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a tributary of the Tigris-Euphrates
River system in modern-day Iraq.

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Known in ancient times as Mesopotamia,
this is where one of the first human

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00:00:57,990 --> 00:01:00,530
civilizations emerged thousands of years
ago.

4
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It's also where one of the earliest
versions of money was invented.

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The story of money is one of the oldest
and most powerful stories ever told.

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One that's still being written as we
speak.

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00:01:23,440 --> 00:01:24,680
But what is money?

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In short, money is trust, a shared
belief of common value.

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But trust is a fragile thing.

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It can be shattered in an instant.

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For example, this is not Mesopotamia.
It's West Texas.

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Just a few hours from where I grew up.

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This is a film about a thing called
cryptocurrency.

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It's pretty stupid.

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Did we get it?

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Put me on Lexapro a couple of days ago.
Said I'll experience nausea. It'll

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help with the mania. Think they're
already terrible.

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I'm pathetic, I'm terrible.

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I'm becoming paranoid.

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I'm falling into the void.

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To understand my journey into the wilds
of cryptocurrency, we have to go way

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back to my humble beginnings when I was
a budding young actor.

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guest stars on the hit Fox series, The
O.C. Please welcome Ben McKenzie.

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00:03:08,520 --> 00:03:13,060
At the age of 24, my career started off
with a bang when I was passed as Ryan

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Atwood, the brooding bad boy on The O.C.

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Who are you?

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00:03:18,520 --> 00:03:19,740
Whoever you want me to be.

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I was tough as nails and soft as butter.
A real teenage heartthrob.

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You are the it guy. You're like all over
the place on the cover of TV Guide and

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YM. Or is it pronounced yum?

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When it finished, I moved on to the
gritty cop drama Southland.

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Southland is a terrific show, but I'm
curious, do you still get fans of the OC

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that come up to you? You were a teen
heartthrob on the OC.

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00:03:45,220 --> 00:03:49,220
We've got to talk about the OC a little
bit. All right, so I was still sort of

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that guy from the OC.

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But then everything changed when I
joined the Batman universe.

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00:03:55,160 --> 00:03:59,340
Many of us remember Ben McKenzie from
The O.C. Good morning, guys. How are

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you? I just have to wait one second and
say I loved you in The O.C.

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Looking back at The O.C.

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00:04:04,740 --> 00:04:09,220
and then... While the rest of the world
was stuck in 2003, I was moving on.

41
00:04:10,320 --> 00:04:11,340
Well, sort of.

42
00:04:13,060 --> 00:04:14,640
Smashing bad guys is fucking awesome.

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00:04:15,520 --> 00:04:17,680
And I even met the love of my life on
the show.

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But still, I was itching for something
new.

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00:04:23,720 --> 00:04:24,720
And then...

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00:04:24,880 --> 00:04:25,880
Right on cue.

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00:04:27,840 --> 00:04:31,780
COVID head. You've got to be putting
that disinfectant on these groceries,

48
00:04:32,000 --> 00:04:33,520
making sure that you're scrubbing them.

49
00:04:35,100 --> 00:04:36,780
Hold up without work or direction.

50
00:04:37,200 --> 00:04:38,520
I went a little stir crazy.

51
00:04:40,180 --> 00:04:44,580
So when my buddy Dave asked to catch up
via Zoom, it was a welcome reprieve.

52
00:04:46,420 --> 00:04:49,640
As fate would have it, it turned out to
be just the thing I needed.

53
00:04:51,620 --> 00:04:53,460
Why are you in your kid's bedroom?

54
00:04:54,190 --> 00:04:57,270
It's the only place, Ben. It's the only
place I can go.

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00:04:57,650 --> 00:04:59,410
Dave is a good friend from college.

56
00:05:00,050 --> 00:05:03,090
He has also given me the worst financial
advice of my life.

57
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When I was in my 20s and flush with cash
from TV, Dave encouraged me to buy stock

58
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in an obscure medical technology
company.

59
00:05:12,810 --> 00:05:15,130
They were going to make a fortune, Dave
told me.

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He had been at a wedding, and some
random guy assured himself.

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I was young and dumb and excited by his
excitement.

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So I put $10,000 into it.

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In less than a year, the stock tanked,
and I lost almost all my money.

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00:05:29,570 --> 00:05:33,290
So when Dave brought up Bitcoin, my
skepticism was high.

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You know what's taking off is Bitcoin.

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00:05:35,730 --> 00:05:36,730
Have you looked at that?

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I don't even know what the fuck it is. I
guess a digital currency.

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A cryptocurrency.

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00:05:41,670 --> 00:05:42,529
With money.

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00:05:42,530 --> 00:05:43,930
With money. It's a cryptocurrency.

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00:05:45,210 --> 00:05:47,530
That's a fucking cryptocurrency. I don't
know what the fuck that means. Wait,

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what is this, like, what is this, like,
look? What are you, like... I don't know

73
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if you know this about me.

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00:05:52,900 --> 00:05:53,900
Oh, enlighten me.

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00:05:53,980 --> 00:05:54,980
I have a degree in economics.

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00:05:56,480 --> 00:05:58,660
We vetted that, by the way. Do you
actually have a degree?

77
00:05:59,140 --> 00:06:00,140
Yes.

78
00:06:00,320 --> 00:06:01,880
All right. Well, I mean, I don't know.

79
00:06:02,160 --> 00:06:03,660
You're a pretty good actor. How do I
know?

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00:06:04,000 --> 00:06:05,140
Whoa. Go back to that.

81
00:06:07,460 --> 00:06:11,760
If Dave's prior advice had taught me
anything, it was that you should never

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00:06:11,760 --> 00:06:13,360
invest in something you don't
understand.

83
00:06:14,720 --> 00:06:16,540
Plus, I have a degree in economics.

84
00:06:17,360 --> 00:06:19,340
Surely I can figure out this crypto
stuff.

85
00:06:22,220 --> 00:06:23,220
No problem.

86
00:06:23,660 --> 00:06:26,280
Bitcoin, it's a new form of electronic
money.

87
00:06:27,040 --> 00:06:30,860
You know how email changed old-fashioned
mail forever?

88
00:06:31,480 --> 00:06:35,160
Yes. Well, Bitcoin is changing money
forever.

89
00:06:36,000 --> 00:06:38,240
That's essentially what a hard fork is.

90
00:06:38,460 --> 00:06:42,980
But there is also something called a
soft fork. No banks, no fees, no

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00:06:42,980 --> 00:06:47,640
inflation. These are the potential perks
of this thing called Bitcoin.

92
00:06:53,119 --> 00:06:54,940
Bitcoin is brilliant.

93
00:06:55,360 --> 00:06:59,280
The Bitcoin gospel is that it will
revolutionize the world. Electronic

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00:06:59,280 --> 00:07:03,880
gold. Because it is the answer to our
broken financial system. Intricately

95
00:07:03,880 --> 00:07:06,120
thought out, cunning and multifaceted.

96
00:07:06,420 --> 00:07:10,300
Are you there?

97
00:07:10,600 --> 00:07:16,180
The Bitcoin story is really powerful
because we all agree on its premise.

98
00:07:16,700 --> 00:07:18,240
Our current system sucks.

99
00:07:23,120 --> 00:07:27,420
Remember back in 2008 when the banks and
mortgage lenders got greedy and crashed

100
00:07:27,420 --> 00:07:28,420
the housing market?

101
00:07:28,880 --> 00:07:32,020
After all was said and done, the banks
got a slap on the wrist.

102
00:07:32,240 --> 00:07:36,160
Some even got bailouts. Wall Street
applauded the biggest government bailout

103
00:07:36,160 --> 00:07:41,220
ever. Up to $700 billion taxpayer
dollars on the line to purchase troubled

104
00:07:41,220 --> 00:07:44,840
assets that are clogging the financial
system. Meanwhile, everyday Americans

105
00:07:44,840 --> 00:07:46,120
received no bailout.

106
00:07:46,600 --> 00:07:48,480
And far too many lost their homes.

107
00:07:49,300 --> 00:07:51,660
People felt betrayed, and for good
reason.

108
00:07:52,240 --> 00:07:55,800
their trust in the mainstream financial
system had been shattered.

109
00:07:56,460 --> 00:07:57,560
Greed is everywhere.

110
00:07:58,020 --> 00:08:01,620
Wall Street got bailed out and we all
got sold out. Let's tell the truth.

111
00:08:01,980 --> 00:08:04,960
And it was out of this breakdown that
Bitcoin was born.

112
00:08:08,420 --> 00:08:13,400
Someone, or some people, calling
themselves Satoshi Nakamoto, created the

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code for Bitcoin.

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00:08:17,180 --> 00:08:21,580
There could only be 21 million Bitcoin
ever made, and no one.

115
00:08:21,840 --> 00:08:22,840
had control over.

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The Bitcoin phenomenon is trying to take
control of money away from the state and

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return it to individuals.

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You have an option to trust code, so we
don't have to trust centralized

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intermediaries. And so when I
specifically buy Bitcoin, I'm using my

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00:08:40,200 --> 00:08:45,060
own personal capital to prop up and
support the emergence of something that

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00:08:45,060 --> 00:08:47,460
would rip apart the existing financial
system.

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00:08:48,320 --> 00:08:50,140
And if it does, God bless it.

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In theory, Bitcoin sounded like a
promising solution to the status quo.

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But I had a few questions.

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How could Bitcoin work as a currency if
its price was ping-ponging wildly up and

126
00:09:02,330 --> 00:09:03,330
down day to day?

127
00:09:03,930 --> 00:09:07,490
It's pretty incredible. I mean, Friday,
Bitcoin was trading at, what, almost $42

128
00:09:07,490 --> 00:09:08,490
,000?

129
00:09:09,210 --> 00:09:12,190
And now we're down to about $31,000 and
change right now.

130
00:09:12,610 --> 00:09:14,110
Why the tumult over the weekend?

131
00:09:14,410 --> 00:09:17,450
And why did I feel like I was being
herded into a quasi-cult?

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00:09:18,270 --> 00:09:21,770
You have the saying that there is no
free money, there is no free lunch.

133
00:09:21,950 --> 00:09:25,010
Well, in crypto, there is a lot of free
lunch. The question you have to ask

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yourself is which side of history do you
want to be on? I mean, I'm eating free

135
00:09:28,330 --> 00:09:31,450
lunch here every day. Just because
there's a finite amount of something

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00:09:31,450 --> 00:09:32,950
doesn't mean it's inherently valuable.

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00:09:35,410 --> 00:09:36,610
That's my econ degree talking.

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00:09:37,110 --> 00:09:40,570
But when I really boiled it down, I just
didn't trust it.

139
00:09:41,510 --> 00:09:44,430
It had the feeling of a generational
hallucination.

140
00:09:46,240 --> 00:09:47,660
Take all your money, buy Bitcoin.

141
00:09:48,020 --> 00:09:50,540
Go mortgage your house and buy Bitcoin.

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00:09:50,740 --> 00:09:53,060
Nothing else matters.

143
00:09:54,640 --> 00:09:56,140
And that's when I saw it.

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00:09:56,340 --> 00:09:59,540
The crypto commercial that would haunt
my dreams.

145
00:10:01,360 --> 00:10:04,400
History is filled with almosts.

146
00:10:05,100 --> 00:10:11,640
With those who almost adventured, who
almost achieved, but ultimately, for

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00:10:11,640 --> 00:10:13,000
them it proved to be too much.

148
00:10:13,380 --> 00:10:20,380
And in these moments of truth, These
mere mortals, they calm

149
00:10:20,380 --> 00:10:26,740
their minds and steel their nerves with
four simple words. Fortune

150
00:10:26,740 --> 00:10:28,160
favors the brave.

151
00:10:33,700 --> 00:10:35,280
I mean, what the fuck?

152
00:10:35,720 --> 00:10:38,480
What the fuck does Matt Damon know about
cryptocurrency?

153
00:10:39,380 --> 00:10:44,740
Nothing! Are you mad at him for this, or
because he's more famous than you are?

154
00:10:47,980 --> 00:10:49,000
He might be taller, too.

155
00:10:49,320 --> 00:10:50,420
He's not taller than me.

156
00:10:51,400 --> 00:10:55,100
All right, so it says he's 5'10", but...
Not sure.

157
00:10:55,440 --> 00:11:01,860
I also say I'm 5'10". It wasn't just
Damon. A bunch of other yahoos got in on

158
00:11:01,860 --> 00:11:02,439
the act.

159
00:11:02,440 --> 00:11:03,540
I'm all in. Are you?

160
00:11:04,400 --> 00:11:05,400
You know what?

161
00:11:05,820 --> 00:11:06,599
I'm in.

162
00:11:06,600 --> 00:11:07,620
Oh, I'm in, bro.

163
00:11:08,020 --> 00:11:09,060
Now here's the thing.

164
00:11:09,520 --> 00:11:11,140
Celebrities have always shilled
products.

165
00:11:11,440 --> 00:11:12,960
Ever since there have been celebrities.

166
00:11:13,280 --> 00:11:16,260
Even my wife has done it. There's
nothing wrong with that.

167
00:11:16,720 --> 00:11:19,460
But this isn't a sandwich or skin cream.

168
00:11:20,100 --> 00:11:21,800
This was a financial product.

169
00:11:22,060 --> 00:11:26,400
Crypto will really be the future. If you
aren't a licensed financial advisor,

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you're not supposed to offer people
financial advice.

171
00:11:28,980 --> 00:11:30,220
It's literally illegal.

172
00:11:30,520 --> 00:11:34,680
It's the new wave. It's what everybody's
doing. As an actor, I'm a professional

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00:11:34,680 --> 00:11:38,800
bullshitter. Yeah, I don't think so. And
my gut told me the guys selling people

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00:11:38,800 --> 00:11:40,280
on crypto were fraud.

175
00:11:40,840 --> 00:11:44,280
The cryptocurrency you can trade for
conventional money.

176
00:11:45,550 --> 00:11:46,550
So it's a hustle.

177
00:11:46,990 --> 00:11:47,990
Yeah, it's a hustle.

178
00:11:48,110 --> 00:11:49,450
Why did you say that, man?

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00:11:49,790 --> 00:11:50,790
It's a hustle.

180
00:11:52,110 --> 00:11:58,390
Up against a multi-trillion dollar
industry shielded by every celebrity on

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00:11:58,390 --> 00:12:02,030
the planet, I did what any other actor
would do in my career.

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00:12:02,830 --> 00:12:09,630
I hired a film crew.

183
00:12:09,990 --> 00:12:12,270
This is Giorgio. He's going to be
filming me.

184
00:12:16,810 --> 00:12:18,910
He's going to film, yeah. He's going to
make a movie.

185
00:12:19,210 --> 00:12:20,430
You want to be in a movie?

186
00:12:20,730 --> 00:12:21,770
Yeah. Okay.

187
00:12:25,790 --> 00:12:27,370
What's this thing?

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00:12:27,770 --> 00:12:28,770
It's a lens.

189
00:12:29,050 --> 00:12:30,750
And I'm in my ball.

190
00:12:31,290 --> 00:12:32,550
Ooh, that's a nice ball.

191
00:12:32,910 --> 00:12:35,730
It smells like strawberries.

192
00:12:36,730 --> 00:12:39,150
Oh, it's a checker. Whoa!

193
00:12:40,870 --> 00:12:45,770
I think they're coming downstairs. Let's
go say hi to Mama and Juju.

194
00:12:47,180 --> 00:12:49,280
Yeah, we're going to go tell them that
we're making a movie.

195
00:12:50,700 --> 00:12:53,960
We're excited to watch a movie here.

196
00:12:54,520 --> 00:12:55,520
Is this Georgie up?

197
00:12:55,980 --> 00:12:56,980
Hello. Hi.

