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Scams, Zealots, and Jet Skis: Life Inside the Crypto Scene | Spiraling

Cryptocurrencies, NFT’s, and blockchain have attracted a lot of attention in the last few years. Bitcoin evangelists say it’s the way of the future; that it will replace central banks and become the world’s currency, divorced from corrupt politicians and hegemonic monetary policies. Sceptics say it’s a ponzi scheme akin to tulip mania and is destined to fail.

Even with the volatility of the currencies, crypto becomes mainstream every year. Legacy banks now consider it a currency of interest, El Salvador made Bitcoin a national currency, and many more common folks beyond the fratty bro scene have started to use it practically.

VICE Producer Zeke Spector has been investing in Crypto, mostly unsuccessfully, since 2017, when he put the remaining $198 he raised for his college thesis into Bitcoin and Litecoin. When it lost money, he hodl’ed. When it was up, he cheered. And then he sold, still making a profit, but like a fun profit. And then he bought the dip and lost some money. So he’s in the sceptical crowd, but willing to listen.

Zeke spirals down the rabbit hole looking to see if crypto is just another ponzi scheme thought up by the rich or a true game changer with benefits that allow the common person more autonomy and freedom over the financial system.

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