Line Goes Up - The Problem With NFTs

Still laughing about "and butthurt warlock main" hehehehehe

"releasing it makes me super nervous, I get a bit vulnerable in places, but I guess here we are" According to public stats on YouTube: one year after release, "Line Goes Up" is overwhelmingly the most popular video he's posted so far. (10M vs 3.6M for "Art & Editing of Suicide Squad" which is 6 years old.)

Dan Olson for US Senate.

Came here as someone who profited from being early adopter, and was intrigued by the promise, but always felt that it smelled wrong and was taking our society in the wrong direction. Thank you for taking what we all intuitively suspected and turned into a treatise. Bravo.

My 2p, I would have preferred a more balanced view of the technology and the people working on it (I work in the space). The video is obviously well researched and as always incredibly high quality, and he definitely makes some great points and fair criticisms, but I find it hard to watch because of some of the sweeping statements, for example how "disconnected from reality the people building crypto-currencies really are" and that they "don't understand anything about the ecosystem they try to disrupt". There's certainly some truth in that, as there's some truth in most of everything, but also it's not a fair representation of the space as a whole (other parts of the video makes similar generalization about the technology/people in the space). Nonetheless happy to see Dan's work recognized as it deserves to be, amazing work!

Joined Patreon to support you because of this video, which also led me to your Flat Earth video. I am an ex-lawyer who now runs sales orgs, and I have been sharing this with my network as an example of true mastery in the field of taking a highly complex, sprawling topic and creating a persuasive, engaging, and rational argument. The lyrical prose is just a pleasure as well. You have an immense talent. I'm glad to be able to see you in action.

Came back to Patreon to support you for this. Great job. Keep going

Found you and joined because of the video. As working in tech, I was asked on crypto a few times. I knew that none of the people asking me understood what it is, so I had an easy time convincing them to not invest in something they do not understand. But when they then replied, I want to learn more, your video is now the resource I recommend first. This results in one of two outcomes: People understand that this is to complex and they don't want to spend the time in effort and thus agree to not invest due to their lack of understanding, or they are fascinated, dive deep into it and then don't want to invest in it because they understand it. This made a difference for me.

...Annnnnnnnnd THIS is why I signed up today. I mean okay, I started with the NFT videos then watched a few more but my mind was pretty much made up already. Like a lot of other communities, NFTs are The. Thing. That. Must. Be. Talked. About. in the photography community as of late, and it's incredibly frustrating to anyone who isn't on the bandwagon.

Absolutely phenomenal. I've watched the video thrice now. Been a massive fan since the RENT video, but this is the one that made me finally realize that I needed to support your future work in whatever small way I can. Total trip to be in the car on the way home from work and hear you on NPR. Every drop of recognition you get for this video is so far beyond well-deserved, it's overdue.

Very well researched video Dan, until now I had always forwarded people to David Golumbia and David Gerard's books on crypto, but your video adds more recent perspectives and most importantly a strong emotional-affective aspect that cuts through the BS.

Incredible video! I especially enjoyed the psychological analysis of NFT and cryptobro groups. Just subscribed to you on Patreon.

Can anyone tell me if the video has always been 2:18:23 long? I could've sworn the runtime was different at one point, but maybe I'm tripping.

Amazing. I knew I hated NFTs but I had no idea how much I should be hating NFTs. This video got me to sub to your patreon. The only downside of it being 2 hours is I've yet to convince my friends and family to watch it. If I could just get youtube to lie about the length for the first 5 minutes, I'm pretty sure they'd be hooked for the remaining 2 hours...

Been a subscriber for a while, I have upgraded to patron. I think what ties it together is the earnest emotion of cold rage and contempt that bubble beneath the surface before that last 5 minutes just blows it open. Watched the whole thing twice now.

This vid was my introduction to your work. 2h18m, and I was gripped the whole time.

Great Stuff. Really loved the video, and nice to get some independent thoughts confirming what i thought, but going so much deeper. Great work Dan. Keep it up :)

Thank you for making this! I'm a web developer and this video really made me feel sane after a few years of feeling like I'm "taking crazy pills" witnessing the ascent of "crypto" against all logic and good sense.

Amazing video, was the first thing I've seen of yours. I was blown away by the production value and articulate explanations. Keep making great content!

This is the first video i have seen from you and i am very inspired by the way you analyze different topics. Keep up the good work, i love it!

This video inspired me to finally subscribed here!