198
00:12:57,180 --> 00:12:58,180
Hi. Good to meet you.

199
00:13:01,400 --> 00:13:02,460
We're just going to film it.

200
00:13:03,600 --> 00:13:04,820
He'll be quiet, we promise.

201
00:13:05,160 --> 00:13:06,160
Georgie is very nice.

202
00:13:08,120 --> 00:13:09,660
Did you talk to my agent yet?

203
00:13:09,900 --> 00:13:10,900
No, ma'am.

204
00:13:12,720 --> 00:13:14,900
All right, Arthur, I'm putting cheese on
your pasta, okay?

205
00:13:15,670 --> 00:13:17,550
Do you want cheese on your pasta? Do you
want to put it on?

206
00:13:18,350 --> 00:13:23,850
Guy Giorgio is going to be with us for,
like, the next undetermined one to 12

207
00:13:23,850 --> 00:13:27,090
months. Is everyone clear on what I'm
doing?

208
00:13:27,350 --> 00:13:28,350
Do you guys know what I'm doing?

209
00:13:28,550 --> 00:13:29,489
Oh, yeah.

210
00:13:29,490 --> 00:13:30,490
What? What am I doing?

211
00:13:30,910 --> 00:13:32,410
You're trying to make fun of everybody.

212
00:13:33,030 --> 00:13:34,030
Yeah,

213
00:13:34,330 --> 00:13:35,330
that's pretty much it.

214
00:13:36,010 --> 00:13:38,310
So I was making Cheetos in class.

215
00:13:38,940 --> 00:13:43,440
But then I got Cheeto fingers and I
rubbed my eyes and my eyes were burning

216
00:13:43,440 --> 00:13:44,560
hot all throughout class.

217
00:13:54,820 --> 00:13:55,820
To me.

218
00:13:57,500 --> 00:14:04,480
To develop a deeper understanding of
Crypto's true believers, I needed

219
00:14:04,480 --> 00:14:05,680
to observe them in the wild.

220
00:14:06,440 --> 00:14:08,920
Bittingly enough, They were gathered in
Miami.

221
00:14:16,080 --> 00:14:19,240
Tens of thousands of people are heading
to Miami this weekend for what's being

222
00:14:19,240 --> 00:14:22,500
called the largest cryptocurrency
conference in history.

223
00:14:23,700 --> 00:14:25,580
Getting a nice shot of no balls, right?

224
00:14:28,380 --> 00:14:33,700
The Bitcoin conference in Miami claimed
to be the largest in the world. 50,000

225
00:14:33,700 --> 00:14:34,960
people were expected to attend.

226
00:14:35,540 --> 00:14:37,360
I wanted to see Bitcoin in action.

227
00:14:37,710 --> 00:14:39,450
And this seemed like the perfect place
to do it.

228
00:14:39,830 --> 00:14:40,830
Matt Damon?

229
00:14:40,910 --> 00:14:41,910
Matt Damon?

230
00:14:42,730 --> 00:14:43,890
Sorry, have you seen Matt Damon?

231
00:14:44,330 --> 00:14:47,130
But first, this Austin boy wanted to
have some fun.

232
00:14:48,090 --> 00:14:49,490
Don't worry, folks. I'm from Texas.

233
00:14:49,710 --> 00:14:50,710
I know what I'm doing.

234
00:14:51,650 --> 00:14:52,650
Oh!

235
00:14:52,810 --> 00:14:53,810
Oh!

236
00:14:54,330 --> 00:14:55,330
Oh!

237
00:14:56,410 --> 00:14:57,410
Oh!

238
00:14:57,650 --> 00:14:58,650
Oh!

239
00:15:01,110 --> 00:15:02,310
Hey, we can edit that, right?

240
00:15:02,610 --> 00:15:03,810
That's fine. It's fine.

241
00:15:05,030 --> 00:15:06,030
Oh, starry night.

242
00:15:07,470 --> 00:15:14,030
There we go. American beer. And I can
pay in Bitcoin?

243
00:15:15,110 --> 00:15:18,950
Right now, sir, we're using only the
credit card. We used to have the

244
00:15:18,950 --> 00:15:20,990
Bitcoin, but it's not working at this
time.

245
00:15:21,310 --> 00:15:22,089
Not working?

246
00:15:22,090 --> 00:15:23,090
Oh, is this your art?

247
00:15:23,430 --> 00:15:24,510
Oh, hey, man, how are you?

248
00:15:24,890 --> 00:15:25,890
Bitcoin fucking money.

249
00:15:26,230 --> 00:15:27,550
Bitcoin shitting money.

250
00:15:27,850 --> 00:15:28,990
Bitcoin fucking money.

251
00:15:29,450 --> 00:15:30,550
Bitcoin shitting money.

252
00:15:31,090 --> 00:15:34,430
Got it. Yeah, I'm really sorry for that.
That's all right. That's all right. I

253
00:15:34,430 --> 00:15:36,150
think I can use regular real money.

254
00:15:37,800 --> 00:15:40,880
I'm starting my own coin called Bencoin.
I buy a favor in Bencoin.

255
00:15:41,540 --> 00:15:42,680
If I can catch you up.

256
00:15:43,420 --> 00:15:44,640
There you go, right?

257
00:15:45,120 --> 00:15:48,640
Yeah, I mean, you got to get in early
with the future. Otherwise, it'll pass

258
00:15:48,640 --> 00:15:49,640
you by.

259
00:15:49,780 --> 00:15:52,000
Does it ever feel like a little bit like
a cult to you?

260
00:15:52,300 --> 00:15:53,860
It's like flaming eyeballs, yeah?

261
00:15:54,220 --> 00:15:56,840
It's like Game of Thrones shit. Yeah,
it's like Game of Thrones shit.

262
00:15:57,980 --> 00:16:02,540
I tried to buy my beer in Bitcoin and it
didn't really work. Well, no, it didn't

263
00:16:02,540 --> 00:16:04,140
over there. They were having some
problems.

264
00:16:04,480 --> 00:16:05,480
Does it take time?

265
00:16:05,900 --> 00:16:09,860
It's like 20 minutes to process the
transaction.

266
00:16:10,340 --> 00:16:13,100
I was having a hard time seeing the
advantages of Bitcoin.

267
00:16:14,040 --> 00:16:15,860
But then I met an unlikely fan.

268
00:16:16,760 --> 00:16:19,980
His name was Alex, and he worked for the
Human Rights Foundation.

269
00:16:20,860 --> 00:16:23,760
There's like tens of millions of people
in emerging market countries that use

270
00:16:23,760 --> 00:16:28,580
this thing because it's the best option
they have. Money, finance, economics was

271
00:16:28,580 --> 00:16:30,280
hardly ever a part of the human rights
discourse.

272
00:16:30,680 --> 00:16:33,680
But when you actually ask human rights
activists from different countries about

273
00:16:33,680 --> 00:16:35,040
money, they always have crazy stories.

274
00:16:47,140 --> 00:16:49,100
Alex made a compelling point.

275
00:16:49,420 --> 00:16:53,240
Maybe Bitcoin could be a tool for good.
But then I thought about its wildly

276
00:16:53,240 --> 00:16:54,240
fluctuating price.

277
00:16:56,000 --> 00:17:00,060
What if all these people in developing
countries bought in and Bitcoin's price

278
00:17:00,060 --> 00:17:01,240
crashed?

279
00:17:05,130 --> 00:17:06,510
The coin's what? $44,000.

280
00:17:06,810 --> 00:17:08,270
Wasn't it $48,000 like yesterday?

281
00:17:08,970 --> 00:17:09,970
Was that the day before?

282
00:17:10,290 --> 00:17:11,290
How much was it?

283
00:17:11,329 --> 00:17:15,990
Well, five years ago, it was... But like
yesterday, it was $47,000, and now it's

284
00:17:15,990 --> 00:17:18,829
$48,000. What is it today? $43,000? I
don't know. I think it's $44,000.

285
00:17:20,790 --> 00:17:27,390
The important thing is... Two years ago,
it was $4

286
00:17:27,390 --> 00:17:30,830
,000. So the important thing to remember
is that over time, the thing gets... $43

287
00:17:30,830 --> 00:17:31,970
,000 today. Right.

288
00:17:32,350 --> 00:17:34,750
So in 2020, in April, it was $4,000.

289
00:17:34,990 --> 00:17:38,590
So the important thing is that over
time, it gets more valuable.

290
00:17:38,970 --> 00:17:40,430
It just didn't make sense to me.

291
00:17:40,890 --> 00:17:43,810
But Alex assured me the argument was
bigger than price.

292
00:17:44,050 --> 00:17:46,930
This is about separation of money and
state. It's making a huge difference

293
00:17:46,930 --> 00:17:50,950
around the world. I think every country
should have Bitcoin as legal tender to

294
00:17:50,950 --> 00:17:54,050
transact, earn income, pay taxes,
whatever.

295
00:17:54,670 --> 00:17:58,370
Could the crypto utopia that Alex
described exist in real life?

296
00:17:59,330 --> 00:18:00,790
After some intense research?

297
00:18:01,520 --> 00:18:02,520
I found an answer.

298
00:18:06,620 --> 00:18:07,760
El Salvador.

299
00:18:10,340 --> 00:18:13,720
This book represents El Salvador's
history of currency.

300
00:18:14,220 --> 00:18:19,360
For a long time, cocoa was used, and
then the cologne, until it was replaced

301
00:18:19,360 --> 00:18:20,460
by the U.S. dollar.

302
00:18:20,680 --> 00:18:26,060
In 2021, El Salvador became the first
country in the world to use Bitcoin as

303
00:18:26,060 --> 00:18:27,060
legal tender.

304
00:18:27,720 --> 00:18:29,060
You don't need a dash.

305
00:18:29,500 --> 00:18:32,680
to walk around dressed in cash like El
Salvador.

306
00:18:33,820 --> 00:18:35,500
If I bought that for you, would you wear
it?

307
00:18:39,740 --> 00:18:41,460
So, why do you need to go there?

308
00:18:42,100 --> 00:18:45,460
Because they're trying to use Bitcoin as
money.

309
00:18:46,260 --> 00:18:47,440
Well, is it safe?

310
00:18:47,860 --> 00:18:48,860
It's totally safe.

311
00:18:49,040 --> 00:18:50,040
One second.

312
00:18:51,500 --> 00:18:55,140
It says it has one of the highest murder
rates in the world.

313
00:18:55,540 --> 00:18:58,420
No, it used to have the highest murder
rate in the world.

314
00:19:02,229 --> 00:19:04,530
Now... Now it has the highest
incarceration rate.

315
00:19:06,310 --> 00:19:08,210
So, it's totally safe.

316
00:19:09,250 --> 00:19:11,430
Plus, you know, I speak excellent
Spanish.

317
00:19:15,570 --> 00:19:16,570
Oh, my God.

318
00:19:23,150 --> 00:19:25,790
Glad you think it's funny.

319
00:19:28,720 --> 00:19:33,620
Gang turned El Salvador's murder into
one of the highest in the world. Some 75

320
00:19:33,620 --> 00:19:35,460
,000 people have been arrested.

321
00:19:35,700 --> 00:19:41,000
People can also face 15 years in prison,
and this applies to journalists, too.

322
00:19:44,060 --> 00:19:44,660
They

323
00:19:44,660 --> 00:19:52,840
seem

324
00:19:52,840 --> 00:19:54,940
to be giving Ben a hard time.

325
00:19:56,590 --> 00:19:58,030
You just called for a supervisor.

326
00:19:59,930 --> 00:20:00,930
Oh.

327
00:20:02,890 --> 00:20:04,190
They just want his picture.

328
00:20:05,730 --> 00:20:06,890
God bless the O.C.

329
00:20:10,090 --> 00:20:15,990
What's up, dude?

330
00:20:18,010 --> 00:20:20,310
Ah, shit. I'm good, I'm good, I'm good.

331
00:20:20,650 --> 00:20:22,050
Uh, guess where I am.

332
00:20:27,110 --> 00:20:28,110
I'm not in Wisconsin.

333
00:20:28,190 --> 00:20:29,330
I'm in El Salvador.

334
00:20:29,730 --> 00:20:30,750
Can you guess why?

335
00:20:34,630 --> 00:20:35,630
Bitcoin,

336
00:20:36,870 --> 00:20:37,870
baby. Bitcoin.

337
00:20:41,490 --> 00:20:43,010
Dude, you can't make this shit up.

338
00:20:44,950 --> 00:20:49,110
I don't know.

339
00:20:53,310 --> 00:20:54,310
That's the God answer.

340
00:20:56,780 --> 00:21:02,520
In 2019, a former advertising executive
named Nayib Bukele docked the political

341
00:21:02,520 --> 00:21:05,320
establishment when he was elected
president of El Salvador.

342
00:21:05,800 --> 00:21:11,080
The crypto bro Prez changed his Twitter
handle to the coolest dictator in the

343
00:21:11,080 --> 00:21:16,920
world and bragged about casually buying
Bitcoin using the state treasury while

344
00:21:16,920 --> 00:21:17,920
sitting in the toilet.

345
00:21:18,660 --> 00:21:23,400
Bukele sold a bold vision of the country
as a revolutionary Bitcoin Switzerland.

346
00:21:25,580 --> 00:21:27,300
That would attract worldwide attention.

347
00:21:27,840 --> 00:21:29,360
Mr. President, thanks for joining us.

348
00:21:29,580 --> 00:21:32,380
Thank you, Tucker, for inviting me.
We're not condoning every single thing

349
00:21:32,380 --> 00:21:35,640
the El Salvador government has ever
done. I just think that them adopting

350
00:21:35,640 --> 00:21:38,380
Bitcoin is one of the best things that
you could possibly do for the nation.

351
00:21:39,620 --> 00:21:43,000
I wanted to see how much Bitcoin had
changed life in El Salvador.

352
00:21:45,260 --> 00:21:49,020
It was time to go shopping.

353
00:21:55,990 --> 00:21:57,190
Bitcoin? Bitcoin?

354
00:21:57,910 --> 00:21:58,910
Except on? No, no.

355
00:21:59,430 --> 00:22:00,650
Except on Bitcoin?

356
00:22:01,210 --> 00:22:02,210
No. Bitcoin?

357
00:22:02,430 --> 00:22:03,430
No.

358
00:22:03,950 --> 00:22:05,150
Except on Bitcoin?

359
00:22:06,390 --> 00:22:07,450
Bitcoin? No.

360
00:22:07,770 --> 00:22:10,730
Okay, I'll stop for a second. Okay.
Except on Bitcoin?

361
00:22:11,610 --> 00:22:12,810
No. No Bitcoin.

362
00:22:13,690 --> 00:22:15,390
Except on Bitcoin?

363
00:22:15,890 --> 00:22:16,890
No.

364
00:22:18,230 --> 00:22:19,410
Except on Bitcoin?

365
00:22:23,790 --> 00:22:25,210
The marketplace was a bust.

366
00:22:25,630 --> 00:22:28,690
But there was another prong in Bukele's
Bitcoin revolution.

367
00:22:29,030 --> 00:22:32,630
He claimed Bitcoin would save his
citizens millions in remittance fees

368
00:22:32,630 --> 00:22:35,290
when sending or receiving money from
overseas.

369
00:22:37,110 --> 00:22:39,610
It was a common argument for
pro-Bitcoiners.

370
00:22:39,830 --> 00:22:42,410
I think what a lot of people don't
understand in the United States is that

371
00:22:42,410 --> 00:22:46,090
a lot of people live in countries and
work in countries and they have to send

372
00:22:46,090 --> 00:22:50,470
money home. A lot of it's cross-border.
And that transaction fee in and of

373
00:22:50,470 --> 00:22:52,970
itself, transferring money, can run
you...

