Episode description

As cryptocurrency surged in popularity during the pandemic, many were drawn by the promise of wealth and revolutionizing sectors like finance, art, and politics. Figures like FTX CEO Sam Bankman-Fried became emblematic of this new era, but his meteoric rise was marred by scandal as his aggressive, profit-driven tactics led to one of the biggest financial fraud cases in U.S. history. Unlike idealists like Ethereum’s Vitalik Buterin, Bankman-Fried’s approach mirrored the risky financial practices that triggered the 2008 crisis. Cryptomania delves into the crypto industry’s tumultuous 20 months, exposing its male-dominated, overhyped world, and chronicling the clash between profiteers and visionaries, the creation of speculative bubbles, and the human toll of its inevitable collapse.

Andrew R. Chow is a correspondent for Time who covers technology, culture, and business. He has written four Time cover stories, including about the impacts of the AI corporate arms race and a prescient profile of Vitalik Buterin months before the 2022 crypto crash. He has previously written for The New York Times, Pitchfork, and NBC News. His first book is Cryptomania: Hype, Hope and the Fall of a Billion-Dollar Fintech Empire.

Shermer and Chow discuss a comprehensive overview of money's evolving landscape and future potential. They trace its progression from fiat currencies to cryptocurrencies, exploring Bitcoin's rise and crypto's utopian ideals. The conversation examines NFTs' role in crypto's popularity and downfall, Sam Bankman-Fried's controversial career, and how crypto's crash mirrored the 2008 financial crisis, revealing similar systemic issues despite promises of revolution.