Prática de Shadowing: Bitcoin Is a Brilliant Scam and I Can Prove It (Again) - Aprenda a falar inglês com vídeo
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That's right, the #1 crypto hater on YouTube has returned, and for those of you who don't know me, about 6 months ago I made a video breaking down how
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MicroStrategy had essentially turned itself into a giant leveraged bet on Bitcoin.
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My argument was simple: Michael Saylor had turned MicroStrategy from a dying software company into a leveraged time bomb,
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and that the whole thing only worked if Bitcoin's price kept going up forever.
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And at the time, this was a pretty unpopular take.
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The general consensus in the comments was that I didn't understand what Michael Saylor was building, that this video was going to age poorly, and that I was apparently a dumbass.
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But I'll have you know that since I made that video, MicroStrategy has lost nearly $100 billion in market cap, and their stock price is down more than 50%.
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So then fast forward a few months after the MicroStrategy video, and I uploaded another crypto video.
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This time, it was about the broader crypto industry.
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It was about how the industry was much more fragile than people realized.
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And once again, this video was not exactly popular with the crypto community.
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And since that second video was published, the global cryptocurrency market has lost well over a trillion dollars in market value, and the total market is down over 30%.
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But let me be clear, I'm not bringing this up to take some victory lap over the people who bullied me in the comments, even though I should be.
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I'm bringing this up to highlight the fact that both of these videos were built off of the same idea.
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The idea that underneath the narratives, parts of the crypto ecosystem are much more fragile than people are admitting.
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And that underneath all the narratives, there are real issues with the crypto industry.
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Which leads us to the obvious follow -up question: What about Bitcoin?
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And that's because Bitcoin isn't just another crypto project.
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It's the foundation the entire industry is built on.
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And that's what I'm going to be talking about today, because Bitcoin's price is driven by the same false narratives.
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Narratives that say Bitcoin is digital gold, that it's the future of money, and that it's a hedge against inflation and corruption.
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And if you've spent any time in the crypto industry, you've heard these same arguments a thousand times.
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But here's the problem: when you actually start testing these narratives, when you stop looking at the story and start looking at the data, what you start to see is something very different.
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You start to see a pattern where the story keeps changing every time the technology fails to deliver on previous promises.
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But to understand Bitcoin's real value, we have to start with a much simpler question: what is Bitcoin actually supposed to do?
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And when Satoshi Nakamoto introduced Bitcoin in the original 2008 white paper, the idea was extremely clear.
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Bitcoin was described as a peer -to -peer electronic cash system.
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In other words, Bitcoin was supposed to function as digital money, a decentralized alternative to banks and governments where people could send payments directly to each other without intermediaries.
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And if Bitcoin actually accomplished this, it would have been revolutionary.
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But there's a problem.
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It didn't.
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It wasn't even close.
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Because economists generally define money using three basic criteria: First, it has to function as a medium of exchange.
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Basically, people need to widely accept it as a form of payment.
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Second, it has to function as a store of value, something you can hold today and spend later without massive swings in purchasing power.
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And third, it has to function as a unit of account, meaning it must serve as a standard measure for pricing goods and services so it can allow people to compare their value.
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And when you start evaluating Bitcoin using these tests, it doesn't just fall short, it fails all of them.
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As a medium of exchange, Bitcoin is slow, expensive, and inefficient.
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The Bitcoin network processes roughly half a million transactions per day, and if you think that sounds like a lot, It's not.
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Because if you compare that to something like Visa, well Visa processes roughly 65 ,000 transactions every single second,
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which means Bitcoin's entire daily transaction volume could be cleared by the Visa network in under 8 seconds.
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And it doesn't stop there, because a single Bitcoin transaction has a carbon footprint equivalent to roughly 1 .5 million Visa transactions.
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And in terms of energy use, a single Bitcoin transaction consumes roughly the same amount of electricity as the average American household uses over 40 ,000 three days,
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which explains why Bitcoin hasn't become a widely adopted payment system yet because it isn't a good one.
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So what about using Bitcoin as a store of value then?
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And at first glance, the argument seems reasonable.
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It has a fixed supply, and historically assets with limited supply, like gold, have often been used as a store of value.
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And to that I say, no. And there's two reasons why.
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The first, stability.
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A store of value needs to reliably preserve purchasing power, and Bitcoin has historically been one of the most volatile assets in the world.
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Which is exactly why you don't see anyone dumping their entire net worth into Bitcoin.
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Because an asset that can swing 20 % in a single month isn't reliable.
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That's a level of volatility where businesses, households, and individuals start to treat it as a speculative investment, rather than a true store of value.