374
00:22:53,240 --> 00:22:57,760
10%. Nice idea, but reality painted a
different picture. According to the

375
00:22:57,760 --> 00:23:02,180
government's own figures, just 1.6% of
remittances were paid using Bitcoin.

376
00:23:06,360 --> 00:23:09,880
But Bukele, ever the salesman, refused
to concede defeat.

377
00:23:10,500 --> 00:23:12,620
Instead, he went bigger.

378
00:23:34,249 --> 00:23:41,110
In November 2021, Bukele announced what
he

379
00:23:41,110 --> 00:23:46,270
called Bitcoin City, a tax-free paradise
for coiners in eastern El Salvador.

380
00:23:46,570 --> 00:23:50,050
The showpiece city would be built in the
shadows of Conchagua volcano.

381
00:23:57,690 --> 00:23:59,740
Bukele. Love, the volcano.

382
00:24:05,980 --> 00:24:09,440
Since I was already in the country, I
figured, what the hell, might as well

383
00:24:09,440 --> 00:24:10,440
check it out.

384
00:24:20,420 --> 00:24:24,160
We drove more than a hundred miles to La
Union, on the eastern edge of the

385
00:24:24,160 --> 00:24:25,160
country.

386
00:24:25,500 --> 00:24:27,640
What we found was a sleepy fishing
village.

387
00:24:28,120 --> 00:24:32,220
and almost no evidence of any actual
development of this supposed city of

388
00:24:32,220 --> 00:24:33,220
gold.

389
00:24:33,740 --> 00:24:36,280
We did, however, meet a guy named
Corbin.

390
00:24:36,800 --> 00:24:40,520
This is the perfect location for that
dream and vision, and this is where I

391
00:24:40,520 --> 00:24:46,080
want to be for that reason of being the
first resident citizen of Bitcoin City.

392
00:24:47,140 --> 00:24:49,060
I'm an industrial designer.

393
00:24:49,320 --> 00:24:52,500
I've had hundreds of jobs and a few
careers in there.

394
00:24:52,910 --> 00:24:57,230
um in in all that time i'm asking the
question of what is money where is it

395
00:24:57,230 --> 00:25:03,110
coming from who's who's in control of it
bitcoin isn't just a vehicle for me to

396
00:25:03,110 --> 00:25:09,510
make money it's freedom one man casasita

397
00:25:09,510 --> 00:25:13,050
or uh or chiquita citadel

398
00:25:17,820 --> 00:25:23,880
Built it out of cinder blocks, poured a
concrete slab myself, and built it on it

399
00:25:23,880 --> 00:25:24,880
on myself.

400
00:25:25,280 --> 00:25:27,220
But this is just the earliest first
stage.

401
00:25:27,500 --> 00:25:32,260
I build up from here. As Bitcoin goes
up, my casa goes up.

402
00:25:33,480 --> 00:25:35,760
Outside over here is my bathroom.

403
00:25:38,200 --> 00:25:43,720
At first, I was met with disbelief.
Like, wait, why would you, an American

404
00:25:43,720 --> 00:25:46,080
gringo, want to come and live here?

405
00:25:47,080 --> 00:25:51,180
I don't know how to explain, you know,
well, things are going to change here,

406
00:25:51,300 --> 00:25:55,420
there's going to be a Bitcoin city over
there, a new airport, mucho turismo.

407
00:25:56,400 --> 00:26:01,720
I want to be here because I like it as
is and I like the potential of what's

408
00:26:01,720 --> 00:26:02,720
coming.

409
00:26:10,100 --> 00:26:13,800
There was only one problem with this
grand vision of Bitcoin City.

410
00:26:15,240 --> 00:26:17,260
The people who were living there were in
the way.

411
00:26:26,040 --> 00:26:28,220
Wilfredo Claros is a fisherman by trade.

412
00:26:28,520 --> 00:26:31,460
He and his family have lived in La Union
for generations.

413
00:26:31,940 --> 00:26:35,340
But now the community is being
threatened with displacement so that the

414
00:26:35,340 --> 00:26:38,060
airport to service Bitcoin City can be
built on their land.

415
00:26:38,640 --> 00:26:42,780
In exchange for leaving, the government
has offered Wilfredo a fraction of what

416
00:26:42,780 --> 00:26:43,780
his property is worth.

417
00:26:44,870 --> 00:26:47,430
He has been told the offer is take it or
leave it.

418
00:27:14,280 --> 00:27:19,360
Because it's part of our generation, of
our life, of our being.

419
00:27:19,960 --> 00:27:24,440
And that's what's going to hurt us one
day, to see that this is destroyed.

420
00:27:24,840 --> 00:27:26,760
It doesn't make any sense.

421
00:27:28,180 --> 00:27:31,120
So you don't use Bitcoin?

422
00:27:31,480 --> 00:27:35,520
I've seen many people who have tried
Bitcoin and it hasn't worked.

423
00:27:45,730 --> 00:27:48,790
Your sister is muy inteligente.

424
00:27:49,430 --> 00:27:56,050
It was clear to me that Bukele's sales
pitch of a Bitcoin-embracing nation

425
00:27:56,050 --> 00:27:57,210
was full of holes.

426
00:27:57,770 --> 00:28:01,730
It felt like a pumped-up marketing
scheme with little substance behind it.

427
00:28:01,990 --> 00:28:04,350
Was it designed to put El Salvador on
the map?

428
00:28:05,680 --> 00:28:06,780
or just Bukele.

429
00:28:07,280 --> 00:28:12,080
Never before I could have done something
that would impact 10 million lives.

430
00:28:12,820 --> 00:28:16,900
Why would I do this if it wasn't for the
legacy to change this country?

431
00:28:36,490 --> 00:28:37,449
Got a visitor.

432
00:28:37,450 --> 00:28:39,330
Hi. Good morning.

433
00:28:43,410 --> 00:28:47,510
After leaving El Salvador, I made my way
to London, where Moreno was shooting a

434
00:28:47,510 --> 00:28:48,510
new film.

435
00:28:48,550 --> 00:28:52,570
The whole family had come along for the
ride, and my crypto journey was put on

436
00:28:52,570 --> 00:28:53,570
hold.

437
00:28:54,250 --> 00:28:56,290
To be honest, I was fine with it.

438
00:28:57,050 --> 00:28:59,350
I needed a break from Bitcoin sleuthing.

439
00:29:00,290 --> 00:29:02,310
It was time to get back to something
real.

440
00:29:04,410 --> 00:29:05,410
Showbiz.

441
00:29:13,130 --> 00:29:14,210
Is it right if I come in?

442
00:29:14,590 --> 00:29:15,590
How does it work?

443
00:29:16,170 --> 00:29:19,050
All right. I'm going to hit you.
Hollywood thing.

444
00:29:21,430 --> 00:29:22,610
Isn't it nice? Is this yours?

445
00:29:22,830 --> 00:29:25,310
Like, is this the one that you go to?
Yes, this is mine.

446
00:29:26,090 --> 00:29:27,150
Jerry is next door.

447
00:29:28,110 --> 00:29:29,110
Jerry Bowers.

448
00:29:30,190 --> 00:29:31,750
The Jerry Bowers. Yes.

449
00:29:32,390 --> 00:29:34,070
This is Sparta!

450
00:29:36,150 --> 00:29:37,250
I don't want to annoy him.

451
00:29:40,210 --> 00:29:43,050
Don't talk to him about it. What do you
think Jerry Butler thinks about Cripple

452
00:29:43,050 --> 00:29:44,570
Currency? I haven't asked.

453
00:29:45,890 --> 00:29:47,330
I made a ton of money on it.

454
00:29:47,770 --> 00:29:50,010
Yeah, yeah. Like, really. I've done
really well.

455
00:29:50,230 --> 00:29:52,050
Really, really, really well.

456
00:29:52,350 --> 00:29:53,370
Out of it. Yeah.

457
00:29:53,590 --> 00:29:54,590
Wow. So far.

458
00:29:54,850 --> 00:29:57,150
Yeah. But I don't know anything about
it.

459
00:29:57,450 --> 00:29:59,790
Well, it doesn't matter, right? It
doesn't matter.

460
00:30:01,310 --> 00:30:03,110
Absolutely. How are you doing?

461
00:30:03,390 --> 00:30:06,130
Yeah, I'm all right. I'll tell you what
I'm doing. You see it?

462
00:30:06,510 --> 00:30:07,510
Yeah, yeah.

463
00:30:08,840 --> 00:30:09,840
I guess a documentary.

464
00:30:10,940 --> 00:30:15,340
You know, trying to get the word out. I
mean, it's hard because it's so

465
00:30:15,340 --> 00:30:20,260
successful and so many people made so
much money on it. So it's kind of hard

466
00:30:20,260 --> 00:30:21,260
to get that story out.

467
00:30:21,700 --> 00:30:23,900
Are you still acting?

468
00:30:25,540 --> 00:30:29,180
Yeah. Yeah? No, I did a pilot.

469
00:30:30,100 --> 00:30:31,100
Oh, nice.

470
00:30:31,160 --> 00:30:32,160
It didn't go.

471
00:30:32,640 --> 00:30:33,640
No.

472
00:30:58,730 --> 00:31:00,530
Maybe Gerard Butler was right.

473
00:31:01,490 --> 00:31:05,850
As long as everyone was getting rich on
this Bitcoin stuff, why bother to

474
00:31:05,850 --> 00:31:07,210
understand how it actually works?

475
00:31:29,060 --> 00:31:30,120
Yeah What's that?

476
00:31:30,480 --> 00:31:32,020
Yeah, that's it. I do remember.

477
00:31:32,340 --> 00:31:35,500
Do you remember that? Yeah, maybe 10, 12
years ago. 20.

478
00:31:35,720 --> 00:31:37,800
20? Yeah. That makes me feel old.

479
00:31:38,040 --> 00:31:39,120
That makes me feel old.

480
00:31:39,880 --> 00:31:40,779
What's your name?

481
00:31:40,780 --> 00:31:41,780
Scott.

482
00:31:42,060 --> 00:31:43,680
Scott Ben. Scott Ben.

483
00:31:43,900 --> 00:31:46,780
What are you doing now?

484
00:31:47,420 --> 00:31:50,440
This. I'm filming a documentary.

485
00:31:51,160 --> 00:31:52,160
Yeah.

486
00:31:52,380 --> 00:31:53,560
What's your documentary about?

487
00:31:53,920 --> 00:31:55,680
It's about cryptocurrency.

488
00:31:57,419 --> 00:31:58,960
Yeah. Do you know anything about it?

489
00:31:59,400 --> 00:32:00,400
Yeah, a little bit.

490
00:32:00,580 --> 00:32:02,920
I've seen her put money on it once.
Yeah.

491
00:32:03,280 --> 00:32:04,800
I fell for a hundred pounds.

492
00:32:05,020 --> 00:32:08,740
Yeah. And probably six months made lots
of money. Why?

493
00:32:10,060 --> 00:32:11,780
Because she asked me for more money.

494
00:32:12,160 --> 00:32:13,160
Really?

495
00:32:13,340 --> 00:32:16,440
Really. I didn't get any money back.

496
00:32:17,720 --> 00:32:20,860
I don't know anything about it. I'm a
scaffold. I've got no clue about

497
00:32:20,860 --> 00:32:22,900
anything like that. Was it from an
advert?

498
00:32:23,140 --> 00:32:27,060
Yeah, yeah, yeah. From an Instagram
advert, yeah. I saw somebody advertising

499
00:32:27,060 --> 00:32:31,280
it, telling you how to make money and
blah, blah. So I went on. I started

500
00:32:31,280 --> 00:32:33,000
trading things.

501
00:32:33,240 --> 00:32:36,920
Give us the real money and we'll give
you the other stuff.

502
00:32:37,920 --> 00:32:38,839
Yeah, exactly.

503
00:32:38,840 --> 00:32:41,260
It's the future of money. We just need
the real stuff right now.

504
00:32:41,820 --> 00:32:42,980
Gerard Butler was honest.

505
00:32:43,500 --> 00:32:45,060
He had just gotten lucky with Bitcoin.

506
00:32:45,840 --> 00:32:50,060
But I had to believe there were more
Scott the scaffolders out there regular

507
00:32:50,060 --> 00:32:54,580
people trying to make an extra buck and
getting scammed I Had to keep going

508
00:32:54,580 --> 00:33:00,700
Where to begin

509
00:33:00,700 --> 00:33:05,880
it felt like crypto was everywhere the
virus spreading in infinite directions

510
00:33:15,340 --> 00:33:18,200
We can just make as many tokens as your
heart desires.

511
00:33:18,540 --> 00:33:23,140
There were so many promising crypto
coins out there, with names like

512
00:33:23,140 --> 00:33:26,900
Internet Computer, Bonk, and Cum
Rockets.

513
00:33:27,240 --> 00:33:30,260
In the crypto community, they were known
as shit coins.

514
00:33:31,560 --> 00:33:37,660
And with the frenzy in full effect,
trying to figure out where to go next

515
00:33:37,660 --> 00:33:38,660
was daunting.

516
00:33:41,800 --> 00:33:45,420
We do know that Elon Musk is a huge
proponent of Dogecoin and says that it

517
00:33:45,420 --> 00:33:47,100
could really become the world's
currency.

518
00:34:27,469 --> 00:34:29,489
We need someone to help us with our
financial life.

519
00:34:31,409 --> 00:34:36,090
And normally we trust people that we
think are acting in our best interest.

520
00:34:36,949 --> 00:34:40,290
But what if these people are not acting
in our best interest? What if their

521
00:34:40,290 --> 00:34:44,409
interest is exactly the opposite of
ours? Should we continue giving them our

522
00:34:44,409 --> 00:34:46,750
money? Or should we take the money and
put it somewhere else?

523
00:34:47,670 --> 00:34:52,310
Celsius Network, we decided to create a
replacement for the banking system.

524
00:34:53,650 --> 00:34:56,150
We have 1.2 million customers.

525
00:34:56,760 --> 00:35:01,600
and we're adding about $100,000 a month,
we've paid a billion dollars back to the

526
00:35:01,600 --> 00:35:05,340
community in interest. That's probably
more than some of the largest banks in

527
00:35:05,340 --> 00:35:08,820
the world. It just shows you how banks
are not your friends.

528
00:35:09,360 --> 00:35:10,740
But Alex is your friend?

529
00:35:11,240 --> 00:35:12,240
Yes.

530
00:35:12,920 --> 00:35:17,300
Celsius sought to upend the banking
system, led by its founder, Alex

531
00:35:17,300 --> 00:35:18,300
Mashinsky.

532
00:35:19,060 --> 00:35:23,440
Rather than keep the profits for
themselves, like most banks, Alex wanted

533
00:35:23,440 --> 00:35:25,080
to give that money back to the users.

534
00:35:29,320 --> 00:35:31,580
But this new model for a bank had a
fatal flaw.

535
00:35:33,120 --> 00:35:34,340
Celsius was not a bank.

536
00:35:35,020 --> 00:35:36,620
It even said so on its website.

537
00:35:36,900 --> 00:35:40,160
You know, in the very small print at the
bottom of the page.

538
00:35:41,580 --> 00:35:42,620
Not shady at all.

539
00:35:43,580 --> 00:35:47,100
If something happened to Celsius, your
money might be gone forever.

540
00:35:48,540 --> 00:35:51,500
A real, licensed U.S. bank is just the
opposite.

541
00:35:51,760 --> 00:35:56,120
If the bank goes under, our government
steps in to cover the loss.

542
00:35:56,320 --> 00:36:00,040
The system works because people trust
it. and they trust it because it works.

543
00:36:02,200 --> 00:36:06,720
Mashinsky claimed to have built a better
bank, but I suspected he had created

544
00:36:06,720 --> 00:36:08,000
something far more dangerous.

545
00:36:23,500 --> 00:36:26,700
It was time to take my film crew to meet
Alex Mashinsky.

