13:06 thru 13:20 Bennett's muted reaction about people not asking the most basic questions is gold. Also KuCoin founders apparently were indited on Tues Mar 26 according to a press release and OOCRP ...which seems like pissing into the wind levels of hopeless but do you think it will have any reaction?
I really appreciated the three of you discussing the more sociological and communal failures of society leading to people being disenfranchised and being pulled into these scams. A lot of tech and finance people try to avoid being "political" which is quite silly considering politics is deeply entrenched into both industries. The intense atomization and isolation of people leads to them being more and more vulnerable to problems being brought forth by policy and institutional failures and the broader degradation of society as a whole. I can speak from personal experience as someone who very nearly fell down that hole but only was able to get out with the help of friends and peers who had similar goals and cared for one another. The intense disenfranchisement with life as a whole pushes people to becoming more callous and uncaring. I liken it to people stuck out at sea after their boat sank. They lived their whole lives on that metaphorical boat, told over and over that as long as they did the right things, as long as they did their part, the boat will keep sailing and all will be good. But they aren't blind. They see the boat constantly sinking, chunks of it being taken off over and over and eventually they find themselves out in the waves, struggling to tread water. The skilled mariners don't come to give them help; they're too busy bickering and scavenging whatever they can off of the wreckage instead of using their experience and power to help those who can't help themselves. The only people coming to their aid are these cutthroat mercenaries who offer them a solution: cut the ladder beneath you so that no one can drag you down. And given the choice between drowning and taking the hands offered by these cutthroats, they have to take the hand or just die. They feel convinced by a world that gives no damn about them that the only way to not suffer or feel the misery of it is to isolate themselves into enclaves. Hedonism for the sake of hedonism, just to escape. It's like kids playing with toys, but the kids are adults. I honestly don't know if there's a solution in sight or if a course correction is even possible. All I can say for certain is that the world needs to be a place worth living for and we absolutely are not living in one.
"So, where does the yield come from?" "...well, we lend it out to trusted institutions. Then we pass the yield on to customers." ...This should have been all anyone needed to hear. A "trusted institution" could borrow at a lower rate, they'd have no reason whatsoever to approach someone like, say, Alex Mashinsky. Or these Winklevoss knuckleheads. Shows how easy it is to swindle someone if you tell them what they want to hear.
Thank you SO so so SO much for bringing up Gary V, holy shit. I don’t think people realize how much he (for the worse) influenced the virality and “content” landscape every industry is shaped around these days. I’m glad you touched on it in the crypto world bc it’s a societal issue thanks to guys like him.
Also currently reading Bennett’s previous book recommendation, the chickenshit club, which focuses on the crisis of enforcement for the DOJ that relates to the SEC criticism he touched on briefly in this episode. Great read so far.
Just published on BBC website: Billionaire twins invest in ninth-tier football club. ...."Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss. Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club." ...
Good episode. Need more critics to point out these flaws. Have to do the work reporters should do, they’re not doing it. Everything I read and see out there are promotions and endorsements for crypto.
Something remember is that FTX had bought a bank. It was the smallest possible bank, and didn't do much with it... But imagine the *shitshow* if FTX had been pulling it's bullshit on an FDIC insured bank, and stole & lost FDIC insured money. That might prompt some action.
I’m glad, y’all discussed how not prosecuting fraud affects people’s view and commitment to society. I agree, I think it’s gonna take another depression for any change to happen. And the wealthy will still be good while everyone else gets fucked 😒
Good podcast. I am going to point out one flaw in the discussion. You can “just work” and get a good life. It’s just really boring and you are constantly being bombarded with “young people who made it” and so you think you suck. Your wealthy couple of friends who are always on vacation distract you from 90% of your friends who aren’t doing that but don’t post it. The draw to the “hustle culture” is the promise of an “exciting life” which is the same advertisement we used to use for joining the army. When you join it, you realize that wasn’t a real promise. It’s the new thing scamming human nature
27:59 as a finance professional I can guarantee every brokerage has made this mistake and it’s actually one of the more forgivable mistakes, however the sec makes sure we fix that shit stat and make any losses paid back to clients. Which crypto sure can’t say
Love the podcast. I find the "American dream" discussions very interesting. I would love someone to actually dig into the numbers. People always just quote the averages or medians for the whole US. There are is a depressingly large area of the US that has major financial issues. I am in the Midwest, the numbers suck compared to previous generations, but even the averages/median where I live are very workable. The previous county I lived in: Median income 47k, Median house 320k. My house sold for 240k when I moved. Again not saying things are good on the whole in the US, there are massively populated areas where things are very bad. Almost like they were built based on infinite growth.
