1
00:00:43,961 --> 00:00:45,711
[V.O.] A tributary

2
00:00:45,712 --> 00:00:49,299
of the Tigris-Euphrates River system
in modern-day Iraq.

3
00:00:52,511 --> 00:00:54,888
Known in ancient times
as Mesopotamia,

4
00:00:56,515 --> 00:00:59,517
this is where one of the first
human civilizations emerged

5
00:00:59,518 --> 00:01:00,811
thousands of years ago.

6
00:01:07,776 --> 00:01:11,738
It's also where one of the earliest
versions of money was invented.

7
00:01:14,449 --> 00:01:15,741
The story of money

8
00:01:15,742 --> 00:01:19,037
is one of the oldest
and most powerful stories ever told.

9
00:01:19,871 --> 00:01:22,583
One that's still being
written as we speak.

10
00:01:23,875 --> 00:01:25,085
- But what is money?

11
00:01:26,378 --> 00:01:28,505
In short, money is trust.

12
00:01:29,172 --> 00:01:31,133
A shared belief of common value.

13
00:01:32,092 --> 00:01:34,344
But trust is a fragile thing.

14
00:01:35,095 --> 00:01:37,139
It can be shattered in an instant.

15
00:01:37,723 --> 00:01:40,642
For example, this is not Mesopotamia.

16
00:01:41,184 --> 00:01:44,354
It's West Texas, just a few
hours from where I grew up.

17
00:01:49,484 --> 00:01:52,404
This is a film about a
thing called cryptocurrency.

18
00:01:53,572 --> 00:01:54,740
It's pretty stupid.

19
00:01:59,703 --> 00:02:00,828
- Did we get it?
- Yeah.

20
00:02:00,829 --> 00:02:01,663
Great.

21
00:02:53,965 --> 00:02:57,343
[V.O.] To understand my journey
into the wilds of cryptocurrency,

22
00:02:57,344 --> 00:03:00,304
we have to go way back to
my humble beginnings

23
00:03:00,305 --> 00:03:01,931
when I was a budding young actor.

24
00:03:01,932 --> 00:03:05,351
<i>- All right, my next guest stars on
the hit Fox series, The O.C.</i>

25
00:03:05,352 --> 00:03:07,020
<i>Please welcome Ben McKenzie.</i>

26
00:03:08,939 --> 00:03:11,941
[V.O.] At the age of 24, my career
started off with a bang

27
00:03:11,942 --> 00:03:13,859
when I was cast as Ryan Atwood,

28
00:03:13,860 --> 00:03:16,196
the brooding bad boy on The O.C.

29
00:03:16,947 --> 00:03:17,989
<i>- Who are you?</i>

30
00:03:18,699 --> 00:03:21,368
<i>- Whoever you want me to be.</i>

31
00:03:21,493 --> 00:03:24,078
[V.O.] I was tough as nails
and soft as butter,

32
00:03:24,079 --> 00:03:25,621
a real teenage heartthrob.

33
00:03:25,622 --> 00:03:26,706
<i>- You are the It guy.</i>

34
00:03:26,707 --> 00:03:27,957
<i>You're, like, all over the place</i>

35
00:03:27,958 --> 00:03:30,876
<i>on the cover of TV Guide and YM,</i>

36
00:03:30,877 --> 00:03:31,920
<i>or is it pronounced you y-m?</i>

37
00:03:33,338 --> 00:03:36,799
[V.O.] When it finished, I moved on
to the gritty cop drama Southland.

38
00:03:36,800 --> 00:03:38,968
<i>- Southland is a terrific show.</i>

39
00:03:38,969 --> 00:03:41,929
<i>But I'm curious, do you
still get fans of the O.C.</i>

40
00:03:41,930 --> 00:03:43,140
<i>that come up to you?</i>

41
00:03:43,014 --> 00:03:45,267
<i>- You were a teen
heartthrob on the O.C.</i>

42
00:03:45,392 --> 00:03:46,851
<i>- We gotta talk about
the O.C. a little bit.</i>

43
00:03:46,852 --> 00:03:48,228
<i>- Okay.</i>

44
00:03:47,853 --> 00:03:50,480
[V.O.] Alright, so I was still
sort of that guy from the O.C.

45
00:03:50,814 --> 00:03:55,317
But then, everything changed
when I joined the Batman universe.

46
00:03:55,318 --> 00:03:58,362
<i>- Many of us remember Ben
McKenzie from the O.C.</i>

47
00:03:58,363 --> 00:03:59,906
- Good morning, guys.
How are you?

48
00:03:59,531 --> 00:04:02,659
<i>- I just have to wait one second and
say I loved you in the O.C.</i>

49
00:04:03,326 --> 00:04:05,536
<i>- And looking back
at the O.C., and then...</i>

50
00:04:05,537 --> 00:04:09,332
[V.O.] While the rest of the world
was stuck in 2003, I was moving on.

51
00:04:10,375 --> 00:04:11,376
<i>Well, sort of.</i>

52
00:04:13,003 --> 00:04:15,297
Smashing bad guys
was fucking awesome.

53
00:04:15,714 --> 00:04:17,966
And I even met the
love of my life on the show.

54
00:04:20,552 --> 00:04:23,263
But still, I was itching
for something new.

55
00:04:23,847 --> 00:04:26,016
And then, right on cue,

56
00:04:27,768 --> 00:04:28,894
COVID hit.

57
00:04:28,769 --> 00:04:30,771
- You've got to be
putting that disinfectant

58
00:04:30,896 --> 00:04:34,191
<i>on these groceries, making
sure that you're scrubbing them.</i>

59
00:04:35,192 --> 00:04:37,359
[V.O.] Holed up
without work or direction,

60
00:04:37,360 --> 00:04:38,820
I went a little stir-crazy.

61
00:04:40,363 --> 00:04:43,365
So when my buddy Dave
asked to catch up via Zoom,

62
00:04:43,366 --> 00:04:44,826
it was a welcome reprieve.

63
00:04:46,661 --> 00:04:49,706
As fate would have it, it turned
out to be just the thing I needed.

64
00:04:51,625 --> 00:04:53,960
Why are you in your kid's bedroom?

65
00:04:54,294 --> 00:04:56,128
<i>- It's the only safe place, Ben.</i>

66
00:04:56,129 --> 00:04:57,755
<i>It's the only place I can go.</i>

67
00:04:57,756 --> 00:04:59,841
[V.O.] Dave is a good
friend from college.

68
00:05:00,342 --> 00:05:03,512
He has also given me the worst
financial advice of my life.

69
00:05:04,763 --> 00:05:08,308
When I was in my 20s and
flush with cash from TV,

70
00:05:08,683 --> 00:05:12,270
Dave encouraged me to buy stock in an
obscure medical technology company.

71
00:05:13,146 --> 00:05:15,565
They were going to make a
fortune, Dave told me.

72
00:05:15,774 --> 00:05:18,735
He had been at a wedding, and
some random guy assured him so.

73
00:05:19,778 --> 00:05:22,531
I was young and dumb and
excited by his excitement.

74
00:05:22,781 --> 00:05:24,574
So, I put $10,000 into it.

75
00:05:25,242 --> 00:05:27,201
In less than a year the stock tanked,

76
00:05:27,202 --> 00:05:29,162
and I lost almost all my money.

77
00:05:29,746 --> 00:05:31,665
So when Dave brought up Bitcoin,

78
00:05:31,915 --> 00:05:33,542
my skepticism was high.

79
00:05:34,084 --> 00:05:36,043
<i>- You know what's
taken off is Bitcoin.</i>

80
00:05:36,044 --> 00:05:37,169
<i>Have you looked at that?</i>

81
00:05:37,170 --> 00:05:38,712
I don't even know
what the fuck it is.

82
00:05:38,713 --> 00:05:40,548
<i>- I guess a digital currency.</i>

83
00:05:40,549 --> 00:05:41,882
<i>A cryptocurrency.</i>

84
00:05:41,883 --> 00:05:43,175
- It's money.
<i>- It's money.</i>

85
00:05:43,176 --> 00:05:44,761
<i>It's a cryptocurrency.</i>

86
00:05:45,262 --> 00:05:46,512
Stop saying fucking cryptocurrency.

87
00:05:46,513 --> 00:05:47,806
I don't know what
the fuck that means.

88
00:05:47,514 --> 00:05:49,391
<i>- What is this like?
What is this, like, look?</i>

89
00:05:49,516 --> 00:05:50,600
<i>What are you like--</i>

90
00:05:50,433 --> 00:05:51,726
- I don't know if you
know this about me.

91
00:05:52,936 --> 00:05:54,186
<i>- Oh, enlighten me.</i>

92
00:05:54,187 --> 00:05:55,438
I was great at Economics.

93
00:05:56,565 --> 00:05:59,025
<i>- Have we vetted that, by the way?
Do you actually have a degree?</i>

94
00:05:59,234 --> 00:06:00,235
Yes!

95
00:06:00,443 --> 00:06:02,361
<i>- Alright. Well, I mean,
I don't know.</i>

96
00:06:02,362 --> 00:06:03,988
<i>You're a pretty good actor.
How do I know?</i>

97
00:06:03,989 --> 00:06:05,448
Whoa! Go back to that.

98
00:06:07,701 --> 00:06:10,120
[V.O.] If Dave's prior advice
had taught me anything,

99
00:06:10,787 --> 00:06:12,246
it was that you should never invest

100
00:06:12,247 --> 00:06:13,540
in something you don't understand.

101
00:06:14,833 --> 00:06:17,376
Plus, I have a degree in economics.

102
00:06:17,377 --> 00:06:19,588
Surely I can figure out
this crypto stuff.

103
00:06:22,465 --> 00:06:23,508
No problem.

104
00:06:23,800 --> 00:06:26,553
<i>- Bitcoin. It's a new
form of electronic money.</i>

105
00:06:27,470 --> 00:06:28,971
<i>You know how email</i>

106
00:06:28,972 --> 00:06:31,474
<i>changed old fashioned mail forever?</i>

107
00:06:31,850 --> 00:06:34,894
<i>- Yes.
- Well, Bitcoin is changing money</i>

108
00:06:34,895 --> 00:06:36,104
<i>forever.</i>

109
00:06:36,021 --> 00:06:38,607
<i>- So that is essentially
what a hard fork is,</i>

110
00:06:38,732 --> 00:06:41,400
<i>but there is also something
called a soft fork.</i>

111
00:06:41,401 --> 00:06:43,819
<i>- No banks, no fees, no inflation.</i>

112
00:06:43,820 --> 00:06:48,115
<i>These are the potential perks of
this thing called Bitcoin.</i>

113
00:06:48,116 --> 00:06:50,951
<i>- What is a blockchain
system where you</i>

114
00:06:50,952 --> 00:06:53,579
<i>have this kind of one virtual
computer created by...</i>

115
00:06:53,580 --> 00:06:55,581
- Bitcoin is brilliant.

116
00:06:55,582 --> 00:06:58,792
[V.O.] The Bitcoin gospel is that it
will revolutionize the world.

117
00:06:58,793 --> 00:07:00,336
<i>- Electronic gold.</i>

118
00:07:00,337 --> 00:07:03,422
[V.O.] Because it is the answer to
our broken financial system.

119
00:07:03,423 --> 00:07:06,134
<i>- Intricately thought out,
cunning and multifaceted.</i>

120
00:07:06,468 --> 00:07:08,469
<i>- If you love Freedom, buy Bitcoin.</i>

121
00:07:08,470 --> 00:07:09,553
Are you serious?

122
00:07:09,554 --> 00:07:10,847
- Are you serious?

123
00:07:12,849 --> 00:07:14,975
The Bitcoin story
is really powerful,

124
00:07:14,976 --> 00:07:17,020
because we all agree on its premise.

125
00:07:17,145 --> 00:07:18,688
Our current system sucks.

126
00:07:23,360 --> 00:07:26,362
Remember back in 2008 when
the banks and mortgage lenders

127
00:07:26,363 --> 00:07:28,782
got greedy and crashed
the housing market?

128
00:07:29,199 --> 00:07:32,451
After all was said and done,
the banks got a slap on the wrist.

129
00:07:32,452 --> 00:07:33,870
Some even got bailouts.

130
00:07:33,578 --> 00:07:36,873
<i>- Wall Street applauded the
biggest government bailout ever.</i>

131
00:07:36,998 --> 00:07:40,168
<i>- Up to $700 billion
taxpayer dollars on the line</i>

132
00:07:40,418 --> 00:07:43,380
<i>to purchase troubled assets that
are clogging the financial system.</i>

133
00:07:43,546 --> 00:07:46,424
[V.O.] Meanwhile, everyday
Americans received no bailout,

134
00:07:47,008 --> 00:07:49,052
and far too many lost their homes.

135
00:07:49,636 --> 00:07:52,054
People felt betrayed,
and for good reason.

136
00:07:52,055 --> 00:07:54,557
Their trust in the
mainstream financial system

137
00:07:55,100 --> 00:07:56,226
had been shattered.

138
00:07:56,393 --> 00:07:57,977
<i>- Corporate greed is everywhere.</i>

139
00:07:57,978 --> 00:08:00,813
<i>- Wall Street got bailed out,
and we all got sold out.</i>

140
00:08:00,814 --> 00:08:02,107
<i>Let's tell the truth!</i>

141
00:08:02,023 --> 00:08:05,610
[V.O.] And it was out of
this breakdown that Bitcoin was born.

142
00:08:08,530 --> 00:08:10,489
Someone, or some people,

143
00:08:10,490 --> 00:08:12,783
calling themselves Satoshi Nakamoto

144
00:08:12,784 --> 00:08:14,452
created the code for Bitcoin.

145
00:08:17,580 --> 00:08:20,874
There could only be 21 million
Bitcoin ever made,

146
00:08:20,875 --> 00:08:22,961
and no one had control over it.

147
00:08:24,212 --> 00:08:26,046
- The Bitcoin phenomenon is

148
00:08:26,047 --> 00:08:29,258
trying to take control of money
away from the state

149
00:08:29,259 --> 00:08:31,052
and return it to individuals.

150
00:08:32,053 --> 00:08:33,762
- You have an option to trust code,

151
00:08:33,763 --> 00:08:36,765
so we don't have to trust
centralized intermediaries.

152
00:08:36,766 --> 00:08:39,518
- And so when
I specifically buy Bitcoin,

153
00:08:39,519 --> 00:08:41,603
I'm using my own personal capital

154
00:08:41,604 --> 00:08:43,355
to prop up and support

155
00:08:43,356 --> 00:08:45,190
the emergence of something that

156
00:08:45,191 --> 00:08:47,652
would rip apart the
existing financial system.

157
00:08:48,737 --> 00:08:50,905
And if it does, God bless it.

158
00:08:51,031 --> 00:08:52,365
[V.O.] In theory,

159
00:08:52,073 --> 00:08:55,285
Bitcoin sounded like a promising
solution to the status quo.

160
00:08:55,785 --> 00:08:57,454
But I had a few questions.

161
00:08:57,871 --> 00:08:59,872
How could Bitcoin work as a currency

162
00:08:59,873 --> 00:09:03,334
if its price was ping-ponging wildly
up and down day to day?

163
00:09:04,085 --> 00:09:05,587
<i>- It's pretty incredible.</i>

164
00:09:05,128 --> 00:09:08,965
<i>I mean, Friday, Bitcoin was trading
at, what, almost $42,000,</i>

165
00:09:09,090 --> 00:09:12,426
<i>and now we're down to about
$31,000 and change right now,</i>

166
00:09:12,427 --> 00:09:14,470
<i>why the tumults over the weekend?</i>

167
00:09:14,471 --> 00:09:17,974
[V.O.] And why did i feel like
I was being herded into a quasi-cult?

168
00:09:18,349 --> 00:09:20,851
<i>- You have the saying
that there's no free money,</i>

169
00:09:20,852 --> 00:09:22,186
<i>there's no free lunch.</i>

170
00:09:22,187 --> 00:09:23,979
<i>Well, in crypto,
there's a lot of free lunch.</i>

171
00:09:23,980 --> 00:09:27,441
<i>- Question ask yourself is which side
of history do you want to be on?</i>

172
00:09:27,442 --> 00:09:29,610
<i>- I mean, I'm eating
free lunch here everyday.</i>

173
00:09:29,611 --> 00:09:31,445
[V.O.] Just because there's a
finite amount of something

174
00:09:31,446 --> 00:09:33,448
doesn't mean
it's inherently valuable.

175
00:09:35,450 --> 00:09:37,242
That's my econ degree talking.

176
00:09:37,243 --> 00:09:39,495
But when i really boiled it down,

177
00:09:39,496 --> 00:09:40,955
I just didn't trust it.

178
00:09:41,790 --> 00:09:44,709
It had the feeling of a
generational hallucination.

179
00:09:46,252 --> 00:09:48,337
<i>- Take all your money, buy Bitcoin.</i>

180
00:09:48,338 --> 00:09:50,673
<i>Go mortgage your house
and buy Bitcoin.</i>

181
00:09:51,049 --> 00:09:53,259
<i>Nothing else matters.</i>

182
00:09:55,011 --> 00:09:56,513
And that's when I saw it.

183
00:09:56,679 --> 00:09:59,933
The crypto commercial
that would haunt my dreams.

184
00:10:01,518 --> 00:10:04,687
<i>- History is filled with "almosts."</i>

185
00:10:05,438 --> 00:10:09,609
<i>With those who almost adventured,
who almost achieved,</i>

186
00:10:09,818 --> 00:10:11,069
<i>but ultimately,</i>

187
00:10:11,486 --> 00:10:13,530
<i>for them it proved to be too much.</i>

188
00:10:13,738 --> 00:10:19,077
<i>And in these moments of truth,
these mere mortals,</i>

189
00:10:19,661 --> 00:10:21,162
<i>they calm their minds</i>

190
00:10:22,372 --> 00:10:24,415
<i>and steel their nerves</i>

191
00:10:24,541 --> 00:10:26,209
<i>with four simple words,</i>

192
00:10:26,376 --> 00:10:28,628
<i>Fortune favors the brave.</i>

193
00:10:34,217 --> 00:10:35,969
- I mean, what the fuck?

194
00:10:36,177 --> 00:10:39,264
What the fuck does Matt Damon
know about cryptocurrency?

195
00:10:39,597 --> 00:10:40,682
Nothing!

196
00:10:40,890 --> 00:10:42,599
Are you mad at him for this,

197
00:10:42,600 --> 00:10:45,186
or because he's more
famous than you are?

198
00:10:48,064 --> 00:10:49,399
He might be taller, too.

199
00:10:49,566 --> 00:10:51,025
He's not taller than me.

200
00:10:51,734 --> 00:10:54,361
Alright, so it says
he's 5 '10", but...

201
00:10:54,362 --> 00:10:55,196
Mmm, not sure.

202
00:10:55,738 --> 00:10:57,407
I also say I'm 5 '10".

203
00:10:58,950 --> 00:11:00,325
[V.O.] It wasn't just Damon.

204
00:11:00,326 --> 00:11:02,452
A bunch of other yahoos
got in on the act.

205
00:11:02,453 --> 00:11:03,746
<i>- I'm all in. Are you?</i>

206
00:11:04,664 --> 00:11:05,665
<i>- You know what?</i>

207
00:11:06,040 --> 00:11:08,001
<i>- I'm in.
- Oh, I'm in, bro.</i>

208
00:11:08,209 --> 00:11:09,418
[V.O.] Now, here's the thing.

209
00:11:09,419 --> 00:11:11,421
Celebrities have always
shilled products,

210
00:11:11,588 --> 00:11:13,463
ever since there
have been celebrities.

211
00:11:13,464 --> 00:11:15,048
Even my wife has done it.

212
00:11:15,049 --> 00:11:16,342
There's nothing wrong with that.

213
00:11:16,843 --> 00:11:20,096
But this isn't a sandwich
or skin cream.

214
00:11:20,430 --> 00:11:21,890
This was a financial product.

