Ben McKenzie, widely recognized for his roles in television series like “The O.C.” and “Gotham,” has ventured into the world of cryptocurrency criticism with his new book, “Easy Money: Cryptocurrency, Casino Capitalism and the Golden Age of Fraud.”
Known for his vocal stance against the crypto industry, McKenzie’s latest work aims to debunk the myths surrounding digital currencies, presenting them as part of a broader narrative of financial deception and speculative mania.
McKenzie’s Critique of Crypto
McKenzie, alongside his co-author Jacob Silverman, dives deep into the volatile and often opaque world of cryptocurrency.
In his discussions with The Washington Post, McKenzie draws parallels between cryptocurrency and casino gambling, suggesting that the speculative nature of digital currencies mirrors the high-risk environment of a casino.
He argues that cryptocurrencies lack intrinsic value and are primarily used for gambling and illicit activities, painting a bleak picture of their economic viability.
One of the key takeaways from McKenzie’s critique is his comparison of cryptocurrency to online poker. He notes that young men, who were previously drawn to online poker, have now shifted their interest to cryptocurrencies.
This demographic, known for its higher risk tolerance, has been targeted by crypto companies, leading to a surge in speculative investment.
The Human Cost of Crypto
In “Easy Money,” McKenzie doesn’t just focus on the financial aspects of cryptocurrency; he also highlights the human cost.
The book underscores the impact of crypto scams on the lower and middle classes, detailing stories of gambling addiction and financial ruin.
McKenzie emphasizes that most people who entered the crypto market during the 2021 boom have since lost money, likening their experience to that of casino patrons who are more likely to leave with lighter wallets.
His exploration of the crypto landscape includes interviews with notable figures like Alex Mashinsky of Celsius and Sam Bankman-Fried of FTX, conducted before their respective companies faced significant turmoil.
He also recounts a visit to El Salvador to gauge the adoption of Bitcoin as a government-sanctioned currency, revealing that its use among the general population is minimal.
Regulatory Failures and Wall Street’s Role
McKenzie’s critique extends to regulatory bodies, which he argues have failed to act swiftly to curb the growth of the crypto market.
He points out that while individuals like SEC head Gary Gensler have been blamed for regulatory shortcomings, the issues predate their tenures. McKenzie suggests that the regulatory environment has been slow to respond to the rapid evolution of the crypto market, allowing it to “metastasize” unchecked.
Moreover, McKenzie highlights the complicity of Wall Street in the crypto boom. He explains that financial institutions have profited from the trading volume generated by crypto without necessarily endorsing its long-term viability.
This detachment, he argues, has allowed Wall Street to benefit from the speculative frenzy while avoiding direct exposure to the inherent risks.
Reddit’s Take on “Easy Money”
Based on some comments I’ve read on Reddit, people found Ben McKenzie’s book engaging and informative, even if they weren’t familiar with his acting career.
Some of them praised McKenzie’s storytelling, especially his efforts to discredit the crypto craze. They highlighted key points such as the minimal use of Bitcoin in El Salvador and the widespread nature of crypto scams. Many others appreciated McKenzie’s focus on the human cost of cryptocurrency, a theme that resonates deeply throughout the book.
The collaboration between McKenzie and Silverman also received attention. While McKenzie is the face and voice of the book, readers believe Silverman’s critical analysis is crucial. This partnership adds depth to the book, blending McKenzie’s narrative with Silverman’s investigative rigor.
Conclusion
“Easy Money” by Ben McKenzie offers a compelling and critical look at the cryptocurrency industry, framed by the experiences of an actor-turned-crypto-skeptic.
McKenzie’s background in economics and his genuine concern for the financial well-being of everyday people lend credibility to his arguments.
The book serves as a cautionary tale, urging readers to look beyond the hype and recognize the risks and human costs associated with the speculative world of cryptocurrency.
For those interested in diving deeper into McKenzie’s insights, “Easy Money” is available in various formats, including an audiobook narrated by McKenzie himself on platforms like Spotify and Amazon Audiobooks.