Crypto’s Wild Rise and Staggering Fall w/ Zeke Faux #746

Nov 8, 2023

Zeke Faux, an expert in cryptocurrency, explores the problems with crypto including its environmental impact and lack of trust. He discusses the downfall of Sam Bigman and the negative publicity's effect on investor skepticism. The podcast also delves into the unnoticed stories of financial losses, the challenges of using a crypto wallet, and the appeal of cryptocurrency. It concludes with discussions on the volatility of crypto, the importance of striking a balance for building wealth, and cautionary advice for those interested in crypto.

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Introduction

00:00 • 2min

Crypto's Climate and Trust Issues

02:04 • 22min

Crypto's Failings and Scams

23:36 • 3min

The Impact of Cryptocurrencies on Normal Folks

26:39 • 10min

Cryptocurrency Volatility, Personal Takeaways, and Lessons Learned

36:54 • 6min

Finding the Balance for Building Wealth

42:50 • 9min

Cryptocurrency Fraud and Beer Tasting

51:33 • 3min

Aside from the fact that cryptocurrency has lost its luster in recent years, it also has a host of other problems. First of all there’s the climate issue since crypto requires a ton of energy. Then there’s the trust issue because without trust you don’t have widespread adoption and what good is crypto if there isn’t a critical mass of users? And then on top of that you add the recent developments of Sam Bankman-Fried’s conviction of stealing billions of dollars from customers at FTX. Knowing that money laundering and wire fraud were being committed… that doesn’t build trust! Every transaction seems like a scam waiting to happen, and few folks know this better than our guest Zeke Faux. We’re lucky to be joined by Zeke as he has documented the rise and fall of crypto over the past few years in his new book Number Go Up, which took him everywhere from El Salvador, to Cambodia, and ultimately SBF’s penthouse in the Bahamas.

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