215
00:11:22,015 --> 00:11:24,142
<i>- Crypto will really be the future.</i>

216
00:11:24,267 --> 00:11:26,602
[V.O.] If you aren't a licensed
financial advisor,

217
00:11:26,603 --> 00:11:29,188
you're not supposed to offer
people financial advice.

218
00:11:29,189 --> 00:11:30,647
It's literally illegal.

219
00:11:30,648 --> 00:11:32,524
<i>- It's the new wave.
It's what everybody's doing.</i>

220
00:11:32,525 --> 00:11:35,277
[V.O.] As an actor, I'm a
professional bullshitter.

221
00:11:35,278 --> 00:11:36,528
<i>- Eh, I don't think so.</i>

222
00:11:36,529 --> 00:11:37,905
[V.O.] And my gut told me,

223
00:11:37,906 --> 00:11:40,991
the guys selling people on crypto
were full of it.

224
00:11:40,992 --> 00:11:44,579
<i>- It's a cryptocurrency you can trade
for conventional money.</i>

225
00:11:44,829 --> 00:11:47,080
<i>- Oh, so it's a hustle.</i>

226
00:11:47,081 --> 00:11:48,707
<i>- Yeah, it's a hustle.</i>

227
00:11:48,708 --> 00:11:50,293
<i>- Why didn't you say that, man?</i>

228
00:11:52,128 --> 00:11:53,713
<i>- To the moon!</i>

229
00:11:54,589 --> 00:11:56,798
[V.O.] Up against a
multi-trillion dollar industry

230
00:11:56,799 --> 00:11:59,135
shilled by every
celebrity on the planet,

231
00:11:59,969 --> 00:12:02,889
I did what any other actor
would do in my position.

232
00:12:08,645 --> 00:12:10,145
I hired a film crew.

233
00:12:10,146 --> 00:12:12,649
- This is Giorgio,
he's gonna be filming me.

234
00:12:14,067 --> 00:12:16,653
Is he-- Is he gonna film?

235
00:12:16,861 --> 00:12:19,655
He's gonna film, yeah.
He's gonna make a movie.

236
00:12:19,656 --> 00:12:21,531
You wanna be in a movie?
- Yes.

237
00:12:21,532 --> 00:12:23,743
- Ok.
- Go!

238
00:12:25,828 --> 00:12:27,622
What's this thing?

239
00:12:27,830 --> 00:12:29,248
It's a lens.

240
00:12:29,249 --> 00:12:31,000
I have my ball.

241
00:12:31,542 --> 00:12:33,001
Ooh, that's a nice ball.

242
00:12:33,002 --> 00:12:34,003
It feels like...

243
00:12:35,421 --> 00:12:36,547
Strawberry.

244
00:12:36,965 --> 00:12:39,007
Oh, it's a checker.

245
00:12:39,008 --> 00:12:40,259
Whoa-ho-ho!

246
00:12:40,260 --> 00:12:41,844
Yeah! Yeah!

247
00:12:42,428 --> 00:12:44,263
I think they're coming downstairs.

248
00:12:44,264 --> 00:12:46,182
Let's go say hi to Mama and Juju.

249
00:12:46,849 --> 00:12:48,184
No.

250
00:12:47,767 --> 00:12:49,435
Yeah, we're gonna go tell them
that we're making a movie.

251
00:12:50,728 --> 00:12:54,648
We're excited to watch a movie here.

252
00:12:54,649 --> 00:12:55,608
This is Giorgio.

253
00:12:56,109 --> 00:12:57,276
- Hello.
- Hi.

254
00:12:57,277 --> 00:12:58,528
Nice to meet you.

255
00:12:59,237 --> 00:13:01,196
I'm sorry, what's going on?

256
00:13:01,197 --> 00:13:02,657
We're just gonna film it.

257
00:13:02,949 --> 00:13:03,907
Okay.

258
00:13:03,908 --> 00:13:05,325
He'll be quiet, we promise.

259
00:13:05,326 --> 00:13:06,619
Georgio is very nice.

260
00:13:08,204 --> 00:13:10,498
Heads up, did you talk
to my agent yet?

261
00:13:12,875 --> 00:13:15,295
Alright Arthur, I'm putting
cheese on your pasta, okay?

262
00:13:15,795 --> 00:13:18,380
Do you want cheese on your pasta?
Do you want to put it on?

263
00:13:18,381 --> 00:13:20,842
Guys, Georgio is gonna be with us
for like the next...

264
00:13:21,509 --> 00:13:24,512
undetermined one to twelve months.

265
00:13:25,680 --> 00:13:27,514
Is everyone clear on what I'm doing?

266
00:13:27,515 --> 00:13:28,974
- Do you guys know what I'm doing?
- Oh yeah!

267
00:13:28,975 --> 00:13:31,018
I'm making... What?
What am I doing?

268
00:13:31,019 --> 00:13:34,062
You're trying to make fun of
everybody that uses cryptocurrency.

269
00:13:34,063 --> 00:13:35,523
Yeah, that's pretty much it.

270
00:13:35,898 --> 00:13:38,818
So, I was sneaking Cheetos in class,

271
00:13:39,068 --> 00:13:42,321
but then I got Cheeto-fingers
and I rubbed my eyes,

272
00:13:42,322 --> 00:13:44,699
and my eyes were burning
hot all throughout class.

273
00:13:55,168 --> 00:13:56,044
To me.

274
00:14:00,715 --> 00:14:02,674
[V.O.] To develop
a deeper understanding

275
00:14:02,675 --> 00:14:04,217
of crypto's true believers,

276
00:14:04,218 --> 00:14:06,304
I needed to observe them in the wild.

277
00:14:06,512 --> 00:14:09,182
Fittingly enough,
they were gathered in Miami.

278
00:14:16,064 --> 00:14:17,606
<i>- Tens of thousands of
people are heading</i>

279
00:14:17,607 --> 00:14:19,484
<i>to Miami this weekend for
what's being called</i>

280
00:14:19,609 --> 00:14:22,779
<i>the largest cryptocurrency
conference in history.</i>

281
00:14:23,780 --> 00:14:25,740
I'm getting a nice
shot at no balls, right?

282
00:14:29,577 --> 00:14:31,203
[V.O.] The Bitcoin
Conference in Miami

283
00:14:31,204 --> 00:14:33,038
claimed to be
the largest in the world.

284
00:14:33,039 --> 00:14:35,083
50,000 people
were expected to attend.

285
00:14:35,750 --> 00:14:37,542
I wanted to see Bitcoin in action,

286
00:14:37,543 --> 00:14:39,796
and this seemed like
the perfect place to do it.

287
00:14:40,046 --> 00:14:41,129
- Matt Damon?

288
00:14:41,130 --> 00:14:42,757
Matt Damon?

289
00:14:42,882 --> 00:14:44,549
Sorry, have you seen Matt Damon?

290
00:14:44,550 --> 00:14:47,553
[V.O.] But first, this Austin boy
wanted to have some fun.

291
00:14:48,262 --> 00:14:51,140
- Don't worry, folks, I'm from Texas.
I know what I'm doing.

292
00:14:51,766 --> 00:14:52,642
Oh!

293
00:14:52,850 --> 00:14:53,768
Oh!

294
00:14:54,435 --> 00:14:55,436
Oh!

295
00:14:56,229 --> 00:14:57,438
Oh!

296
00:14:57,563 --> 00:14:59,816
Oh-oh!

297
00:15:01,401 --> 00:15:02,776
Hey, we can edit that, right?

298
00:15:02,777 --> 00:15:04,153
That's fine.
It's fine.

299
00:15:05,238 --> 00:15:06,447
Oh, Starry Night.

300
00:15:07,407 --> 00:15:08,533
The original.

301
00:15:09,784 --> 00:15:12,077
Ah, there we go. American beer.

302
00:15:12,078 --> 00:15:14,497
And I can pay in Bitcoin?

303
00:15:15,081 --> 00:15:18,208
Right now, sir, we're
using only the credit card.

304
00:15:18,209 --> 00:15:21,129
We used to have the Bitcoin,
but it's not working at this time.

305
00:15:21,254 --> 00:15:22,171
It's not working?

306
00:15:22,296 --> 00:15:23,713
- Oh, is this your art?
- Yes, sir.

307
00:15:23,714 --> 00:15:24,799
Oh, hey, man. How are you?

308
00:15:24,924 --> 00:15:26,134
Bitcoin fucking money.

309
00:15:26,259 --> 00:15:27,926
Bitcoin shitting money.

310
00:15:27,927 --> 00:15:29,636
Bitcoin fucking money.

311
00:15:29,637 --> 00:15:31,972
Bitcoin shitting money.
Okay, got it.

312
00:15:31,973 --> 00:15:34,349
- Yeah, I'm really sorry for that.
- That's alright. That's alright.

313
00:15:34,350 --> 00:15:36,601
I think I can use regular real money.

314
00:15:36,602 --> 00:15:38,061
- Yes.
- Alright.

315
00:15:38,062 --> 00:15:39,646
I'm starting my own coin.
It's called BenCoin.

316
00:15:39,647 --> 00:15:41,149
What if I paid you in BenCoin?

317
00:15:41,774 --> 00:15:43,025
So I can cash it out.

318
00:15:43,484 --> 00:15:44,819
There we go, right?

319
00:15:45,236 --> 00:15:47,028
Yeah, yeah, I mean, you got to
get in early with the future.

320
00:15:47,029 --> 00:15:49,532
- Exactly.
- Otherwise, it'll pass you by.

321
00:15:49,907 --> 00:15:52,367
Does it ever feel like a
little bit like a cult to you?

322
00:15:52,368 --> 00:15:54,287
Just like flaming eyeball shit?

323
00:15:54,412 --> 00:15:57,790
- It's like Game of Thrones shit.
- It's like Game of Thrones shit!

324
00:15:58,207 --> 00:16:01,334
I tried to buy my beer in Bitcoin,
and it didn't really work.

325
00:16:01,335 --> 00:16:03,211
- That's true.
- No, it didn't over there.

326
00:16:03,212 --> 00:16:04,337
They were having some problem.

327
00:16:04,338 --> 00:16:05,922
- Gotcha. Gotcha,
- Does it take time?

328
00:16:05,923 --> 00:16:07,800
Like 20 minutes.

329
00:16:07,925 --> 00:16:10,511
- To go- to process a transaction?
- Yeah.

330
00:16:10,678 --> 00:16:13,723
[V.O.] I was having a hard time
seeing the advantages of Bitcoin.

331
00:16:14,265 --> 00:16:16,225
But then I met an unlikely fan.

332
00:16:17,143 --> 00:16:18,560
His name was Alex,

333
00:16:18,561 --> 00:16:20,896
and he worked for
the Human Rights Foundation.

334
00:16:20,897 --> 00:16:22,439
There's like tens
of millions of people

335
00:16:22,440 --> 00:16:24,357
in emerging market
countries that use this thing,

336
00:16:24,358 --> 00:16:26,651
because it's the best
option they have.

337
00:16:26,652 --> 00:16:28,320
Money, finance, economics,

338
00:16:28,321 --> 00:16:30,780
was hardly ever a part
of the human rights discourse.

339
00:16:30,781 --> 00:16:32,116
But when you actually ask

340
00:16:31,991 --> 00:16:33,910
human rights activists from
different countries about money,

341
00:16:34,035 --> 00:16:35,535
they always have crazy stories.

342
00:16:35,536 --> 00:16:38,497
Demonetization, devaluation,
hyperinflation, frozen bank accounts.

343
00:16:38,498 --> 00:16:40,416
So this is a way
for them to break free.

344
00:16:40,791 --> 00:16:43,335
All these people are getting into
this thing because the numbers go up,

345
00:16:43,336 --> 00:16:46,296
it's like this Trojan horse,
but in reality, like inside,

346
00:16:46,297 --> 00:16:47,547
is freedom go up.

347
00:16:47,548 --> 00:16:49,674
[V.O.] Alex made a compelling point.

348
00:16:49,675 --> 00:16:52,177
Maybe Bitcoin could be
a tool for good.

349
00:16:52,178 --> 00:16:55,097
But then I thought about its
wildly fluctuating price.

350
00:16:56,474 --> 00:16:58,391
What if all these people
in developing countries

351
00:16:58,392 --> 00:17:00,478
bought in and Bitcoin's price...

352
00:17:00,978 --> 00:17:02,021
crashed?

353
00:17:05,149 --> 00:17:06,942
Bitcoin's what, $44,000?

354
00:17:06,943 --> 00:17:08,861
Wasn't it $48,000 like yesterday?

355
00:17:09,195 --> 00:17:11,530
Was that the day before?
How much was it?

356
00:17:11,531 --> 00:17:13,824
Well, five years ago,
it was... it was...

357
00:17:13,950 --> 00:17:16,202
But like yesterday, it was $47,000
and now it's forty--

358
00:17:16,327 --> 00:17:17,536
What is it today? $43,000?

359
00:17:17,537 --> 00:17:19,539
I don't know. I think it's $44,000.

360
00:17:20,957 --> 00:17:23,042
The important thing is...

361
00:17:24,502 --> 00:17:25,627
Uh...

362
00:17:25,628 --> 00:17:28,255
Two years ago, it was $4,000.

363
00:17:28,256 --> 00:17:30,507
So, the important thing to remember
is that over time this thing gets--

364
00:17:30,508 --> 00:17:32,300
- $43,000 today.
- Right.

365
00:17:32,301 --> 00:17:35,136
So in 2020, in April,
it was $4,000.

366
00:17:35,137 --> 00:17:38,683
So, the important thing is that--
it over time-- it gets more valuable.

367
00:17:39,267 --> 00:17:41,351
[V.O.] It just didn't make
sense to me.

368
00:17:41,352 --> 00:17:43,979
But Alex assured me the
argument was bigger than price.

369
00:17:43,980 --> 00:17:46,022
This is about separation
of money and state.

370
00:17:46,023 --> 00:17:47,983
It's making a huge difference
around the world.

371
00:17:47,984 --> 00:17:50,694
I think every country should have
Bitcoin as legal tender

372
00:17:50,695 --> 00:17:54,490
to transact, earn income,
pay taxes, whatever.

373
00:17:54,824 --> 00:17:57,325
[V.O.] Could the crypto utopia
that Alex described

374
00:17:57,326 --> 00:17:58,494
exist in real life?

375
00:17:59,537 --> 00:18:02,707
After some intense
research, I found an answer.

376
00:18:06,877 --> 00:18:09,088
<i>- El Salvador.</i>

377
00:18:10,840 --> 00:18:14,634
<i>This look represents El
Salvador's history of currency.</i>

378
00:18:14,635 --> 00:18:18,388
<i>For a long time, coco was
used, and then the cologne,</i>

379
00:18:18,389 --> 00:18:21,141
<i>until it was replaced
by the U.S. dollar.</i>

380
00:18:21,142 --> 00:18:24,644
<i>In 2021, El Salvador became
the first country in the world.</i>

381
00:18:24,645 --> 00:18:27,440
<i>to use bitcoin as legal tender.</i>

382
00:18:28,107 --> 00:18:33,863
<i>You don't need a dash to walk around
dressed in cash like El Salvador.</i>

383
00:18:34,196 --> 00:18:36,115
If I bought that for you,
would you wear it?

384
00:18:39,994 --> 00:18:41,871
So, why do you need to go there?

385
00:18:42,330 --> 00:18:45,708
Because... they're trying to
use Bitcoin as money.

386
00:18:46,417 --> 00:18:47,959
Well, is it safe?

387
00:18:47,960 --> 00:18:50,087
It's totally safe. Hold on a second.

388
00:18:51,839 --> 00:18:55,384
It says it has one of the highest
murder rates in the world.

389
00:18:55,718 --> 00:18:58,763
No, it used to have the highest
murder rate in the world.

390
00:18:59,555 --> 00:19:01,390
Now...

391
00:19:02,850 --> 00:19:05,269
now it has the highest
incarceration rate.

392
00:19:06,562 --> 00:19:09,439
So it's totally safe,

393
00:19:09,440 --> 00:19:11,942
plus, you know,
I speak excellent Spanish.

394
00:19:12,943 --> 00:19:15,695
<i>[Spanish] This gringo
is going to get fucking killed.</i>

395
00:19:15,696 --> 00:19:18,616
Oh, my God.

396
00:19:18,741 --> 00:19:21,369
[Spanish] This gringo
is going to get fuck...

397
00:19:23,204 --> 00:19:24,830
Why am I laughing?

398
00:19:24,955 --> 00:19:27,291
- Glad you think it's funny.
- Oh my god!

399
00:19:28,834 --> 00:19:31,211
<i>- Gangs turned
El Salvador's murder rate</i>

400
00:19:31,212 --> 00:19:32,963
<i>into one of the highest in the world.</i>

401
00:19:33,089 --> 00:19:35,591
<i>- Some 75,000 people
have been arrested.</i>

402
00:19:35,716 --> 00:19:38,593
<i>- People can also face
15 years in prison,</i>

403
00:19:38,594 --> 00:19:41,180
<i>and this applies to journalists, too.</i>

404
00:19:41,555 --> 00:19:45,016
[Spanish] Thank you for flying with
Avianca, the sky belongs to everyone.

405
00:19:45,017 --> 00:19:47,311
You're saying hello to El
Salvador another time, we promise.

406
00:19:52,066 --> 00:19:55,403
- They seem to be
giving Ben a hard time.

407
00:19:56,612 --> 00:19:58,823
- This dude just called
for his supervisor.

408
00:20:00,032 --> 00:20:00,991
Oh.

409
00:20:03,119 --> 00:20:04,745
They just want his picture.

410
00:20:05,955 --> 00:20:07,331
God bless the OC.

411
00:20:15,381 --> 00:20:16,465
What's up, dude?

412
00:20:18,968 --> 00:20:20,969
Shit, I'm good. I'm good. I'm good.

413
00:20:20,970 --> 00:20:22,596
Ah, guess where I am?

414
00:20:23,723 --> 00:20:26,933
<i>- Um, something tells me
you're not in Wisconsin.</i>

415
00:20:26,934 --> 00:20:29,894
I'm not in Wisconsin.
I'm in El Salvador.

416
00:20:29,895 --> 00:20:31,313
Can you guess why?

417
00:20:32,398 --> 00:20:36,277
<i>- What the hell? Yes, why?
I want to hear you say it.</i>

418
00:20:36,402 --> 00:20:38,446
Bitcoin, baby, Bitcoin.

419
00:20:41,782 --> 00:20:43,867
Dude, you can't make this shit up.

420
00:20:43,868 --> 00:20:44,994
<i>- What are you doing?</i>

421
00:20:45,119 --> 00:20:46,620
<i>What are you doing with your life?</i>

422
00:20:48,581 --> 00:20:49,707
I don't know.

423
00:20:53,335 --> 00:20:54,712
It's the honest to God answer.

424
00:20:57,047 --> 00:20:58,256
[V.O.] In 2019,

425
00:20:58,257 --> 00:21:00,133
a former advertising executive named

426
00:21:00,134 --> 00:21:03,511
Nayib Bukele shocked
the political establishment

427
00:21:03,512 --> 00:21:05,765
when he was elected
president of El Salvador.

428
00:21:06,348 --> 00:21:09,768
The crypto bro Prez
changed his Twitter handle to

429
00:21:09,769 --> 00:21:11,687
The Coolest Dictator in The World

430
00:21:12,188 --> 00:21:14,940
and bragged about
casually buying Bitcoin

431
00:21:15,191 --> 00:21:16,733
using the state treasury

432
00:21:16,734 --> 00:21:18,194
while sitting on the toilet.

433
00:21:18,861 --> 00:21:21,279
Bukele sold a bold
vision of the country,

434
00:21:21,280 --> 00:21:24,033
as a revolutionary
Bitcoin Switzerland

435
00:21:25,743 --> 00:21:27,745
that would attract
worldwide attention.

