Complex Systems with Patrick McKenzie (patio11)

You can’t retract the facts

Feb 20, 2025

A bank CEO's contentious request for a retraction sparks a dive into the hotbed of debanking within cryptocurrency. The host emphasizes the critical importance of editorial independence and the high bar for retracting narratives. Tensions rise as the complexities of traditional banking and emerging crypto landscapes collide. Navigating the challenges of compliance and the stigma faced by crypto firms is examined, revealing the nuances behind banking relationships and regulatory pressures. Ultimately, the blend of skepticism and optimism in the crypto world is laid bare.

42:03

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Episode notes

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Quick takeaways

Patrick McKenzie emphasizes the importance of editorial independence and rigorous accuracy in journalism, particularly regarding the crypto industry's challenges.

The podcast illustrates the complex relationship between traditional banking practices and cryptocurrency, highlighting mutual distrust and the impact of regulatory pressures on banking access.

Deep dives

Editorial Independence and Standards

Editorial independence is emphasized as a core principle in the podcast, highlighting the importance of separating personal opinions from expert guests' views. The speaker, Patrick McKenzie, discusses his rigorous approach to ensuring accuracy and transparency in his work. He mentions his practice of providing detailed sources in his newsletter, Bits About Money, and in podcast transcripts, demonstrating a commitment to responsible journalism. The clear separation of ad content from editorial material is asserted, reinforcing the belief that advertisers do not influence the integrity of the discussions presented.

Intro

2min

Navigating Debanking Controversies in Cryptocurrency

2min

Debanking and Efficiency in Crypto

19min

Navigating Crypto Debanking Challenges

17min

Skepticism and Optimism in the Crypto Landscape

1min

In this episode, Patrick McKenzie (@patio11) responds to a recent request by a crypto unicorn founder / bank CEO to retract his essay Debanking (and debunking?). Come for the note about editorial standards and independence, stay for the diss track.
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Full transcript available here: https://www.complexsystemspodcast.com/editorial-standards-and-independence/

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Recommended in this episode:

Debanking (and debunking?): https://www.bitsaboutmoney.com/archive/debanking-and-debunking/
CEO: Retract your debanking article? Me: No. https://www.kalzumeus.com/2025/02/10/retraction-request-denied/
Geekiest rap single in history https://suno.com/song/c5ac7441-4a0b-4e5e-9c85-480e3ba63fc1

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Twitter:

@patio11

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Timestamps:

(00:00) Intro

(03:04) Musical interlude

(04:56) Return to commentary

(06:35) You can’t please everyone

(08:06) The bar for retraction is high

(10:07) Our review of the retraction request

(10:37) “A few areas were incorrect or misleading”

(16:12) “Lots of omission of key facts”

(18:57) “Missing the point about what we mean by debunking”

(20:40) Sponsors: Safebase | Check

(25:00) Our response to McCauley’s testimony
(28:24) McCauley’s concluding remarks and our response
(30:21) Bank CEOs do not often ask writers for retractions

(34:20) Some context regarding custodial banks

(40:50) Returning to our regularly scheduled programming

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