546
00:36:27,600 --> 00:36:30,660
As luck would have it, he happened to be
in my hometown.

547
00:36:37,500 --> 00:36:39,640
The clothing brand Poopy and Pooper?

548
00:36:40,000 --> 00:36:41,680
That guy's definitely in the grips of
that.

549
00:36:43,620 --> 00:36:46,200
South By featured the bleeding edge of
technology.

550
00:36:46,600 --> 00:36:51,740
Things like virtual reality, pickleball,
and

551
00:36:51,740 --> 00:36:54,680
the CIA.

552
00:36:55,660 --> 00:36:59,120
What you're going to do is press and
hold that A button.

553
00:36:59,400 --> 00:37:00,560
Or B button, sorry.

554
00:37:00,760 --> 00:37:01,558
Hold this button?

555
00:37:01,560 --> 00:37:02,560
Yeah.

556
00:37:03,320 --> 00:37:04,320
Whoa.

557
00:37:08,020 --> 00:37:10,480
I don't know if you guys are aware of
the CIS podcast.

558
00:37:11,540 --> 00:37:12,900
The CIS podcast?

559
00:37:13,160 --> 00:37:14,480
Yeah, we do. Check it out.

560
00:37:15,200 --> 00:37:19,520
As I made my way to the Celsius booth, I
decided I would play the role of a

561
00:37:19,520 --> 00:37:21,600
gullible actor stumbling onto crypto.

562
00:37:22,980 --> 00:37:24,040
Should be easy enough.

563
00:37:26,930 --> 00:37:31,730
Yeah, I was on the UC and then I did a
show called Southland, which was a LA

564
00:37:31,730 --> 00:37:32,730
cop show.

565
00:37:32,990 --> 00:37:34,050
What are you guys doing here?

566
00:37:34,750 --> 00:37:36,510
We're Crypto. We're Celsius.

567
00:37:36,790 --> 00:37:38,170
Oh, right, right, right.

568
00:37:38,830 --> 00:37:39,669
That's us.

569
00:37:39,670 --> 00:37:40,670
That's you guys? Yeah.

570
00:37:41,010 --> 00:37:42,110
That's our logo.

571
00:37:42,870 --> 00:37:44,250
Oh. I'm the CEO.

572
00:37:45,310 --> 00:37:46,490
Oh, my God.

573
00:37:47,670 --> 00:37:48,670
You're in the right place.

574
00:37:48,810 --> 00:37:49,890
Yeah, so what does it do?

575
00:37:50,510 --> 00:37:51,510
What does Celsius do?

576
00:37:52,940 --> 00:37:56,380
Basically do the opposite of what banks
do. Anything a bank does, we do the

577
00:37:56,380 --> 00:37:57,380
opposite. Okay.

578
00:37:57,640 --> 00:37:59,680
Okay, they charge you a fee, we don't
charge you a fee.

579
00:38:00,080 --> 00:38:02,160
How do you make money then? We pay you
interest.

580
00:38:02,400 --> 00:38:03,580
Okay, how do you make money then?

581
00:38:04,860 --> 00:38:07,680
Banks make a lot of money. They don't
want to give it to you, they give it to

582
00:38:07,680 --> 00:38:08,419
their shareholders.

583
00:38:08,420 --> 00:38:10,160
Uh-huh, uh-huh. We give it to our
community.

584
00:38:10,520 --> 00:38:13,680
We take all the profits and give it to
our community. It's like a community

585
00:38:13,680 --> 00:38:16,240
bank. Except it's not a bank.

586
00:38:17,280 --> 00:38:19,760
So has Celsius experienced any legal
trouble?

587
00:38:20,910 --> 00:38:23,410
I don't know what you mean by legal
trouble.

588
00:38:23,770 --> 00:38:27,630
Well, legal proceedings. Has anybody
sued you guys? Have you had any fines or

589
00:38:27,630 --> 00:38:31,890
anything? There's no financial
institution that is not getting

590
00:38:31,890 --> 00:38:33,410
inspected by all these agents.

591
00:38:33,710 --> 00:38:39,470
Every day. I'm not hearing a no. I'm
just asking you an honest question. The

592
00:38:39,470 --> 00:38:40,328
answer is no.

593
00:38:40,330 --> 00:38:44,250
The answer was, in fact, yes.

594
00:38:44,870 --> 00:38:48,930
Celsius was facing legal action in
multiple states. New Jersey, Alabama,

595
00:38:49,230 --> 00:38:50,230
and even Texas.

596
00:38:51,279 --> 00:38:55,360
So what do you say to the people who
have been scammed in crypto? Obviously,

597
00:38:55,360 --> 00:38:56,319
they're happy people.

598
00:38:56,320 --> 00:38:58,660
We can all acknowledge that. So what do
you say to those?

599
00:38:58,940 --> 00:39:00,960
What's the solution to that? How do we
fix that?

600
00:39:02,080 --> 00:39:05,860
On Twitter asked me, Alex, how come all
these cameras are coming to crypto? I'm

601
00:39:05,860 --> 00:39:09,020
like, you left the door open, you left
the window open. Of course they're going

602
00:39:09,020 --> 00:39:11,280
to come and steal from you. So it's
maybe sort of their fault.

603
00:39:13,000 --> 00:39:14,000
It's not just that.

604
00:39:14,100 --> 00:39:17,400
If you left money on the street, do you
expect it to be there in the morning?

605
00:39:17,520 --> 00:39:20,660
It's not just that. I think a lot of
this has to do with easy money and

606
00:39:20,660 --> 00:39:26,680
fraud. They go hand in hand. Because as
soon as you say, I want to park my

607
00:39:26,680 --> 00:39:28,000
currency with you.

608
00:39:28,660 --> 00:39:29,840
Toward the end of our conversation.

609
00:39:30,360 --> 00:39:32,560
with the video off but the audio still
rolling.

610
00:39:32,960 --> 00:39:36,540
I asked him how much real money he
thought was in the crypto system.

611
00:39:36,760 --> 00:39:40,500
It was

612
00:39:40,500 --> 00:39:47,340
a jaw-droppingly low number,

613
00:39:47,420 --> 00:39:51,600
and mildly concerning as the crypto
market had been booming for years.

614
00:39:52,150 --> 00:39:55,990
Cryptocurrency is going mainstream with
a total market cap of nearly $3

615
00:39:55,990 --> 00:39:56,990
trillion.

616
00:39:57,490 --> 00:40:01,390
MasterCard says now any banker merchant
on its network will soon be able to

617
00:40:01,390 --> 00:40:02,390
offer crypto services.

618
00:40:02,690 --> 00:40:06,610
Bitcoin investors feeling good as hell
today. The crypto coin reaching an all

619
00:40:06,610 --> 00:40:09,290
-time high of $68,000.

620
00:40:09,570 --> 00:40:13,370
We do see Bitcoin going up and up and
up. It's amazing. It's amazing. Where is

621
00:40:13,370 --> 00:40:17,030
it going? It's probably going to
$100,000 and $150,000 and $200,000.

622
00:40:17,410 --> 00:40:18,690
It made zero sense.

623
00:40:22,660 --> 00:40:24,900
Maybe it was time to meet my mysterious
friend.

624
00:40:33,220 --> 00:40:36,940
Hey, this is Dave. I can't come to the
phone right now, but leave your name and

625
00:40:36,940 --> 00:40:39,220
number and I'll get back to you as soon
as I can. Thanks.

626
00:40:42,500 --> 00:40:43,840
Dave, it's your boy.

627
00:40:44,400 --> 00:40:46,580
I'm down in Florida meeting with some
random guy.

628
00:40:48,060 --> 00:40:51,540
I met from the internet who says all of
cryptocurrency is a scam.

629
00:40:53,260 --> 00:40:54,260
So don't come back alive.

630
00:40:55,340 --> 00:40:56,340
I love you.

631
00:41:00,640 --> 00:41:02,060
It's really nice to meet you. You too.

632
00:41:02,260 --> 00:41:04,000
Yeah, thank you for doing this. Yeah, no
problem.

633
00:41:04,700 --> 00:41:05,700
Okay,

634
00:41:06,480 --> 00:41:07,880
so let's start with how you got started.

635
00:41:08,300 --> 00:41:13,660
How did you fall into this crypto rabbit
hole? My background is I used to do

636
00:41:13,660 --> 00:41:17,740
video game hacking and reverse
engineering. I was basically printing my

637
00:41:17,740 --> 00:41:19,000
own money for video games.

638
00:41:19,360 --> 00:41:22,340
So you started off as someone, a
professional cheater.

639
00:41:22,600 --> 00:41:24,660
Yeah, I was basically, yeah, I was
cheating in video games, yes.

640
00:41:25,300 --> 00:41:30,400
Inevitably, I got caught, and I got
banned for 30 years. But what I learned

641
00:41:30,400 --> 00:41:35,040
is that it's the same bullshit, you
know, as crypto.

642
00:41:35,260 --> 00:41:36,260
Right.

643
00:41:36,360 --> 00:41:39,740
You've been exposing crypto fraud since
2016?

644
00:41:40,380 --> 00:41:43,820
I would say when I first started, it was
going to be March of 2017.

645
00:41:44,080 --> 00:41:48,380
I had some suspicions early, and once I
started digging a little bit deeper, I'm

646
00:41:48,380 --> 00:41:50,740
like, okay, this is bad, this is fraud.

647
00:41:51,210 --> 00:41:54,590
Why do you think that is? I personally
believe the entire market is really

648
00:41:54,590 --> 00:41:56,390
controlled by fewer than 20 people.

649
00:41:56,650 --> 00:42:00,530
And they can make the price go to
whatever they want.

650
00:42:00,770 --> 00:42:05,510
How? Let's say you have two accounts and
you want the price to go up.

651
00:42:06,170 --> 00:42:10,230
So all you do is trade between your two
accounts and you can basically just walk

652
00:42:10,230 --> 00:42:11,230
the price up.

653
00:42:13,460 --> 00:42:17,100
So they control both sides of the trade.
Right. And then someone else that's on

654
00:42:17,100 --> 00:42:19,900
the outside doesn't realize, and they
see the price is going up, it's gone up

655
00:42:19,900 --> 00:42:23,500
15% in the past 15 minutes, and they go
ahead and they buy in.

656
00:42:25,220 --> 00:42:28,780
Those are the suckers, basically, coming
in, not realizing that it was just one

657
00:42:28,780 --> 00:42:31,140
guy with two accounts making the price
go up.

658
00:42:31,440 --> 00:42:37,060
Between 90% and 95% of all the crypto
trading, that's all it is.

659
00:42:37,420 --> 00:42:41,760
Now, the other 5% is only in there
because they think that the other 90% to

660
00:42:41,760 --> 00:42:42,780
95% is in real.

661
00:42:43,190 --> 00:42:44,190
Which it's not.

662
00:42:45,630 --> 00:42:49,010
So now the people pumping up the price
can sell their tokens.

663
00:42:51,250 --> 00:42:52,830
And everybody else gets screwed.

664
00:42:54,150 --> 00:42:55,150
Yes, that's it.

665
00:42:58,150 --> 00:43:03,330
So if 90 to 95% of the trading is fake,
is that the social media activity?

666
00:43:03,530 --> 00:43:04,530
Is that also fake?

667
00:43:04,710 --> 00:43:05,669
It's paid for.

668
00:43:05,670 --> 00:43:10,410
A lot of it is paid for. A lot of it are
actually bots. It stands for 24-7.

669
00:43:15,950 --> 00:43:18,890
But the thing is, a lot of these crypto
influencers are actually paid by the

670
00:43:18,890 --> 00:43:19,769
scammers themselves.

671
00:43:19,770 --> 00:43:20,770
What are they paid in?

672
00:43:21,150 --> 00:43:22,990
Dollars. Not crypto.

673
00:43:23,270 --> 00:43:28,370
Well, basically everybody inside of
crypto is winning except for the regular

674
00:43:28,370 --> 00:43:30,610
people that put their money on it. Yeah,
the regular people that they don't

675
00:43:30,610 --> 00:43:32,350
realize that it's all a facade.

676
00:43:32,770 --> 00:43:34,550
Right. They're the ones holding it back.
Yeah.

677
00:43:36,390 --> 00:43:38,090
Celsius had a coin called Cell.

678
00:43:38,750 --> 00:43:42,590
Its price had exploded, growing by a
factor of 10 in less than a year.

679
00:43:43,470 --> 00:43:47,510
If Bitfinex was right... Then once the
insiders took their money off the table,

680
00:43:47,730 --> 00:43:49,130
a crash was inevitable.

681
00:43:50,310 --> 00:43:52,650
Crypto obviously right now getting
crushed.

682
00:43:52,890 --> 00:43:55,130
Tonight, a massive sell-off of
cryptocurrency.

683
00:43:55,470 --> 00:43:59,750
The price of Bitcoin plunging to its
lowest level in 16 months.

684
00:43:59,970 --> 00:44:04,550
The numbers are sending some investors
spiraling, tearing, they can lose it

685
00:44:04,550 --> 00:44:05,550
all.

686
00:44:06,910 --> 00:44:09,470
The market's collapse was shockingly
swift.

687
00:44:10,450 --> 00:44:14,190
And rumors were circulating about
Celsius going under. You don't need...

688
00:44:15,210 --> 00:44:18,290
find something better because there
isn't anything better. We allow people

689
00:44:18,290 --> 00:44:21,510
to withdraw hundreds of millions of
dollars every week. Anyone who wants to

690
00:44:21,510 --> 00:44:22,710
withdraw has no problem.

691
00:44:25,090 --> 00:44:30,810
So breaking news, the cryptocurrency
platform Celsius, they are stopping

692
00:44:30,810 --> 00:44:35,650
withdrawals. CEO Alex Machinsky now
saying in a statement, this is the right

693
00:44:35,650 --> 00:44:38,110
decision for our community and company.

694
00:44:38,350 --> 00:44:43,490
This whole idea of banks are evil and
then becoming a worse bank is kind of

695
00:44:43,490 --> 00:44:44,490
the...

696
00:44:44,590 --> 00:44:45,670
headline story with Celsius.

697
00:44:46,050 --> 00:44:49,670
And the price pumping tricks that
Bitfinex laid out were spot on.

698
00:44:49,930 --> 00:44:54,370
They're saying that management was
manipulating the price of the Celsius

699
00:44:54,370 --> 00:44:57,570
token. They were absolutely trading the
token to manipulate the price.

700
00:44:58,290 --> 00:45:02,190
As more details emerged, it was clear
that Celsius was never profitable.

701
00:45:02,490 --> 00:45:05,830
It merely took money from the new
customers to pay the old ones.

702
00:45:07,750 --> 00:45:11,570
Mashinsky and his crew reportedly
withdrew millions before filing for

703
00:45:11,570 --> 00:45:15,550
bankruptcy. To make matters worse,
Mashinsky's wife started selling a new

704
00:45:15,550 --> 00:45:17,410
take on the classic Celsius T-shirt.

705
00:45:17,870 --> 00:45:20,430
It read, Unbankrupt Yourself.

706
00:45:21,330 --> 00:45:23,210
The people who were scammed were pissed.

707
00:45:26,270 --> 00:45:27,670
I set up a few Zoom calls.

708
00:45:29,310 --> 00:45:34,770
Um, how are you? Can you hear me? You've
caught up, or you've grown up.

709
00:45:35,030 --> 00:45:36,230
I can hear you.

710
00:45:36,450 --> 00:45:37,450
We're out in the desert.

711
00:45:37,730 --> 00:45:40,450
Would you mind tilting your camera up
just a little bit? I'm having trouble

712
00:45:40,450 --> 00:45:41,450
seeing your face.

713
00:45:41,770 --> 00:45:42,770
Ah, I can hear you.

