According to the episode, discussions of new technology tend to age badly. And John Oliver focused Sunday night’s episode in Last Week Tonight. He states that technology will make the television so high definition that he will no longer be allowed to appear on it.
Specifically, he went into great detail on cryptocurrencies. He went on to talk about how cryptocurrencies that combines everything you don’t understand about money – with everything not understood about computers.
Cryptocurrencies are popping up on headlines all over the place recently. And it much of it is due to the massive rise and fall of Bitcoin. It has recently dropped significantly in value, with cryptocurrencies gaining a cult-like following and devotion with people enthusiastic about cryptocurrencies. Cryptocurrencies are also gaining a lot of popularity with people looking for a source of bank-free currencies to gain their financial freedom. Oliver thinks that cryptocurrency is on the same level as collecting Beanie Babies in that only people who are holding see any value in them.
Another term that he threw around was in regard to cryptocurrency blockchain technology that allows for decentralized banking records and keeps a record of all the different cryptocurrency transactions that occur. It makes it nearly impossible for it to be hacked according to John. It is vital for improving security, trust, and efficiency. This will work for banks and bigger corporations as well. The blockchain is gaining more and more popularity day by day. It’s gaining enough clout for big companies to start adding it to their title and list of objectives, skills, etc.
Businesses that are adopting the blockchain technology are typically seeing dramatic spikes in revenue as well, sometimes as much as three times. And that in turn led John Oliver to the concept of giving his show a new name, Last Bit Tonight with Block Chainiver – his hopes are that it would triple the ratings.
And as far as cryptocurrencies are considered, they are becoming more and popular. John on the other hand is getting more and more skeptical of Bitcoin and cryptocurrency with each passing day. He then went on to point out Dodgecoin – the meme-based cryptocurrency that has been based on meme starring a skeptical Shiba Inu. His belief is that the only reason people are even buying coins to begin with is because of the fact that other people are buying coins as well.
He then went on to point out another study that was performed. Oliver then pointed to EoS, a new blockchain technology that has been used to raise and collect more than a billion dollars, even though the company hasn’t shown to be useful in any way yet. Oliver doesn’t think that EoS is going to be the next Google, but he points out that he could be completely wrong.
Next, John speaks on the massive sums of money that are being spent all over the world on Bitcoin and Cryptocurrencies. He also wants to point out to investors and other people getting involved in the industry that they need to be careful. And to emphasize the point, he conscripted Keegan-Michael Key to create a crypto-culture inspired rap that is pushing for people to be careful when investing with cryptocurrency.