Crypto

An engaging, entertaining journey through the world of crypto, from boom to bust

In 2021 cryptocurrency went mainstream. Giant investment funds were buying it, celebrities like Tom Brady endorsed it, and TV ads hailed it as the future of money. Hardly anyone knew how it worked — but why bother with the particulars when everyone was making a fortune from Dogecoin, Shiba Inu, or some other bizarrely named “digital asset”?

As he observed this frenzy, investigative reporter Zeke Faux had a nagging question: Was it all just a confidence game of epic proportions? What started as curiosity — with a dash of FOMO — would morph into a two-year, globe-spanning quest to understand the wizards behind the world’s new financial machinery. Faux’s investigation would lead him to a schlubby, frizzy-haired twenty-nine-year-old named Sam Bankman-Fried (SBF for short) and a host of other crypto scammers, utopians, and overnight billionaires.

Faux follows the trail to a luxury resort in the Bahamas, where SBF boldly declares that he will use his crypto fortune to save the world. Faux talks his way onto the yacht of a former child actor turned crypto impresario and gains access to “ApeFest,” an elite party headlined by Snoop Dogg, by purchasing a $20,000 image of a cartoon monkey. In El Salvador, Faux learns what happens when a country wagers its treasury on Bitcoin, and in the Philippines, he stumbles upon a Pokémon knockoff mobile game touted by boosters as a cure for poverty. And in an astonishing development, a spam text leads Faux to Cambodia, where he uncovers a crypto-powered human-trafficking ring.

When the bubble suddenly bursts in 2022, Faux brings readers inside SBF’s penthouse as the fallen crypto king faces his imminent arrest. Fueled by the absurd details and authoritative reporting that earned Zeke Faux the accolade “our great poet of crime” (Money Stuff columnist Matt Levine), Number Go Up is the essential chronicle, by turns harrowing and uproarious, of a $3 trillion financial delusion.

It seems like I’ve been reading a lot about crypto, recently. I remain deeply skeptical of the whole “industry” (but then, I’m not a huge fan of gambling or scams in general). Zeke Faux’s Number Go Up seemed to have been very well-received, so I decided to take one more dip into the subject. I was not disappointed: this is a very well-researched and written book, not to mention entertaining and engaging throughout. I really enjoyed it. Continue reading →

An excellent deep-dive into the murky world of crypto

At the height of the pandemic, TV star Ben McKenzie was the perfect mark for cryptocurrency: a dad stuck at home with some cash in his pocket, worried about his family, armed with only the vague notion that people were making heaps of money on something he — despite a degree in economics — didn’t entirely understand. Lured in by grandiose, utopian promises, and sure, a little bit of FOMO, McKenzie dove deep into blockchain, Bitcoin, and the various other coins and exchanges on which they are traded. But after scratching the surface, he had to ask, “Am I crazy, or is this all a total scam?”

In Easy Money, McKenzie enlists the help of journalist Jacob Silverman for an investigative adventure into crypto and its remarkable crash. Weaving together stories of average traders and victims, colorful crypto “visionaries,” Hollywood’s biggest true believers, anti-crypto whistleblowers, and government operatives, Easy Money is an on-the-ground look at a perfect storm of irresponsibility and criminal fraud. Based on original reporting across the country and abroad, including interviews with Sam Bankman-Fried, Tether cofounder Brock Pierce, Celsius’s Alex Mashinsky, and more, this is the book on cryptocurrency you’ve been waiting for.

An excellent piece of long-form journalism, Easy Money is a must-read for anyone who has looked at the crypto world and thought, “That doesn’t seem legit” — a category in which I very much include myself. I came away from Easy Money better and more informed on the workings of crypto and all the ways in which it is used and abused by a growing number of grifters. This is a very good book, and as the authors write: it’s a “parable of money and lying, or rather a parable of fake money and lying for money.”. Continue reading →