714
00:45:43,320 --> 00:45:47,200
There we go. I think it was connected to
my Xbox for some reason.

715
00:45:48,080 --> 00:45:49,240
Did you say you're in Texas?

716
00:45:50,320 --> 00:45:51,680
Yeah, yeah, I'm in Fort Worth.

717
00:45:52,200 --> 00:45:53,680
Oh, cool. I grew up in Austin.

718
00:45:54,020 --> 00:45:55,840
Yeah. I grew up in Austin, man.

719
00:45:56,220 --> 00:45:58,520
Oh, I like your shirt. What does it say?
In crypto.

720
00:45:59,140 --> 00:46:00,920
Oh, in crypto we trust.

721
00:46:01,440 --> 00:46:02,440
Nice.

722
00:46:02,880 --> 00:46:04,120
In crypto we trust.

723
00:46:04,760 --> 00:46:06,960
Yeah, just not so much Alex Leshavinsky.

724
00:46:08,900 --> 00:46:11,940
What initially attracted you to it? You
said you're friends.

725
00:46:12,880 --> 00:46:15,920
We're investing in Celsius. We're
encouraging you to invest. Do you

726
00:46:15,920 --> 00:46:17,420
remember why you first invested?

727
00:46:17,780 --> 00:46:21,220
My idea wasn't just to get rich and get
big. I just wanted to have good

728
00:46:21,220 --> 00:46:23,140
investments for my future and be able to
build.

729
00:46:23,440 --> 00:46:27,060
I was trying to get myself set up for
retirement.

730
00:46:27,420 --> 00:46:31,180
I saw Celsius as an opportunity to make
a lot of interest.

731
00:46:31,580 --> 00:46:35,640
Maybe even find a way to where I'm not
having to work as many hours a week or

732
00:46:35,640 --> 00:46:38,220
something just so I could spend more
time with my daughter.

733
00:46:42,490 --> 00:46:49,350
I thought that I was going to get to a
point where I would be

734
00:46:49,350 --> 00:46:51,110
able to live off the interest, you know?

735
00:46:52,130 --> 00:46:56,090
And none of it was ever even there.

736
00:46:56,510 --> 00:46:58,450
Do you remember when you heard Celsius
collapsed?

737
00:46:59,930 --> 00:47:03,750
I was crying. My wife was upset. My kid
was too young to know what's going on.

738
00:47:04,310 --> 00:47:06,050
But we lost a lot of money that day.

739
00:47:06,390 --> 00:47:09,010
The amount that he hosed everybody is
just...

740
00:47:09,370 --> 00:47:10,390
Yeah. Sheesh.

741
00:47:10,650 --> 00:47:15,090
Yeah, but whenever all of that had
happened, nobody knew what was going on.

742
00:47:15,170 --> 00:47:20,090
And the way that Celsius was being
painted to us was that, you know, it was

743
00:47:20,090 --> 00:47:21,090
safer than a bank.

744
00:47:21,250 --> 00:47:25,010
How could this possibly be an obvious
scam given that, you know, there's all

745
00:47:25,010 --> 00:47:26,010
these people behind it?

746
00:47:26,450 --> 00:47:30,410
I thought there was no risk with Celsius
because they said that they were keeping

747
00:47:30,410 --> 00:47:31,410
our funds safe.

748
00:47:31,570 --> 00:47:33,050
You know, we're U.S. approved.

749
00:47:33,290 --> 00:47:37,970
We're SEC, whatever, approved. Trust us.
We, you know.

750
00:47:38,540 --> 00:47:41,140
We have risk mitigation in place.
Everything is fine.

751
00:47:41,420 --> 00:47:43,460
It gave the impression of security.

752
00:47:43,720 --> 00:47:48,920
I just never crossed paths with such a
criminal, you know. It's just a

753
00:47:48,920 --> 00:47:52,140
criminal, true and true. I will take the
hit.

754
00:47:52,340 --> 00:47:55,720
If I could ever meet that dude, I will
pull my pants down and piss on that guy.

755
00:47:56,760 --> 00:48:01,260
With Alex, the difference between what
he was saying and what he was actually

756
00:48:01,260 --> 00:48:03,240
doing is just vast.

757
00:48:03,560 --> 00:48:07,580
It was Bernie Madoff-level, you know,
fraud.

758
00:48:07,950 --> 00:48:11,710
When you meet him in person, he just
gave off Carnival Barker vibes to me.

759
00:48:11,930 --> 00:48:17,790
I wonder if you were able to see a side
of him in person that I wasn't seeing on

760
00:48:17,790 --> 00:48:19,050
the videos.

761
00:48:19,610 --> 00:48:23,530
Given that Machensky was running this
fraud, do you think that the Celsius

762
00:48:23,530 --> 00:48:24,970
community was a real thing?

763
00:48:25,390 --> 00:48:26,390
No. No.

764
00:48:27,430 --> 00:48:31,190
For me, personally, Celsius doesn't
really have a community. It's just got a

765
00:48:31,190 --> 00:48:33,030
very long list of victims.

766
00:48:33,550 --> 00:48:36,670
I have a question for you. Have you seen
the creditor list?

767
00:48:38,290 --> 00:48:41,110
Not in any great detail. Why?

768
00:48:41,630 --> 00:48:43,370
Let me see if I can share my screen for
this.

769
00:48:43,690 --> 00:48:49,030
So this is the list of people that are
owed money by selfies.

770
00:48:49,470 --> 00:48:55,370
And if you just, I don't know, go into
A, for example, it just goes on and on

771
00:48:55,370 --> 00:48:58,370
and on. Oh, my God. I'm on page 588.

772
00:48:58,690 --> 00:49:03,950
So I think the 1,388 pages are just the
people with names starting with A.

773
00:49:07,080 --> 00:49:09,360
Put money into selfies is astronomical.

774
00:49:09,720 --> 00:49:10,720
It's huge.

775
00:49:11,340 --> 00:49:16,940
One question we're asking everyone is
how did losing the money affect you, if

776
00:49:16,940 --> 00:49:17,759
at all?

777
00:49:17,760 --> 00:49:20,680
I mean, it seems silly, but I was more
focused on just like the embarrassment

778
00:49:20,680 --> 00:49:24,020
than the actual financial implication.

779
00:49:24,440 --> 00:49:28,240
Yeah, I just kind of remember thinking,
well, this is going to push my

780
00:49:28,240 --> 00:49:29,360
retirement back a few years.

781
00:49:30,280 --> 00:49:35,780
It was mostly just a shot at freedom,
you know?

782
00:49:36,280 --> 00:49:41,640
I shot it a little bit more claiming of
my time back and that time I can't get

783
00:49:41,640 --> 00:49:42,740
with my daughter back.

784
00:49:43,680 --> 00:49:45,760
I just had so many plans, you know.

785
00:49:47,420 --> 00:49:50,480
I'm sorry. I feel like I let it down big
time.

786
00:49:51,120 --> 00:49:52,120
Yeah.

787
00:49:52,580 --> 00:49:53,580
I'm sorry, man.

788
00:49:55,060 --> 00:49:55,738
It's okay.

789
00:49:55,740 --> 00:49:57,300
I'm totally at peace with it, you know.

790
00:49:57,740 --> 00:50:01,040
It just sucks that that one thing had to
kick my plan in the shin.

791
00:50:01,680 --> 00:50:02,940
Yeah. Yeah.

792
00:50:03,760 --> 00:50:05,660
Life has a way of doing that, doesn't
it, sometimes?

793
00:50:06,060 --> 00:50:07,060
Yeah.

794
00:50:13,460 --> 00:50:17,760
The false story of Celsius was
predicated on a fundamental truth that

795
00:50:17,760 --> 00:50:18,760
our system is flawed.

796
00:50:19,700 --> 00:50:24,300
But Celsius didn't offer a better
solution, merely a way to tap into

797
00:50:24,300 --> 00:50:27,280
people's anger and funnel their money
into a Ponzi scheme.

798
00:50:31,850 --> 00:50:34,210
Our current financial system is far from
perfect.

799
00:50:34,930 --> 00:50:37,870
But at the very least, it's built on
centuries of trust.

800
00:50:39,290 --> 00:50:41,770
Because the economy is something we all
contribute to.

801
00:50:43,010 --> 00:50:47,730
So in the end, for our economy to work,
we are essentially trusting ourselves

802
00:50:47,730 --> 00:50:49,450
and each other.

803
00:51:21,680 --> 00:51:25,000
After Celsius blew up, dozens of other
companies also went down.

804
00:51:26,220 --> 00:51:28,360
It was dubbed the crypto winter.

805
00:51:29,340 --> 00:51:31,680
The industry appeared on the verge of
collapse.

806
00:51:32,400 --> 00:51:34,240
Only one man could save it.

807
00:51:34,500 --> 00:51:38,600
The crypto world is now going to get a
bailout, and it's coming from one of

808
00:51:38,600 --> 00:51:39,600
their own.

809
00:51:39,720 --> 00:51:44,460
Sam Bankman Freed is really becoming the
industry's lifeline during a crisis

810
00:51:44,460 --> 00:51:49,500
lately. The CEO of FTX is behind
hundreds of millions of dollars in

811
00:51:49,500 --> 00:51:50,500
emergency loans.

812
00:51:50,730 --> 00:51:52,290
He was everywhere.

813
00:51:52,810 --> 00:51:58,190
Joining me now is Sam Bankman-Fried.
He's the 29-year-old gazillionaire, FTX

814
00:51:58,190 --> 00:52:03,230
founder and CEO of Sam Bankman-Fried,
amassing an astonishing $22.5 billion

815
00:52:03,230 --> 00:52:08,690
fortune. I mean, it is, to me, amazing
that, like, three years ago, nobody knew

816
00:52:08,690 --> 00:52:09,468
who you were.

817
00:52:09,470 --> 00:52:14,110
And now your business is, like, one of
the fastest-growing businesses in the

818
00:52:14,110 --> 00:52:15,110
history of the planet.

819
00:52:15,590 --> 00:52:17,770
Sam was the unlikeliest of billionaires.

820
00:52:18,090 --> 00:52:20,150
Tussled hair, T-shirt, and cargo shorts.

821
00:52:20,670 --> 00:52:22,230
He made his billions trading crypto.

822
00:52:22,690 --> 00:52:26,270
But Sam's motivation was a complete 180
from someone like Mashinsky.

823
00:52:28,110 --> 00:52:32,010
Sam was a proponent of a philosophical
craze sweeping through Silicon Valley

824
00:52:32,010 --> 00:52:33,910
called effective altruism.

825
00:52:36,470 --> 00:52:37,910
Conceptually, EA is straightforward.

826
00:52:38,610 --> 00:52:42,410
If you want to do the most good for the
most people, you should strive to make

827
00:52:42,410 --> 00:52:44,630
the most money possible in order to give
it all away.

828
00:52:44,970 --> 00:52:48,430
I wanted to get rich not because I like
money, but...

829
00:52:48,640 --> 00:52:50,700
because I wanted to give that money to
charity.

830
00:52:51,100 --> 00:52:54,300
And Sam saw crypto as the vehicle to
make that happen.

831
00:52:54,800 --> 00:52:56,940
So keeping the industry afloat was key.

832
00:52:57,580 --> 00:53:00,640
A high-profile crypto failure would be
devastating.

833
00:53:00,980 --> 00:53:05,840
Could also spark retail investors to
leave the industry altogether, which FTX

834
00:53:05,840 --> 00:53:06,840
really relies on.

835
00:53:07,020 --> 00:53:10,360
FTX was Sam's crypto exchange, where you
could buy all sorts of cryptocurrencies.

836
00:53:12,029 --> 00:53:16,510
When we think about, you know, where
crypto is today, it still is touching a

837
00:53:16,510 --> 00:53:20,250
pretty small fraction of the world. And
so I think a lot of what we've been

838
00:53:20,250 --> 00:53:24,450
thinking is like, what are ways that we
can take what we see as an exciting,

839
00:53:24,510 --> 00:53:28,730
growing set of products and industries
and sort of introduce them to tens of

840
00:53:28,730 --> 00:53:29,730
millions of people?

841
00:53:29,830 --> 00:53:33,390
He did this by using his ballooning
wealth to pay for sponsorships.

842
00:53:33,740 --> 00:53:34,880
and celebrity endorsements.

843
00:53:35,140 --> 00:53:38,580
FTX is the safest and easiest way to buy
and sell crypto. The best way to get in

844
00:53:38,580 --> 00:53:42,540
the game. With FTX, I have everything I
need to buy, sell, and trade crypto

845
00:53:42,540 --> 00:53:46,620
safely. He even signed deals with paid
spokespeople in the financial industry,

846
00:53:46,740 --> 00:53:50,800
like Kevin O'Leary, who had been a
fellow crypto critic.

847
00:53:51,140 --> 00:53:54,500
I'm not going to take real money and put
it into this thing. It's never going to

848
00:53:54,500 --> 00:53:55,900
happen. It's such a scam.

849
00:53:56,480 --> 00:53:59,540
This was before he signed a $10 million
deal with FTX.

850
00:54:00,110 --> 00:54:05,070
I am a paid spokesperson for FTX. I did
a lot of due diligence before I accepted

851
00:54:05,070 --> 00:54:05,968
that position.

852
00:54:05,970 --> 00:54:09,110
Sam wanted to make crypto easier,
friendlier, and safer.

853
00:54:09,850 --> 00:54:13,590
And he knew that in order to do that,
you need to build trust.

854
00:54:14,130 --> 00:54:18,790
Mr. Bankman-Fried, you are now
recognized for five minutes to present

855
00:54:18,790 --> 00:54:19,990
your oral testimony.

856
00:54:21,870 --> 00:54:24,730
Thank you, Chair Waters, Ranking Member
McHenry.

857
00:54:25,090 --> 00:54:26,570
It's an honor to be here.

858
00:54:29,930 --> 00:54:32,950
the potential to improve a lot of
people's lives.

859
00:54:33,150 --> 00:54:37,750
And I think it is important and I think
it is healthy that the industry will be

860
00:54:37,750 --> 00:54:42,070
regulated. Crypto executives poured more
than $30 million into political

861
00:54:42,070 --> 00:54:44,670
campaigns since the 2020 election cycle.

862
00:54:44,970 --> 00:54:50,210
There is a new and exciting industry in
the United States of cryptocurrency,

863
00:54:50,470 --> 00:54:52,110
whether Bitcoin or otherwise.

864
00:54:52,610 --> 00:54:55,030
I buy Bitcoin and I hold Bitcoin.

865
00:54:55,290 --> 00:54:56,049
You buy Bitcoin?

866
00:54:56,050 --> 00:54:57,570
Oh, yeah. You have Bitcoin? I do.

867
00:54:58,160 --> 00:55:02,860
Sam was playing the Washington game to
perfection and buying the trust he

868
00:55:02,860 --> 00:55:05,520
needed to take crypto even further into
the mainstream.

869
00:55:06,500 --> 00:55:12,780
What does this technology FTX uses to
protect fraud and manipulation look

870
00:55:12,780 --> 00:55:16,700
like? We have surveillance for unusual
trading activity. We have manual

871
00:55:16,700 --> 00:55:20,260
inspections of anything that gets
flagged either by the automated

872
00:55:20,260 --> 00:55:21,360
surveillance or...

873
00:55:21,690 --> 00:55:22,870
by manual inspection.

874
00:55:23,190 --> 00:55:27,650
Sounds like you're doing a lot to make
sure there is no fraud or other

875
00:55:27,650 --> 00:55:30,250
manipulation. I thank you, Mr.
Bankman-Fried.

876
00:55:31,510 --> 00:55:32,630
I had to talk to him.

877
00:55:33,330 --> 00:55:35,290
So I did the only thing I knew how to
do.

