CNBC Host DESTROYS Hollywood Actor in ‘HEATED’ Crypto Debate

I mean you should talk to this gentleman Over here Mr Joe no I I uh because we Had we we are because Joe Joe is Joe Likes Bitcoin Satoshi Nakamoto uh look I Don't vocal crypto critic an actor who You probably know from the OC Ben McKenzie just got his butt handed to him Bit clapped on CNBC in my opinion again You be the judge for you as the hosts Break down his argument push back that Bitcoin is not a Ponzi crypto's not a Fraud and your arguments Ben sort of Reduce you to the fraud at least a Charlatan McKenzie is here he's known For his role in the OC and Gotham he's Been a vocal critic of the Cryptocurrency industry after delving Into the world of crypto and Interviewing players from regular Holders to Sam bankman freed his Scrutiny has led him to challenge its Flaws and shortcomings and even Testified in front of the Senate Banking Committee he's got a new book out it's Called easy money cryptocurrency Casino Capitalism and the Golden Age of fraud Co-authored with the journalist Jacob Silverman highlights the inherent risks And practices within the industry Joining us right now is Ben McKenzie Good morning good morning and this Interview starts off so normal but What's different about this time versus Him explaining crypto in front of

Congress much like a multi-level Marketing scheme him explaining crypto In front of Bill Maher he described it As a ponzi's game yes it's a Ponzi Scheme is that those people weren't in Finance so they couldn't really push Back and not that Joe kernan's an expert And not that Andrew sorkins a crypto Expert but they've interviewed so many Notable people that they're able to pick Apart Ben's arguments and to be fair Let's give Ben a chance what exactly is Your argument against Bitcoin how did You first get interested in this and Decide that you wanted to go I mean you Started writing articles about a couple Years ago about this and sort of taking To Twitter with your views of of crypto But how did this really evolve well like Most Americans I stumbled onto crypto Through a friend of mine a buddy of mine Told me I should buy coin unfortunately That friend of mine had given me the Worst Financial advice of my life what Was the price of Bitcoin at the time Uh it's 2021 somewhere between like Forty and fifty thousand or something Probably okay uh you said I should buy It I said okay what is this stuff I have A degree in economics and uh they Weren't currencies I mean people weren't Using them like currencies they were Using them as Investments That was odd To me I didn't quite understand what

That meant and You lost how much so number one Ben McKenzie bought the top you know the Actor Ben McKenzie that's always Randomly on CNBC and in front of Congress testifying against crypto he Lost a quarter million dollars Essentially on a short position although He'll call it something else No wonder he hates it he sucks at Trading and to confirm this in one of His recent write-ups he essentially bet 250 000 that the crypto Market would Collapse that's a short position but got The timing wrong and he lost most of it And You lost how much Oh I know I hate to disappoint the Bros I was a little early and I did lose Initially but then I doubled down she Should never do and I I actually did Okay you did okay yeah so you doubled Down what we was down at what 15 or 20 Or I mean they went back down to 30 000. Oh I wasn't like shorting Bitcoin Directly I wouldn't do that I don't Trust the marketplace it's the the Marketplace is pretty bad that's your Biggest concern with it the marketplace Well my biggest concern is regular People who've lost a lot of money but Number two all he has stated so far is Reasons why centralized exchanges are

Bad why FTX was a scam and I just looked At the market structure which is very Interesting of course most of the volume In crypto runs through overseas Exchanges uh Sam bankman Freed's FTX Headquartered in the Bahamas uh binance Which we actually don't know where That's headquartered they have no Headquarters or so they claim but There's a lot of shell corporations in The Caribbean that they're affiliated With so that was interesting to me so You're talking about an unregulated Unlicensed Marketplace more or less run Through shell corporations in the Caribbean interesting so Ben McKenzie is About to flex his economics degree too Much of your issue is around Bitcoin Versus the other currencies because I I Could even make an argue that argument That the other currencies are even more Precarious if you will than where Bitcoin really is well that's certainly True I mean even worse is uh is probably How I would say it I mean at least with Bitcoin Theoretically the number is limited Right there are only 21 million Bitcoin That it can ever be mined Um bitcoiners usually make a conflation There they they confuse limited Supply With scarcity those are not the same Things as anyone with a degree in Economics knows scarcity only occurs