436
00:21:28,162 --> 00:21:29,497
<i>- Mr. President,
thanks for joining us.</i>

437
00:21:29,705 --> 00:21:31,122
<i>- Thank you, Tucker, for inviting me.</i>

438
00:21:31,123 --> 00:21:32,373
<i>- We're not condoning
every single thing</i>

439
00:21:32,374 --> 00:21:34,126
<i>the El Salvadoran
government has ever done.</i>

440
00:21:34,251 --> 00:21:36,795
<i>I just think that them adopting
Bitcoin is one of the best things</i>

441
00:21:36,796 --> 00:21:38,547
<i>that you could possibly
do for the nation.</i>

442
00:21:39,924 --> 00:21:41,466
[V.O.] I wanted to see
how much Bitcoin

443
00:21:41,467 --> 00:21:43,302
had changed life in El Salvador.

444
00:21:48,057 --> 00:21:49,642
It was time to go shopping.

445
00:21:53,646 --> 00:21:55,648
[Spanish] Do you take Bitcoin?

446
00:21:56,816 --> 00:21:58,901
[Spanish] Bitcoin? Do you take it?
No. No.

447
00:21:59,527 --> 00:22:01,278
[Spanish] Do you take Bitcoins?

448
00:22:01,529 --> 00:22:04,073
- [Spanish] No.
- [Spanish] Bitcoin? No.

449
00:22:04,198 --> 00:22:06,534
[Spanish] Do you take Bitcoin?

450
00:22:06,659 --> 00:22:08,117
[Spanish] Bitcoin? No.

451
00:22:08,118 --> 00:22:09,786
Ah, Ok. I thought for a second... Ok.

452
00:22:09,787 --> 00:22:11,580
[Spanish] Do you take Bitcoin?

453
00:22:12,331 --> 00:22:13,874
- [Spanish] No.
- [Spanish] No Bitcoin.

454
00:22:14,416 --> 00:22:16,210
[Spanish] Do you take Bitcoin?

455
00:22:18,587 --> 00:22:20,339
[Spanish] Do you take Bitcoin?

456
00:22:20,756 --> 00:22:22,174
[Spanish] No.

457
00:22:24,009 --> 00:22:25,802
[V.O.] The marketplace was a bust,

458
00:22:25,803 --> 00:22:29,472
but there was another prong in
Bukele's Bitcoin revolution.

459
00:22:29,473 --> 00:22:33,309
He claimed Bitcoin would save his
citizens millions in remittance fees

460
00:22:33,310 --> 00:22:36,021
when sending or
receiving money from overseas.

461
00:22:37,273 --> 00:22:40,024
It was a common
argument for pro-Bitcoiners.

462
00:22:40,025 --> 00:22:42,110
<i>- I think what a lot of people don't
understand in the United States</i>

463
00:22:42,111 --> 00:22:45,154
<i>is that a lot of people live in
countries and work in countries</i>

464
00:22:45,155 --> 00:22:46,990
<i>and they have to send money home.</i>

465
00:22:46,991 --> 00:22:50,869
<i>A lot of it's cross-border, and that
transaction fee in and of itself,</i>

466
00:22:50,870 --> 00:22:54,163
<i>transferring money, can run you 10%.</i>

467
00:22:54,164 --> 00:22:57,250
[V.O.] Nice idea, but reality
painted a different picture.

468
00:22:57,251 --> 00:22:59,002
According to the
government's own figures,

469
00:22:59,003 --> 00:23:02,673
just 1.6% of remittances
were paid using Bitcoin.

470
00:23:06,844 --> 00:23:10,180
But Bukele, ever the salesman,
refused to concede defeat.

471
00:23:10,723 --> 00:23:11,599
Instead,

472
00:23:11,974 --> 00:23:13,142
he went bigger.

473
00:23:29,074 --> 00:23:31,619
<i>- So we were thinking of building...</i>

474
00:23:32,620 --> 00:23:35,039
<i>Bitcoin City.</i>

475
00:23:38,542 --> 00:23:40,877
[V.O.] In November 2021,
Bukele announced

476
00:23:40,878 --> 00:23:42,546
what he called Bitcoin City,

477
00:23:43,464 --> 00:23:46,634
a tax-free paradise for
coiners in eastern El Salvador.

478
00:23:46,967 --> 00:23:51,013
The showpiece city would be built
in the shadows of Conchagua Volcano.

479
00:23:51,305 --> 00:23:56,060
<i>- This is a fully, fully ecological
city and it's energized</i>

480
00:23:56,435 --> 00:23:57,894
<i>by a volcano.</i>

481
00:23:57,895 --> 00:24:00,147
[V.O.] Bukele loved the volcano.

482
00:24:00,397 --> 00:24:01,565
<i>- The volcano.</i>

483
00:24:06,195 --> 00:24:09,030
[V.O.] Since I was already in the
country, I figured, what the hell,

484
00:24:09,031 --> 00:24:10,616
might as well check it out.

485
00:24:20,709 --> 00:24:23,127
We drove more than
100 miles to La Union,

486
00:24:23,128 --> 00:24:24,713
on the eastern edge of the country.

487
00:24:25,798 --> 00:24:28,257
What we found was a
sleepy fishing village,

488
00:24:28,258 --> 00:24:30,843
and almost no evidence
of any actual development

489
00:24:30,844 --> 00:24:32,638
of this supposed City of Gold.

490
00:24:34,139 --> 00:24:36,642
We did, however,
meet a guy named Corbin.

491
00:24:37,184 --> 00:24:39,686
- This is the perfect location for
that dream and vision,

492
00:24:39,687 --> 00:24:42,398
and this is where I want
to be for that reason of

493
00:24:42,648 --> 00:24:46,443
being the first
resident citizen of Bitcoin City.

494
00:24:47,403 --> 00:24:49,570
I'm an industrial designer.

495
00:24:49,571 --> 00:24:52,700
I've had hundreds of jobs
and a few careers in there.

496
00:24:53,242 --> 00:24:56,869
In all that time, I'm asking the
question of what is money?

497
00:24:56,870 --> 00:24:59,623
Where is it coming from?
Who's in control of it?

498
00:25:00,624 --> 00:25:04,169
Bitcoin isn't just a
vehicle for me to make money.

499
00:25:04,294 --> 00:25:05,629
It's freedom.

500
00:25:07,047 --> 00:25:08,632
One man,

501
00:25:08,757 --> 00:25:10,175
casa cita,

502
00:25:10,551 --> 00:25:13,470
or chiquita citadel.

503
00:25:15,681 --> 00:25:19,892
Chiquita Citadel, uh,
built it out of cinder block,

504
00:25:19,893 --> 00:25:24,023
poured a concrete slab myself,
and built it on it.

505
00:25:24,231 --> 00:25:25,649
All myself.

506
00:25:25,232 --> 00:25:29,111
But this is just the earliest first
stage, like I build up from here,

507
00:25:29,695 --> 00:25:32,698
as Bitcoin goes up, my casa goes up.

508
00:25:33,115 --> 00:25:36,201
Outside over here is my bathroom.

509
00:25:38,412 --> 00:25:40,539
At first I was met with, like, uh,

510
00:25:41,040 --> 00:25:43,124
like, disbelief, like,
wait, why would you,

511
00:25:43,125 --> 00:25:46,545
an American gringo,
want to come and live here?

512
00:25:47,254 --> 00:25:49,005
I don't know how
to explain, you know,

513
00:25:49,006 --> 00:25:51,340
well, things are
going to change here,

514
00:25:51,341 --> 00:25:53,509
there's going to be
a Bitcoin city over there,

515
00:25:53,510 --> 00:25:55,971
a new airport, mucho turismo.

516
00:25:56,722 --> 00:25:59,640
I want to be here,
because I like it as is

517
00:25:59,641 --> 00:26:02,186
and I like the potential
of what's coming.

518
00:26:10,402 --> 00:26:11,652
[V.O.] There was only one problem

519
00:26:11,653 --> 00:26:14,156
with this grand vision
of Bitcoin City.

520
00:26:15,365 --> 00:26:18,202
The people who were living
there were in the way.

521
00:26:25,959 --> 00:26:28,337
Wilfredo Claros
is a fisherman by trade.

522
00:26:28,962 --> 00:26:32,298
He and his family have
lived in La Union for generations,

523
00:26:32,299 --> 00:26:35,051
but now the community is being
threatened with displacement

524
00:26:35,052 --> 00:26:37,011
so that the airport
to service Bitcoin City

525
00:26:37,012 --> 00:26:38,597
can be built on their land.

526
00:26:38,972 --> 00:26:40,431
In exchange for leaving,

527
00:26:40,432 --> 00:26:42,058
the government has offered Wilfredo

528
00:26:42,059 --> 00:26:44,478
a fraction of what
his property is worth.

529
00:26:45,020 --> 00:26:47,648
He has been told the
offer is take it or leave it.

530
00:27:28,605 --> 00:27:31,567
So you don't use Bitcoin?

531
00:27:45,831 --> 00:27:47,541
Your sister is...

532
00:27:52,004 --> 00:27:54,422
[V.O.] It was clear to me
that Bukele's sales pitch

533
00:27:54,423 --> 00:27:57,467
of a Bitcoin-embracing
nation was full of holes.

534
00:27:58,135 --> 00:27:59,927
It felt like a pumped-up
marketing scheme

535
00:27:59,928 --> 00:28:01,763
with little substance behind it.

536
00:28:02,347 --> 00:28:04,975
Was it designed to put
El Salvador on the map?

537
00:28:05,893 --> 00:28:07,060
Or just Bukele?

538
00:28:07,561 --> 00:28:11,105
- Never before I could have
done something that would impact

539
00:28:11,106 --> 00:28:12,357
10 million lives.

540
00:28:13,192 --> 00:28:17,321
Why would I do this if it wasn't for
the legacy to change this country?

541
00:28:36,298 --> 00:28:37,506
Got a visitor.

542
00:28:37,507 --> 00:28:39,927
Hi. Good morning.

543
00:28:42,638 --> 00:28:44,096
Good morning.

544
00:28:44,097 --> 00:28:45,474
[V.O.] After leaving El Salvador,

545
00:28:45,224 --> 00:28:48,685
I made my way to London where
Moreno was shooting a new film.

546
00:28:48,810 --> 00:28:51,103
The whole family had
come along for the ride

547
00:28:51,104 --> 00:28:53,273
and my crypto journey
was put on hold.

548
00:28:54,608 --> 00:28:56,610
To be honest, I was fine with it.

549
00:28:57,319 --> 00:28:59,655
I needed a break
from Bitcoin sleuthing.

550
00:29:00,530 --> 00:29:02,991
It was time to get back
to something real.

551
00:29:04,368 --> 00:29:05,202
Showbiz.

552
00:29:10,207 --> 00:29:11,541
Hello.

553
00:29:12,084 --> 00:29:13,042
Hi.

554
00:29:13,043 --> 00:29:14,752
Is it alright if I come in?

555
00:29:14,753 --> 00:29:15,879
So, how does it work?

556
00:29:16,296 --> 00:29:18,089
Alright. Yeah, I'm gonna hit you.

557
00:29:18,090 --> 00:29:19,549
This whole Hollywood thing.

558
00:29:21,551 --> 00:29:22,969
Is this nice? Is this yours?

559
00:29:22,970 --> 00:29:24,428
Like, is this the one that you go to?

560
00:29:24,429 --> 00:29:25,764
Yes, this is mine.

561
00:29:26,181 --> 00:29:27,349
Jerry is next door.

562
00:29:28,225 --> 00:29:29,226
Jerry Poppers.

563
00:29:30,269 --> 00:29:31,435
- Yeah.
- The Jerry Poppers.

564
00:29:31,436 --> 00:29:32,353
Yes.

565
00:29:32,354 --> 00:29:34,648
<i>- This is Sparta!</i>

566
00:29:36,441 --> 00:29:37,776
Don't annoy him.

567
00:29:40,195 --> 00:29:41,654
Don't talk to him about crypto.

568
00:29:41,655 --> 00:29:43,739
What do you think Jerry Butler
thinks about cryptocurrency?

569
00:29:43,740 --> 00:29:45,033
I haven't asked.

570
00:29:46,118 --> 00:29:48,619
I made a ton of money on it.
Yeah, yeah.

571
00:29:48,620 --> 00:29:50,329
- Oh, really?
- I've done really well.

572
00:29:50,330 --> 00:29:53,791
Really, really, really well.
Out of it, yeah.

573
00:29:53,792 --> 00:29:55,459
- Wow.
- So far, yeah.

574
00:29:55,460 --> 00:29:57,503
But I don't actually
know anything about it.

575
00:29:57,504 --> 00:29:58,797
Well, it doesn't matter, right?

576
00:30:01,341 --> 00:30:04,135
- So, what... How you doing?
- Yeah, I'm alright.

577
00:30:04,136 --> 00:30:06,345
It's great to tell you
what I'm doing these days.

578
00:30:06,346 --> 00:30:07,805
- A little bit.
- Yeah, yeah.

579
00:30:07,806 --> 00:30:11,684
- And I'm doing like a documentary...
- Oh, yeah.

580
00:30:11,685 --> 00:30:13,060
- ...you know,
trying to get the word out.

581
00:30:13,061 --> 00:30:15,980
I mean, it's hard because
it's so successful

582
00:30:15,981 --> 00:30:19,650
and so many people made
so much money on it.

583
00:30:19,651 --> 00:30:22,069
So, it's kind of hard to get
that story out because...

584
00:30:22,070 --> 00:30:25,490
Hey, are you still--
Are you still acting?

585
00:30:25,615 --> 00:30:26,741
- Yeah.
- Yeah?

586
00:30:26,742 --> 00:30:29,494
No, I did a pilot.

587
00:30:30,329 --> 00:30:31,204
Oh, nice.

588
00:30:31,580 --> 00:30:32,414
I didn't go.

589
00:30:32,748 --> 00:30:33,582
No.

590
00:30:36,335 --> 00:30:38,754
- Docter.
- Yeah.

591
00:30:39,129 --> 00:30:40,797
Anyway, listen, I...

592
00:30:41,715 --> 00:30:44,216
- ...I gotta go.
- No, no, I understand. Thank you.

593
00:30:44,217 --> 00:30:46,470
No, no, nice to see you, Ben.

594
00:30:59,107 --> 00:31:01,068
[V.O.] Maybe Gerard Butler was right.

595
00:31:01,777 --> 00:31:05,154
As long as everyone was getting
rich on this Bitcoin stuff,

596
00:31:05,155 --> 00:31:07,866
why bother to understand
how it actually works.

597
00:31:24,591 --> 00:31:25,926
Uh, uh...

598
00:31:27,219 --> 00:31:28,136
Yeah.

599
00:31:38,021 --> 00:31:39,106
It makes me feel old.

600
00:31:40,107 --> 00:31:41,357
What's your name?

601
00:31:41,358 --> 00:31:42,441
Scott?

602
00:31:42,442 --> 00:31:44,068
Scott Ben.

603
00:31:44,069 --> 00:31:45,779
Nice to meet you, man.

604
00:31:47,030 --> 00:31:50,700
Ah, this, I'm filming a documentary.

605
00:31:50,909 --> 00:31:52,119
Yeah.

606
00:31:54,204 --> 00:31:56,581
It's about cryptocurrency.

607
00:32:38,957 --> 00:32:39,999
It's the future of money.

608
00:32:40,000 --> 00:32:41,876
We just need the
real stuff right now.

609
00:32:41,877 --> 00:32:43,128
[V.O.] Gerard Butler was honest.

610
00:32:43,712 --> 00:32:45,213
He had just gotten
lucky with Bitcoin.

611
00:32:45,797 --> 00:32:49,259
But I had to believe there were more
Scott the Scaffolders out there.

612
00:32:49,676 --> 00:32:53,138
Regular people trying to make an
extra buck and getting scammed.

613
00:32:53,638 --> 00:32:54,806
I had to keep going.

614
00:33:00,061 --> 00:33:01,062
But where to begin?

615
00:33:01,813 --> 00:33:03,398
It felt like crypto was everywhere,

616
00:33:03,899 --> 00:33:06,233
the virus spreading in
infinite directions.

617
00:33:06,234 --> 00:33:09,653
- There are now over
1,500 cryptocurrencies.

618
00:33:09,654 --> 00:33:11,364
- There's PP coin, there's BBQ coin,

619
00:33:11,781 --> 00:33:13,825
there's Litecoin,
there's Feathercoin,

620
00:33:13,950 --> 00:33:15,368
Primecoin is a very interesting one.

621
00:33:15,494 --> 00:33:18,455
- We can just make as many
tokens as your heart desires.

622
00:33:18,663 --> 00:33:21,374
[V.O.] There were so many
promising crypto coins out there,

623
00:33:21,958 --> 00:33:24,294
with names like Internet Computer,

624
00:33:24,836 --> 00:33:26,755
Bonk, and Cum Rocket.

625
00:33:27,380 --> 00:33:31,343
In the crypto community,
they were known as shit coins.

626
00:33:31,760 --> 00:33:33,887
And with the frenzy in full effect,

627
00:33:35,889 --> 00:33:39,559
trying to figure out
where to go next was daunting.

628
00:33:39,976 --> 00:33:41,852
<i>- Very interesting what's
happening with Doge.</i>

629
00:33:41,853 --> 00:33:44,730
<i>We do know that Elon Musk if
a huge proponent of Doge Coin.</i>

630
00:33:44,731 --> 00:33:47,734
And since that it could become
the world's leading currency.

631
00:34:27,232 --> 00:34:29,943
<i>- And we need someone to help
us with our financial life.</i>

632
00:34:31,444 --> 00:34:34,154
<i>and normally we just people that--</i>

633
00:34:34,155 --> 00:34:36,324
- we think are acting
in our best interest.

634
00:34:37,200 --> 00:34:39,703
But what if these people are
not acting in our best interest?

635
00:34:39,828 --> 00:34:42,622
What if their interest is
exactly the opposite of ours?

636
00:34:42,747 --> 00:34:44,957
Should we continue giving
them our money--

637
00:34:44,958 --> 00:34:47,419
<i>- or should we take the money and
put it somewhere else?</i>

638
00:34:47,794 --> 00:34:52,882
Celsius Network, we decided to create
a replacement for the banking system.

639
00:34:53,883 --> 00:34:56,760
We have 1.2 million customers,

640
00:34:56,761 --> 00:34:58,722
and we're adding
about 100,000 a month.

641
00:34:59,598 --> 00:35:02,683
We've paid a billion dollars
back to the community in interest.

642
00:35:02,684 --> 00:35:05,729
That's probably more than some of the
largest banks in the world.

643
00:35:05,854 --> 00:35:08,898
It just shows you how
banks are not your friends.

644
00:35:09,649 --> 00:35:11,067
But Alex is your friend?

645
00:35:11,443 --> 00:35:12,402
<i>- Yes.</i>

646
00:35:13,028 --> 00:35:15,530
[V.O.] Celsius sought to
upend the banking system,

647
00:35:15,989 --> 00:35:17,866
led by its founder, Alex Mashinsky.

648
00:35:19,117 --> 00:35:22,037
Rather than keep the profits for
themselves, like most banks,

649
00:35:22,912 --> 00:35:25,165
Alex wanted to give that
money back to the users.

650
00:35:29,544 --> 00:35:32,005
But this new model for
a bank had a fatal flaw.

651
00:35:33,256 --> 00:35:34,549
Celsius was not a bank.

652
00:35:35,300 --> 00:35:36,926
It even said so on its website.

653
00:35:37,302 --> 00:35:40,221
You know, in the very small
print at the bottom of the page.

654
00:35:41,806 --> 00:35:42,891
Not shady at all.

655
00:35:43,933 --> 00:35:47,228
If something happened to Celsius,
your money might be gone forever.

656
00:35:48,813 --> 00:35:51,566
A real licensed U.S. bank
is just the opposite.

657
00:35:52,067 --> 00:35:53,860
If the bank goes under,

658
00:35:54,277 --> 00:35:56,487
our government steps in
to cover the loss.

659
00:35:56,488 --> 00:35:58,614
The system works
because people trust it,

660
00:35:58,615 --> 00:36:00,283
and they trust it because it works.