878
00:55:38,070 --> 00:55:39,250
I DM'd him on Twitter.

879
00:55:43,270 --> 00:55:44,290
It was a long shot.

880
00:55:52,430 --> 00:55:53,430
Look at this.

881
00:55:53,990 --> 00:55:58,650
Finally freeing up a bit. Had a crazy
week. Just got back from testifying in D

882
00:55:58,650 --> 00:55:59,650
.C.

883
00:56:00,730 --> 00:56:04,750
I'm at FTX.com if you want to reach out
there.

884
00:56:09,470 --> 00:56:10,470
Fucking agreed.

885
00:56:45,269 --> 00:56:46,269
It's limoncello.

886
00:56:46,350 --> 00:56:50,490
What is limoncello, actually? It's like
the, you know, the Italian liqueur.

887
00:56:50,590 --> 00:56:51,650
There's alcohol in it.

888
00:56:51,870 --> 00:56:55,090
But they flavored it that way. I don't
know. It's actually kind of interesting.

889
00:56:55,310 --> 00:56:56,310
Don't mind it. Okay.

890
00:56:56,570 --> 00:57:00,230
It was the only one I had at the house.
I was like, hmm, we'll try. Not worth.

891
00:57:01,930 --> 00:57:02,930
All right. You guys ready?

892
00:57:03,090 --> 00:57:04,090
You're good. All right.

893
00:57:05,230 --> 00:57:08,770
Sam Bankman-Fried, thank you for taking
the time to speak with us. Sure.

894
00:57:09,510 --> 00:57:14,270
So I had a conversation with Alex
Mashensky.

895
00:57:16,020 --> 00:57:22,700
I asked him how much real money is in
crypto, and he said

896
00:57:22,700 --> 00:57:25,700
10% to 15%. He said the rest is
speculation.

897
00:57:26,220 --> 00:57:29,720
Thanks. So as of today, I think the
number of dollars in crypto have not

898
00:57:29,720 --> 00:57:31,700
changed massively between then and now.

899
00:57:31,960 --> 00:57:34,980
One when perhaps they've lessened. They
certainly have not increased.

900
00:57:35,540 --> 00:57:37,680
I don't think they've decreased
massively, though.

901
00:57:38,360 --> 00:57:40,980
I think lines up with some of your
thoughts that like a lot of this was

902
00:57:40,980 --> 00:57:44,060
leverage leaving. Well, part of the
problem of the haven't left is that

903
00:57:44,060 --> 00:57:47,700
people can't get their money out.
Imagine this is a regulated bank. Oh,

904
00:57:47,700 --> 00:57:51,900
yeah. This would be a big problem. That
would be a big problem. This does not

905
00:57:51,900 --> 00:57:55,600
seem like the decentralized,
democratized future of money that we

906
00:57:55,600 --> 00:57:56,439
were promised.

907
00:57:56,440 --> 00:58:00,080
I think we've seen all the major carnage
in the crypto industry already.

908
00:58:00,420 --> 00:58:03,200
I think that things are on a bit of a
recovery path from here.

909
00:58:03,500 --> 00:58:08,960
But to be honest, Sam, like it doesn't
feel like it's... creating a lot of good

910
00:58:08,960 --> 00:58:11,600
for people. It feels like it's a net
negative.

911
00:58:12,000 --> 00:58:13,200
Yeah, I think I disagree.

912
00:58:14,100 --> 00:58:15,100
Why?

913
00:58:15,500 --> 00:58:16,840
I understand where you're coming from.

914
00:58:17,660 --> 00:58:21,680
I think the bigger piece of this, and
probably the thing that is ultimately

915
00:58:21,680 --> 00:58:26,460
driving your belief, is around ultimate
use case.

916
00:58:26,740 --> 00:58:29,980
Give me one use case. Give me one
company that's running a good or a

917
00:58:29,980 --> 00:58:30,839
service utility.

918
00:58:30,840 --> 00:58:32,000
First of all, it's just payment.

919
00:58:32,280 --> 00:58:35,400
I know this is a thing that gets talked
about a lot, but I do think that there

920
00:58:35,400 --> 00:58:36,400
is real...

921
00:58:36,490 --> 00:58:39,430
potential there to make payments a lot
cleaner.

922
00:58:39,930 --> 00:58:43,130
Remittances are really, really
expensive.

923
00:58:43,590 --> 00:58:47,790
Well, I just want to be really quick
because we went to El Salvador.

924
00:58:48,210 --> 00:58:53,630
It's not being used. It's less than 2%.
So how does that work as payments or as

925
00:58:53,630 --> 00:58:55,030
remittances? It's not working.

926
00:58:55,430 --> 00:58:59,530
I agree it's not working today. I think
it could get there in the next five

927
00:58:59,530 --> 00:59:00,530
years.

928
00:59:00,670 --> 00:59:04,950
But I think it's not there today. I
think there are real reasons it's not

929
00:59:04,950 --> 00:59:05,899
there today.

930
00:59:05,900 --> 00:59:09,020
But people are buying it as an
investment. They think it's going to

931
00:59:09,020 --> 00:59:09,859
make them money.

932
00:59:09,860 --> 00:59:12,380
Isn't that what you're seeing? I mean,
you run a big exchange. You have a big

933
00:59:12,380 --> 00:59:13,198
trading firm.

934
00:59:13,200 --> 00:59:16,580
Isn't that what people are doing? Are
they doing it to pay for things? Are

935
00:59:16,580 --> 00:59:17,640
they using it to gamble?

936
00:59:17,840 --> 00:59:21,620
The majority of people today are not
using it as a payment field. The

937
00:59:21,620 --> 00:59:25,760
majority of people today are using it
just as a financial asset. But my belief

938
00:59:25,760 --> 00:59:30,180
is that over the next five to ten years,
we are going to see blockchain.

939
00:59:31,020 --> 00:59:34,880
grow in a few different use cases and
start to provide more and more actual

940
00:59:34,880 --> 00:59:39,260
utility to people. If I didn't think
that was true, that would significantly

941
00:59:39,260 --> 00:59:43,320
change my belief about the
cryptocurrency ecosystem overall.

942
00:59:43,700 --> 00:59:48,520
Your belief system seems to be driven
somewhat by the fact that you've made so

943
00:59:48,520 --> 00:59:51,380
much money. You do the most good for the
most people.

944
00:59:51,640 --> 00:59:55,860
But when I look at the crypto industry,
it feels like it's driven.

945
00:59:56,730 --> 01:00:01,190
by getting retail customers regular
people into the crypto casinos to gamble

946
01:00:01,190 --> 01:00:05,950
some of them make money most of them
don't what do you say to the people that

947
01:00:05,950 --> 01:00:09,670
have lost money millions of people have
lost money now um some of them can't

948
01:00:09,670 --> 01:00:13,630
access their money like what do you say
to those people so i mean that was

949
01:00:13,630 --> 01:00:20,520
really bad i'm you know like it sucks
maybe one question you can ask is Is the

950
01:00:20,520 --> 01:00:24,800
system set up today such that the
regular person can get enough

951
01:00:24,800 --> 01:00:26,760
information and transparency and
comfort?

952
01:00:27,000 --> 01:00:32,820
And I think that the answer is basically
no. There needs to be more oversight.

953
01:00:32,900 --> 01:00:34,120
There needs to be more transparency.

954
01:00:34,520 --> 01:00:38,460
Speaking of regulation, I think
something like $30 million has been

955
01:00:38,460 --> 01:00:42,200
spent over the last six months or a year
towards influencing regulators and

956
01:00:42,200 --> 01:00:46,920
politicians. I think that this is a very
dangerous thing that we're playing with

957
01:00:46,920 --> 01:00:47,920
here.

958
01:00:48,480 --> 01:00:52,300
Most of what I'm doing for crypto
regulation is not contributions.

959
01:00:53,360 --> 01:00:58,880
It's going and talking to people in D.C.
and having meetings, trying to explain

960
01:00:58,880 --> 01:01:03,340
as much as I can, trying to point out
the parts that I think most need

961
01:01:03,340 --> 01:01:08,100
oversight. When you look at the
contributions that I've made, most of

962
01:01:08,100 --> 01:01:10,040
those have to do with pandemic
preparedness.

963
01:01:10,280 --> 01:01:12,640
Totally unrelated to my day job.

964
01:01:13,060 --> 01:01:14,880
How much money have you donated to
things like that?

965
01:01:15,660 --> 01:01:16,700
I want to say...

966
01:01:19,210 --> 01:01:21,950
Ballpark, 50 to 100 million.

967
01:01:22,310 --> 01:01:24,610
Wow. 50 to 100 million to pandemic.

968
01:01:25,010 --> 01:01:26,030
Yeah, that's right.

969
01:01:26,270 --> 01:01:27,810
How much have you donated to
politicians?

970
01:01:28,330 --> 01:01:29,630
So I

971
01:01:29,630 --> 01:01:36,610
don't remember the latest.

972
01:01:36,650 --> 01:01:39,030
I can get back to you on that. I don't
remember the latest figure. I'll put it

973
01:01:39,030 --> 01:01:39,928
on my record.

974
01:01:39,930 --> 01:01:43,630
Ballpark. I think that,

975
01:01:45,390 --> 01:01:46,390
you know.

976
01:01:46,540 --> 01:01:52,360
In the tens of millions is where total
political contributions have been so

977
01:01:52,360 --> 01:01:53,360
far?

978
01:01:53,380 --> 01:01:55,300
Some you really need to... Okay, got it,
yeah.

979
01:01:56,480 --> 01:01:59,940
Thanks for taking the time. Thank you.
Appreciate it. Can we do a picture?

980
01:02:00,700 --> 01:02:04,620
Is that possible? Yeah, let me just
check where... Oh, sure, sure, sure.

981
01:02:04,860 --> 01:02:08,220
Yes, but I have to do it quickly. No,
no, that's fine. We don't need to do

982
01:02:08,220 --> 01:02:09,500
anything. Let's see.

983
01:02:10,060 --> 01:02:11,060
Yep.

984
01:02:13,060 --> 01:02:14,060
Oh, there you go.

985
01:02:14,860 --> 01:02:15,860
All right.

986
01:02:17,010 --> 01:02:18,330
Awesome. Thank you. Sorry.

987
01:02:57,900 --> 01:02:59,340
You wrote a book on fraud.

988
01:02:59,580 --> 01:03:01,780
Yeah. I'm not crazy, am I?

989
01:03:02,000 --> 01:03:06,140
Let me put it this way. If you were
going to set up something entirely fake

990
01:03:06,140 --> 01:03:09,120
as a scam, what would you do different?

991
01:03:09,340 --> 01:03:12,780
Right. There's only a few ways to do a
fraud.

992
01:03:13,640 --> 01:03:19,420
You can borrow money or take cash on the
promise of delivering something in the

993
01:03:19,420 --> 01:03:20,880
future and not deliver it.

994
01:03:21,120 --> 01:03:26,360
Ponzi scheme. Exactly. And you can bring
people into something that looks like...

995
01:03:26,520 --> 01:03:30,720
a normal web of trust, but in fact is
completely controlled by you.

996
01:03:31,280 --> 01:03:36,660
One of the things that is so fascinating
to me about crypto is that the real con

997
01:03:36,660 --> 01:03:40,020
is just getting them to give you the
real money in the first place. Once they

998
01:03:40,020 --> 01:03:42,860
give you the real money, then the
computer screen can say whatever the

999
01:03:42,860 --> 01:03:43,900
computer screen wants to say.

1000
01:03:44,120 --> 01:03:50,160
Absolutely. You know, when you've got
like $100 in your bank accounts at JP

1001
01:03:50,160 --> 01:03:51,160
Morgan or wherever.

1002
01:03:51,850 --> 01:03:55,870
That's just a number, but those are
magic numbers that have a particular

1003
01:03:55,870 --> 01:04:00,590
system that we've all grown up with
since the 18th century.

1004
01:04:00,850 --> 01:04:06,830
But these crypto guys have come up with
their own magic numbers, and you still

1005
01:04:06,830 --> 01:04:12,210
need to have that trust that at some
point someone's going to exchange your

1006
01:04:12,210 --> 01:04:14,650
imaginary money for dollar bills.

1007
01:04:14,910 --> 01:04:18,470
And they say trust the code, but code
doesn't fall from the sky. People write

1008
01:04:18,470 --> 01:04:19,470
code. Exactly.

1009
01:04:20,110 --> 01:04:24,030
Fraud is a weird crime in that it has a
time dimension.

1010
01:04:24,490 --> 01:04:30,590
There is a period of time during which
the thief knows that he's stolen the

1011
01:04:30,590 --> 01:04:34,250
money, but the victim doesn't know that
he's lost it.

1012
01:04:35,310 --> 01:04:39,850
Is there something about fraudsters that
makes them different from other

1013
01:04:39,850 --> 01:04:40,850
criminals? Yeah.

1014
01:04:41,030 --> 01:04:47,070
They've got something psychologically in
them which the criminologists call a

1015
01:04:47,070 --> 01:04:52,690
rationalisation. They don't see
themselves as deviant members of

1016
01:04:52,690 --> 01:04:53,690
society.

1017
01:04:53,810 --> 01:05:00,790
And so that means that they have to come
up with a story that they

1018
01:05:00,790 --> 01:05:06,790
can tell themselves which reconciles
what they're doing with their self-image

1019
01:05:06,790 --> 01:05:09,330
as a normal member of society.

1020
01:05:09,790 --> 01:05:12,410
I do love my country and my people.

1021
01:05:13,010 --> 01:05:15,550
And I want them to thrive and to
succeed.

1022
01:05:16,220 --> 01:05:21,100
We put the community first, right? So we
do everything for our community, and

1023
01:05:21,100 --> 01:05:22,098
they know it.

1024
01:05:22,100 --> 01:05:26,500
In the end, my goal is to do as much
good as I can for the world.

1025
01:05:28,260 --> 01:05:29,880
The biggest lie is the lie you tell
yourself.

1026
01:05:30,360 --> 01:05:31,360
Absolutely.

1027
01:05:32,220 --> 01:05:33,780
Well, as an actor, I can relate to that.

1028
01:05:35,120 --> 01:05:37,620
But I mean, all of crypto can't be a
scam, right?

1029
01:05:40,000 --> 01:05:41,100
I don't like what counts.

1030
01:05:47,220 --> 01:05:49,820
I'd listened to the false stories of
crypto for long enough.

1031
01:05:50,500 --> 01:05:52,160
It was time for me to speak up.

1032
01:05:52,820 --> 01:05:54,960
So I embarked upon a campaign of my own.

1033
01:05:55,620 --> 01:05:58,900
All right, Ben, good morning. Thanks so
much for joining us. We've got about two

1034
01:05:58,900 --> 01:06:01,600
minutes till we're live, but I've just
heard you loud and clear, so we should

1035
01:06:01,600 --> 01:06:02,600
be all set. Great.

1036
01:06:03,300 --> 01:06:04,300
Thank you.

1037
01:06:05,460 --> 01:06:07,700
Hey, guys. Guys, can you keep it down,
please?

1038
01:06:07,940 --> 01:06:08,940
Thank you.

1039
01:06:10,920 --> 01:06:12,420
Sure. That's my favorite question.

1040
01:06:12,640 --> 01:06:13,640
It's very simple.

1041
01:06:13,880 --> 01:06:15,320
They were paid in real money.

1042
01:06:16,270 --> 01:06:20,150
to convince you to take your real money
and turn it into something else.

1043
01:06:20,950 --> 01:06:23,150
I hit every outlet that would have me.

1044
01:06:23,370 --> 01:06:26,090
What troubled me about crypto and the
reason I felt like I had to speak out

1045
01:06:26,090 --> 01:06:30,730
was it's exploited an understandable
mistrust, a lack of trust with our

1046
01:06:30,730 --> 01:06:31,729
regulated system.