I would love to add subtitles in my language to make it accessible to non English speakers. This video is super important and there aren't many critical resources like this available in other languages. Does anyone know Dan's stance on people adding subtitles to his videos? (full disclosure: I am not a professional translator, nor am I posturing as one. Just an interested individual willing to donate my time)

Hi - Since you singled out Camila, why don’t you make an appearance on her team’s podcast - here is their reply, https://youtu.be/LbC_EuvBnAw

This is a truly masterful piece of work. Timely and hard-hitting, it's far more than enough to bring me humbly to your direct support. I wish I had discovered your channel sooner. I know that this video is not your regular fare, and I respect that, for a variety of reasons, you may not produce anything quite like it again. I also know that it can feel like a lot of pressure, to which I do not intend to contribute, but I want to tell you: This kind of socioeconomic criticism, based on absolutely comprehensive research and centered around a comprehensible narrative, is what the world needs right now. We are in a time of unprecedented exploitation and alienation; at a crossroads for economy, society, and environment; and we need voices like yours to help clarify complex topics and to contextualize them in their material human impacts. I know your focus is art, and there are others whose focus is more direct. But you demonstrate here a monumental tour de force, the capability to render a truly humanist perspective on an almost incomprehensibly complex topic in an accessible and engaging presentation. We need your help to remind and to convince people that there is a better path forward, for all of us, together, if we focus on the material conditions, needs, and aspirations of the majority.

delighted to see it's now the most viewed video on his channel

Absolutely brilliant work! I just had to up my contribution after this stunning piece of documentary filmmaking! I don't know if this wil mean anything to you, but over here in Europe this video could easily run on ARTE, at prime time! You raise the level for all of YouTube, Dan!

I was introduced to your YouTube channel when my son, a software engineer and principal at his firm, forwarded your show on NFTs with the comment, "It's long, but I know you will appreciate this". So, I watched the video in two sittings after which I called my son and we had a long conversation as he explained some of the more arcane areas of technology to me. After which, I subscribed to your channel, have been almost binge watching your videos and discovered your Patreon page. Happy to be on board.

Beautifully structured and presented. Inspiring work!

Such a great video! Also congrats on 2.5M views in only 5 days, very well deserved

Another absolute triumph. Thanks so much for such incredible work--it was such a delight to watch.

I've subscribed after watching this today, between this and the flat earth video, they are the best YouTube videos I've watched, genuinely incredible insight and explanation. Something that has emerged in the UK in the last week is kinda related,if you're interested. https://www.theguardian.com/football/2022/jan/26/premier-league-and-uefa-taking-legal-advice-over-john-terrys-nft-ape-tweets This is a case of a former player/legend of a football club possibly running up against the copyright of his former club and the competitions he took part in. He also recently joined twitter (seemingly for this purpose) so there is speculation if someone is pushing him behind the scenes. Anyway, loved the video, thanks!

I joined Patreon after watching this on Youtube. I work in tech and for years have struggled to enumerate precisely what's wrong about crypto and have lost many arguments (and friendships!) because of it. Thank you for this incredibly well-reasoned and accessible piece. Work like this is sorely needed.

This video is a masterpiece! Thank you so much for this, Dan. For months and years I have been troubled by the impression that the is no exposure or traction for good analysis of our political dilemma and you have proven that it can be done.

Came straight here after watching this video. Insightful analysis and informative explanation combined, really enjoyed it, especially as related to the abuse of working class people the gig economy has become.

Excellent work.

I have to say that the video is... scary. Just scary. I was already familiar with most of the details as independent ideas, but having them tied together really shows that the future cryptobros want is a future we might actually get, and that is a worse future than what we have now (which is already bad).

Mate. I saw a 2h+ video pop up on my subscriptions feed, instantly cancelled my evening to watch it, then realised that I should have joined your Patreon years ago. Thank you making such thorough, thought-provoking videos for us to engage with. Moreso in this case specifically, finally helping me to understand this ubiquitous yet maddeningly opaque behemoth that I've repeatedly failed to grasp.

This was a great video essay in form and content. In my opinion, the genuine vulnerability is a feature rather than a bug. Kudos!

I have been opening a conversation about this and I admit, I’ve been trying to find some way that this technology could in fact be empowered to increase equity and access for people who were left out of web 2.0. This video makes that seem unlikely, but it also feels depressing that the entrenchment of power can just happen because the people with money and power can lead the tech world over the cliff. Maybe it will burn itself out without any intervention- but if not, what can we do to offer alternatives?

This is the context I needed. NFTs are obscured by so many layers of technical jargon and propaganda that understanding them well enough to meaningfully denounce them has been difficult.

i'm only half way through and already decided to patreon you up. amazing work, amazing research and coverage of everything in such a succinct way.

Fantastic. Honestly this has so much content in it. I want to extra thank you for putting in subtitles.