661
00:36:02,369 --> 00:36:04,579
Moshensky claimed to
have built a better bank,

662
00:36:05,330 --> 00:36:08,458
but I suspected he had created
something far more dangerous.

663
00:36:23,807 --> 00:36:26,976
It was time to take my film
crew to meet Alex Moshensky.

664
00:36:27,727 --> 00:36:30,772
- As luck would have it,
he happened to be in my hometown.

665
00:36:37,904 --> 00:36:39,864
The clothing brand Poopy and Pooper?

666
00:36:40,407 --> 00:36:41,741
That guy's definitely
into groups like that.

667
00:36:43,910 --> 00:36:46,787
[V.O.] South By featured the
bleeding edge of technology.

668
00:36:46,788 --> 00:36:48,873
Things like virtual reality,

669
00:36:50,250 --> 00:36:51,209
pickleball,

670
00:36:52,293 --> 00:36:53,377
- I got you, baby.

671
00:36:53,378 --> 00:36:55,004
[V.O.] and the CIA.

672
00:36:55,922 --> 00:36:59,259
- What you're going to do is
press and hold that A button.

673
00:36:59,759 --> 00:37:00,635
Or B button, sorry.

674
00:37:00,802 --> 00:37:02,554
- Hold this button?
- Yeah, uh, yes.

675
00:37:04,639 --> 00:37:05,473
Whoa.

676
00:37:08,351 --> 00:37:10,979
I don't know if you guys are aware,
the CIA has a podcast.

677
00:37:12,021 --> 00:37:13,272
The CIA podcast?

678
00:37:13,273 --> 00:37:14,816
Yeah, we do. You should check it out.

679
00:37:15,400 --> 00:37:17,527
[V.O.] As I made my way
to the Celsius booth,

680
00:37:17,861 --> 00:37:20,487
I decided I would play the
role of a gullible actor

681
00:37:20,488 --> 00:37:21,781
stumbling onto crypto.

682
00:37:23,158 --> 00:37:25,034
Should be easy enough.

683
00:37:25,160 --> 00:37:26,661
- Like, where have I seen you?

684
00:37:26,786 --> 00:37:28,496
Yeah, yeah, yeah. I was on the OC,

685
00:37:28,621 --> 00:37:30,873
and then I did
a show called Southland,

686
00:37:30,874 --> 00:37:32,375
which was a late cop show.

687
00:37:32,959 --> 00:37:34,669
Um, what are you guys doing here?

688
00:37:34,836 --> 00:37:36,962
We're crypto. We're, uh, Celsius.

689
00:37:36,963 --> 00:37:38,380
Oh, right, right, right.

690
00:37:38,381 --> 00:37:39,715
That's us.

691
00:37:39,716 --> 00:37:41,008
- That's you guys?
- Yeah.

692
00:37:41,009 --> 00:37:42,510
That's our... That's the logo.

693
00:37:42,844 --> 00:37:44,636
- Oh.
- Alex is the CEO,

694
00:37:44,637 --> 00:37:45,513
CTO.

695
00:37:45,764 --> 00:37:46,890
Oh, my God.

696
00:37:47,807 --> 00:37:48,807
You're in the right place.

697
00:37:48,808 --> 00:37:50,351
Yeah.
So what does it do?

698
00:37:50,727 --> 00:37:51,936
What does Celsius do?

699
00:37:52,103 --> 00:37:55,189
We-- we basically do the
opposite of what banks do.

700
00:37:55,190 --> 00:37:56,940
Anything a bank does,
we do the opposite.

701
00:37:56,941 --> 00:37:58,150
- Okay.
- Okay?

702
00:37:58,151 --> 00:37:59,778
They charge you fee,
we don't charge you fees.

703
00:38:00,111 --> 00:38:02,362
- How do you make money, then?
- We pay you interest.

704
00:38:02,363 --> 00:38:04,199
Oh, okay.
How do you make money, then?

705
00:38:04,824 --> 00:38:07,075
Banks make a lot of money.
They don't want to give it to you.

706
00:38:07,076 --> 00:38:08,327
They give it to their shareholders.

707
00:38:08,328 --> 00:38:09,578
Uh-huh, uh-huh.

708
00:38:09,579 --> 00:38:10,914
We treat it like a community.

709
00:38:10,580 --> 00:38:12,916
So we take all the profits and
give it to our community.

710
00:38:13,041 --> 00:38:14,083
It's like a community bank.

711
00:38:14,626 --> 00:38:17,295
[V.O.] Except it's not a bank.

712
00:38:17,420 --> 00:38:20,215
- So has Celsius experienced
any legal trouble?

713
00:38:21,174 --> 00:38:23,967
We don't-- I don't know what you
mean by legal trouble.

714
00:38:23,968 --> 00:38:26,595
Well, legal proceedings.
Has anybody, like, sued you guys?

715
00:38:26,596 --> 00:38:28,388
Have you had any fines or anything?

716
00:38:28,389 --> 00:38:30,974
But there's no financial institution

717
00:38:30,975 --> 00:38:33,852
that is not getting
inspected by all these agencies.

718
00:38:33,853 --> 00:38:36,313
- Every day.
- I'm not hearing a no. I'm hearing,

719
00:38:36,314 --> 00:38:39,066
uh, I'm just asking, I'm just asking
you an honest question.

720
00:38:39,067 --> 00:38:40,150
The answer is no.

721
00:38:40,151 --> 00:38:41,276
- The answer is no.
- Oh, oh.

722
00:38:41,277 --> 00:38:42,694
The answer is no.

723
00:38:42,695 --> 00:38:44,614
[V.O.] The answer was, in fact, yes.

724
00:38:44,948 --> 00:38:49,451
Celsius was facing legal action in
multiple states, New Jersey, Alabama,

725
00:38:49,452 --> 00:38:50,411
and even Texas.

726
00:38:51,412 --> 00:38:54,915
- So what do you say to the people
who have been scammed in crypto,

727
00:38:54,916 --> 00:38:57,460
obviously to half the people,
like we can all acknowledge that.

728
00:38:57,669 --> 00:39:00,295
So what do you say to those,
like, what's the solution to that?

729
00:39:00,296 --> 00:39:03,465
- How do we fix that?
- The guy on Twitter asked me, what?

730
00:39:03,466 --> 00:39:05,634
Alex, how come all the
scammers are coming to crypto?

731
00:39:05,635 --> 00:39:08,303
I'm like, you left the door open,
you left the window open.

732
00:39:08,304 --> 00:39:10,097
Of course they're going to
come and steal from you.

733
00:39:10,098 --> 00:39:11,390
So it's maybe sort of their fault.

734
00:39:11,391 --> 00:39:14,310
- Like they sort of...
- It's not, it's not just that.

735
00:39:14,435 --> 00:39:15,811
If you left money on the street,

736
00:39:15,812 --> 00:39:17,479
do you expect it to be
there in the morning?

737
00:39:17,480 --> 00:39:20,357
It's not just that. I think a lot
of this has to do with easy money

738
00:39:20,358 --> 00:39:22,234
and fraud. They go hand in hand,

739
00:39:22,235 --> 00:39:25,279
because as soon as you,
as soon as you say like,

740
00:39:25,280 --> 00:39:28,532
- I want to park my currency with you
- Yeah.

741
00:39:28,533 --> 00:39:30,367
[V.O] Toward the end
of our conversation,

742
00:39:30,368 --> 00:39:32,579
with the video off,
but the audio still rolling.

743
00:39:33,329 --> 00:39:36,666
I asked him how much real money he
thought was in the crypto system.

744
00:39:36,875 --> 00:39:40,587
- Say maybe 10 or 15 percent is real
money that went into the system.

745
00:39:41,254 --> 00:39:43,339
And everything else is just bubble.

746
00:39:45,174 --> 00:39:47,968
[V.O.] It was a jaw-droppingly
low number,

747
00:39:47,969 --> 00:39:52,097
and mildly concerning as the crypto
market had been booming for years.

748
00:39:52,098 --> 00:39:54,141
<i>- Cryptocurrency is going mainstream</i>

749
00:39:54,142 --> 00:39:57,353
<i>with a total market cap
of nearly three trillion dollars.</i>

750
00:39:57,478 --> 00:39:59,856
<i>- Mastercard says now
any bank or merchant on</i>

751
00:39:59,981 --> 00:40:02,733
<i>its network will soon be
able to offer crypto services.</i>

752
00:40:02,734 --> 00:40:05,360
<i>- Bitcoin investors feelin'
good as hell today!</i>

753
00:40:05,361 --> 00:40:09,573
<i>The crypto coin reaching
an all-time high of 68,000.</i>

754
00:40:09,574 --> 00:40:13,076
<i>- We do see Bitcoin going up and up
and up. It's amazing. It's amazing.</i>

755
00:40:13,077 --> 00:40:14,412
<i>Where is it going?</i>

756
00:40:13,995 --> 00:40:17,248
<i>It's probably going to 100,
then 150, then 200,000.</i>

757
00:40:17,749 --> 00:40:19,042
[V.O.] It made zero sense.

758
00:40:22,795 --> 00:40:25,214
Maybe it was time to
meet my mysterious friend.

759
00:40:33,514 --> 00:40:36,350
<i>Hey, this is Dave.
I can't come to the phone right now.</i>

760
00:40:36,351 --> 00:40:37,685
<i>But leave your name and number</i>

761
00:40:37,352 --> 00:40:39,270
<i>and I'll get back to you
as soon as I can. Thanks.</i>

762
00:40:42,607 --> 00:40:44,192
Dave, it's your boy.

763
00:40:44,567 --> 00:40:47,445
I'm down in Florida
meeting with some random guy

764
00:40:48,363 --> 00:40:51,950
I met from the internet who says
all of cryptocurrency is a scam.

765
00:40:53,451 --> 00:40:54,827
If I don't come back alive,

766
00:40:55,620 --> 00:40:56,579
I love you.

767
00:41:00,667 --> 00:41:01,959
Really nice to meet you.

768
00:41:01,960 --> 00:41:03,418
- Yeah.
- Thank you for doing this.

769
00:41:03,419 --> 00:41:06,005
Yeah. No problem.

770
00:41:06,130 --> 00:41:08,548
Okay, so let's start with
how you got started.

771
00:41:08,549 --> 00:41:11,677
how did you fall into this
crypto rabbit hole?

772
00:41:11,678 --> 00:41:16,848
My background is I used to do video
game hacking and reverse engineering.

773
00:41:16,849 --> 00:41:19,601
I was basically printing my
own money from video games.

774
00:41:19,602 --> 00:41:22,479
So you started off as
someone, a professional cheater?

775
00:41:22,480 --> 00:41:25,232
Yeah, I was basically, yeah, I was
cheating in video games, yes.

776
00:41:25,233 --> 00:41:29,361
Inevitably, I got caught, and I
got banned for 30 years.

777
00:41:29,362 --> 00:41:35,409
But what I learned is that it's the
same bullshit, you know, as crypto.

778
00:41:35,410 --> 00:41:36,494
Right.

779
00:41:36,369 --> 00:41:40,248
You've been exposing
crypto fraud since 2016?

780
00:41:40,373 --> 00:41:44,209
I would say, when I first started,
it's going to be March of 2017.

781
00:41:44,210 --> 00:41:45,669
I had some suspicions early,

782
00:41:45,670 --> 00:41:48,171
and once I started digging
a little bit deeper,

783
00:41:48,172 --> 00:41:50,800
I'm like, okay, this is bad.
This is fraud.

784
00:41:51,384 --> 00:41:52,427
Why do you think that is?

785
00:41:52,635 --> 00:41:54,053
I personally believe

786
00:41:53,594 --> 00:41:56,597
the entire market is really
controlled by fewer than 20 people.

787
00:41:56,723 --> 00:42:00,892
You know, and they can make the
price go to whatever they want.

788
00:42:00,893 --> 00:42:02,270
How?

789
00:42:01,811 --> 00:42:05,815
Let's say you have two accounts, and
you want the price to go up.

790
00:42:06,357 --> 00:42:08,775
So all you do is trade
between your two accounts

791
00:42:08,776 --> 00:42:11,195
and you can basically
just walk the price up.

792
00:42:13,531 --> 00:42:15,699
So they control both
sides of the trade?

793
00:42:15,700 --> 00:42:17,160
Right and then someone else

794
00:42:16,909 --> 00:42:19,454
that's on the outside doesn't realize
and they see the prices going up.

795
00:42:19,579 --> 00:42:22,247
It's got up 15 %
in the past 15 minutes,

796
00:42:22,248 --> 00:42:24,000
you know, and they
go ahead and they buy it.

797
00:42:25,376 --> 00:42:27,044
Those are the suckers
basically coming in

798
00:42:27,045 --> 00:42:29,421
not realizing that
it was just one guy

799
00:42:29,422 --> 00:42:31,298
with two accounts
making the price go up

800
00:42:31,299 --> 00:42:34,509
- Right
- Between 90 and 95%

801
00:42:34,510 --> 00:42:36,220
of all the cripple trading

802
00:42:36,471 --> 00:42:37,596
That's all it is

803
00:42:37,597 --> 00:42:39,556
Now the other 5% is only in there

804
00:42:39,557 --> 00:42:43,226
because they think that the
other 90 to 95% is real

805
00:42:43,227 --> 00:42:44,187
which it's not.

806
00:42:45,980 --> 00:42:49,400
[V.O.] So now the people pumping
up the price can sell their tokens.

807
00:42:51,611 --> 00:42:53,154
And everybody else gets screwed.

808
00:42:54,280 --> 00:42:55,740
- Yes, that's it.

809
00:42:58,451 --> 00:43:02,120
So if 90 to 95%
of the trading is fake,

810
00:43:02,121 --> 00:43:04,707
does that mean the social media
activity is that also fake or?

811
00:43:04,957 --> 00:43:06,666
It's paid for.
A lot of it is paid for.

812
00:43:06,667 --> 00:43:09,544
A lot of it are actually
bots that just spam Twitter,

813
00:43:09,545 --> 00:43:10,713
you know, 24/7.

814
00:43:15,968 --> 00:43:17,886
But the thing is,
a lot of these crypto influencers

815
00:43:17,887 --> 00:43:19,680
are actually paid by
the scammers themselves.

816
00:43:19,806 --> 00:43:20,973
What are they paid in?

817
00:43:21,099 --> 00:43:22,350
Dollars.

818
00:43:22,475 --> 00:43:23,391
Not crypto.

819
00:43:23,392 --> 00:43:26,187
But basically everybody
inside of crypto

820
00:43:26,312 --> 00:43:29,564
is winning except for the regular
people that put their money on it.

821
00:43:29,565 --> 00:43:32,943
Yeah, the regular people that don't
realize that it's all a facade.

822
00:43:32,944 --> 00:43:34,402
Right. They're the ones
holding the bag.

823
00:43:34,403 --> 00:43:35,238
Yeah.

824
00:43:36,447 --> 00:43:38,658
[V.O.] Celsius had
a coin called Cell.

825
00:43:38,908 --> 00:43:43,037
Its price had exploded, growing by a
factor of 10 in less than a year.

826
00:43:43,621 --> 00:43:45,247
If Bitfinext was right,

827
00:43:45,248 --> 00:43:47,667
then once the insiders
took their money off the table,

828
00:43:48,042 --> 00:43:49,460
a crash was inevitable.

829
00:43:50,211 --> 00:43:53,004
<i>- Crypto obviously right
now getting crushed.</i>

830
00:43:53,005 --> 00:43:55,924
<i>- Tonight, a massive
sell-off of cryptocurrency.</i>

831
00:43:55,925 --> 00:44:00,262
<i>The price of Bitcoin plunging to
its lowest level in 16 months.</i>

832
00:44:00,263 --> 00:44:02,973
The numbers sending
some investors spiraling,

833
00:44:02,974 --> 00:44:04,934
fearing they could lose it all.

834
00:44:07,353 --> 00:44:09,939
[V.O.] The market's collapse
was shockingly swift.

835
00:44:10,857 --> 00:44:13,567
And rumors were circulating
about Celsius going under.

836
00:44:13,568 --> 00:44:16,528
<i>- You don't need
to find something better</i>

837
00:44:16,529 --> 00:44:18,613
<i>because there isn't anything better.
We allow people to</i>

838
00:44:18,614 --> 00:44:20,615
<i>withdraw hundreds of
millions of dollars every week.</i>

839
00:44:20,616 --> 00:44:23,119
Anyone who wants to
withdraw has no problem.

840
00:44:25,496 --> 00:44:29,416
<i>- So breaking news, the
cryptocurrency platform Celsius,</i>

841
00:44:29,417 --> 00:44:32,169
<i>they are stopping withdrawals.</i>

842
00:44:32,170 --> 00:44:34,921
<i>- CEO Alex Mashinsky now
saying in a statement,</i>

843
00:44:34,922 --> 00:44:38,466
<i>this is the right decision for
our community and company.</i>

844
00:44:38,467 --> 00:44:42,971
This whole idea of banks are evil and
then becoming a worse bank

845
00:44:42,972 --> 00:44:46,183
is kind of the headline
story with Celsius.

846
00:44:46,184 --> 00:44:49,979
[V.O.] And the price pumping tricks
that Bitfinex laid out were spot on.

847
00:44:50,313 --> 00:44:51,647
<i>- You're saying</i>

848
00:44:51,230 --> 00:44:54,609
<i>that management was manipulating
the price of the Celsius token.</i>

849
00:44:54,734 --> 00:44:58,613
<i>- They were absolutely trading the
token to manipulate the price.</i>

850
00:44:58,738 --> 00:45:00,030
[V.O.] As more details emerged,

851
00:45:00,031 --> 00:45:02,575
it was clear that Celsius
was never profitable.

852
00:45:02,909 --> 00:45:05,912
It merely took money from the new
customers to pay the old ones.

853
00:45:07,914 --> 00:45:10,665
Maszynski and his crew
reportedly withdrew millions

854
00:45:10,666 --> 00:45:12,626
before filing for bankruptcy.

855
00:45:12,627 --> 00:45:13,877
To make matters worse,

856
00:45:13,878 --> 00:45:15,837
Maszynski's wife started
selling a new take

857
00:45:15,838 --> 00:45:17,632
on the classic Celsius t-shirt.

858
00:45:18,090 --> 00:45:20,593
It read, Unbankrupt Yourself.

859
00:45:21,594 --> 00:45:23,679
The people who
were scammed were pissed.

860
00:45:26,557 --> 00:45:28,184
I set up a few Zoom calls.

861
00:45:29,143 --> 00:45:32,229
Uh. How are you?

862
00:45:32,230 --> 00:45:34,064
- Can you hear me?
- You cut out.

863
00:45:34,065 --> 00:45:36,483
- I cut out. Just--
- I can hear you.

864
00:45:36,484 --> 00:45:38,026
We're out in the desert.

865
00:45:38,027 --> 00:45:39,986
Would you mind tilting
your camera up just a little bit.

866
00:45:39,987 --> 00:45:41,738
I'm having trouble seeing your face.

867
00:45:41,739 --> 00:45:43,531
Ah, I can hear you.

868
00:45:43,532 --> 00:45:47,411
Here we go. I think it was connected
to my X-Box for some reason.

869
00:45:48,079 --> 00:45:49,997
Did you say you were in Texas?

870
00:45:50,373 --> 00:45:52,290
Yeah, yeah. I'm in Fort Worth.

871
00:45:52,291 --> 00:45:54,084
Oh, cool. I grew up in Austin.

872
00:45:54,085 --> 00:45:56,253
Yeah, I love Austin, man.

873
00:45:56,254 --> 00:45:59,339
I like your shirt. What does it say?
In Crypto...

874
00:45:59,340 --> 00:46:01,466
Oh. In Crypto We Trust.

875
00:46:01,467 --> 00:46:04,928
Nice. In Crypto We Trust.

876
00:46:04,929 --> 00:46:07,598
Yeah, just not
so much Alex Mashinsky.

877
00:46:09,183 --> 00:46:10,976
What initially attracted you to it?

878
00:46:10,977 --> 00:46:12,852
You said your friends...