Dude. The guy is a billionaire with such a deep grudge over a few snarky articles about his personal life that he sued thousands of people out of a job and multiple beloved media out of existence. And this is the guy who said he didn't understand 'people who are angry', like gawker. It was a childish powerplay of a thin-skinned bully kicking down.
Ed Zitron describing people he doesn't like is just so satisfying to listen to.
A+ rants. I love it.
Might amuse you: youtube broke in at about the 16 minute mark with an ad from Grant Cardone.
13:06 thru 13:20 Bennett's muted reaction about people not asking the most basic questions is gold.
Also KuCoin founders apparently were indited on Tues Mar 26 according to a press release and OOCRP ...which seems like pissing into the wind levels of hopeless but do you think it will have any reaction?
Ql Wasee
“They built nothing. Where is the fucking stuff?” What a great summary of web 3.0
41:15
49:15
I really appreciated the three of you discussing the more sociological and communal failures of society leading to people being disenfranchised and being pulled into these scams. A lot of tech and finance people try to avoid being "political" which is quite silly considering politics is deeply entrenched into both industries. The intense atomization and isolation of people leads to them being more and more vulnerable to problems being brought forth by policy and institutional failures and the broader degradation of society as a whole. I can speak from personal experience as someone who very nearly fell down that hole but only was able to get out with the help of friends and peers who had similar goals and cared for one another.
The intense disenfranchisement with life as a whole pushes people to becoming more callous and uncaring. I liken it to people stuck out at sea after their boat sank. They lived their whole lives on that metaphorical boat, told over and over that as long as they did the right things, as long as they did their part, the boat will keep sailing and all will be good. But they aren't blind. They see the boat constantly sinking, chunks of it being taken off over and over and eventually they find themselves out in the waves, struggling to tread water. The skilled mariners don't come to give them help; they're too busy bickering and scavenging whatever they can off of the wreckage instead of using their experience and power to help those who can't help themselves. The only people coming to their aid are these cutthroat mercenaries who offer them a solution: cut the ladder beneath you so that no one can drag you down. And given the choice between drowning and taking the hands offered by these cutthroats, they have to take the hand or just die.
They feel convinced by a world that gives no damn about them that the only way to not suffer or feel the misery of it is to isolate themselves into enclaves. Hedonism for the sake of hedonism, just to escape. It's like kids playing with toys, but the kids are adults.
I honestly don't know if there's a solution in sight or if a course correction is even possible. All I can say for certain is that the world needs to be a place worth living for and we absolutely are not living in one.
Hey, it's Ed! He's always a delight to see on the show with the guys!
seeing Bennett in stitches just made my day
Bennett’s expressions are my favorite 😂
Legalization day in Germany. CCC dropping a new video. Ed Zitron as guest. I chose my three wishes wisely 🙃 Thanks guys for making a good day great.
Hot damn, Ed is back!
"So, where does the yield come from?"
"...well, we lend it out to trusted institutions. Then we pass the yield on to customers."
...This should have been all anyone needed to hear. A "trusted institution" could borrow at a lower rate, they'd have no reason whatsoever to approach someone like, say, Alex Mashinsky. Or these Winklevoss knuckleheads. Shows how easy it is to swindle someone if you tell them what they want to hear.
58:50 THANK YOU!!!!!
Thank you SO so so SO much for bringing up Gary V, holy shit. I don’t think people realize how much he (for the worse) influenced the virality and “content” landscape every industry is shaped around these days. I’m glad you touched on it in the crypto world bc it’s a societal issue thanks to guys like him.
Thanks, guys. This was interesting, informative, and fun! Keep up the good work.
Nice to hear an English voice on. And an engagingly potty mouthed one too!
Great episode and appreciate the colorful insults your guest has for some of the shadier characters in the space
Also currently reading Bennett’s previous book recommendation, the chickenshit club, which focuses on the crisis of enforcement for the DOJ that relates to the SEC criticism he touched on briefly in this episode. Great read so far.