When demand exceeds Supply at the price Of zero so something can be limited in Supply and scarce because there's demand For it or it can be limited and supplied But not scarce okay you should talk to This gentleman over here but the reason I say this interview goes off the rails So to speak is because they do they go Off script Joe Kernan from some Prompting from Andrew Sorkin defends Bitcoin you should talk to this Gentleman over here Mr Joe no I I uh Because we had we we are because Joe Joe Is Joe likes Bitcoin but I bought it in At 4 000 and at the time said at the Next having is it possible to go to 50 Or 55 and it went from four to sixty two So I had a much different experience Uh than you so most of it at 50. I guess I'm gonna didn't have a lot uh money and I don't I'm not no oh no and we have Tom Leon earlier this these great smart guy Stocking six Bitcoins going to 200 000. So we have you know Kathy Wood Um BlackRock uh wants to have a an ETF Fidelity Swab uh Paul Tudor Jones has long Stan Drucken Miller sure and just across the Board it didn't take me long to Understand how the unbanked could Benefit from this and I also understand That distributed ledgers and I Understand it it was only I mean I Didn't you say you did a deep dive it

Only took me about 20 pages of the Bitcoin standard to understand that this Was probably something that you think Black you think all these firms are Going to have egg on their face Decentralized future if money is blocked To you by BlackRock I don't know maybe Now Ben McKenzie thinks that's the Ultimate Checkmate Bitcoin is Permissionless Bitcoin is decentralized So why would the most permissioned Centralized company wanted I don't know Maybe they may I mean if if they think It's uh gold if they think it's well Bitcoin's just technology bad guys can Use the internet good guys can use the Internet bad guys would want to Accumulate gold good guys want to Accumulate gold and not that blackrock's Bad or good but something truly Decentralized if it has value is wanted By everybody the future of money is Blocked you by BlackRock I don't know Maybe they may I mean if if they think It's uh gold if they think it's you know That's why I was digital gold right Exactly and that's why I was explaining The difference between uh Very interesting Ben didn't really have An answer right exactly and that's why I Was explaining the difference between uh No I heard this thing no Ben you were Explaining something different his Scarcity argument had nothing to do with

BlackRock uh A lot of smart people are so our Football you think it's going to zero Eventually no that's that's like a I Mean look where do you think it's the Story I can't predict the future anymore Than anyone else but I would say it's Going lower yes okay do you think Eventually there will not be something Called Bitcoin it's a story it'll last As long as people believe in it Okay but that's what that I'm with him In that regard it is it's I mean to the Extent that gold is a story of so I Think I think it's a real the the six or Seven characteristics that gold have are All manifested but I think maybe the Most important part of what you've laid Out is it doesn't matter if you believe In Bitcoin or any of these or not it's The exchanges yeah if the exchanges are Run by complete fraudsters and Ponzi Schemes right you're host either way Right exactly great point but if you Bought any pandemic Darling you lost the same amount as you Lost in Bitcoin no yeah you did Zoom Netflix it was a 700 it went to 200. the Same percentage losses are across the Board in any of the the the stock market Look at the high and lows on on any of The The Meta right just was it 80. it's Back to 300. it had already made the Round trip so the percentage losses

Aren't even with blue chip companies you See 50 down FTX claimed 1.2 million Retail traders in the United States Alone those people can't get their money Out Celsius claim to now you're talking About the FTX and you're talking about Buying it's not talking about the Underlying asset yeah but that's what The underlying assets traded through the Exchanges no I understand but but you Can have you don't need to trade Bitcoin You have your own wallet and just keep That's not how it works people trade it Through the exchanges and I think it's Fair to be concerned about people who Got ripped off by those exchanges yeah I Mean definitely but you don't blame it On bitcoin you blame it on the exchanges On Satoshi Nakamoto uh look I don't I'm Sorry I'm not trying to be uh glib here Like this video right now if you think Ben McKenzie's a charlatan on bitcoin And by the way Joe Kernan is absolutely Right that with Bitcoin we don't need Centralized third parties to trade it Now it sure helps exchanges make the Process so much easier but Bitcoin and Crypto for the first time in the digital Age allows you self-sovereignty Ben McKenzie is reduced to just funny quips As if he's still in the TV show Definitely but you don't blame it on Bitcoin you blame it on the exchanges on Satoshi Nakamoto uh look I don't I I I'm

Sorry I'm not trying to be uh glib here I've spent two years investigating this Ages this industry I've interviewed Sam Begman free now indicted for fraud I Interviewed Alex machinsky who was Arrested last week and indicted for Fraud I've written articles about Binance the biggest Exchange in in the Crypto industry by a country mile I have Done my homework if people disagree with Me read my book and there it is just Like always see you tomorrow