879
00:46:12,853 --> 00:46:15,730
were investing in Celsius
or encouraging you to invest.

880
00:46:15,731 --> 00:46:17,899
Do you remember
why you first invested?

881
00:46:17,900 --> 00:46:20,068
I mean the idea wasn't just to
like get rich and get big.

882
00:46:20,069 --> 00:46:22,195
I think I just wanted to have
good investments for my future

883
00:46:22,196 --> 00:46:23,613
and be able to build.

884
00:46:23,614 --> 00:46:27,285
- So I was just trying to get
myself set up for retirement.

885
00:46:27,410 --> 00:46:31,621
- I saw Celsius as an opportunity
to make a lot of interest.

886
00:46:31,622 --> 00:46:34,249
- Maybe even find a way to where
I'm not having to work

887
00:46:34,250 --> 00:46:36,126
as many hours a week or something

888
00:46:36,127 --> 00:46:38,796
just so I could spend more
time with my daughter.

889
00:46:38,921 --> 00:46:41,007
- My M.O. is I just want
to do something that's simple

890
00:46:41,132 --> 00:46:44,384
and this seems like
an easy way to sort of like

891
00:46:44,385 --> 00:46:47,053
have, you know, get passive income.

892
00:46:47,054 --> 00:46:48,763
- I thought that I was going
to get to a point

893
00:46:48,764 --> 00:46:52,142
where I would be able
to live off the interest, you know,

894
00:46:52,143 --> 00:46:56,813
and none of it was
ever even there.

895
00:46:56,814 --> 00:46:59,608
Do you remember when you
heard Celsius collapse?

896
00:46:59,984 --> 00:47:03,403
I was crying, my wife was upset,
my kid was too young to know

897
00:47:03,404 --> 00:47:06,449
what's going on, but we lost
a lot of money that day.

898
00:47:06,699 --> 00:47:11,036
- The amount that he hosed
everybody is just, sheesh.

899
00:47:11,037 --> 00:47:13,830
Yeah, but whenever
all of that had happened,

900
00:47:13,831 --> 00:47:15,332
nobody knew what was going on.

901
00:47:15,333 --> 00:47:19,502
And the way that Celsius
was being painted to us was that,

902
00:47:19,503 --> 00:47:21,296
you know, it was safer than a bank.

903
00:47:21,297 --> 00:47:24,716
- How could this possibly be an
obvious scam, given that, you know,

904
00:47:24,717 --> 00:47:26,885
there's all these people behind it?

905
00:47:26,886 --> 00:47:28,553
- I thought there was
no risk with Celcius,

906
00:47:28,554 --> 00:47:31,639
because they said they
were keeping our funds safe.

907
00:47:31,640 --> 00:47:35,060
- You know, we're U.S.-approved,
we're SEC-whatever-approved.

908
00:47:35,061 --> 00:47:39,981
- Trust us. We, you know,
have risk mitigation in place.

909
00:47:39,982 --> 00:47:41,775
Everything is fine.

910
00:47:41,776 --> 00:47:43,693
- It gave the impression of security.

911
00:47:43,694 --> 00:47:48,281
- I just never crossed paths
with such a criminal, you know.

912
00:47:48,282 --> 00:47:51,076
Just a criminal. Through and through.

913
00:47:51,077 --> 00:47:55,831
- I will take the hit. If I ever meet
that dude I will pull my pants down.

914
00:47:56,999 --> 00:48:00,377
With Alex, the difference between
what he was saying

915
00:48:00,378 --> 00:48:02,337
and what he was actually doing

916
00:48:02,338 --> 00:48:03,631
is just is vast.

917
00:48:03,756 --> 00:48:07,760
It was Bernie Madoff level,
you know, fraud.

918
00:48:07,885 --> 00:48:08,969
- When you meet him in person,

919
00:48:08,928 --> 00:48:11,931
he just gave off
Carnival Barker vibes to me.

920
00:48:12,056 --> 00:48:16,226
- I wonder if you were
able to see a side of him in person

921
00:48:16,227 --> 00:48:19,771
that I wasn't seeing on the videos.

922
00:48:19,772 --> 00:48:22,232
- Given that Mashinsky was
running this fraud,

923
00:48:22,233 --> 00:48:25,360
do you think that the Celsius
community was a real thing?

924
00:48:25,361 --> 00:48:27,695
- No. No, never.

925
00:48:27,696 --> 00:48:30,698
- For me personally, Celsius
doesn't really have a community.

926
00:48:30,699 --> 00:48:33,827
It's just got a
very long list of victims.

927
00:48:33,828 --> 00:48:35,537
I have a question for you.

928
00:48:35,538 --> 00:48:37,331
Have you seen the creditor list?

929
00:48:38,666 --> 00:48:41,502
Not in any great detail. Why?

930
00:48:41,669 --> 00:48:43,878
Let me see if I can
share my screen for this.

931
00:48:43,879 --> 00:48:49,510
So, this is the list of people
that are owed money by Celsius.

932
00:48:49,635 --> 00:48:53,556
And if you just, I don't know,
go into A, for example,

933
00:48:53,681 --> 00:48:56,641
- It just goes on and on and on.
- Oh my god.

934
00:48:56,642 --> 00:48:58,977
- I'm on page 588,

935
00:48:58,978 --> 00:49:01,729
so I think the 1,388 pages

936
00:49:01,730 --> 00:49:04,858
are just the people
with names starting with A.

937
00:49:04,859 --> 00:49:10,071
The number of people who put money
into Celsius is astronomical.

938
00:49:10,072 --> 00:49:11,573
It's huge.

939
00:49:11,574 --> 00:49:14,409
- One question we're
asking everyone is,

940
00:49:14,410 --> 00:49:18,079
how did losing the money
affect you, if at all?

941
00:49:18,080 --> 00:49:19,373
I mean, it seems silly,

942
00:49:18,998 --> 00:49:21,625
but I was more focused
on just like the embarrassment

943
00:49:21,750 --> 00:49:24,794
then the actual
financial implications.

944
00:49:24,795 --> 00:49:26,337
Yeah, I just kind of
remember thinking,

945
00:49:26,338 --> 00:49:30,259
well, this is going to push
my retirement back a few years.

946
00:49:30,759 --> 00:49:36,306
- It was mostly, mostly just a
shot at freedom, you know,

947
00:49:36,307 --> 00:49:39,976
a shot at a little bit more claiming
of my time back and that

948
00:49:39,977 --> 00:49:43,354
time I can't get
with my daughter back.

949
00:49:43,355 --> 00:49:46,192
I just had so many plans, you know.

950
00:49:47,443 --> 00:49:48,485
- I'm sorry.

951
00:49:48,486 --> 00:49:50,821
- I feel like I let it down big time.

952
00:49:51,322 --> 00:49:52,698
- Yeah.

953
00:49:52,823 --> 00:49:53,865
I'm sorry, man.

954
00:49:53,866 --> 00:49:55,867
- Nah. No. It's okay.

955
00:49:55,868 --> 00:49:57,744
- I'm totally at peace with it,
you know.

956
00:49:57,745 --> 00:50:01,581
- It just sucks that that one thing
had to kick my plan in the shin.

957
00:50:01,582 --> 00:50:03,708
- Yeah, yeah.

958
00:50:03,709 --> 00:50:06,336
Life has a way of doing that,
doesn't it, sometimes?

959
00:50:06,337 --> 00:50:07,588
- Yeah.

960
00:50:13,761 --> 00:50:16,262
[V.O.] The false story
of Celsius was predicated

961
00:50:16,263 --> 00:50:19,099
on a fundamental truth
that our system is flawed.

962
00:50:20,017 --> 00:50:22,561
But Celsius didn't
offer a better solution,

963
00:50:22,937 --> 00:50:25,480
merely a way to tap
into people's anger

964
00:50:25,481 --> 00:50:27,942
and funnel their money
into a Ponzi scheme.

965
00:50:32,029 --> 00:50:34,448
Our current financial
system is far from perfect,

966
00:50:35,115 --> 00:50:37,785
but at the very least
it's built on centuries of trust,

967
00:50:39,453 --> 00:50:42,581
because the economy is
something we all contribute to.

968
00:50:43,249 --> 00:50:45,959
So in the end,
for our economy to work,

969
00:50:45,960 --> 00:50:48,836
we are essentially
trusting ourselves,

970
00:50:48,837 --> 00:50:49,838
and each other.

971
00:50:55,678 --> 00:50:57,095
<i>- Lying for Money:</i>

972
00:50:57,096 --> 00:50:59,974
<i>How Legendary Frauds
Reveal the Workings of the World.</i>

973
00:51:00,558 --> 00:51:03,727
<i>Written and read by me, Dan Davis.</i>

974
00:51:05,271 --> 00:51:07,689
<i>From the beginnings
of modern capitalism,</i>

975
00:51:07,690 --> 00:51:11,944
<i>there have been people engaged in the
business of stealing by lying.</i>

976
00:51:12,528 --> 00:51:15,906
<i>Seeing the forest for the trees
is a difficult thing to do,</i>

977
00:51:16,031 --> 00:51:18,367
<i>because there will always be trust,</i>

978
00:51:18,492 --> 00:51:21,661
<i>and therefore,
there will always be scams.</i>

979
00:51:21,662 --> 00:51:26,500
[V.O.] After Celsius blew up, dozens
of other companies also went down.

980
00:51:26,625 --> 00:51:28,669
It was dubbed the Crypto Winter.

981
00:51:29,795 --> 00:51:32,506
The industry appeared on the
verge of collapse.

982
00:51:32,798 --> 00:51:34,383
Only one man could save it.

983
00:51:34,508 --> 00:51:37,344
<i>- The crypto world is now
going to get a bailout,</i>

984
00:51:37,469 --> 00:51:39,721
<i>and it's coming
from one of their own.</i>

985
00:51:39,722 --> 00:51:41,973
<i>- Sam Bankman-Fried
is really becoming</i>

986
00:51:41,974 --> 00:51:45,310
<i>the industry's lifeline
during a crisis lately.</i>

987
00:51:45,311 --> 00:51:49,272
<i>- The CEO of FTX is behind
hundreds of millions of dollars</i>

988
00:51:49,273 --> 00:51:50,815
<i>in emergency loans.</i>

989
00:51:50,816 --> 00:51:52,776
[V.O.] He was everywhere.

990
00:51:53,110 --> 00:51:55,153
<i>- Joining me now
is Sam Bankman-Fried.</i>

991
00:51:55,154 --> 00:51:57,488
<i>- He's the 29-year-old gazillionaire,</i>

992
00:51:57,489 --> 00:51:59,574
<i>FTX founder and CEO, Sam--</i>

993
00:51:59,575 --> 00:52:04,162
<i>- Bankman-Fried, amassing
an astonishing $22.5 billion fortune.</i>

994
00:52:04,163 --> 00:52:08,333
<i>- I mean, it is, to me, amazing
that, like, three years ago,</i>

995
00:52:08,334 --> 00:52:12,545
<i>nobody knew who you were,
and now your business is, like,</i>

996
00:52:12,546 --> 00:52:15,840
<i>one of the fastest-growing businesses
in the history of the planet.</i>

997
00:52:15,841 --> 00:52:18,176
[V.O.] Sam was
the unlikeliest of billionaires.

998
00:52:18,177 --> 00:52:20,637
Tussled hair, T-shirt,
and cargo shorts.

999
00:52:20,638 --> 00:52:23,014
He made his billions trading crypto.

1000
00:52:23,015 --> 00:52:26,977
But Sam's motivation was a complete
180 from someone like Mashinsky.

1001
00:52:28,270 --> 00:52:30,855
Sam was a proponent
of a philosophical craze

1002
00:52:30,856 --> 00:52:34,276
sweeping through Silicon Valley
called Effective Altruism.

1003
00:52:36,195 --> 00:52:38,280
Conceptually EA is straightforward.

1004
00:52:38,947 --> 00:52:41,407
If you want to do the
most good for the most people,

1005
00:52:41,408 --> 00:52:43,576
you should strive to make
the most money possible

1006
00:52:43,577 --> 00:52:44,912
in order to give it all away.

1007
00:52:45,204 --> 00:52:48,206
<i>- I wanted to get rich not
because I like money,</i>

1008
00:52:48,207 --> 00:52:51,251
<i>but because I wanted
to give that money to charity.</i>

1009
00:52:51,460 --> 00:52:55,129
[V.O.] And Sam saw crypto
as the vehicle to make that happen.

1010
00:52:55,130 --> 00:52:57,424
So keeping the industry
afloat was key.

1011
00:52:57,675 --> 00:53:01,260
<i>- A high-profile crypto failure
would be devastating,</i>

1012
00:53:01,261 --> 00:53:05,264
<i>could also spark retail investors to
leave the industry altogether,</i>

1013
00:53:05,265 --> 00:53:06,933
<i>which FTX really relies on.</i>

1014
00:53:06,934 --> 00:53:08,935
[V.O.] FDX was Sam's crypto exchange,

1015
00:53:08,936 --> 00:53:11,271
where you could buy
all sorts of cryptocurrencies.

1016
00:53:12,189 --> 00:53:15,650
<i>- When we think about,
you know, where crypto is today,</i>

1017
00:53:15,651 --> 00:53:18,569
<i>it still is touching
a pretty small fraction of the world.</i>

1018
00:53:18,570 --> 00:53:21,197
<i>And so I think a lot of what
we've been thinking is like,</i>

1019
00:53:21,198 --> 00:53:23,574
<i>what are ways that we can take what</i>

1020
00:53:23,575 --> 00:53:27,120
<i>we see as an exciting, growing
set of products and industry,</i>

1021
00:53:27,121 --> 00:53:30,123
<i>and sort of introduce them to
tens of millions of people.</i>

1022
00:53:30,124 --> 00:53:32,208
[V.O.] He did this by using
his ballooning wealth

1023
00:53:32,209 --> 00:53:35,044
to pay for sponsorships and
celebrity endorsements.

1024
00:53:35,045 --> 00:53:37,755
<i>- FTX is the safest and easiest
way to buy and sell crypto.</i>

1025
00:53:37,756 --> 00:53:38,923
<i>- It's the best way
to get in the game.</i>

1026
00:53:38,924 --> 00:53:40,758
<i>- With FTX, I have everything I need</i>

1027
00:53:40,759 --> 00:53:43,053
<i>to buy, sell,
and trade crypto safely.</i>

1028
00:53:43,512 --> 00:53:44,722
[V.O.] He even signed deals

1029
00:53:44,638 --> 00:53:47,099
with paid spokespeople
in the financial industry,

1030
00:53:47,224 --> 00:53:51,269
like Kevin O'Leary, who had
been a fellow crypto critic.

1031
00:53:51,270 --> 00:53:53,896
<i>- I'm not going to take real
money and put it into this thing.</i>

1032
00:53:53,897 --> 00:53:56,649
<i>It's never going to happen.
It's such a scam.</i>

1033
00:53:56,650 --> 00:54:00,278
[V.O.] This was before he signed
a $10 million deal with FTX.

1034
00:54:00,279 --> 00:54:03,114
<i>- I am a paid spokesperson for FTX.</i>

1035
00:54:03,115 --> 00:54:06,075
<i>I did a lot of due diligence
before I accepted that position.</i>

1036
00:54:06,076 --> 00:54:10,163
[V.O.] Sam wanted to make
crypto easier, friendlier, and safer.

1037
00:54:10,164 --> 00:54:14,333
And he knew that in order to do
that, you need to build trust.

1038
00:54:14,334 --> 00:54:17,545
<i>- Mr. Bankman-Fried,
you are now recognized</i>

1039
00:54:17,546 --> 00:54:20,841
<i>for five minutes
to present your oral testimony.</i>

1040
00:54:21,884 --> 00:54:25,094
<i>- Thank you, Chair Waters,
Ranking Member McHenry.</i>

1041
00:54:25,095 --> 00:54:26,929
<i>It's an honor to be here.</i>

1042
00:54:26,930 --> 00:54:30,933
<i>I think that the
industry has the potential</i>

1043
00:54:30,934 --> 00:54:34,729
<i>to improve a lot of people's lives.
And I think it is important</i>

1044
00:54:34,730 --> 00:54:38,775
<i>and I think that it's healthy
that the industry will be regulated.</i>

1045
00:54:38,776 --> 00:54:41,527
<i>- Crypto executives poured
more than $30</i> million

1046
00:54:41,528 --> 00:54:45,156
<i>into political campaigns
since the 2020 election cycle.</i>

1047
00:54:45,157 --> 00:54:48,409
<i>- There is a new
and exciting industry</i>

1048
00:54:48,410 --> 00:54:50,703
<i>in the United States
of cryptocurrency,</i>

1049
00:54:50,704 --> 00:54:52,914
<i>whether Bitcoin or otherwise.</i>

1050
00:54:52,915 --> 00:54:55,291
<i>- I buy Bitcoin and I hold Bitcoin.</i>

1051
00:54:55,292 --> 00:54:56,542
<i>- You buy Bitcoin?
- Oh yeah.</i>

1052
00:54:56,543 --> 00:54:58,211
<i>- You have Bitcoin?
- I do.</i>

1053
00:54:58,212 --> 00:55:01,547
[V.O.] Sam was playing
the Washington game to perfection

1054
00:55:01,548 --> 00:55:03,174
and buying the trust he needed

1055
00:55:03,175 --> 00:55:06,053
to take crypto even
further into the mainstream.

1056
00:55:06,929 --> 00:55:09,972
<i>- What does this
technology FTX uses</i>

1057
00:55:09,973 --> 00:55:13,601
<i>to protect from fraud
and manipulation look like?</i>

1058
00:55:13,602 --> 00:55:16,229
<i>- We have surveillance for
unusual trading activity.</i>

1059
00:55:16,230 --> 00:55:19,232
<i>We have manual inspections of
anything that you know gets flagged</i>

1060
00:55:19,233 --> 00:55:23,277
<i>either by the automated surveillance
or by manual inspection.</i>

1061
00:55:23,278 --> 00:55:27,198
<i>- Sounds like you're doing a lot to,
uh, make sure there is no fraud</i>

1062
00:55:27,199 --> 00:55:28,826
<i>or other manipulation.</i>

1063
00:55:28,951 --> 00:55:30,702
<i>I thank you,
Mr. Bankman-Fried.</i>

1064
00:55:31,787 --> 00:55:33,496
[V.O.] I had to talk to him.

1065
00:55:33,497 --> 00:55:35,833
So I did the only thing
I knew how to do.

1066
00:55:38,293 --> 00:55:39,545
I DM'd him on Twitter.

1067
00:55:43,465 --> 00:55:44,550
It was a long shot.

1068
00:55:52,349 --> 00:55:53,183
Look at this.

1069
00:55:54,685 --> 00:55:57,103
Finally freeing up a bit.
Had a crazy week.

1070
00:55:57,104 --> 00:55:59,439
Just got back
from testifying in D.C.

1071
00:56:00,774 --> 00:56:05,028
I'm *** at FTX .com if you
want to reach out there.

1072
00:56:09,616 --> 00:56:10,742
♪ agreed.

1073
00:56:45,068 --> 00:56:46,527
It's Limoncello.

1074
00:56:46,528 --> 00:56:48,112
What is Limoncello, actually?

1075
00:56:48,113 --> 00:56:50,656
It's like the, you know,
the Italian liqueur.

1076
00:56:50,657 --> 00:56:52,116
There's alcohol in it.

1077
00:56:52,117 --> 00:56:54,118
But they flavored it that way.
I don't know.

1078
00:56:54,119 --> 00:56:55,411
It's actually kind of interesting.

1079
00:56:55,412 --> 00:56:56,871
- Don't mind it.
- Yeah, okay.

1080
00:56:56,872 --> 00:56:58,415
It was the only one
I had at the house.

1081
00:56:58,540 --> 00:57:00,792
- I was like, mm, we'll try it.
- No, it works.

1082
00:57:02,002 --> 00:57:03,085
All right, you guys ready?

1083
00:57:03,086 --> 00:57:04,379
- You're good.
- All right.

1084
00:57:05,255 --> 00:57:07,006
Sam Bankman-Fried.