I loved your flat earth video, and this new video is the reason I'm now a patron. Incredible, essential work. I really admire how talented you are at presenting information in a concise and intelligent way. Thank you for all this hard work, and good luck for whatever comes next!

I am not through the video yet. And its already much more informative than any other I've found. You may have a new magnum opus.

I became a patreon because this video was so fantastically researched and information dense. After watching it last night, this morning while eating my breakfast cereal, I noticed an ad on the milk jug for a chance to win a "signature NFT"... no thanks...

I joined the patreon because I feel you need to be compensated fairly for the amount of work this must've taken. I will try and spread this around to the best of my ability, thank you so much for the amount of information and presenting it as succinctly as possible.

Increased my pledge after this video. Always loved your videos and God damnit you need to keep doing what you do. As someone with an IT background, this was so well researched, but you also framed Blockchain against the global recession which I never really thought about. Excellent video

I never watch long form YouTube, but I watched this avidly, then recommended it on all my socials, and will remain a patron for a while until I feel I've paid you a fair price.

Like a lot of other commenters I became a patron because of this video. Thank you for the amazing research and technical accuracy.

I had to become a patron after this. thank you for all the countless hours you spent on this. I am so glad i have a reason to have an opinion for what seems to be sweeping around me.

First time seeing your work, and I actually watched the whole thing. Liked, subscribed, and became a patron because of this masterpiece. Based and dare I say cryptopilled.

Thank you, Dan. That was really well done.

Brilliant work Dan! I’ve tangentially been aware of crypto and NFTs through other producers like Coffeezilla but detailing the history behind it and the world state that the most powerful of proponents want to see was a great education. Thanks so much for your efforts in pulling together such a huge piece of work.

Just joined as a patreon after watching this video. I've watched a bunch of Dan's videos before this, but this one was a tour de force. Really impressive stuff and you have every reason to be proud. Well researched and referenced. I can't even begin to comprehend the work that went into a project of this size but you've nailed it.

Became a patron because of this video. Thank you for making and sharing it. It has been frustrating seeing friends, family members, associates shilling crypto and related tech. Part of that frustration was trying to penetrate the complexity of the mechanics involved. I’m a software developer by trade but the financial instruments/patterns were and largely still are foreign to me. Pulling all the threads together in such a long video must have been gruelling, but hugely appreciated. 🙏

This is getting a lot of attention and for sure not all attention is going to be positive, but it's all still a testament to the amazing work you've done. It's also been pretty cool to watch you edit this on Twitch :) thanks for all the content you make, Dan.

There are so many deep cut computer gamer nerd jokes in this video, like "horse armor" or "steam trading cards" that just made me laugh out loud.

Exceptional work, made me a patron. I've always liked your videos but this was next level (although I obviously don't expect every video to be this long!).

This is the first explanation of crypto/NFTs that I've been able to understand whatsoever! You really have a talent for breaking down complicated and confusing concepts into terms that are accessible and easy to understand. So, sincerely thank you for that - I've tried and failed to understand crypto so many times before this. But also, holy hell, it's so much worse than I imagined.

Like many others in these comments, I found you through this video. I'm in awe of the thoroughness of the research and the quality of the writing. There's not many two hour videos that I would watch from beginning to end, but you captured my attention throughout.

And then the moment comes when an artist you like drops not a new single but an entire concept album, right before the weekend starts...

A phenomenal piece of culture criticism. But more that also just great reporting. The link to the financial crisis of '08 is not coincidental. I got a similar feeling watching this as I did listening to "The Giant Pool of Money" or reading Michael Lewis' work back then. Brilliant work.

I have now finished watching the video, and I just want to say it is truly fantastic. It's a hard watch that is well worth watching, and I am thankful you put what is clearly an incredible amount of work into producing this. I am a tech person who already understood many of the technical limitations of crypto, and therefore that there is no feasible way for them to actually be useful (but I bought in anyway, because hey might as well ride the wave). But your analysis of not just the technical design flaws but also the implied outcomes in terms of power are incredibly insightful. So I hope you feel all the work was worth it, because what you produced here is incredible.

Holy crap, every minute of that was packed with quality. It's never occurred to me to link the NFT stuff back to the 2008 bubble, but of course it makes sense to. Bravo and extremely well done, sir.

I get so excited every time you upload, especially ever since the Flat Earth / Qanon video debuted. Given the quality of the work, I am happy to wait however long it takes in between uploads. Even if I can't contribute much, I'm proud to support.

