A viral YouTube takedown of NFTs has already clocked over 5 million views: Here are the biggest revelations

A viral YouTube takedown of NFTs has already clocked over 5 million views: Here are the biggest revelations

At over two hours long, the wildly popular is an exhaustive takedown of the hot new investment vehicle that everyone from to Jimmy Fallon and Paris Hilton is getting into. In the video, YouTuber and documentarian breaks down foundational issues with NFTs and the cryptocurrencies that the tokens are built on. Foundationally, crypto and NFTs are "a ," Olson says. "The whole thing operates by buying worthless assets believing that you will later be able to sell them to a bigger fool." That's because, as Olson details, there are foundational issues with Bitcoin, Ethereum, and the other blockchain technologies that serve as the foundation for both cryptocurrencies and NFTs. Crypto value is extremely volatile, Olson points out, which makes it unusable as a currency in daily transactions for normal consumers. The $5 in bitcoin that you spend at, say, Starbucks could be worth $45 an hour later. Or, alternatively, it could be worth $1 an hour later. Additionally, different cryptocurrencies have unique issues, he says. Bitcoin is notoriously slow to process, with minutes passing as a transaction goes through. And Ethereum transactions come with fluctuating "gas" prices — each transaction in ethereum incurs a processing charge, known as "gas" fees