1085
00:57:07,007 --> 00:57:08,591
Thank you for taking the
time to speak with me.

1086
00:57:08,592 --> 00:57:09,676
Of course.

1087
00:57:09,593 --> 00:57:14,598
So, I had a conversation
with Alex Mashinsky.

1088
00:57:14,723 --> 00:57:16,182
From Celsius.

1089
00:57:16,183 --> 00:57:17,642
- Yeah.
- Yep.

1090
00:57:17,643 --> 00:57:22,271
I asked him how much
real money is in crypto and he said

1091
00:57:22,272 --> 00:57:24,482
and he said 10% to 15%.

1092
00:57:24,483 --> 00:57:26,233
He said the rest is speculation.

1093
00:57:26,234 --> 00:57:28,569
Thanks. So as of today
I think the number

1094
00:57:28,570 --> 00:57:31,948
of dollars in crypto have not changed
massively between then and now.

1095
00:57:31,949 --> 00:57:33,950
One when
perhaps they've lessened.

1096
00:57:33,951 --> 00:57:35,576
They certainly have not increased.

1097
00:57:35,577 --> 00:57:38,287
I don't think they've decreased
massively though which

1098
00:57:38,288 --> 00:57:40,122
I think lines up with
some of your thought that

1099
00:57:40,123 --> 00:57:41,916
like a lot of this was
leveraged leaving the system.

1100
00:57:41,917 --> 00:57:43,834
Well, part of the problem
if they haven't left is

1101
00:57:43,835 --> 00:57:45,504
that people can't
get their money out.

1102
00:57:45,629 --> 00:57:47,923
Imagine this is a regulated bank.
- Oh, yeah.

1103
00:57:48,048 --> 00:57:50,466
- This would be a big problem.
- That would be a big problem.

1104
00:57:50,467 --> 00:57:53,719
This does not seem
like the decentralized,

1105
00:57:53,720 --> 00:57:56,639
democratized future of
money that we were promised.

1106
00:57:56,640 --> 00:57:58,599
I think we've seen
all the major carnage

1107
00:57:58,600 --> 00:58:00,685
in the crypto industry already.

1108
00:58:00,686 --> 00:58:03,646
I think that things are on a
bit of a recovery path from here.

1109
00:58:03,647 --> 00:58:05,564
But to be honest, Sam,

1110
00:58:05,565 --> 00:58:09,986
it doesn't feel like it's creating
a lot of good for people.

1111
00:58:09,987 --> 00:58:12,154
It feels like it's a net negative.

1112
00:58:12,155 --> 00:58:15,574
- Yeah, I think I disagree--
- Why?

1113
00:58:15,575 --> 00:58:17,452
- but I understand
where you're coming from.

1114
00:58:17,953 --> 00:58:19,829
I think the bigger piece of this,

1115
00:58:19,830 --> 00:58:23,165
and probably the thing that is
ultimately driving your belief,

1116
00:58:23,166 --> 00:58:26,877
is around ultimate use case.

1117
00:58:26,878 --> 00:58:29,213
Give me one use case.
Give me one company that's

1118
00:58:29,214 --> 00:58:31,048
providing a good
or a service utility.

1119
00:58:31,049 --> 00:58:32,550
First of all, it's just payments.

1120
00:58:32,551 --> 00:58:34,635
And I know this is a thing
that gets talked about a lot,

1121
00:58:34,636 --> 00:58:36,470
but I do think that there is real

1122
00:58:36,471 --> 00:58:39,724
potential there to
make payments a lot cleaner.

1123
00:58:39,725 --> 00:58:43,644
Remittances are, you know,
really, really expensive.

1124
00:58:43,645 --> 00:58:45,813
Well, I just want to, sorry,
I just want to be really quick,

1125
00:58:45,814 --> 00:58:48,524
because we went to El Salvador.
- Yep.

1126
00:58:48,525 --> 00:58:49,650
- It's not being used.

1127
00:58:49,651 --> 00:58:51,485
It's less than 2%.
- Yep.

1128
00:58:51,486 --> 00:58:54,155
- So how does that work as
payments or as remittances?

1129
00:58:54,156 --> 00:58:55,740
It's not working.

1130
00:58:55,741 --> 00:58:57,199
I agree it's not working today.

1131
00:58:57,200 --> 00:59:00,286
I think it could get
there in the next five years.

1132
00:59:00,287 --> 00:59:01,455
Inshallah.

1133
00:59:01,204 --> 00:59:03,707
But, you know, I think
it's not there today.

1134
00:59:03,832 --> 00:59:05,916
I think there are real
reasons it's not there today.

1135
00:59:05,917 --> 00:59:08,210
But people are buying it
as an investment.

1136
00:59:08,211 --> 00:59:10,004
They think it's going
to make them money.

1137
00:59:10,005 --> 00:59:12,048
Isn't that what you're seeing?
I mean, you run a big exchange.

1138
00:59:12,049 --> 00:59:14,550
You have a big trading firm.
Isn't that what people are doing?

1139
00:59:14,551 --> 00:59:17,845
Are they doing it to pay for things,
or are they using it to gamble?

1140
00:59:17,846 --> 00:59:21,557
The majority of people today are
not using it as a payment field.

1141
00:59:21,558 --> 00:59:25,102
The majority of people today are
using it just as a financial asset.

1142
00:59:25,103 --> 00:59:27,938
But my belief is that over
the next five to 10 years,

1143
00:59:27,939 --> 00:59:29,774
we are going to see

1144
00:59:29,775 --> 00:59:33,527
blockchain grow in a few different
use cases and start

1145
00:59:33,528 --> 00:59:36,113
to provide more and more
actual utility to people.

1146
00:59:36,114 --> 00:59:38,157
If I didn't think that was true,

1147
00:59:38,158 --> 00:59:41,035
that would significantly
change my belief

1148
00:59:41,036 --> 00:59:43,871
about the crypto ecosystem overall.

1149
00:59:43,872 --> 00:59:46,707
Your belief system
seems to be driven somewhat

1150
00:59:46,708 --> 00:59:49,418
by the fact that you've
made so much money.

1151
00:59:49,419 --> 00:59:52,004
You want to do the most
good for the most people.

1152
00:59:52,005 --> 00:59:54,423
But when I look
at the crypto industry,

1153
00:59:54,424 --> 00:59:59,303
it feels like it's driven by getting
retail customers, regular people,

1154
00:59:59,304 --> 01:00:01,639
into the crypto casinos to gamble.

1155
01:00:01,640 --> 01:00:04,433
Some of them make money.
Most of them don't.

1156
01:00:04,434 --> 01:00:06,602
What do you say to the
people that have lost money?

1157
01:00:06,603 --> 01:00:08,813
Millions of people
have lost money now.

1158
01:00:08,814 --> 01:00:10,606
Some of them can't'
access their money.

1159
01:00:10,607 --> 01:00:11,941
Like, what do you say
to those people?

1160
01:00:11,942 --> 01:00:15,069
So, I mean, that was really bad.

1161
01:00:15,070 --> 01:00:18,030
I'm, you know, like, it sucks.

1162
01:00:18,031 --> 01:00:19,783
Maybe one question you can ask is,

1163
01:00:20,158 --> 01:00:22,660
is the system set up today such that

1164
01:00:22,661 --> 01:00:25,454
the regular person can
get enough information

1165
01:00:25,455 --> 01:00:27,289
and transparency and comfort?

1166
01:00:27,290 --> 01:00:30,668
And I think that, like, the
answer is basically no.

1167
01:00:30,669 --> 01:00:32,920
There needs to be more oversight.

1168
01:00:32,921 --> 01:00:34,505
There needs to be more transparency.

1169
01:00:34,506 --> 01:00:36,298
Speaking of regulation,

1170
01:00:36,299 --> 01:00:39,552
I think something like $30 million
has been spent over the last

1171
01:00:39,553 --> 01:00:42,638
six months or a year
towards influencing regulators

1172
01:00:42,639 --> 01:00:44,141
and politicians.

1173
01:00:43,849 --> 01:00:47,477
I think that this is a very dangerous
thing that we're playing with here.

1174
01:00:47,602 --> 01:00:53,190
So most of what I'm doing for crypto
regulation is not contributions.

1175
01:00:53,191 --> 01:00:56,361
It's going and talking
to people in D.C.

1176
01:00:56,486 --> 01:00:59,614
and having meetings,
trying to explain as much as I can,

1177
01:00:59,739 --> 01:01:04,702
trying to point out the parts
that I think most need oversight.

1178
01:01:04,703 --> 01:01:07,621
When you look at the
contributions that I've made,

1179
01:01:07,622 --> 01:01:10,457
most of those have to do
with pandemic preparedness.

1180
01:01:10,458 --> 01:01:13,043
Totally unrelated to my day job.

1181
01:01:13,044 --> 01:01:14,963
How much money have you
donated to things like that?

1182
01:01:15,922 --> 01:01:22,511
I want to say ballpark, um,
50 to a 100 million.

1183
01:01:22,512 --> 01:01:23,763
Wow.

1184
01:01:23,430 --> 01:01:26,349
- 50 to a 100 million to pandemic.
- Yeah, that's right.

1185
01:01:26,474 --> 01:01:28,142
- How much have
you donated to politicians?

1186
01:01:28,143 --> 01:01:30,394
So, I...

1187
01:01:30,395 --> 01:01:31,896
I...

1188
01:01:31,897 --> 01:01:34,441
um...

1189
01:01:34,566 --> 01:01:37,484
I don't remember,
I can get back to you on that,

1190
01:01:37,485 --> 01:01:38,986
I don't remember the latest
figure off the top of my head.

1191
01:01:38,987 --> 01:01:40,029
I'll just give you like
a round number.

1192
01:01:40,030 --> 01:01:40,946
Ballpark.

1193
01:01:40,947 --> 01:01:41,948
I think...

1194
01:01:42,908 --> 01:01:43,909
um...

1195
01:01:44,868 --> 01:01:46,577
I think that... you know,

1196
01:01:46,578 --> 01:01:48,704
in the tens of millions is--

1197
01:01:48,705 --> 01:01:52,959
is where total political
contributions have been so far.

1198
01:01:53,627 --> 01:01:55,962
<i>- Sam, you really need to.</i>
- Okay, got it, yeah.

1199
01:01:56,671 --> 01:01:58,214
- Thanks for taking the time.
- Thank you.

1200
01:01:58,215 --> 01:02:00,591
- Appreciate it. Can we do a picture?

1201
01:02:00,592 --> 01:02:03,928
- Is that possible?
- Yeah, let me just check where...

1202
01:02:03,929 --> 01:02:06,764
- Oh, sure, sure, sure.
- Yes, but I have to do it quickly.

1203
01:02:06,765 --> 01:02:08,974
No, no, that's fine.
We don't need to do anything.

1204
01:02:08,975 --> 01:02:10,518
Let's see, where is it?

1205
01:02:11,186 --> 01:02:12,020
Yep.

1206
01:02:13,230 --> 01:02:14,272
Ah, there you go.

1207
01:02:15,106 --> 01:02:16,607
Alright, um...

1208
01:02:16,608 --> 01:02:18,735
Awesome, thank you, sorry.

1209
01:02:27,869 --> 01:02:30,747
<i>- The nature of fraud is
that it's a magic trick.</i>

1210
01:02:31,081 --> 01:02:35,417
<i>It's the creation of facades
that look utterly convincing,</i>

1211
01:02:35,418 --> 01:02:37,837
<i>but only when viewed
from the right angle.</i>

1212
01:02:38,672 --> 01:02:42,675
<i>The fraudster needs to know where the
audience is going to be looking</i>

1213
01:02:42,676 --> 01:02:46,680
<i>to make sure the nefarious action is
taking place somewhere else.</i>

1214
01:02:57,816 --> 01:02:59,733
You wrote a book on fraud.

1215
01:02:59,734 --> 01:03:00,944
Yeah.

1216
01:03:00,652 --> 01:03:02,946
- I'm not crazy, am I?
- Let me put it this way.

1217
01:03:03,071 --> 01:03:07,575
If you were going to set up
something entirely fake as a scam,

1218
01:03:08,285 --> 01:03:10,369
what would you do different?
- Right.

1219
01:03:10,370 --> 01:03:12,914
- There's only a few ways
to do a fraud.

1220
01:03:13,957 --> 01:03:18,168
You can borrow money or
take cash on the promise

1221
01:03:18,169 --> 01:03:20,964
of delivering something in the
future and not deliver it.

1222
01:03:21,339 --> 01:03:22,674
- Ponzi scheme.
- Exactly.

1223
01:03:22,632 --> 01:03:26,386
And you can bring people into
something that looks like

1224
01:03:26,511 --> 01:03:31,057
a normal web of trust but, in fact,
is completely controlled by you.

1225
01:03:31,433 --> 01:03:34,768
One of the things that is so
fascinating to me about crypto

1226
01:03:34,769 --> 01:03:37,771
is that... the real con is just

1227
01:03:37,772 --> 01:03:39,649
getting them to give you the
real money in the first place.

1228
01:03:39,774 --> 01:03:41,151
Once they give you the real money,

1229
01:03:41,276 --> 01:03:43,152
then the computer screens
can say whatever the computer

1230
01:03:43,153 --> 01:03:44,237
screen wants to say.

1231
01:03:44,154 --> 01:03:46,406
Absolutely. You know,
when you've got, like,

1232
01:03:46,573 --> 01:03:51,994
$100 in your bank account at
JP Morgan or wherever,

1233
01:03:51,995 --> 01:03:53,412
that's just a number.

1234
01:03:53,413 --> 01:03:56,958
But those are magic numbers
that have a particular system

1235
01:03:57,083 --> 01:04:01,003
that we've all grown up with
since the 18th century.

1236
01:04:01,004 --> 01:04:05,966
But these crypto guys have
come up with their own magic numbers.

1237
01:04:05,967 --> 01:04:10,554
And you still need to have
that trust that at some point,

1238
01:04:10,555 --> 01:04:15,017
someone's going to exchange your
imaginary money for dollar bills.

1239
01:04:15,018 --> 01:04:18,103
And they say trust the code, but
code doesn't fall from the sky.

1240
01:04:18,104 --> 01:04:20,189
- People write code.
- Exactly.

1241
01:04:20,190 --> 01:04:24,943
Fraud is a weird crime in
that it has a time dimension.

1242
01:04:24,944 --> 01:04:28,030
There is a period
of time during which

1243
01:04:28,031 --> 01:04:31,450
the thief knows that
he's stolen the money,

1244
01:04:31,451 --> 01:04:34,496
but the victim doesn't
know that he's lost it.

1245
01:04:35,705 --> 01:04:37,790
Is there something about...

1246
01:04:37,791 --> 01:04:40,376
fraudsters that makes
them different from other criminals?

1247
01:04:40,377 --> 01:04:41,461
Yeah.

1248
01:04:41,378 --> 01:04:44,089
They've got something
psychologically in them,

1249
01:04:44,214 --> 01:04:48,467
which the criminologists
call a rationalization.

1250
01:04:48,468 --> 01:04:54,223
They don't see themselves as
deviant members of society.

1251
01:04:54,224 --> 01:04:58,185
And so that means that they have to

1252
01:04:58,186 --> 01:05:02,398
come up with a story
that they can tell themselves,

1253
01:05:02,399 --> 01:05:05,484
which reconciles what they're doing

1254
01:05:05,485 --> 01:05:09,863
with their self-image as a
normal member of society.

1255
01:05:09,864 --> 01:05:13,450
I do love my country and my people,

1256
01:05:13,451 --> 01:05:16,370
and I want them
to thrive and to succeed.

1257
01:05:16,371 --> 01:05:18,122
- We put the community first, right?

1258
01:05:18,123 --> 01:05:22,167
So we do everything for our
community, and they know it.

1259
01:05:22,168 --> 01:05:26,840
In the end, my goal is to do as
much good as I can for the world.

1260
01:05:28,425 --> 01:05:30,342
The biggest lie is the
lie you tell yourself.

1261
01:05:30,343 --> 01:05:32,220
Absolutely.

1262
01:05:32,345 --> 01:05:33,972
Well, as an actor,
I can relate to that.

1263
01:05:35,348 --> 01:05:37,809
But I mean, all of crypto
can't be a scam, right?

1264
01:05:40,186 --> 01:05:42,021
I don't like that what counts.

1265
01:05:47,235 --> 01:05:50,779
[V.O.] I'd listened to the false
stories of crypto for long enough.

1266
01:05:50,780 --> 01:05:52,948
It was time for me to speak up.

1267
01:05:52,949 --> 01:05:55,201
So I embarked upon
a campaign of my own.

1268
01:05:55,827 --> 01:05:58,412
<i>- Hey, Ben. Good morning.
Thanks so much for joining us.</i>

1269
01:05:58,413 --> 01:05:59,830
<i>We have about 2 minutes
until we're live.</i>

1270
01:05:59,831 --> 01:06:01,206
- Ok, great.
<i>- We hear you loud and clear,</i>

1271
01:06:01,207 --> 01:06:02,625
<i>so we should be all set.</i>
- Great.

1272
01:06:03,376 --> 01:06:04,919
<i>- Thank you.</i>

1273
01:06:05,670 --> 01:06:07,881
Hey guys, guys can you
keep it down, please?

1274
01:06:08,089 --> 01:06:09,048
Thank you.

1275
01:06:11,092 --> 01:06:12,510
Sure, that's my favorite question.

1276
01:06:12,886 --> 01:06:13,761
It's very simple.

1277
01:06:14,137 --> 01:06:15,763
They were paid in real money

1278
01:06:16,473 --> 01:06:18,850
to convince you
to take your real money

1279
01:06:18,975 --> 01:06:21,102
and turn it into something else.

1280
01:06:21,227 --> 01:06:23,396
[V.O.] I hit every outlet
that would have me.

1281
01:06:23,605 --> 01:06:24,814
What troubled me about crypto

1282
01:06:24,647 --> 01:06:26,441
and the reason I felt like
I had to speak out was

1283
01:06:26,566 --> 01:06:29,401
<i>- it's exploited an
understandable mistrust</i>

1284
01:06:29,402 --> 01:06:31,820
<i>or lack of trust with
our regulated system.</i>

1285
01:06:31,821 --> 01:06:35,032
<i>The winners are
far fewer than the losers.</i>

1286
01:06:35,033 --> 01:06:37,409
<i>It's being sold to
the average American</i>

1287
01:06:37,410 --> 01:06:39,203
<i>as the way to make money, but--</i>

1288
01:06:39,204 --> 01:06:41,038
<i>you know, what's really
going on here?</i>

1289
01:06:41,039 --> 01:06:42,248
<i>How much of this is real,</i>

1290
01:06:42,207 --> 01:06:45,251
and how much of this
has been artificially inflated?

1291
01:06:45,502 --> 01:06:47,670
[V.O.] The crypto trolls
were big mad.