This was just… unbelievably good. I have gotten several other people to watch it already, and I plan to watch again with friends once I’ve finished digesting my first run-through. Dan, your videos are always some of my favorites on any platform and frequent rewatches for their thought provoking content but this… was just next-level. I did not realize how dangerously unaware I was about this. We needed this out there, we needed someone to do the research and put it to us plainly and be willing to take the time to research and present in a way that is organized, clear, cogent, and unapologetically direct, and although I know this project has been a tremendous amount of work for you, I am so thankful you took this on.

This video made me a patron. Thank you for bringing to life all the ideas that I'm not talented enough to express!

became a patron because of this video. thanks!

I just watched a 2-hour video of a guy talking at me and it was riveting, one of the greatest documentaries I have ever seen. The research, the conceptual work, the sheer eloquence of this are dumbfounding. It will overwhelm a lot of people, but that doesn't matter; much of that audience isn't reachable and for those who are, there will be other opportunities. Bravo, Dan. I've watched every YouTube video you've made since 2011: this is your masterpiece.

This is one of the best-thought-out, most well-prepared and well-presented analyses I've ever seen of anything, in any domain. I'm not exaggerating in the slightest. It should be loaded onto some sort of weird self-playing TV and put on the shelf next to Walter Benjamin. It's hilarious, clear, insightful, comprehensive, careful yet light on its feet, and (would that it weren't) politically vital, perched as we are at the edge of the New Shittening that is "Web 3." It's so damn good, Dan. Congratulations.

I feel like when I look around at the world everyone is calm and It all seems crazy to me. Thank you for letting me feel sane, if still terrified. Also I had to pause when you virtually threw gray in the river again to finish my hard snort laughing fit.

This is really exceptional work. I have no idea how much time it took to make this, especially given how many reshoots you would have had to do to include the very stupid things that kept happening since the first time you said the video would be finished soon, but it has paid off. Trying to explain all of the problems with a system that is flawed on every level all the way down and sometimes on purpose is so overwhelming, and being able to just refer someone to a completed version of that is genuinely reassuring.

Amazing video. Well done

Thank you for the work you do. The writing and production quality are incredible. I hope you're enjoying a well deserved break for the next few days!

Dan, you have no idea who the hell I am, and that's entirely OK. But you just saved me hours and hours from composing a video like this to give this level of explanation - and for that you have my undying gratitude.

Incredible work. I didn't think a video this long could feel so succinct and focused. It all builds to a clear conclusion. Given that these people seem to have not experienced the Gold Farmer days of WoW, I'm sure many viewers won't know what "Scrip" means. That could warrant a whole video to itself. Thank you for your service, sir.

THIS WAS INCREDIBLE WORK. Subbed.

Great analysis, Dan. Mission accomplished: I'm angrier and more informed than before I watched this video.

It's fantastic! I don't know how you do it every time. I work in software and was aware of how much of a bigger fool grift it all is, but seeing it all laid out like this is both validating and scary.

This video is magnificent. I feel like I actually understand this shit now.

Thank you for this.

Why is crypto crashing around the time this video was uploaded?

Anyone else get an ad to "build your own crypto empire with Gemini"?

Fuck yes, Dan, this is great. Fantastic work, thanks, and congrats!

Another thought --- I think it's obvious to anyone with half a brain that the crypto world is currently full of scams and ugly art. But what this video illustrated for me better than anything else I've seen is that even the best case scenario -- the decentralized future these evangelists are hoping for -- is, itself, pretty horrific.

Holy shit, this is fantastic.

This helped me understand these concepts more as I barely understood it before your video. I absolutely want nothing to do with this stuff even more now.

I'm a software engineer and I've watched as a lot of my community-- but especially the tech-curious but not literate, and the tech-literate but finance-illiterate-- have become obsessed with bitcoin, etherium, coinmonks and more. It's like a cult. This feels like a breath of fresh air.

Absolutely fantastic. The clarity you achieve despite the density of content is a thing of beauty (even if the content itself is a horror story).

Brilliant work. You should be proud of this definitive guide to NFTs.

Twitter just added NFT verification to their pfps, this timing is impeccable

Honestly and genuinely, a remarkable piece of work. I didn't think you'd ever top In Search of a Flat Earth (not a criticism - that watermark is high enough to contain a lot of "brilliant" below it), but this is exceptional.

This is fantastic! Well worth becoming a patron to see this early!

George Orwell was an optimist.

Great work!

Finally, after 14 years, I understand the 2008 financial crash. Thanks, Dan!

So... will this video crash some NFT markets or are people in NFT far too resilient to skepticism for this to cause much of an impact?

Wow this is some exceptional work. Your ability to explain complex topics in a digestible way is really impressive. Good work!

Oh boy oh boy oh boy oh boy oh boy!!

