcome to Ask Fear and Greed, where we take your

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Speaker 1: questions and do our best to answer them. I'm Michael Thompson,

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Speaker 1: and good afternoon, Sean Aylmer.

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Speaker 2: Good afternoon, Michael.

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Speaker 1: You sounded very excited today, Sean.

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Speaker 2: Ah, I am very excited. I love this topic.

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Speaker 1: It's because you know, we've got a great question coming up,

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Speaker 1: and it is one that it's coming from James who

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Speaker 1: joins us from Melbourne, and he says, you have talked

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Speaker 1: a lot on the show about bitcoin and cryptocurrency. While interesting,

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Speaker 1: how much more accessible these products have become, I don't

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Speaker 1: think I've actually heard a clear case for why anyone

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Speaker 1: would want to invest in cryptocurrency other than number go up,

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Speaker 1: which is a good way to a great way to

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Speaker 1: put it, James. He does make the point though maybe

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Speaker 1: perhaps my newborn baby brain missed it this possibility, but

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Speaker 1: that's what we're going to try and answer here today.

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Speaker 1: Perhaps you could talk about some of these and James

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Speaker 1: ads for example, bitcoin a potential alternative to grow into

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Speaker 1: gold market capitalization and or to become another global reserve currency,

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Speaker 1: and also the dangers of meme coins, including doge coin.

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Speaker 1: He includes a little apology to Elon Musk there as well,

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Speaker 1: and I suppose I've got a few more that we

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Speaker 1: can add to that now as well too. There's a

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Speaker 1: lot in this question, so you've got to put You've

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Speaker 1: got to put your crypto cap on, take it away.

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Speaker 2: So I should admit up front arm a skeptic on cryptos.

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Speaker 2: So I've decided to go to experts to help me

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Speaker 2: give reasons for why you should invest in cryptos. It's

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Speaker 2: important to think of there's a use case and there's

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Speaker 2: an investment case, and they're very different things. The use

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Speaker 2: case I mean, undoubtedly cryptos like Bitcoin, lower fees, faster

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Speaker 2: transaction times in the s banks, so if you're buying

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Speaker 2: products overseas, it's just a much more efficient way to

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Speaker 2: do it. The cryptocurrencies themselves operate on blockchain technology. It's

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Speaker 2: fully public, it really can't be changed or manipulated or deleted,

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Speaker 2: so in terms of scams, it's probably safer that way.

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Speaker 2: So in terms of a use case, lower fees, faster transactions,

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Speaker 2: safe technology, I supposely, I mean, I'm just trying to

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Speaker 2: think it. I mean another thing, as they grow in popularity,

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Speaker 2: more financial institutions, mainstream financial institution and businesses are showing

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Speaker 2: interest in accepting cryptocurrencies, so that's kind of good.

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Speaker 1: I think that that, to me is kind of one

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Speaker 1: of the big standout things as well, because I always

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Speaker 1: look to people who are smarter than me for this,

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Speaker 1: and you kind of see some of these big institutional

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Speaker 1: investors getting on board, and I'm like, Okay, all right,

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Speaker 1: maybe this is something that we should be kind of

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Speaker 1: looking at. But can't make the point here that this

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Speaker 1: is not investing podcasts, and you definitely should, definitely, definitely

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Speaker 1: should seek professional advice.

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Speaker 2: And what we're talking here is use cases for non

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Speaker 2: investment cases. So so far we've been talking about use

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Speaker 2: cases once you get to investment cases. Cryptos have no

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Speaker 2: intrinsic value, unlike gold, which actually, under BAAL guidelines has

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Speaker 2: some intrinsic value. Currencies, governments stand behind currencies. None of

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Speaker 2: that happens with cryptocurrencies, even bitcoin. They are highly volatile,

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Speaker 2: but they've also yielded really high returns in the past,

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Speaker 2: depending on when you purchased it. Now, past performance doesn't

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Speaker 2: guarantee future results or anything like that, but there have

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Speaker 2: been some cryptocurrencies where they're as an investment, they've gone

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Speaker 2: through the roof, and they're quite easy to buy. That's

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Speaker 2: the other thing. Nowadays, they're quite easy to buy meme coins. Well,

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Speaker 2: you alluded to the fact that there's Dollar Trump and

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Speaker 2: Dollar Millennia training at the moment, they've only been launched

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Speaker 2: in the last week since Donald Trump was inaugurator or

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Speaker 2: just before he took that job. In the terms and conditions,

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Speaker 2: they actually say these are not meant for investment purposes.

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Speaker 2: Now people have bought them Donald Trump. Last time I

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Speaker 2: looked that Dollar Trump was worth eight billion dollars. There's

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Speaker 2: no intrinsic value in that whatsoever, but people just like

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Speaker 2: to do it. So where there's a market people want

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Speaker 2: to buy and sell them, then you can make money,

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Speaker 2: but you can lose all that money just as easily.