1047
01:06:31,730 --> 01:06:34,670
The winners are far fewer than the
losers.

1048
01:06:34,990 --> 01:06:39,450
It's being sold to the average American
as the way to make money. But, you know,

1049
01:06:39,490 --> 01:06:42,990
what's really going on here? How much of
this is real and how much of this has

1050
01:06:42,990 --> 01:06:44,250
been artificially inflated?

1051
01:06:45,130 --> 01:06:46,890
The crypto trolls were big mad.

1052
01:06:47,810 --> 01:06:52,350
He's becoming this new advocate against
crypto. And I'm like, what is going on

1053
01:06:52,350 --> 01:06:53,009
with this guy?

1054
01:06:53,010 --> 01:06:55,450
First red flag was actually the word
currency.

1055
01:06:55,790 --> 01:06:59,930
Ben McKenzie. If you guys don't know who
Ben McKenzie is, he's now a financial

1056
01:06:59,930 --> 01:07:04,170
guru. Just kidding. One of the most
important things for people to

1057
01:07:04,170 --> 01:07:08,790
understand about cryptocurrency is that
most of the volume that you see on the

1058
01:07:08,790 --> 01:07:09,830
exchanges is fake.

1059
01:07:10,270 --> 01:07:11,270
It doesn't exist.

1060
01:07:11,680 --> 01:07:14,100
Just say you don't understand crypto and
move on.

1061
01:07:14,300 --> 01:07:18,500
Is it possible that your hostility to
crypto could just be a lack of

1062
01:07:18,500 --> 01:07:19,640
understanding of the tech?

1063
01:07:20,100 --> 01:07:24,980
If you say I haven't done enough
research, my response to you is f***

1064
01:07:24,980 --> 01:07:29,020
you. I've interviewed the head of your
entire industry.

1065
01:07:29,240 --> 01:07:30,960
Did you see how upset he got?

1066
01:07:31,380 --> 01:07:35,360
Who am I supposed to believe? The CEO of
the largest asset manager on planet

1067
01:07:35,360 --> 01:07:38,060
Earth? Or this actor that plays a cop on
TV?

1068
01:07:38,600 --> 01:07:40,680
But it really is only useful for
gambling.

1069
01:07:41,930 --> 01:07:43,170
And for criminal activity.

1070
01:07:43,570 --> 01:07:46,930
Well, this is what I've got to say about
Ben McKenzie. Ben McKenzie, put your

1071
01:07:46,930 --> 01:07:47,990
money where your mouth is.

1072
01:07:48,330 --> 01:07:50,270
Ben gets no raisin. None.

1073
01:07:50,630 --> 01:07:51,770
Not raisin worthy.

1074
01:07:52,050 --> 01:07:55,390
And a lot of shady dudes end up making
most of the money.

1075
01:07:55,650 --> 01:08:00,210
It seems like someone is just hurt. And
I feel bad for Ben McKenzie because he's

1076
01:08:00,210 --> 01:08:03,450
saying all of these things. And then
people are going to look back and say,

1077
01:08:03,530 --> 01:08:06,010
why did Ben McKenzie lead me in the
wrong direction?

1078
01:08:19,340 --> 01:08:21,040
What are you doing? I thought you were
coming to bed.

1079
01:08:21,779 --> 01:08:22,859
Yeah, I am.

1080
01:08:30,420 --> 01:08:31,420
Can you make yourself up?

1081
01:08:31,760 --> 01:08:32,760
Yeah, sure.

1082
01:09:00,559 --> 01:09:01,700
Dude. Dude.

1083
01:09:02,240 --> 01:09:03,078
Come here.

1084
01:09:03,080 --> 01:09:04,059
Come here.

1085
01:09:04,060 --> 01:09:05,060
Wait.

1086
01:09:05,359 --> 01:09:07,819
What are we... I need to mic you up,
man.

1087
01:09:13,380 --> 01:09:14,380
Oh.

1088
01:09:16,460 --> 01:09:18,120
Holy shit.

1089
01:09:20,520 --> 01:09:24,040
The exchange, FTX, filed for bankruptcy
protection today.

1090
01:09:24,359 --> 01:09:28,779
Has fallen. Crypto King, Sam... Bank
been freed. Step down. It was not a good

1091
01:09:28,779 --> 01:09:33,439
investment. My account has a zero in it,
and there are no accounting records.

1092
01:09:33,819 --> 01:09:36,080
Where did the money go?

1093
01:09:36,800 --> 01:09:41,479
At 4.30 a.m. on November 11th, under
pressure from lawyers, creditors, and

1094
01:09:41,479 --> 01:09:44,700
colleagues, Sam signed over control of
FTX.

1095
01:09:45,660 --> 01:09:48,120
Millions of investors were left
searching for answers.

1096
01:09:56,710 --> 01:10:00,590
Despite the collapse, the crypto
community was quick to turn the blame

1097
01:10:00,590 --> 01:10:01,710
back on the victims.

1098
01:10:01,990 --> 01:10:05,910
If you are still keeping your crypto on
an exchange and you're not trading it,

1099
01:10:05,950 --> 01:10:06,950
you're doing something wrong.

1100
01:10:07,070 --> 01:10:08,070
It's a dumb idea.

1101
01:10:08,190 --> 01:10:09,190
You don't do that.

1102
01:10:09,450 --> 01:10:11,530
It's stupid. You bring it home where
it's safe.

1103
01:10:11,770 --> 01:10:15,010
And no matter what happened to the
market, the boosters' belief in crypto

1104
01:10:15,010 --> 01:10:18,310
would remain unscathed. Just like the
collapse of Lehman Brothers or Enron

1105
01:10:18,310 --> 01:10:22,070
didn't stop the stock market, FTX will
not stop crypto.

1106
01:10:22,550 --> 01:10:25,070
Cryptocurrency, the blockchain, it's all
still...

1107
01:10:35,889 --> 01:10:41,230
But no matter how hard boosters push the
story of crypto, they can't make that

1108
01:10:41,230 --> 01:10:42,230
story true.

1109
01:10:42,670 --> 01:10:43,910
Because it isn't.

1110
01:10:46,030 --> 01:10:50,550
The collapse of FTX was a clear warning
sign that mixing crypto with our

1111
01:10:50,550 --> 01:10:53,350
regulated financial system could only
end terribly.

1112
01:10:54,600 --> 01:10:58,080
It only takes one big bank to fall for
the others to follow suit.

1113
01:10:59,160 --> 01:11:03,040
It nearly happened with the subprime
crisis, and it could easily happen

1114
01:11:03,040 --> 01:11:04,040
again.

1115
01:11:04,760 --> 01:11:09,060
When trust breaks, everything can fall
apart shockingly fast.

1116
01:11:09,700 --> 01:11:14,780
And crypto, which has never proven
itself trustworthy, has the ability to

1117
01:11:14,780 --> 01:11:15,940
wreak havoc on us all.

1118
01:11:28,420 --> 01:11:29,460
Whoa. I'm upstairs.

1119
01:11:30,140 --> 01:11:31,140
Yeah.

1120
01:11:32,360 --> 01:11:33,360
Hey.

1121
01:11:33,940 --> 01:11:34,940
Okay.

1122
01:11:36,720 --> 01:11:37,720
Wait, what is this?

1123
01:11:41,660 --> 01:11:42,660
Oh, my God.

1124
01:11:43,040 --> 01:11:45,340
Wow. Wait, how did this happen?

1125
01:11:46,700 --> 01:11:47,700
You know.

1126
01:11:48,420 --> 01:11:49,420
Wow.

1127
01:11:49,660 --> 01:11:50,980
Frankie, come check us out.

1128
01:11:58,470 --> 01:11:59,470
Let's see what that says.

1129
01:12:00,310 --> 01:12:01,310
Dear Mr.

1130
01:12:01,330 --> 01:12:06,350
Shanken, I invite you to appear before
the committee.

1131
01:12:06,970 --> 01:12:13,050
Committee? Committee on Basin Housing
and Urban Affairs to testify

1132
01:12:13,050 --> 01:12:15,270
at a hearing.

1133
01:12:15,570 --> 01:12:18,490
I get to go to the United States Senate.
Do you know what the United States

1134
01:12:18,490 --> 01:12:18,889
Senate is?

1135
01:12:18,890 --> 01:12:20,690
It's like the government, where the
government is.

1136
01:12:21,170 --> 01:12:24,350
And I get to talk to the people in
charge and tell them to fix this mess.

1137
01:12:24,630 --> 01:12:26,430
What's going to happen here? What are
you going to do about this?

1138
01:12:38,640 --> 01:12:39,640
Daddy, look up.

1139
01:12:41,200 --> 01:12:43,300
How do I look?

1140
01:12:43,680 --> 01:12:44,680
Better?

1141
01:12:46,120 --> 01:12:47,120
No.

1142
01:12:48,640 --> 01:12:53,300
Ouch! What? That was not nice.

1143
01:12:53,820 --> 01:12:54,880
That was not nice.

1144
01:13:36,880 --> 01:13:37,880
fucking kidding me.

1145
01:13:50,800 --> 01:13:53,580
Senate Banking, Housing and Urban
Affairs will come to order. Thank you

1146
01:13:53,580 --> 01:13:55,320
for the witnesses joining us today.

1147
01:13:55,840 --> 01:13:59,780
This story, Bankman Freed was the shiny
object. Now he's the villain, possibly

1148
01:13:59,780 --> 01:14:04,360
worse. But this story is bigger than one
person or one firm and that's the point

1149
01:14:04,360 --> 01:14:05,360
of this hearing.

1150
01:14:05,430 --> 01:14:08,810
In our discussion of FTX today, I hope
we're able to separate the likely

1151
01:14:08,810 --> 01:14:12,710
illegal actions from perfectly lawful
and innovative cryptocurrencies.

1152
01:14:13,410 --> 01:14:18,110
There is the risk of investing in
crypto, and then there's also the risk

1153
01:14:18,110 --> 01:14:21,670
of not investing in it and letting
others accrue its benefits first.

1154
01:14:21,970 --> 01:14:25,910
We need to get to the bottom of what
happened with FTX, but we can't let its

1155
01:14:25,910 --> 01:14:31,990
collapse cause us to abandon the great
promise and potential of crypto.

1156
01:14:33,580 --> 01:14:35,860
I was up against the usual talking
points.

1157
01:14:36,220 --> 01:14:37,560
But this wasn't YouTube.

1158
01:14:38,000 --> 01:14:39,120
It was Congress.

1159
01:14:39,640 --> 01:14:41,160
And that pissed me off.

1160
01:14:41,640 --> 01:14:46,240
Chairman Brown, ranking member Toomey,
members of the committee. The demise of

1161
01:14:46,240 --> 01:14:51,360
FTX in Alameda represents the most
spectacular corporate downfall since

1162
01:14:51,360 --> 01:14:55,700
Bernie Madoff's Ponzi scheme imploded in
the wake of the great financial crisis.

1163
01:14:55,960 --> 01:14:57,620
It has captured the nation's attention.

1164
01:14:58,420 --> 01:15:01,800
FTX owe enormous sums to supposedly
sophisticated investors.

1165
01:15:02,670 --> 01:15:04,910
they also owe a lot of money to regular
people.

1166
01:15:05,910 --> 01:15:12,190
I believe they and the estimated 40
million other Americans who have

1167
01:15:12,190 --> 01:15:17,550
invested in cryptocurrency have been
lied to by a once seemingly mighty

1168
01:15:17,550 --> 01:15:23,970
crypto industry whose entire existence
in fact depends on misinformation, hype,

1169
01:15:24,090 --> 01:15:25,990
and yes, fraud.

1170
01:15:27,350 --> 01:15:30,910
In my opinion, the cryptocurrency
industry

1171
01:15:32,140 --> 01:15:34,400
represents the largest Ponzi scheme in
history.

1172
01:15:35,180 --> 01:15:39,080
The fact that it has roped in tens of
millions of Americans from all walks of

1173
01:15:39,080 --> 01:15:44,320
life, as well as hundreds of millions of
people worldwide, should be of concern

1174
01:15:44,320 --> 01:15:45,320
to us all.

1175
01:15:45,840 --> 01:15:47,520
Thank you for your time. I look forward
to your question.

1176
01:15:48,180 --> 01:15:49,179
Thank you.

1177
01:15:49,180 --> 01:15:51,640
And is it Mr. Schenken, Mackenzie
Schenken?

1178
01:15:52,700 --> 01:15:55,740
Yes, sir. You can also call me Ryan
Atwood. All right. All right. Well, in

1179
01:15:55,740 --> 01:15:59,060
that case, listen, what is this backed
by, if I could ask you?

1180
01:15:59,480 --> 01:16:03,320
What is this backed by at the end of the
day? Nothing. It's a story.

1181
01:16:04,100 --> 01:16:06,120
The story has understandable appeal.

1182
01:16:06,740 --> 01:16:12,600
I think if crypto serves any function,
it's to highlight the myriad failures of

1183
01:16:12,600 --> 01:16:19,100
our regulated system and our American
economic system to provide people with a

1184
01:16:19,100 --> 01:16:21,600
fair shot at the American dream.

1185
01:16:22,220 --> 01:16:26,280
That does not make the story true,
however, the story of cryptocurrency.

1186
01:16:27,280 --> 01:16:33,640
What it does is winded enormous power,
and these stories spread like viruses.

1187
01:16:34,800 --> 01:16:36,240
People get very excited.

1188
01:16:36,680 --> 01:16:41,480
These bubbles build up very big, but
then they collapse very swiftly, and I

1189
01:16:41,480 --> 01:16:42,680
think that's what we're seeing now
today.

1190
01:16:43,080 --> 01:16:46,420
I'd said my piece, but it was too late
to convince some.

1191
01:16:46,840 --> 01:16:48,080
They were in too deep.

1192
01:16:48,820 --> 01:16:50,780
Digital assets are not on trial.

1193
01:16:52,000 --> 01:16:54,480
Fraud and organizations.

1194
01:16:55,800 --> 01:16:56,940
are on trial.

1195
01:16:57,580 --> 01:17:01,560
I want to ask the rest of you, if we
don't ban it, how do we regulate it,

1196
01:17:01,620 --> 01:17:05,380
isolate it from the banking system and
then define it as a security?

1197
01:17:05,720 --> 01:17:09,960
Does anybody disagree with that or have
any other ideas about how it would be

1198
01:17:09,960 --> 01:17:11,040
regulated? Mr. O'Leary.

1199
01:17:11,620 --> 01:17:16,360
The concept of passing legislation that
would ban banks from integrating

1200
01:17:16,360 --> 01:17:18,360
cryptocurrencies and crypto technology.

1201
01:17:19,200 --> 01:17:23,800
would make it the most uncompetitive
financial services sector in the world.

1202
01:17:23,920 --> 01:17:26,500
So let me just stop you there. I only
have so much time. So you do not agree

1203
01:17:26,500 --> 01:17:28,160
with isolating it from the banking
system?

1204
01:17:28,740 --> 01:17:29,740
That's insanity.

1205
01:17:30,120 --> 01:17:34,660
If we allow cryptocurrency to infect our
banking system, we will be back here.

1206
01:17:35,780 --> 01:17:38,240
Thank you. We will be back here, not in
a good way.

1207
01:17:49,800 --> 01:17:52,960
On the morning of March 12th, as
depositors raced to withdraw their

1208
01:17:52,960 --> 01:17:56,720
money, Signature Bank was shut down by
the government before it could implode.

1209
01:17:57,120 --> 01:17:59,820
It was the third bank to go bust in just
five days.

1210
01:18:00,960 --> 01:18:02,660
Want to guess what all three had in
common?