1292
01:06:48,004 --> 01:06:51,715
<i>- He's becoming this new advocate
against crypto and I'm like,</i>

1293
01:06:51,716 --> 01:06:53,217
<i>what is going on with this guy?</i>

1294
01:06:53,218 --> 01:06:55,969
<i>- First red flag was
actually the word currency.</i>

1295
01:06:55,970 --> 01:06:57,222
<i>Ben McKenzie.</i>

1296
01:06:57,055 --> 01:06:58,848
<i>If you guys don't know
who Ben McKenzie is,</i>

1297
01:06:58,973 --> 01:07:01,767
<i>he's now a financial guru.
Just kidding.</i>

1298
01:07:01,768 --> 01:07:04,102
<i>- One of the most important
things for people</i>

1299
01:07:04,103 --> 01:07:07,940
<i>to understand about cryptocurrency
is that most of the volume</i>

1300
01:07:07,941 --> 01:07:10,609
<i>that you see on
the exchanges is fake.</i>

1301
01:07:10,610 --> 01:07:11,903
<i>It doesn't exist.</i>

1302
01:07:11,694 --> 01:07:14,113
<i>- Just say you don't understand
crypto and move on.</i>

1303
01:07:14,239 --> 01:07:17,450
<i>- Is it possible that your
hostility to crypto</i>

1304
01:07:20,411 --> 01:07:22,579
<i>- If you say I haven't
done enough research,</i>

1305
01:07:22,580 --> 01:07:25,624
<i>my response to you is f*** you.</i>

1306
01:07:25,625 --> 01:07:29,253
<i>I've interviewed the head of
your entire industry.</i>

1307
01:07:29,254 --> 01:07:31,713
<i>- Did you see how upset he got?</i>

1308
01:07:31,714 --> 01:07:33,049
<i>- Who am I supposed to believe?</i>

1309
01:07:32,799 --> 01:07:35,927
<i>The CEO of the largest asset
manager on planet Earth?</i>

1310
01:07:36,052 --> 01:07:38,595
<i>Or this actor that plays a cop on TV?</i>

1311
01:07:38,596 --> 01:07:41,723
<i>- But it really
is only useful for gambling</i>

1312
01:07:41,724 --> 01:07:43,684
<i>and for criminal activity.</i>

1313
01:07:43,685 --> 01:07:45,602
<i>- Well, this is what I gotta
say about Ben McKenzie.</i>

1314
01:07:45,603 --> 01:07:48,522
<i>Ben McKenzie, put your
money where your mouth is.</i>

1315
01:07:48,523 --> 01:07:52,276
<i>- Ben gets no raisins.
None. Not raisin worthy.</i>

1316
01:07:52,277 --> 01:07:55,779
<i>- And a lot of shady dudes end up
making most of the money.</i>

1317
01:07:55,780 --> 01:07:58,407
<i>- It seems like someone is just hurt.</i>

1318
01:07:58,408 --> 01:07:59,741
<i>And I feel bad for Ben McKenzie,</i>

1319
01:07:59,742 --> 01:08:01,660
<i>because he's saying
all of these things.</i>

1320
01:08:01,661 --> 01:08:03,829
<i>And then people are
gonna look back and say,</i>

1321
01:08:03,830 --> 01:08:06,165
<i>why did Ben McKenzie
lead me in the wrong direction?</i>

1322
01:08:19,429 --> 01:08:21,805
What are you doing?
I thought you were coming to bed.

1323
01:08:21,806 --> 01:08:23,349
Yeah, I am

1324
01:08:30,648 --> 01:08:33,151
- Can you let yourself out?
<i>- Yeah, sure</i>

1325
01:09:00,720 --> 01:09:04,473
Dude, dude. Come here.
Come here, come on.

1326
01:09:04,474 --> 01:09:08,061
Wait, what are we, I
need to mic you up man.

1327
01:09:08,895 --> 01:09:11,021
<i>- But I-- You know what?</i>

1328
01:09:11,022 --> 01:09:13,315
<i>I've been reporting for 35 years</i>

1329
01:09:13,316 --> 01:09:15,984
<i>and even though
Henry Silverman said--</i>

1330
01:09:15,985 --> 01:09:17,069
- Oh.

1331
01:09:17,070 --> 01:09:18,905
- Bro.
- Holy Shit.

1332
01:09:20,573 --> 01:09:24,576
<i>- The exchange FTX filed for
bankruptcy protection today.</i>

1333
01:09:24,577 --> 01:09:28,455
<i>- has fallen crypto king, Sam
Bankman-Fried stepped down as CEO.</i>

1334
01:09:28,456 --> 01:09:29,831
<i>- This is not a good investment.</i>

1335
01:09:29,832 --> 01:09:33,836
<i>My account has a zero in it and
there are no accounting records.</i>

1336
01:09:34,212 --> 01:09:36,798
<i>Where did the money go?</i>

1337
01:09:37,173 --> 01:09:39,508
[V.O.] At 4:30 a.m. on November 11th,

1338
01:09:39,509 --> 01:09:42,594
under pressure from lawyers,
creditors, and colleagues,

1339
01:09:42,595 --> 01:09:45,264
Sam signed over control of FTX.

1340
01:09:45,807 --> 01:09:48,767
Millions of investors were left
searching for answers.

1341
01:09:48,768 --> 01:09:51,645
<i>- Let's go with the opposite.
Let's talk about all the people</i>

1342
01:09:51,646 --> 01:09:56,109
<i>who really were drawn
to this as moths to flame.</i>

1343
01:09:56,818 --> 01:09:59,444
[V.O.] Despite the collapse,
the crypto community was quick

1344
01:09:59,445 --> 01:10:02,155
to turn the blame
back on the victims.

1345
01:10:02,156 --> 01:10:04,991
<i>- If you are still keeping
your crypto on an exchange</i>

1346
01:10:04,992 --> 01:10:07,119
<i>and you're not trading it,
you're doing something wrong.</i>

1347
01:10:07,120 --> 01:10:09,246
<i>- It's a dumb idea.
You don't do that.</i>

1348
01:10:09,247 --> 01:10:11,707
<i>It's stupid. You bring it home
where it's safe.</i>

1349
01:10:11,708 --> 01:10:13,750
[V.O.] And no matter what
happened at the market,

1350
01:10:13,751 --> 01:10:16,294
the booster's belief in
crypto would remain unscathed.

1351
01:10:16,295 --> 01:10:18,338
<i>- Just like the collapse of
Lehman Brothers or Enron</i>

1352
01:10:18,339 --> 01:10:20,132
<i>didn't stop the stock markets,</i>

1353
01:10:20,133 --> 01:10:22,342
<i>FTX will not stop crypto.</i>

1354
01:10:22,343 --> 01:10:25,721
<i>- Cryptocurrency, the blockchain,
it's all still here.</i>

1355
01:10:25,722 --> 01:10:27,597
<i>Let me just remind you,
it's all still here.</i>

1356
01:10:27,598 --> 01:10:30,267
<i>It's not going anywhere.
Not at all.</i>

1357
01:10:30,268 --> 01:10:33,062
<i>Please make sure
to like, subscribe, share this...</i>

1358
01:10:36,733 --> 01:10:40,152
[V.O.] But no matter how hard
boosters push the story of crypto,

1359
01:10:40,153 --> 01:10:42,155
they can't make that story true.

1360
01:10:43,072 --> 01:10:44,115
Because it isn't.

1361
01:10:46,492 --> 01:10:49,244
The collapse of FTX
was a clear warning sign

1362
01:10:49,245 --> 01:10:52,122
that mixing crypto with
our regulated financial system

1363
01:10:52,123 --> 01:10:54,041
could only end terribly.

1364
01:10:54,834 --> 01:10:58,588
It only takes one big bank to
fall for the others to follow suit.

1365
01:10:59,589 --> 01:11:01,923
It nearly happened
with the subprime crisis,

1366
01:11:01,924 --> 01:11:04,010
and it could easily happen again.

1367
01:11:05,178 --> 01:11:09,682
When trust breaks, everything
can fall apart shockingly fast.

1368
01:11:10,057 --> 01:11:13,769
And crypto, which has never
proven itself trustworthy,

1369
01:11:13,770 --> 01:11:16,314
has the ability to
wreak havoc on us all.

1370
01:11:22,945 --> 01:11:24,697
- Raina?
- Yeah?

1371
01:11:25,990 --> 01:11:26,824
Wolf?

1372
01:11:28,993 --> 01:11:30,203
<i>- I'm upstairs.</i>

1373
01:11:30,328 --> 01:11:31,204
Yeah?

1374
01:11:32,538 --> 01:11:33,372
Hey.

1375
01:11:34,081 --> 01:11:35,082
Look.

1376
01:11:36,876 --> 01:11:38,419
Wait, what is this?

1377
01:11:41,839 --> 01:11:44,174
Oh my god. Wow.

1378
01:11:44,175 --> 01:11:45,593
Wait, how did this happen?

1379
01:11:46,719 --> 01:11:47,637
You know.

1380
01:11:48,596 --> 01:11:49,763
Wow.

1381
01:11:49,764 --> 01:11:51,307
Frankie, come check this out.

1382
01:11:54,811 --> 01:11:56,813
Hey, look.

1383
01:11:58,022 --> 01:11:59,649
Look, see what that says?

1384
01:12:00,483 --> 01:12:02,025
Dear Mr. Shankin,

1385
01:12:02,026 --> 01:12:06,780
I invite you to appear
before the commentee?

1386
01:12:06,781 --> 01:12:07,990
Committee?

1387
01:12:07,782 --> 01:12:11,911
Committee on Baking,
Housing, and Urban Affairs.

1388
01:12:12,286 --> 01:12:15,705
I get to testify at a hearing.

1389
01:12:15,706 --> 01:12:17,958
I get to go to
the United States Senate.

1390
01:12:17,959 --> 01:12:19,251
Do you know what the United States?
- What's that?

1391
01:12:19,252 --> 01:12:21,253
- It's like the government,
where the government is.

1392
01:12:21,254 --> 01:12:22,712
And I get to talk to
the people in charge

1393
01:12:22,713 --> 01:12:24,714
and tell them to fix this mess.

1394
01:12:24,715 --> 01:12:26,592
What's going to happen here?
What are you going to do about this?

1395
01:12:30,680 --> 01:12:34,307
<i>♪ Which way, America? ♪</i>

1396
01:12:34,308 --> 01:12:38,687
- Ooh, sorry.
<i>- ♪ Which way, America? ♪</i>

1397
01:12:38,688 --> 01:12:42,774
- Daddy, what's up?
<i>- ♪ Which way, America? ♪</i>

1398
01:12:42,775 --> 01:12:46,319
- How do I look?
- Better?

1399
01:12:46,320 --> 01:12:49,155
- Did you say no?
- Yes, I did.

1400
01:12:49,156 --> 01:12:54,202
Ow!
- What? Oh. That was not nice.

1401
01:12:54,203 --> 01:12:56,121
That was not nice.

1402
01:12:56,122 --> 01:12:59,708
<i>♪ Which way America is going to go. ♪</i>

1403
01:12:59,709 --> 01:13:03,336
<i>♪ There is many a road to travel ♪</i>

1404
01:13:03,337 --> 01:13:06,590
<i>♪ many a hill to climb ♪</i>

1405
01:13:06,591 --> 01:13:09,426
<i>♪ I'm going to find
the straightest road ♪</i>

1406
01:13:09,427 --> 01:13:12,763
<i>♪ and walk it to the end of time! ♪</i>

1407
01:13:13,514 --> 01:13:18,977
<i>♪ Which way, America?
Which way, America? ♪</i>

1408
01:13:18,978 --> 01:13:25,108
<i>♪ Which way, America?
Which was to go? ♪</i>

1409
01:13:25,109 --> 01:13:27,944
<i>♪ This is my country land ♪</i>

1410
01:13:27,945 --> 01:13:30,989
<i>♪ I want to know ♪</i>

1411
01:13:30,990 --> 01:13:36,245
<i>♪ which way America
is going to go. ♪</i>

1412
01:13:36,829 --> 01:13:38,122
You fucking kidding me?

1413
01:13:51,052 --> 01:13:53,261
The Banking, Housing and Urban
Affairs will come to order.

1414
01:13:53,262 --> 01:13:55,681
Thank you for the
witnesses joining us today.

1415
01:13:56,098 --> 01:13:58,517
In this story, Bankman-Fried
was the shiny object.

1416
01:13:58,643 --> 01:14:00,478
Now he's the villain, possibly worse.

1417
01:14:00,603 --> 01:14:03,688
But this story is bigger
than one person or one firm,

1418
01:14:03,689 --> 01:14:05,398
and that's the point of this hearing.

1419
01:14:05,399 --> 01:14:07,067
In our discussion of FTX today,

1420
01:14:07,068 --> 01:14:10,403
I hope we're able to separate the
likely illegal actions

1421
01:14:10,404 --> 01:14:13,532
from perfectly lawful and
innovative cryptocurrencies.

1422
01:14:13,783 --> 01:14:16,826
There is the risk
of investing in crypto,

1423
01:14:16,827 --> 01:14:19,871
and then there's also the risk
of not investing in it,

1424
01:14:19,872 --> 01:14:22,374
and letting others accrue
it's benefits first.

1425
01:14:22,375 --> 01:14:25,001
So, we need to get to the bottom
of what happened to FTX,

1426
01:14:25,002 --> 01:14:28,129
but we can't let is collapse
cause us to abandon

1427
01:14:28,130 --> 01:14:30,006
the great promise

1428
01:14:30,007 --> 01:14:31,549
and potential

1429
01:14:31,550 --> 01:14:33,052
of crypto.

1430
01:14:33,761 --> 01:14:36,555
[V.O.] I was up against
the usual talking points.

1431
01:14:36,722 --> 01:14:38,140
But this wasn't YouTube.

1432
01:14:38,474 --> 01:14:39,558
It was Congress,

1433
01:14:40,101 --> 01:14:41,477
and that pissed me off.

1434
01:14:41,978 --> 01:14:45,563
- Chairman Brown, Ranking Member
Toomey, members of the committee.

1435
01:14:45,564 --> 01:14:47,899
The demise of FTX and Alameda

1436
01:14:47,900 --> 01:14:51,152
represent the most spectacular
corporate downfall

1437
01:14:51,153 --> 01:14:53,863
since Bernie Madoff's
Ponzi scheme imploded

1438
01:14:53,864 --> 01:14:56,324
in the wake of
the great financial crisis.

1439
01:14:56,325 --> 01:14:58,576
It has captured
the nation's attention.

1440
01:14:58,577 --> 01:15:02,415
FTX owe enormous sums to
supposedly sophisticated investors.

1441
01:15:02,790 --> 01:15:05,543
They also owe a lot of
money to regular people.

1442
01:15:06,460 --> 01:15:11,965
I believe they, and the estimated
40 million other Americans,

1443
01:15:11,966 --> 01:15:14,384
who have invested in cryptocurrency

1444
01:15:14,385 --> 01:15:16,052
have been lied to

1445
01:15:16,053 --> 01:15:18,972
by a once seemingly
mighty crypto industry

1446
01:15:18,973 --> 01:15:21,975
whose entire existence,
in fact, depends

1447
01:15:21,976 --> 01:15:24,394
on misinformation, hype,

1448
01:15:24,395 --> 01:15:26,480
and yes, fraud.

1449
01:15:27,982 --> 01:15:29,608
In my opinion,

1450
01:15:29,734 --> 01:15:31,318
the cryptocurrency industry

1451
01:15:32,069 --> 01:15:35,363
represents the largest
Ponzi scheme in history.

1452
01:15:35,364 --> 01:15:38,199
The fact that it has roped in
tens of millions of Americans

1453
01:15:38,200 --> 01:15:39,535
from all walks of life,

1454
01:15:40,161 --> 01:15:42,830
as well as hundreds
of millions of people

1455
01:15:43,581 --> 01:15:45,916
worldwide should be
of concern to us all.

1456
01:15:46,083 --> 01:15:48,376
Thank you for your time.
I look forward to your question.

1457
01:15:48,377 --> 01:15:49,462
Thank you.

1458
01:15:49,295 --> 01:15:51,964
And is it Mr. Schenkkan,
McKenzie Schenkkan?

1459
01:15:52,715 --> 01:15:54,799
Yes, sir. You can also call me
Ryan Atwood from The O.C.

1460
01:15:54,800 --> 01:15:56,593
All right. All right.
Well, in that case, listen,

1461
01:15:56,594 --> 01:15:59,471
what is this backed
by, if I could ask you?

1462
01:15:59,472 --> 01:16:02,015
What is this backed by
at the end of the day?

1463
01:16:02,016 --> 01:16:03,642
Nothing.
It's a story.

1464
01:16:04,602 --> 01:16:06,729
The story has understandable appeal.

1465
01:16:07,063 --> 01:16:09,648
I think if crypto
serves any function,

1466
01:16:09,774 --> 01:16:13,861
it's to highlight the myriad
failures of our regulated system

1467
01:16:14,528 --> 01:16:16,864
and our American economic system,

1468
01:16:16,989 --> 01:16:21,911
to provide people with a fair
shot at the American dream.

1469
01:16:22,620 --> 01:16:26,791
That does not make the story true,
however, the story of cryptocurrency.

1470
01:16:27,458 --> 01:16:30,252
What it does is lend
it enormous power,

1471
01:16:30,795 --> 01:16:34,090
and these stories
spread like viruses.

1472
01:16:35,132 --> 01:16:36,801
People get very excited,

1473
01:16:37,051 --> 01:16:39,094
these bubbles build up very big,

1474
01:16:39,095 --> 01:16:41,262
but then they collapse very swiftly,

1475
01:16:41,263 --> 01:16:43,389
and I think that's what
we're seeing now today.

1476
01:16:43,390 --> 01:16:47,019
[V.O.] I'd said my piece, but it was
too late to convince some.

1477
01:16:47,269 --> 01:16:48,562
They were in too deep.

1478
01:16:48,687 --> 01:16:51,482
- Uh, digital assets
are not on trial.

1479
01:16:51,607 --> 01:16:52,983
Fraud...

1480
01:16:53,442 --> 01:16:55,486
and organizations...

1481
01:16:55,903 --> 01:16:57,530
are on trial.

1482
01:16:57,905 --> 01:16:59,322
- I want to ask the rest of you,

1483
01:16:59,323 --> 01:17:01,908
if we don't ban it,
how do we regulate it,

1484
01:17:01,909 --> 01:17:03,743
isolate it from the banking system,

1485
01:17:03,744 --> 01:17:05,954
and then define it as a security?

1486
01:17:05,955 --> 01:17:09,165
Does anybody disagree with
that or have any other ideas

1487
01:17:09,166 --> 01:17:11,335
about how it would be regulated?
Mr. O 'Leary.

1488
01:17:11,544 --> 01:17:14,337
- The concept of passing legislation

1489
01:17:14,338 --> 01:17:17,382
that would ban banks from
integrating cryptocurrencies

1490
01:17:17,383 --> 01:17:19,926
and crypto technology would make it

1491
01:17:19,927 --> 01:17:23,888
the most uncompetitive financial
services sector in the world.

1492
01:17:23,889 --> 01:17:25,598
- So, let me just stop you there.
I only have so much time.

1493
01:17:25,599 --> 01:17:28,518
So, you do not agree with isolating
it from the banking system?

1494
01:17:28,519 --> 01:17:29,812
- I-- That's insanity.

1495
01:17:30,354 --> 01:17:33,731
- If we allow cryptocurrency
to infect our banking system,

1496
01:17:33,732 --> 01:17:35,359
we will be back here.

1497
01:17:36,026 --> 01:17:37,527
- Thank you.
- We will be back here,

1498
01:17:37,528 --> 01:17:38,863
not in a good way.

1499
01:17:49,999 --> 01:17:51,249
[V.O.] On the morning of March 12th,

1500
01:17:51,250 --> 01:17:53,793
as depositors raced
to withdraw their money,

1501
01:17:53,794 --> 01:17:57,380
Signature Bank was shut down by the
government before it could implode.

1502
01:17:57,381 --> 01:18:00,301
It was the third bank to go
bust in just five days.

1503
01:18:01,218 --> 01:18:03,094
Want to guess what all
three had in common?

1504
01:18:03,095 --> 01:18:04,637
- In the course of five days,

1505
01:18:04,638 --> 01:18:06,973
<i>three banks have
failed in the United States</i>

1506
01:18:06,974 --> 01:18:09,225
<i>and those lenders were
critical counterparties</i>

1507
01:18:09,226 --> 01:18:11,270
<i>for a huge part of the crypto
industry in the country.</i>

1508
01:18:11,604 --> 01:18:12,813
[V.O.] Panic set in,

1509
01:18:12,688 --> 01:18:15,649
as no one knew just how
many more banks might fall.

1510
01:18:16,567 --> 01:18:18,568
In the end, the government,

1511
01:18:18,569 --> 01:18:21,446
that super untrustworthy
establishment that crypto

1512
01:18:21,447 --> 01:18:23,449
was supposedly rebelling against,

1513
01:18:23,782 --> 01:18:24,909
saved the day.