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And the second issue that rarely gets discussed with Bitcoin: ownership.
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Because despite the narratives you read online about Bitcoin being decentralized, the actual distribution is extremely concentrated.
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Because roughly 2 % of addresses control 95 % of the supply, and when ownership is this top -heavy,
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price movements can easily be manipulated by a relatively small group of large holders.
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Like the recent Jane Street incident.
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Because right now, Jane Street is currently being sued for allegedly helping trigger the 2022 crypto winter
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and wiping out $40 billion in market value.
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And the fact something like this is even possible isn't exactly
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the kind of foundation you want for a stable store of value.
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So, uh, what about the third requirement: Bitcoin as a unit of account?
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Well, let's just say this one doesn't exactly knock it out of the park either.
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Because even businesses that accept Bitcoin as a form of payment don't actually price things in Bitcoin.
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They price everything in dollars and then convert the amount into Bitcoin at the moment of payment.
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Which means Bitcoin isn't actually acting as an economic measurement, it's just temporarily passing through the transaction.
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And even after laying out the specific reasons why Bitcoin fails each of the three basic functions of money, I already know the response that's coming from the Bitcoin crowd.
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Well, we haven't given it a fair shot yet.
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And to that I say, well, we actually did.
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Because if you want to see what Bitcoin actually looks like when people try to use it as a real currency, you don't have to speculate anymore, because we already ran that experiment.
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Because back in 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender.
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The government launched a national wallet called Chivo.
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They required businesses to accept it as a payment
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and even gave every citizen $30 worth of free Bitcoin as an incentive for people to try it.
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Thank you.
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It was finally time.
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This was Bitcoin's magnum opus moment, the moment where Bitcoin finally showed the world it could function as a real monetary system.
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And the results?
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Well, it was a huge failure.
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Because according to IMF data, Bitcoin accounted for less than 2 % of El Salvador's remittances.
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So after years of government promotion, legal tender status, and even a monetary bribe,
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98 % of people still chose to send money internationally through a traditional financial system.
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Which is a huge deal, because remittances were supposed to be Bitcoin's magical use case, that it would allow people to send money across borders without banks,
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fees, and without friction, and when people actually had the option to use Bitcoin to do so, nobody did it.
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And it gets worse.
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Because when the Chivo wallet launched, millions of people signed up immediately.
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But data from the National Bureau of Economic Research shows
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that 60 % of users downloaded Chivo to cash the $30 bribe and never made another transaction on the app, meaning they just downloaded it for the free money and bounced.
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And fast forward to today, and reports show that 66 % of El Salvador's population considers Bitcoin a failed project,
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and 77 % believe that further public funds should not be used to support Bitcoin.
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Which brings us to the harsh reality of Bitcoin.
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Because if it doesn't function well as a medium of exchange, it doesn't function well as a store of value, and it doesn't function well as a unit of account.
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Then we're left with a very obvious question: Where does the value of Bitcoin actually come from?
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lies at the foundation of Bitcoin.
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Because once you strip away all the narratives, remove all the marketing, and ignore the memes,
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the only thing left is a very old concept in finance: something economists call "the greater fool theory."
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And this theory says that the price of an asset doesn't necessarily have to be justified by its underlying value.
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As long as there's a greater fool willing to buy it from you later on for a higher price.
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And when you start to look at not only Bitcoin, but the entire crypto market through this becomes a lot more clear.
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Because Bitcoin doesn't generate cash flows like a stock does.
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It doesn't produce goods like a commodity.
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And in reality, it has pretty much no widespread utility.
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The price is entirely dependent on the belief that a greater fool will buy it later for more money.
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And that belief creates demand.
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And then that demand drives the price higher.
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And then the price going higher attracts more buyers.
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And the cycle repeats again and again.
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So every narrative you hear about Bitcoin serves a very specific purpose.
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Whether it's the digital gold argument, the future of money argument, or the hedge against inflation argument, these stories are crafted to create new buyers.
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Because the moment new buyers stop entering the market, the entire machine breaks.
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And that's the uncomfortable reality of Bitcoin.
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It's entirely supported by hope, and its value comes from people believing someone else will buy it for a higher price later on.
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Because the truth is, it's not any of those narratives you hear online.
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It's just the largest and it might not even be tomorrow,
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but eventually, you will run out of greater fools.
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Vocabulário e dicas de fala para esta lição
Este vídeo tem 116 frases e 1791 palavras para praticar shadowing. A fala dura 9:48. O falante fala rápido, cerca de 183 palavras por minuto, então espere sons ligados e reduzidos. Apenas 80% das palavras estão entre as 3.000 mais comuns do inglês, por isso o vocabulário é exigente.
