John Oliver Explains Bitcoin, Blockchain, and Cryptocurrencies

Digital currencies are generating a lot of excitement. If you’re still confused by Bitcoin, blockchain, and cryptocurrencies in general watch John Oliver enlisted Keegan-Michael Key to help explain the crypto market to potential investors.

  • On Cryptocurrency: Oliver joked about the price and people who do or don’t get rich from bitcoin. How bitcoin is different from other cryptos and tokens form initial coin offerings (ICOs).
  • On Blockchain: Oliver points out how it is useful and establishes that there is a universal agreement on that. Oliver also uses a Chicken McNugget metaphors to make fun of the price movement of “blockchain” stocks (like the Long Island Ice Tea company who changed their name to “Long Blockchain” only to see their stock soar and then crash back down; just like crypto!)
  • On HODL and FOMO: Don’t FOMO (fear of missing out) buy, but do HODL (“Hodl” means “hold on to” the cryptocurrency and do not sell). Don’t get Rekt, find the moon and get your lambo.
  • On Manipulation: Oliver warns of pump and dump warnings, takes some jabs at Bitconnect (complete with the infamous “wasssawasup Bitconnect” clip).
  • On EOS: Nice plug, plus a dash of FUD (Fear, Uncertainty, Doubt).

The reality is the show was rather funny, informative, and fair. This episode actually teaches one a good deal about cryptocurrency in terms of both how it works and the community surrounding it. Even Coindesk wrote an article about how the episode was a rather fair assessment of the crypto market, with one notable exception – the comparison of bitcoin to beanie babies.

John Oliver actually did a good job of pointing out that people should stay away from scams and be cautious with the quality coins and tech… which is, you know, good advice.

To summarize this episode, John Oliver shared his personal opinion that bitcoin is either going to zero or a million, it is not investing its gambling, be careful. “It could be like getting into Google on the ground floor, or it could be like getting into Google Glass at the ground floor. Don’t invest more than you are willing to lose, and don’t HODL into the ground.”