1514
01:18:25,576 --> 01:18:27,535
We, the American taxpayers,

1515
01:18:27,536 --> 01:18:28,870
bailed them out,

1516
01:18:28,871 --> 01:18:32,708
and customers were guaranteed
all of their money back.

1517
01:18:32,833 --> 01:18:34,210
You're welcome, by the way.

1518
01:18:37,504 --> 01:18:41,216
<i>- The jury has been selected in
Sam Bankman-Fried's criminal trial,</i>

1519
01:18:41,217 --> 01:18:43,593
<i>and we do expect
opening statements to start...</i>

1520
01:18:43,594 --> 01:18:46,221
[V.O.] As for Sam, he was
charged with wire fraud,

1521
01:18:46,222 --> 01:18:48,556
securities fraud, commodities fraud,

1522
01:18:48,557 --> 01:18:50,935
and good old-fashioned
money laundering.

1523
01:18:52,144 --> 01:18:55,230
Oh, and the reason he was
hazy on his political donations.

1524
01:18:55,231 --> 01:18:57,732
- I... I...

1525
01:18:57,733 --> 01:18:58,984
Um...

1526
01:18:59,151 --> 01:19:00,778
[V.O.] They were illegal.

1527
01:19:00,277 --> 01:19:03,864
<i>- Regulators are now asking political
campaigns to return the money.</i>

1528
01:19:03,989 --> 01:19:07,992
<i>They say that Bankman-Fried
tried to buy bipartisan influence</i>

1529
01:19:07,993 --> 01:19:11,955
<i>and impact the direction of
public policy in Washington.</i>

1530
01:19:11,956 --> 01:19:15,250
[V.O.] After a month-long trial,
it took a jury of his peers

1531
01:19:15,251 --> 01:19:18,002
only four hours to find
him guilty on all charges.

1532
01:19:18,003 --> 01:19:20,129
<i>- Do you have anything to
say to your investors?</i>

1533
01:19:20,130 --> 01:19:21,173
<i>- Do you have anything to say?</i>

1534
01:19:21,548 --> 01:19:24,260
[V.O.] Sam was sentenced
to 25 years in prison.

1535
01:19:25,386 --> 01:19:27,680
How was he able
to pull off his swindle?

1536
01:19:28,597 --> 01:19:30,349
Within the source code of FTX,

1537
01:19:30,474 --> 01:19:31,892
there were two lines that prevented

1538
01:19:32,017 --> 01:19:34,186
users from overdrawing
their accounts,

1539
01:19:34,478 --> 01:19:38,106
but Sam instructed one of his
employees to add a single line

1540
01:19:38,107 --> 01:19:39,565
allowing him to borrow,

1541
01:19:39,566 --> 01:19:41,109
aka steal,

1542
01:19:41,110 --> 01:19:43,779
as much money as
he wanted from his customers.

1543
01:19:45,114 --> 01:19:47,116
It turns out you can't trust code,

1544
01:19:48,033 --> 01:19:49,743
only the people who write it.

1545
01:19:50,494 --> 01:19:53,079
- A lot of people look at
you and see Bernie Madoff.

1546
01:19:53,080 --> 01:19:53,914
- Yeah.

1547
01:19:54,957 --> 01:19:58,626
I mean, I don't think
that's who I am at all,

1548
01:19:58,627 --> 01:20:00,920
but I understand
why they're saying that.

1549
01:20:00,921 --> 01:20:02,088
People lost money.

1550
01:20:02,089 --> 01:20:03,382
[V.O.] In the end,

1551
01:20:03,007 --> 01:20:05,759
Sam believed in the power
of his own story so much,

1552
01:20:05,884 --> 01:20:07,636
he was willing to risk it all.

1553
01:20:24,778 --> 01:20:25,987
In the midst of this journey,

1554
01:20:25,988 --> 01:20:28,240
and with the help of
my friend Jacob Silverman,

1555
01:20:28,365 --> 01:20:31,035
I wrote a book about
everything I had learned.

1556
01:20:31,243 --> 01:20:32,702
And now with the tides turned,

1557
01:20:32,703 --> 01:20:35,914
people wanted to hear what a
crypto skeptic had to say.

1558
01:20:38,667 --> 01:20:43,004
<i>- You might recognize Ben McKenzie
as Ryan Atwood from The O.C.,</i>

1559
01:20:43,005 --> 01:20:45,757
<i>but lately he's taken on a new role.</i>

1560
01:20:45,758 --> 01:20:48,968
<i>- He's been a vocal critic of the
cryptocurrency industry,</i>

1561
01:20:48,969 --> 01:20:52,889
<i>and his scrutiny has led him to
challenge its flaws and shortcomings.</i>

1562
01:20:52,890 --> 01:20:56,642
<i>- He's now co-author of the
new book entitled Easy Money.</i>

1563
01:20:56,643 --> 01:21:01,314
<i>- Cryptocurrency, Casino Capitalism,
and The Golden Age of Fraud.</i>

1564
01:21:01,315 --> 01:21:04,901
<i>- How did that guy from the O.C.
end up writing a book about crypto?</i>

1565
01:21:04,902 --> 01:21:06,236
- Well, like most Americans,

1566
01:21:05,819 --> 01:21:07,946
<i>I stumbled onto crypto
through a friend of mine.</i>

1567
01:21:08,739 --> 01:21:11,657
<i>- The problem was this buddy
who's been an old, old friend,</i>

1568
01:21:11,658 --> 01:21:13,618
<i>he gave me the worst
financial advice of my life.</i>

1569
01:21:13,619 --> 01:21:15,787
<i>- When I was in my 20s, he...
- And you remember it.</i>

1570
01:21:15,788 --> 01:21:17,538
<i>- Yeah, I remembered it.
And I love him.</i>

1571
01:21:17,539 --> 01:21:20,416
<i>Dave, if you're out there,
sorry to out you on CBS News, but...</i>

1572
01:21:20,417 --> 01:21:22,627
<i>- um, he said, you know,
you should buy Bitcoin...</i>

1573
01:21:22,628 --> 01:21:26,172
<i>- The story is so effective, because
we all agree on the premise</i>

1574
01:21:26,173 --> 01:21:28,759
<i>that our current financial
system is deeply flawed.</i>

1575
01:21:29,134 --> 01:21:32,011
<i>And so that lends the story of
cryptocurrency a lot of power,</i>

1576
01:21:32,012 --> 01:21:34,555
<i>but it doesn't make the story
of cryptocurrency true.</i>

1577
01:21:34,556 --> 01:21:35,891
[V.O.] Some people got the message.

1578
01:21:35,766 --> 01:21:38,727
<i>- How many of you have seen this
commercial starring Matt Damon?</i>

1579
01:21:39,603 --> 01:21:43,314
<i>Matt is not the only celebrity
promoting cryptocurrency.</i>

1580
01:21:43,315 --> 01:21:44,817
[V.O.] Some just didn't.

1581
01:21:45,067 --> 01:21:46,652
<i>- You say you did a deep dive,</i>

1582
01:21:46,443 --> 01:21:49,613
<i>and it only took me about 20 pages
of the Bitcoin standard to understand</i>

1583
01:21:49,738 --> 01:21:52,323
<i>how the un-bank
could benefit from this.</i>

1584
01:21:52,324 --> 01:21:55,077
<i>You think all these firms will
have egg on their face?</i>

1585
01:21:56,120 --> 01:21:58,287
<i>- The advertised,
decentralized future of money</i>

1586
01:21:58,288 --> 01:22:00,124
<i>is brought to you by Blackrock?</i>

1587
01:22:00,457 --> 01:22:02,708
<i>- I don't know. Bla-- Maybe.
They may...</i>

1588
01:22:02,709 --> 01:22:05,628
<i>I mean, if they think it's, uh, gold,</i>

1589
01:22:05,629 --> 01:22:07,630
<i>if they think--
You think it's going to zero?</i>

1590
01:22:07,631 --> 01:22:10,174
<i>- If... I can't predict the future
anymore than anyone else.</i>

1591
01:22:10,175 --> 01:22:12,468
<i>- So, if you're an American
sitting at home,</i>

1592
01:22:12,469 --> 01:22:13,679
<i>and you own cryptocurrency,</i>

1593
01:22:13,470 --> 01:22:14,930
<i>and there are millions
of those Americans,</i>

1594
01:22:14,763 --> 01:22:16,932
<i>maybe those viewers right now,
what's you advice to them?</i>

1595
01:22:17,057 --> 01:22:19,016
<i>- I am not here to
offer financial advice.</i>

1596
01:22:19,017 --> 01:22:20,643
<i>I am not a licensed
financial advisor.</i>

1597
01:22:20,644 --> 01:22:23,104
<i>Many of my celebrity... colleagues,</i>

1598
01:22:23,105 --> 01:22:24,981
<i>have effectively offered
financial advice...</i>

1599
01:22:24,982 --> 01:22:26,816
- They said buy.
You're saying the opposite.

1600
01:22:26,817 --> 01:22:28,943
<i>- They said buy.
I'm the celebrity who said,</i>

1601
01:22:28,944 --> 01:22:30,361
<i>be careful.
- Alright, be careful.</i>

1602
01:22:30,362 --> 01:22:32,114
<i>Ben McKenzie, thank you so much...</i>

1603
01:22:42,416 --> 01:22:44,167
[V.O.] I stumbled down
this crypto rabbit hole

1604
01:22:44,168 --> 01:22:45,836
not sure of who I was,

1605
01:22:46,336 --> 01:22:47,504
or what I was doing.

1606
01:22:49,173 --> 01:22:51,090
But in playing the role of myself,

1607
01:22:51,091 --> 01:22:52,551
an undercover econ dork,

1608
01:22:53,051 --> 01:22:55,345
I not only found my footing,

1609
01:22:55,471 --> 01:22:56,888
but uncovered what I believe

1610
01:22:56,889 --> 01:22:59,308
to be the central
truth of cryptocurrency.

1611
01:23:01,268 --> 01:23:02,352
It's just a story.

1612
01:23:04,563 --> 01:23:09,693
Or rather, millions of different
stories spun by those invested in it.

1613
01:23:11,445 --> 01:23:12,445
In the end,

1614
01:23:12,446 --> 01:23:13,946
crypto is only a projection

1615
01:23:13,947 --> 01:23:15,741
of the hopes
and dreams of those investors.

1616
01:23:16,867 --> 01:23:18,494
<i>- You still believe
in crypto overall?</i>

1617
01:23:20,204 --> 01:23:22,330
<i>- Uh, yeah. Oh, yeah.</i>

1618
01:23:22,331 --> 01:23:24,500
<i>I'm fully invested in crypto now.</i>

1619
01:23:24,875 --> 01:23:26,542
<i>- Yeah, I do believe in it still.</i>

1620
01:23:26,543 --> 01:23:28,127
<i>I still hold a lot of Bitcoin.</i>

1621
01:23:28,128 --> 01:23:30,254
<i>- Obviously, I'm not
a fan of Celsius.</i>

1622
01:23:30,255 --> 01:23:33,674
<i>I think that was a ripoff.
But I still love Bitcoin.</i>

1623
01:23:33,675 --> 01:23:35,259
<i>- Immediately, whenever it happened,</i>

1624
01:23:35,260 --> 01:23:37,930
<i>I mean, I wasn't trying to
look at crypto or anything like that,</i>

1625
01:23:38,055 --> 01:23:39,514
<i>but I'm still in the game.</i>

1626
01:23:39,515 --> 01:23:40,723
<i>- That's fascinating to me.</i>

1627
01:23:40,724 --> 01:23:42,099
<i>You know, like, I get it.</i>

1628
01:23:42,100 --> 01:23:43,352
<i>I can understand it.</i>

1629
01:23:45,103 --> 01:23:46,605
<i>Even if I don't agree with it.</i>

1630
01:23:48,440 --> 01:23:50,816
[V.O.] And as long as people
are buying the story,

1631
01:23:50,817 --> 01:23:52,778
the crypto industry
will keep selling it,

1632
01:23:53,362 --> 01:23:56,615
changing the narrative to
fit the needs of the faithful.

1633
01:24:26,687 --> 01:24:32,359
The government bought Wilfredo's land
for a fraction of what it was worth.

1634
01:24:32,484 --> 01:24:36,196
He was forced to uproot his
family and build a new house nearby.

1635
01:24:41,577 --> 01:24:44,329
- I love the high ceilings,
it's nice.

1636
01:24:45,205 --> 01:24:47,290
[V.O.] The only way he could
afford to do that

1637
01:24:47,291 --> 01:24:50,668
was with the financial support
of his friends and family.

1638
01:24:50,669 --> 01:24:53,338
In the end, Wilfredo's
community saved him.

1639
01:24:55,173 --> 01:24:56,966
And despite Wilfredo
and his neighbors

1640
01:24:56,967 --> 01:24:58,759
being kicked off their land,

1641
01:24:58,760 --> 01:25:01,179
there are still no
signs of Bitcoin City.

1642
01:25:03,181 --> 01:25:05,641
Well, other than Corbin, that is.

1643
01:25:05,642 --> 01:25:09,979
- ...put it all the ways down, and
then when it dropped down to 5 grand,

1644
01:25:09,980 --> 01:25:11,981
I scooped up as much
as I could then.

1645
01:25:11,982 --> 01:25:14,692
and then it kind of
came back up and then...

1646
01:25:14,693 --> 01:25:17,778
[V.O.] However, the idea of
Bitcoin continued to spread,

1647
01:25:17,779 --> 01:25:19,406
albeit in an unexpected way.

1648
01:25:32,753 --> 01:25:35,588
[V.O.] My First Bitcoin
is a nationwide effort

1649
01:25:35,589 --> 01:25:38,257
to educate the impressionable
youth of El Salvador

1650
01:25:38,258 --> 01:25:40,010
on the magical ways of Bitcoin.

1651
01:25:40,927 --> 01:25:43,722
With over 35,000
graduates and counting,

1652
01:25:44,222 --> 01:25:47,100
an entire generation is
being turned on to crypto.

1653
01:25:47,934 --> 01:25:48,810
Forcibly.

1654
01:25:50,312 --> 01:25:52,730
And Bitcoin tourists
from all over the world

1655
01:25:52,731 --> 01:25:55,274
could come to watch kids
who aren't theirs graduate.

1656
01:25:55,275 --> 01:25:59,987
- [Spanish] You are the example
that the world is watching.

1657
01:25:59,988 --> 01:26:04,241
[Spanish You really can decide
what kind of future lies ahead.

1658
01:26:04,242 --> 01:26:08,121
[Spanish] What kind of example are
you going to set for the world?

1659
01:26:08,664 --> 01:26:10,082
[V.O.] Not weird at all.

1660
01:26:22,886 --> 01:26:25,347
So, was it worth it?

1661
01:26:26,515 --> 01:26:29,058
I feel like I was... as right

1662
01:26:29,059 --> 01:26:31,060
as I hoped I would be or more

1663
01:26:31,061 --> 01:26:32,521
and yet I had less of an effect.

1664
01:26:33,271 --> 01:26:34,231
What do you mean?

1665
01:26:34,606 --> 01:26:37,775
Sort of felt it would
be like a movie and

1666
01:26:37,776 --> 01:26:39,611
it would just disappear, but...

1667
01:26:39,820 --> 01:26:41,529
- Right.
- it's not a movie, you know?

1668
01:26:41,530 --> 01:26:43,407
It's not beautiful and perfect.

1669
01:26:43,782 --> 01:26:46,075
Like, people are still going to
believe in crypto no matter what.

1670
01:26:46,076 --> 01:26:48,578
Right? Like, it doesn't
matter what I say.

1671
01:26:48,829 --> 01:26:51,707
It doesn't matter what
anyone says, really.

1672
01:26:52,207 --> 01:26:53,791
I'm kind of tired of being me.

1673
01:26:53,792 --> 01:26:56,919
I'm ready to go back to
pretending to be somebody else.

1674
01:26:56,920 --> 01:26:58,337
Let's be honest.

1675
01:26:58,338 --> 01:27:00,715
I am not as interesting
as the people that I play.

1676
01:27:00,716 --> 01:27:02,676
I mean, I wasn't going to say it.

1677
01:27:03,927 --> 01:27:05,804
Who should I pretend to be next?

1678
01:27:07,097 --> 01:27:09,057
Doctor, cop, lawyer, right?

1679
01:27:09,933 --> 01:27:10,767
Yeah.

1680
01:27:11,810 --> 01:27:13,310
I'm going to just...

1681
01:27:13,311 --> 01:27:14,730
become a fake cop again.

1682
01:27:15,772 --> 01:27:18,107
- That's good.
- Get back to some honest work.

1683
01:27:18,108 --> 01:27:19,401
That's what I married.

1684
01:27:23,363 --> 01:27:26,825
Very few people would have
put up with what you put up with.

1685
01:27:27,909 --> 01:27:30,286
So, go ahead, now that you've
been listening for two years,

1686
01:27:30,287 --> 01:27:33,039
what is cryptocurrency, Maria?
- Oh God, please.

1687
01:27:33,457 --> 01:27:35,792
Should've just impaled
myself on this tiny, tiny knob.

1688
01:27:39,129 --> 01:27:41,672
Well, we've got two night scenes.

1689
01:27:41,673 --> 01:27:43,382
Do you want them done
tonight or tomorrow?

1690
01:27:43,383 --> 01:27:44,967
What are the night scenes?

1691
01:27:44,968 --> 01:27:48,012
One is, uh, it's my low point.
I'm down in a rabbit hole.

1692
01:27:48,013 --> 01:27:49,972
I'm in the kitchen,
looking at videos...

1693
01:27:49,973 --> 01:27:56,437
♪ Thanks for your letter,
please send a clone over ♪

1694
01:27:56,438 --> 01:28:02,694
♪ I'll use him for garden work
and harmonies ♪

1695
01:28:03,570 --> 01:28:09,742
♪ Speaking of pretty
new documentaries ♪

1696
01:28:09,743 --> 01:28:15,873
♪ Have you seen the one about
the Rajneeshpuram Society? ♪

1697
01:28:15,874 --> 01:28:21,378
♪ Everyone seemed to think they were
lunatics, but I sort of thought, ♪

1698
01:28:21,379 --> 01:28:26,133
♪ Hey I get this inside
this rational brain of mine ♪

1699
01:28:26,134 --> 01:28:29,553
♪ I long to be contradicted,
I wait for a sign ♪

1700
01:28:29,554 --> 01:28:34,975
♪ Doesn't matter what cult, what sign
Just give me any cult you sign ♪

1701
01:28:34,976 --> 01:28:37,479
<i>- Have a good time
with your Bitcoin and...</i>

1702
01:28:38,396 --> 01:28:41,482
<i>your crypto and everything
else that you're playing with.</i>

1703
01:28:41,483 --> 01:28:43,943
♪ ...bandages ♪

1704
01:28:43,944 --> 01:28:50,908
♪ Though I'm guessing
may you are an athiest ♪

1705
01:28:50,909 --> 01:28:53,828
♪ You'd get a reason,
you'd get a goal ♪

1706
01:28:53,829 --> 01:28:57,206
♪ You'd know how to dress,
and how to cleanse your soul ♪

1707
01:28:57,207 --> 01:29:02,379
♪ I'd be up for that, I'd be totally
up for cleansing my soul ♪

1708
01:29:05,382 --> 01:29:09,344
♪ Would I have to split
from my family? ♪

1709
01:29:11,888 --> 01:29:16,101
♪ They wouldn't know
what got into me. ♪

1710
01:29:17,644 --> 01:29:21,313
♪ I'd change my name
into something cool. ♪

1711
01:29:21,314 --> 01:29:24,525
♪ The world's spring grass
and the leader would use me ♪

1712
01:29:24,526 --> 01:29:29,906
♪ as a songwriter too, I'd spread
her message to the world, ♪

1713
01:29:31,825 --> 01:29:36,788
♪ Send in the choir. ♪

1714
01:29:38,331 --> 01:29:43,378
♪ Send in the choir. ♪

1715
01:29:45,255 --> 01:29:50,343
♪ Send in the choir. ♪