Just published on BBC website: Billionaire twins invest in ninth-tier football club. ...."Real Bedford FC (RBFC) received the Bitcoin investment from Winklevoss Capital, an investment firm owned by Gemini founders Cameron and Tyler Winklevoss. Podcaster Peter McCormack bought the side, currently in the ninth tier of English football, in 2021 with the goal of turning it into a Premier League club." ...
Good episode. Need more critics to point out these flaws. Have to do the work reporters should do, they’re not doing it. Everything I read and see out there are promotions and endorsements for crypto.
Something remember is that FTX had bought a bank. It was the smallest possible bank, and didn't do much with it...
But imagine the *shitshow* if FTX had been pulling it's bullshit on an FDIC insured bank, and stole & lost FDIC insured money.
That might prompt some action.
Zitron's all in for Cas Coin tho, right?
I’m glad, y’all discussed how not prosecuting fraud affects people’s view and commitment to society. I agree, I think it’s gonna take another depression for any change to happen. And the wealthy will still be good while everyone else gets fucked 😒
Great podcast!
Good podcast. I am going to point out one flaw in the discussion. You can “just work” and get a good life. It’s just really boring and you are constantly being bombarded with “young people who made it” and so you think you suck. Your wealthy couple of friends who are always on vacation distract you from 90% of your friends who aren’t doing that but don’t post it. The draw to the “hustle culture” is the promise of an “exciting life” which is the same advertisement we used to use for joining the army. When you join it, you realize that wasn’t a real promise. It’s the new thing scamming human nature
There's just something odd about wanting to become rich without providing anything of value to society.
I know I am late to this game but you three together are magic. Yummy yummy money time needs to your first merch offer
57:00 BARS
Tabula Rasa reference holy shit
Good to see Citron here!and nice appearance for Cas in the Bloomberg special!
27:59 as a finance professional I can guarantee every brokerage has made this mistake and it’s actually one of the more forgivable mistakes, however the sec makes sure we fix that shit stat and make any losses paid back to clients. Which crypto sure can’t say
Sorry, what's the All In podcast you guys keep referring to?
They should be jailed for their Blink 182 cover alone, maybe they could collab with Razzlekhan. 😂
Props for the river boys .
Love the podcast. I find the "American dream" discussions very interesting. I would love someone to actually dig into the numbers. People always just quote the averages or medians for the whole US. There are is a depressingly large area of the US that has major financial issues. I am in the Midwest, the numbers suck compared to previous generations, but even the averages/median where I live are very workable. The previous county I lived in: Median income 47k, Median house 320k. My house sold for 240k when I moved. Again not saying things are good on the whole in the US, there are massively populated areas where things are very bad. Almost like they were built based on infinite growth.
😂 And these guys din’t settle for market manipulation. market manipulation is part of their existence!😂
BTW. Your podcast is listed twice on apple podcasts. You should probably remove one of them?
The one without any ratings would be my choice :)
Yum yum! Money for Cas!
Can we agree to go with Winklevi in place of Winklevosses ?
109:30 Shoutout to hostile bureaucracy
Shoutout to Zitron, Scumbag! fan here
Oh yea they’re all in with your money then the spac kings pulling out his. But according to them he’s such a likable peoples person.
They are still worth three yards.
WELL DAMN... not even they will see heaven??? 😅
Why do you guys make Bingo card for this crypto cycle criminals?
You need a college degree to get my barely living wage job. :/
Bros...."winklevi" is not a plurual for "wincklvoss", just made up a word oh my god bros lol
Peter Thiel has good reason to hate "journalists"... though giving people from Gawker that title seems generous. Anyways, he got the last laugh...
Dude. The guy is a billionaire with such a deep grudge over a few snarky articles about his personal life that he sued thousands of people out of a job and multiple beloved media out of existence. And this is the guy who said he didn't understand 'people who are angry', like gawker. It was a childish powerplay of a thin-skinned bully kicking down.
peter thiel is a thin-skinned fascist subhuman dreg who swings legal weight around because he’s otherwise powerless to change our opinions about him
fuckin hell, the cope on this episode was off the charts. unsub'd
Cope with what 🤔
Is your pfp Etherium?