Incredible work.

Well that was a harrowing watch. I feel like I aged one hundred years and turned to dust. Truly I understand what it is to gaze into the Torment Nexus. Thank you for your service. I hope you have something light and fun and not actually psychologically harmful to think about lined up for your next project, because if you're anything like me then keeping the technology and practices of NFT aficionados in your brain for more than a few minutes at a time causes physiological distress.

Finally decided to subscribe to your Patreon because I didn't want to wait for this one.

I don't think I ever mentioned during the work streams but that opening montage gives me heavy Jim Henson's Time Piece vibes which is always a good thing

This is amazing work. It's given me a much better idea of what crypto is all about. The image you paint of a world where getting into crypto tokens is as necessary as getting into social media is pretty scary. I hope the bubble pops before more people get hurt.

I've been waiting for this video for months. There goes my sleep schedule and honestly, there's nothing I'd rather throw it away for.

I watched you editing chunks of this monster of a video on twitch, and I still can't believe how long it is. It's all a strong treatise on the gelatinous horror cube the tech industry has given birth to, that many of us will wind up having to deal with in some grotesque form or another at some future date. I genuinely hope it helps people when they're faced with the reality-defying crypto evangelist in their lives.

Enjoyed this immensely. Thank you for putting words and analysis to my vague feelings of dread when I see crypto bros doing their thing.

If you told me a few years ago that I would have spent months excited for the release of a feature length examination of crappy jpegs, I wouldn’t have believed it. Yet here we are.

Really incredible stuff Dan. This easily some of your best work.

I've now finished a slow (lots of pauses to read text) watch-through and ... sustained applause at your conclusion. This is the response to cryptocurrency that I needed to see, the reaction that I'm relieved to see somebody else share and articulate far more clearly than I ever could. Thank you.

I loved this! A small point that really stood out was when you talked about technical complexity as a barrier to entry and a force for the consolidation of power. As a software engineer, I spend a week and a half of skilled labor making a little alert pop up sometimes -- something that would have taken me 10 seconds in 2004 -- because our product is built on top of so many levels of technological complexity, which it needs to be in order to interact with all the other complex system out there. You are right in your assessment that this rise in complexity is what gave power to services like WordPress and later platforms like Facebook/Instagram. The exact same thing is happening in crypto, except we skipped all the way to just one step before endgame. The blockchains are so slow/expensive and also technically complex that 99% of the population can only interact with them through middlemen -- both technical and financial. These third parties are becoming the AWS of crypto. Even if the blockchain is decentralized, access to it isn't, and will only continue to get less so.

So striking and insightful - as always. After finishing and getting the sense of the big picture, the first thing I wanted to do was watch it again and see how all the different threads were developed and linked together.

This is a must watch for any and everyone that has felt alienated from family members in recent years from having to deal with the evangelism of said family members shilling uncritically for NFT’s.

This was brilliant. Well researched, no bullshit. Great job!

This is absolutely fantastic. You took on a truly intimidating amount of material and came out on top. Really well explained, really well argued. The graphics and animations are great. The Ahegao Alpacas are exactly as horrifying as they should be.

Oh god, I've been waiting for this eagerly but I have to go to bed, oh no

This is gold! Thank you a tonne for making this.

This was wonderful, Dan. I learned a lot. Thanks for taking the time to research all this and share.

A masterful achievement of research, editing, animation, rhetoric, and bitter invective. The last 5 mins are incredible. Well done

Just adding to the congratulations. Been excited about this for months!

This is incredible - nice work.

It's silly the amount of delight I get from hearing the voices of creators I like reading various quotes. I'm enjoying this behemoth of a video immensely.

You keep outdoing yourself every time, thank you for this Dan!

perfect timing on the release with the twitter thing

Thanks for doing the work Dan!

40 minutes in, and it's already a banger video. Congrats!

Dan keeps getting better

Congrats Dan!

I’m so excited! Thank you!

That intro was somehow an even better primer on 2008 then all of the Big Short.

Well done getting it over the line! Looking forward to watching it this weekend.

My husband and I are so excited for this!!!

Oh my god, I am so excited.

Heck yeah! I've been looking forward to this one.

Gratz Dan!! Hope your rest after all that recording, editing, etc is satisfying as all hell.

Congratulations on the big release!!!

setting the bar high for best video of the year already, Dan

Oh hell yes

Thank you Dan!

Yes Dan! Been looking forward to this for time

Just starting the video, but that's a really nice sweater.

Congrats on wrapping this up! Very much looking forward to watching it (saving it as an after-chores treat)!

So excited to watch this. Been waiting

WOOOOO so excited for this!