Is Youtube As Reliable As It Seems?

Since its inception in the early 2000s, YouTube has emerged as one of the most reputable and popular video-sharing and creating platforms in the world, boasting millions of daily viewers and hundreds of thousands of successful creators. As a budding YouTube creator myself, I must admit that I aspire to monetize my content on this platform. However, establishing oneself as a trustworthy source is a crucial consideration, as viewers are unlikely to engage with content that lacks reliability and credibility. Moreover, safety is a paramount concern for both creators and viewers alike. Therefore, the question arises: is YouTube as safe and reliable as it appears to be? The answer to this question depends on the type of content that YouTube allows on its platform. In the case of what I am about to share with you, this is a major concern.

What's the Breaking News?

The safety of Youtube has come under scrutiny following a lawsuit against several influencers who promoted FTX, resulting in a billion-dollar damages claim. Bit boy Crypto, one of the defendants, is being defended by the speaker as he had warned people about FTX months before its collapse. However, the other influencers are accused of promoting FTX without conducting adequate due diligence, playing a significant role in the FTX disaster.

The argument is that people look up to these influencers as experts, and therefore they should have conducted proper research before promoting the product. The speaker believes that influencers should not be allowed to promote investment products. The text delves into a lawsuit against influencers who promoted FTX, a platform that offered financial products such as yield-bearing accounts. These accounts may have been unregistered securities, which could be problematic for both investors and influencers. 

The lawsuit claims that the endorsers may have been promoting a scam or an unregistered security. However, legal experts suggest that the legal strategy behind the lawsuit may not hold up in court. The text also notes that many of the influencers declined to comment on the situation. The speaker was informed that they, along with others, are being sued for promoting FTX. They believe that they have lost money due to their association with someone who turned out to be fraudulent. They compare their situation to recommending a vendor as a real estate broker, where the person responsible is the one who made the mistake. 

The speaker did not have access to financials at FTX and relied on individual representatives for vetting. They believe that there needs to be more diligence in sponsorships involving finances and that individuals should take responsibility for their own investments. The speaker is open to contributing to a recovery fund for those who lost money but does not feel personally responsible for their losses. They also invested in Block fight and lost all of their money. The speaker does not blame Anthony Pompliano for suggesting that they invest in his fund, even though the company went bankrupt.

What's The Bottom-Line?

Do your research when you are looking to Youtube creators for their expertise on a certain subject. Creators take personal responsibility for their decisions and do not believe that influencers should be held accountable for what people do with their product advice unless they are hired as personal financial advisors. It is crucial for viewers to be picky with the channels they subscribe to and diligent about their own decisions, and for sponsors to be more careful. Financial influencers often have promotional deals with companies like FTX, where a code is associated with their link to track sales. 

The influencer assumes the role of attracting individuals, yet when mishaps occur, they conveniently absolve themselves of responsibility. This arrangement favors both the influencers and financial institutions, but it does not bode well for the average person. It is imperative that new regulations be established to govern financial experts in this contemporary age. It is important to note that this is solely the speaker's viewpoint and should not be construed as financial counsel.