1211
01:18:03,020 --> 01:18:07,040
In the course of five days, three banks
have failed in the United States, and

1212
01:18:07,040 --> 01:18:10,060
those lenders were critical
counterparties for a huge part of the

1213
01:18:10,060 --> 01:18:11,200
crypto industry in the country.

1214
01:18:11,580 --> 01:18:15,060
Panic set in, as no one knew just how
many more banks might fall.

1215
01:18:16,320 --> 01:18:18,060
In the end, the government.

1216
01:18:18,560 --> 01:18:22,660
That super untrustworthy establishment
that crypto was supposedly rebelling

1217
01:18:22,660 --> 01:18:24,580
against saved the day.

1218
01:18:25,160 --> 01:18:30,540
We, the American taxpayers, bailed them
out, and customers were guaranteed all

1219
01:18:30,540 --> 01:18:31,540
of their money back.

1220
01:18:32,420 --> 01:18:33,860
You're welcome, by the way.

1221
01:18:38,720 --> 01:18:45,660
As for Sam, he was charged with wire

1222
01:18:45,660 --> 01:18:49,660
fraud, securities fraud, commodities
fraud, and good old-fashioned money

1223
01:18:49,660 --> 01:18:50,660
laundering.

1224
01:18:51,740 --> 01:18:55,020
Oh, and the reason he was hazy on his
political donation.

1225
01:18:55,300 --> 01:18:59,760
I, I, um... They were illegal.

1226
01:19:00,160 --> 01:19:04,380
Regulators are now asking political
campaigns to return the money. They say

1227
01:19:04,380 --> 01:19:08,860
that Bankman-Fried tried to buy
bipartisan influence and impact the

1228
01:19:08,860 --> 01:19:11,280
direction of public policy in
Washington.

1229
01:19:11,640 --> 01:19:16,330
After a month-long trial... It took a
jury of his peers only four hours to

1230
01:19:16,330 --> 01:19:17,670
find him guilty on all charges.

1231
01:19:18,010 --> 01:19:21,010
Do you have anything to say to your
investors? Do you have anything to say?

1232
01:19:21,330 --> 01:19:23,650
Sam was sentenced to 25 years in prison.

1233
01:19:25,110 --> 01:19:27,110
How was he able to pull off his swindle?

1234
01:19:28,330 --> 01:19:32,490
Within the source code of FTX, there
were two lines that prevented users from

1235
01:19:32,490 --> 01:19:33,550
overdrawing their accounts.

1236
01:19:34,190 --> 01:19:38,850
But Sam instructed one of his employees
to add a single line allowing him to

1237
01:19:38,850 --> 01:19:40,430
borrow, a.k.a. steal.

1238
01:19:40,960 --> 01:19:43,140
as much money as he wanted from his
customers.

1239
01:19:44,740 --> 01:19:49,720
It turns out you can't trust code, only
the people who write it.

1240
01:19:50,220 --> 01:19:53,260
A lot of people look at you and see
Bernie Madoff. Yeah.

1241
01:19:54,640 --> 01:20:00,460
I mean, I don't think that's who I am at
all, but I understand why they're saying

1242
01:20:00,460 --> 01:20:01,740
that. People lost money.

1243
01:20:02,020 --> 01:20:06,620
In the end, Sam believed in the power of
his own story so much, he was willing to

1244
01:20:06,620 --> 01:20:07,620
risk it all.

1245
01:20:24,039 --> 01:20:28,500
In the midst of the journey, and with
the help of my friend Jacob Silverman, I

1246
01:20:28,500 --> 01:20:30,020
wrote a book about everything I had
learned.

1247
01:20:30,860 --> 01:20:34,760
And now with the tides turned, people
wanted to hear what a crypto skeptic had

1248
01:20:34,760 --> 01:20:35,760
to say.

1249
01:20:36,780 --> 01:20:43,560
You might recognize Ben McKenzie as Ryan
Atwood from the OC, but lately

1250
01:20:43,560 --> 01:20:45,340
he's taken on a new role.

1251
01:20:45,680 --> 01:20:49,320
He's been a vocal critic of the
cryptocurrency industry and his

1252
01:20:49,320 --> 01:20:54,100
scrutiny. led him to challenge its laws
and shortcomings he's now co-author of

1253
01:20:54,100 --> 01:20:59,420
the new book entitled easy money
cryptocurrency casino capitalism and the

1254
01:20:59,420 --> 01:21:04,060
golden age of fraud how did that guy
from the oc end up writing a book about

1255
01:21:04,060 --> 01:21:07,540
crypto Well, like most Americans, I
stumbled onto crypto through a friend of

1256
01:21:07,540 --> 01:21:11,160
mine. The problem was this buddy who's
been an old, old friend.

1257
01:21:11,380 --> 01:21:15,100
He gave me the worst financial advice of
my life when I was in my 20s. And you

1258
01:21:15,100 --> 01:21:18,380
remember it. Yeah, I remembered it. And
I love him. Dave, if you're out there,

1259
01:21:18,420 --> 01:21:19,800
sorry to out you on CBS News.

1260
01:21:20,100 --> 01:21:24,380
But he said, you know, you should buy
Bitcoin. The story is so effective

1261
01:21:24,380 --> 01:21:27,920
because we all agree on the premise that
our current financial system is deeply

1262
01:21:27,920 --> 01:21:32,200
flawed. And so that lends the story of
cryptocurrency a lot of power. But it

1263
01:21:32,200 --> 01:21:34,000
doesn't make the story of cryptocurrency
true.

1264
01:21:34,560 --> 01:21:37,920
Some people got the message. How many of
you have seen this commercial starring

1265
01:21:37,920 --> 01:21:38,920
Matt Damon?

1266
01:21:39,360 --> 01:21:42,500
Matt is not the only celebrity promoting
cryptocurrency.

1267
01:21:43,140 --> 01:21:48,160
Some just didn't. You say you did a deep
dive. It only took me about 20 pages of

1268
01:21:48,160 --> 01:21:52,100
the Bitcoin standard to understand how
the young bank could benefit from this.

1269
01:21:52,280 --> 01:21:54,980
You think all these firms are going to
have egg on their face?

1270
01:21:55,200 --> 01:21:58,980
It's a democratized, decentralized
future if money is brought to you by

1271
01:21:58,980 --> 01:22:00,880
BlackRock. I don't know.

1272
01:22:01,160 --> 01:22:04,220
Maybe. I mean, if they think it's...

1273
01:22:04,900 --> 01:22:07,340
gold, they think it's, you think it's
going to zero?

1274
01:22:07,560 --> 01:22:11,480
I can't predict the future anymore than
anyone else. So if you're an American

1275
01:22:11,480 --> 01:22:14,220
sitting at home and you own
cryptocurrency and there are millions of

1276
01:22:14,220 --> 01:22:17,340
those Americans, many of those right
now, what's your advice to them? I am

1277
01:22:17,340 --> 01:22:20,820
not here to offer financial advice. I am
not a licensed financial advisor. Many

1278
01:22:20,820 --> 01:22:24,720
of my celebrity colleagues have
effectively offered financial advice.

1279
01:22:24,920 --> 01:22:25,920
And they said bye.

1280
01:22:26,000 --> 01:22:29,780
You're saying bye. They said bye. I'm
the celebrity who said be careful. Be

1281
01:22:29,780 --> 01:22:31,940
careful. Ben McKenzie, thank you so
much.

1282
01:22:42,160 --> 01:22:46,960
I stumbled down this crypto rabbit hole,
not sure of who I was or what I was

1283
01:22:46,960 --> 01:22:47,960
doing.

1284
01:22:48,780 --> 01:22:53,820
But in playing the role of myself, an
undercover econ dork, I not only found

1285
01:22:53,820 --> 01:22:58,440
my footing, but uncovered what I believe
to be the central truth of

1286
01:22:58,440 --> 01:22:59,440
cryptocurrency.

1287
01:23:00,920 --> 01:23:02,140
It's just a story.

1288
01:23:04,160 --> 01:23:09,420
Or rather, millions of different stories
spun by those invested in it.

1289
01:23:11,240 --> 01:23:15,320
In the end, crypto is only a projection
of the hopes and dreams of those

1290
01:23:15,320 --> 01:23:16,320
investors.

1291
01:23:16,500 --> 01:23:17,940
You still believe in crypto overall?

1292
01:23:20,860 --> 01:23:24,180
Yeah. Oh, yeah. I'm fully invested in
crypto now.

1293
01:23:24,580 --> 01:23:25,980
Yeah, I do believe in it still.

1294
01:23:26,220 --> 01:23:27,600
I still hold a lot of Bitcoin.

1295
01:23:28,200 --> 01:23:29,540
Obviously, I'm not a fan of Celsius.

1296
01:23:29,980 --> 01:23:33,100
I think that was a ripoff. But I still
love Bitcoin.

1297
01:23:33,620 --> 01:23:36,980
Immediately, whenever it happened, I
mean, I wasn't trying to look at crypto

1298
01:23:36,980 --> 01:23:39,120
or anything like that, but I'm still in
the game.

1299
01:23:39,530 --> 01:23:43,130
That's fascinating to me, you know?
Like, I get it. I can understand it,

1300
01:23:43,190 --> 01:23:46,270
even if I don't agree with it.

1301
01:23:48,110 --> 01:23:52,090
And as long as people are buying the
story, the crypto industry will keep

1302
01:23:52,090 --> 01:23:55,790
selling it, changing the narrative to
fit the needs of the faithful.

1303
01:24:26,570 --> 01:24:29,850
The government bought Wilfredo's land
for a fraction of what it was worth.

1304
01:24:32,110 --> 01:24:35,450
He was forced to uproot his family and
build a new house nearby.

1305
01:24:40,270 --> 01:24:46,970
The only way he could afford to do that

1306
01:24:46,970 --> 01:24:49,690
was with the financial support of his
friends and family.

1307
01:24:50,290 --> 01:24:53,230
In the end, Wilfredo's community saved
him.

1308
01:24:54,960 --> 01:24:59,120
And despite Wilfredo and his neighbors
being kicked off their land, there are

1309
01:24:59,120 --> 01:25:00,880
still no signs of Bitcoin City.

1310
01:25:02,760 --> 01:25:05,260
Well, other than Corbyn, that is.

1311
01:25:09,460 --> 01:25:10,460
However,

1312
01:25:15,100 --> 01:25:19,280
the idea of Bitcoin continued to spread,
albeit in an unexpected way.

1313
01:25:32,070 --> 01:25:37,370
My first Bitcoin is a nationwide effort
to educate the impressionable youth of

1314
01:25:37,370 --> 01:25:39,490
El Salvador on the magical ways of
Bitcoin.

1315
01:25:40,450 --> 01:25:46,470
With over 35,000 graduates and counting,
an entire generation is being turned on

1316
01:25:46,470 --> 01:25:47,470
to crypto.

1317
01:25:47,730 --> 01:25:48,730
Forcibly.

1318
01:25:50,090 --> 01:25:53,830
And Bitcoin tourists from all over the
world could come to watch kids who

1319
01:25:53,830 --> 01:25:54,830
aren't theirs graduate.

1320
01:26:03,750 --> 01:26:09,330
Not weird at all.

1321
01:26:24,430 --> 01:26:25,430
Was it worth it?

1322
01:26:26,290 --> 01:26:32,030
I feel like I was as right as I hoped I
would be or more, and yet I had less of

1323
01:26:32,030 --> 01:26:32,949
an effect.

1324
01:26:32,950 --> 01:26:33,950
What do you mean?

1325
01:26:34,390 --> 01:26:40,450
I sort of felt it would be like a movie
and it would just disappear, but it's

1326
01:26:40,450 --> 01:26:42,650
not a movie, you know? It's not
beautiful and perfect.

1327
01:26:43,730 --> 01:26:46,530
Like, people are still going to believe
in crypto no matter what, right? Like,

1328
01:26:46,530 --> 01:26:47,530
it doesn't matter what I say.

1329
01:26:48,490 --> 01:26:51,110
It doesn't matter what anyone says,
really.

1330
01:26:52,060 --> 01:26:55,140
I'm kind of tired of being me. I'm ready
to go back to pretending to be somebody

1331
01:26:55,140 --> 01:26:56,140
else.

1332
01:26:56,740 --> 01:26:57,740
Let's be honest.

1333
01:26:58,100 --> 01:27:00,260
I am not as interesting as the people
that I play.

1334
01:27:00,560 --> 01:27:01,800
I mean, I wasn't going to say that.

1335
01:27:03,660 --> 01:27:04,860
Who should I pretend to be next?

1336
01:27:07,100 --> 01:27:08,580
Doctor, cop, lawyer, right?

1337
01:27:09,840 --> 01:27:10,840
Yeah.

1338
01:27:11,700 --> 01:27:14,340
I'm going to just become a fake cop
again.

1339
01:27:15,620 --> 01:27:17,380
Get back to some honest work.

1340
01:27:18,080 --> 01:27:19,080
But I'm married.

1341
01:27:23,370 --> 01:27:25,950
Very few people would have put up with
what you put up with.

1342
01:27:27,690 --> 01:27:30,510
So go ahead. Now that you've been
listening for two years, what is

1343
01:27:30,510 --> 01:27:31,510
cryptocurrency, right?

1344
01:27:32,470 --> 01:27:35,690
I just impaled myself on this tiny, tiny
knob.

1345
01:27:38,850 --> 01:27:42,950
Well, we've got two night scenes. Do you
want to do them tonight or tomorrow?

1346
01:27:43,310 --> 01:27:44,330
What are the night scenes?

1347
01:27:44,810 --> 01:27:48,890
One is my low point. I'm down in a
rabbit hole. I'm in the kitchen looking

1348
01:27:48,890 --> 01:27:49,890
at videos.

1349
01:27:50,190 --> 01:27:52,050
Thanks for your letter.

1350
01:27:52,890 --> 01:27:55,850
Please send a clone over.

1351
01:27:56,110 --> 01:28:02,670
I'll use him for garden work and
harmonies.

1352
01:28:03,350 --> 01:28:10,270
Speaking of pretty new documentaries,
have you

1353
01:28:10,270 --> 01:28:13,930
seen the one about the Roshnish Baram
Society?

1354
01:28:15,410 --> 01:28:20,890
Everyone seemed to think they were
lunatics, but I thought a thought.

1355
01:28:21,530 --> 01:28:26,990
Hey, I get this inside this rational
brain of mine. I long to be

1356
01:28:26,990 --> 01:28:29,370
contradicted. I wait for a sign.

1357
01:28:29,610 --> 01:28:34,570
Doesn't matter what cult, what sign.
Just give me any culty sign.

1358
01:28:34,910 --> 01:28:40,190
Have a good time with your Bitcoin and
your crypto and everything else that

1359
01:28:40,190 --> 01:28:41,190
you're playing with.

1360
01:28:43,090 --> 01:28:48,850
Though I'm guessing maybe you are an
atheist.

1361
01:28:50,700 --> 01:28:55,920
You'd get a reason, you'd get a goal.
You'd know how to dress and how to

1362
01:28:55,920 --> 01:28:58,500
cleanse your soul. I'd be up for that.

1363
01:28:58,720 --> 01:29:02,000
I'd be totally up for cleansing my soul.

1364
01:29:04,900 --> 01:29:08,620
Would I have to split from my family?

1365
01:29:11,500 --> 01:29:15,680
They wouldn't know what got into me.

1366
01:29:17,480 --> 01:29:20,880
I'd change my name into something cool.

1367
01:29:21,280 --> 01:29:26,620
Warlords bring grass and the leader
would use me as a songwriter too. I'd

1368
01:29:26,620 --> 01:29:29,540
spread her message to the world.

1369
01:29:31,360 --> 01:29:33,780
Send in the choir.

1370
01:29:37,720 --> 01:29:40,300
Send in the choir.

1371
01:29:44,580 --> 01:29:46,420
Send in the choir.