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Ask Philip: Crypto Scams, Corrupt Banks, and More!

Do you ever want advice from your own personal business coach? We’ve got you covered with “Slidin’ in the DMs” with Philip Michael of NYCE. and Bold TV. This week, you asked about Logan Paul‘s possible pump and dump with the crypto coin ‘Dink Doink,’ the huge raise JPMorgan gave to Jamie Dimon and if the 2021 Tokyo Olympics were a good idea. Check out Phil’s input below. And for the full responses, check out the video!

Q. Logan Paul is under fire for the Dink Doink, a new crypto coin. People think it’s a pump and dump scheme. Do you think his crypto could be legit?

A. Go look up go right now “what is a currency?” Currency is defined as something you accept has a value and is in general use, meaning it changes hands multiple times a day. The whole thing about the crypto zealots—They say “HODL.” (They misspell “hold.”) But the whole premise of that is never to sell and hold on to it for dear life. And that alone disqualifies it from being a currency. That’s number one.

All that really separates crypto assets from each other is the number of people who use them and the number of people who believe in them. But they’re all based on the same technology right now. I mean, [Paul] can do it just as well as anybody else, but it doesn’t mean it’s worth anything. But if people go in there and put the money into it, that’ll pump up the value like a pump and dump. Now the question is: Is he going to dump the ‘Dink Doink’ coin? I don’t know. He probably believes in it. But who is to really say?

Q. JPMorgan gave Jamie Dimon a huge bonus to keep him at the helm of the huge bank. Do you think this kind of news seems insensitive when a lot of people are still struggling financially? Not to mention, Chase took $1.5 billion in overdraft fees from poor Americans.

A. Look, if you’re taking the risk of building and creating the enterprise—which I’m pretty sure JPMorgan’s Jamie Dimon did not—if you’re the one that is leading the ship, and the ship does incredibly well, you’re entitled to do well personally. In fact, it’s one of the incentives in the contracts. Because it comes with many things: scrutiny, responsibility, you’re on the chopping block if you don’t perform every quarter, and you have to show returns and updates to shareholders. If you don’t do the right thing, you’ll get slammed in the press and boardrooms. 

However, there’s a lot of talk about the predatory business model of these banks: They go out and capitalize on the fact that many people are not financially literate, don’t understand the fees associated with credit cards and don’t understand basic things like overdraft fees. Before you know it, they make more money from poor people than their rich clients. That alone is a perverse disparity and reeks of exploitation. And I’m not singling out Chase here. That’s just the business model of the banks.

You can make just as much money if you get them to graduate to a point where they can go in and buy more homes. It helps reduce the wealth gap

Q. Do you think the Olympics should have been canceled?

A. I really don’t know; I try to stay away from conversations like that. Because, No.1, it’s way above my paygrade. I’m simply not smart enough to make that type of judgment. Second, I’m not a governor of a country or a big sporting organization. 

But one of the greatest innovations from a world peace standpoint is the modern-day Olympics in 1896. Pro sports allow us that outlet to root for our own but without bloodshed and fatalities. In addition to that, it gives entertainment escapism to people who want to watch something and get away from the stress of their everyday lives. 

Stripping away all the politics, the health measures, all that stuff, I believe it’s great that the Olympics are here. I’m excited to follow them.


If you want to hear your financeeconomyreal estate investing (or any) question answered live, make sure to follow us on social media. Ask us a question on Facebook, Twitter or Instagram @Bold TV, and you may be featured in our Bold Business show.

Want more money knowledge from Philip? Check this out.

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