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Speaker 2: The other thing I suppose is regular to risk. So

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Speaker 2: they're not regulated at the moment, which is good or

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Speaker 2: bad depending on which side you come from. And there's

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Speaker 2: a chance that they will be regulated, mind you. If

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Speaker 2: they're regulated, that may actually give them some more credibility

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Speaker 2: on the street. So ah, James, I want to give

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Speaker 2: you good reasons, but I'm struggling. Oh.

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Speaker 1: Look, and even then, when you just said about the

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Speaker 1: dollar trump coin and the fact that they and made

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Speaker 1: it clear this is not for investment purposes.

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Speaker 2: And what is it? What min do people buy it?

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Speaker 1: What is it for? What possible value does it actually have?

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Speaker 1: Like it comes back to this initial kind of question,

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Speaker 1: what is the use case for it?

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Speaker 2: So you can use them to buy goods and do

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Speaker 2: cross border transfers. Right, So I see that that's.

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Speaker 1: Not but no one's using dollar trump for that. No

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Speaker 1: one's using dollar MILIONI oh no, no.

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Speaker 2: So this is crypto is right. Then there's an investment

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Speaker 2: case which I don't see, but people have made money.

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Speaker 2: There's a market for that. And then we're talking about

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Speaker 2: meme coins, right, and meme coins are like pins. You

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Speaker 2: know when you go to big the Sydney Olympics. I

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Speaker 2: seem to remember everyone had a pin. To me, meme

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Speaker 2: coin is like a pin, really popular at the time,

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Speaker 2: but people have probably got all these pins in their

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Speaker 2: drawers at home that worthless.

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Speaker 1: Yeah, yeah, do you know that? Before I went to

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Speaker 1: the twenty twelve Olympics in London because I was working

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Speaker 1: in radio at the time and we were broadcasting the games,

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Speaker 1: and a listener of the radio station sent in said, look,

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Speaker 1: just so you know the Olympics when they come around,

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Speaker 1: pins are like currency at these events. So here, take

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Speaker 1: these with you and see what you can do with it.

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Speaker 1: And sent in hundreds upon hundreds of pins from Olympics,

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Speaker 1: like mostly from the Sydney Olympics, but from further back

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Speaker 1: as well. I can only imagine they would have been worth.

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Speaker 1: I had no idea what to do with these, but

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Speaker 1: so you walked into the Olympic venues and set up

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Speaker 1: outside on desks and things that were and people just

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Speaker 1: almost had them in kind of briefcases and things like

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Speaker 1: they sell you a Dodgy rolex like that. There was

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Speaker 1: just like walls of these pins from Olympics from many,

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Speaker 1: many years past, and I'm like, yeah, it just kind

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Speaker 1: of pops up, and so maybe that is the best

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Speaker 1: way to kind of look at it. It's just it's

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Speaker 1: got value to some people, not to all. And if

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Speaker 1: you try to take them and you try and take

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Speaker 1: that into a convenience store and buy a loaf of bread, they're.

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Speaker 2: Going to laugh at that much chance. Yep. Yeah.

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Speaker 1: I anyway, we have we answered the question.

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Speaker 2: Well, I'm a syning, as I said at the top,

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Speaker 2: and the answer to the question is going to get

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Speaker 2: financial advice. We are not a podcast giving financial advice, So.

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Speaker 1: I honestly thought you were about to say something else.

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Speaker 1: Is then when he started with go and get and

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Speaker 1: then a little little hint of a financial advice came

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Speaker 1: out of that, is that is a bit of sass there.

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Speaker 1: Sean wasn't expecting that anyway. Look, thank you James for

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Speaker 1: your question. Look, I think we answered it. I'm going

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Speaker 1: to say we did. And look, James included in his

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Speaker 1: notes some really nice words. He thanked fear and Greed

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Speaker 1: for kind of he's been listening for the last five years,

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Speaker 1: would you believe? And he because he shifted into a

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Speaker 1: career in finance and investments and he's found fear and

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Speaker 1: greed to be really useful. I sincerely hope we haven't

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Speaker 1: let you down there episode. Thank you James for your question,

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Speaker 1: and thank you Sean for answering it.

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Speaker 2: Thanks James, Thanks Michael.

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Speaker 1: If you have your own question that you would like

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Speaker 1: to put to us, you can send it on through

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Speaker 1: the website Fearinggreed dot com dot as James did, or

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Speaker 1: you can head along to any of the social media

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Speaker 1: platforms LinkedIn Facebook, Instagram, send it on through there, and

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Speaker 1: we'll pop it on the list and get to it

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Speaker 1: as soon as possible. I'm Michael Thompson, and this is

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Speaker 1: asked fear and greed