Ben McKenzie vs. crypto
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In this episode of The Vergecast, host David Pierce dives into two deep dives into modern cultural obsessions: cryptocurrency and continuous glucose monitors (CGMs). First, he speaks with actor and documentarian Ben McKenzie about his film 'Everyone Is Lying To You For Money,' which chronicles his descent into the crypto world and his growing conviction that crypto is not a revolutionary financial system but a scam fueled by greed, manipulation, and a cult-like culture. McKenzie argues that crypto fails as money because it relies on trust—just like all money—but falsely claims to be 'trustless.' He highlights the failure of Bitcoin in El Salvador, the dominance of corporate mining, and the reality that crypto is primarily a zero-sum gambling game or a tool for crime, not a solution to systemic financial flaws. Despite repeated scandals and collapses, crypto’s popularity persists due to hype, political endorsement (notably Trump), and the irrational persistence of market manias. The second half features V Song, The Verge’s senior reviewer, sharing her 18-month journey testing CGMs—devices originally for diabetics but now marketed to the general public as tools for 'metabolism optimization.' She recounts how the devices led her to obsessive data tracking, disordered eating behaviors, and emotional distress, despite her initial health improvements. She questions the medical validity of non-diabetic CGM use, the lack of consensus among experts, and the growing influence of political figures like RFK Jr. and potential Surgeon General Casey Means in promoting wearables as a national health agenda. Ultimately, she warns against letting data tools dictate life choices, urging a more human-centered approach to health tech. The episode closes with a reflection on how once-popular gadgets and software become standardized, making innovation harder—and how breakthroughs in technology, not just design, are needed to spark new gadget revolutions.
Crypto is not a trustless system—it still relies on human trust, and its 'code-based trust' is a myth, as seen in the FTX collapse.
El Salvador’s failed Bitcoin experiment proves crypto doesn’t work as real-world money, especially for the poor.
CGMs are not reliable for non-diabetics; there’s no medical consensus on their use, and they can trigger disordered eating.
The rise of 'metabolism optimization' is driven by political agendas and wellness influencers, not science.
Once a product becomes standardized (like the MacBook or iPhone), it becomes nearly impossible to innovate around it.
…and 3 more takeaways available in PodZeus
The Backyard, the Podcast, and the Descent into Madness
David Pierce opens the episode with a humorous, self-deprecating story about his failed gardening efforts and the absurdity of moving sprinklers for 10 days. He sets the tone for the show by introducing the theme of 'descents into madness'—a metaphor for the deep dives into crypto and health tech that the episode explores. He previews the two main segments: Ben McKenzie’s documentary on crypto and V Song’s journey with CGMs.
Ben McKenzie’s Crypto Descent: From Believer to Skeptic
“If money is trust and you're saying it's a trustless currency, then you're saying it's like a government-less government or religion-less religion. The words you're searching for are anarchy and cult.”
The El Salvador Experiment and the Failure of Crypto as Money
“It was not used as money. It never worked as money. Even the remittance thing didn't work at all. It was 2% of remittances when we started recording. It's even less now. It's less than 1%.”
Crypto as Casino Capitalism: Gambling, Crime, and the Cult of Belief
“Crypto can't do any of that because it's not a positive sum game. It's a zero sum at best game, really negative sum game.”
The Persistence of Crypto: Hype, Politics, and Market Mania
“The manias can last a really long time. I mean, Bernie Madoff ran a Ponzi scheme for decades. So it's just, we're weird people.”
“If money is trust and you're saying it's a trustless currency, then you're saying it's like a government-less government or religion-less religion. The words you're searching for are anarchy and cult.”
“I started going to social events and not eating anything because I was terrified if eating a slice of pizza was gonna spike my glucose.”
“Crypto can't do any of that because it's not a positive sum game. It's a zero sum at best game, really negative sum game.”
Host
Guests
V Song
person
David Pierce
person
Bitcoin
product
Ben McKenzie
person
El Salvador
place
MacBook
product
Casey Means
person
FTX
organization
RFK Jr.
person
Celsius
organization
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