Vocabulário principal deste vídeo
15 palavras menos comuns do vídeo, com pronúncia e significado:
- narrative /ˈnæɹ.ə.tɪv/ (substantivo) — narrativa. The systematic recitation of an event or series of events.
- transaction /tɹænˈzækʃən/ (substantivo) — transação. The act of conducting or carrying out (business, negotiations, plans).
- roughly /ˈɹʌf.li/ (advérbio) — rudemente, precariamente. In a rough manner; without kindness, softness, or gentleness.
- asset /ˈæsɛt/ (substantivo) — bem, activo. A thing or quality that has value, especially one that generates cash flows.
- buyer /ˈbaɪ.əɹ/ (substantivo) — comprador, compradora. A person who makes one or more purchases.
- household /ˈhaʊshoʊld/ (adjetivo) — familiar. Belonging to the same house and family.
- belief /bɪˈliːf/ (substantivo) — crença. Mental acceptance of a claim as true.
- compare /kəmˈpɛɚ/ (verbo) — comparar. To assess the similarities and differences between two or more things [“to compare X with Y”]. Having made the comparison of X with Y, one might have found it…
- ownership /ˈoʊnɚʃɪp/ (substantivo) — propriedade. The state of having complete legal control of something; possession; proprietorship.
- swing /ˈswɪŋ/ (verbo) — balançar. To rotate about an off-centre fixed point.
- adopt /əˈdɑpt/ (verbo) — adotar. To take voluntarily (a child of other parents) to be in the place of, or as, one's own child.
- wallet /ˈwɑl.ət/ (substantivo) — carteira. A small case, often flat and often made of leather, for keeping money (especially paper money), credit cards, etc.
- inflation /ɪnˈfleɪ.ʃən/ (substantivo) — inflação. An act, instance of, or state of expansion or increase in size, especially by injection of a gas or liquid.
- peer /pɪɹ/ (substantivo) — par. Somebody who is, or something that is, at a level or of a value equal (to that of something else).
- monetary /ˈmʌnɪtəɹi/ (adjetivo) — monetário. Of, pertaining to, or consisting of money.
Phrasal verbs que você vai ouvir
- come from (verbo) — vir de, ser de. To have as one's origin, birthplace or nationality.
- look at (verbo) — observar, ver. To observe or watch.
- go up (verbo) — subir. To move upwards.
- sign up (verbo) — subscrever. To add a name to the list of people who are participating in something.
- wipe out (verbo) — aniquilar, exterminar. To destroy (especially, a large number or complete set of people or things); to obliterate.
Pronúncia para ficar de olho
O falante usa 30 contrações e formas reduzidas, como doesn't, isn't, don't. Diga-as na forma curta, do jeito que você ouve.
- Os sons de “sh” e “zh”: transaction /tɹænˈzækʃən/, ownership /ˈoʊnɚʃɪp/, inflation /ɪnˈfleɪ.ʃən/, essentially /ɪˈsɛnʃəli/, promotion /pɹəˈmoʊʃn̩/
- Palavras longas — acerte a sílaba tônica: monetary /ˈmʌnɪtəɹi/, historically /hɪˈstɔɹɪkli/, economist /iˈkɑ.nə.mɪst/, necessarily /ˌnɛs.əˈsɛɹ.ə.li/, electricity /ɪˌlɛkˈtɹɪsɪti/
Como praticar com este vídeo
- Ouça o vídeo inteiro uma vez sem falar e anote as palavras que você não conhece.
- Comece na velocidade 0,75×, faça shadowing frase por frase e volte à velocidade normal quando ficar fácil.
- Grave a sua voz e compare com o original, prestando atenção a palavras como narrative, transaction, roughly.
Gramática neste vídeo
As estruturas que o falante mais usa, com as palavras exatas do vídeo:
| Estrutura | No vídeo |
|---|---|
| Voz passiva be + particípio passado — o foco está no que acontece, não em quem faz | was published · were built · is built |
| Present perfect have/has + particípio passado — uma ação passada que ainda importa agora | has returned · has lost · you've spent |
O que é a Técnica de Shadowing?
Shadowing é uma técnica de aprendizado de idiomas com base científica, originalmente desenvolvida para o treinamento de intérpretes profissionais. O método é simples, mas poderoso: você ouve áudio em inglês nativo e repete imediatamente em voz alta — como uma sombra seguindo o falante com 1-2 segundos de atraso. Pesquisas mostram melhora significativa na precisão da pronúncia, entonação, ritmo, sons conectados, compreensão auditiva e fluência na fala.