Arthur Hayes says the speed at which projects like Terra grow and then implode is a feature of the crypto industry, not a bug. He founded crypto exchange Bitmex in 2014 and then became the original crypto bad boy. In 2021 the DOJ charged him in with violating the U.S. Bank Secrecy Act for not implementing an anti-money laundering program at Bitmex. He plead guilty and was sentenced to two years probation and six months of home detention. In fact, he was still sporting an ankle bracelet on a recent cover of New York Magazine. Now he's living in Singapore, offering up his views on the crypto industry with long form, meme-filled essays, and still thinks the crypto industry will save investors from what he calls a broken banking system. "I don't care if you're capitalist or you're a communist. Everybody put on a lot of debt. We've passed the point where that debt is becoming useful," he said. "And therefore everyone is going to take an L unless they get some crypto or some gold—some hard asset that's outside of the traditional banking system."
For more from Decrypt, visit decrypt.co and follow @gmdecrypt on Twitter.
Be sure to join the gm Telegram room for direct access to our hosts and guests.
Hosts and guests:
Dan Roberts
Twitter: @readDanwrite
Stacy Elliott
Twitter: @stacyannj
Arthur Hayes
Twitter: @CryptoHayes
Podcast thumbnail art by Grant Kempster
Hosted on Acast. See acast.com/privacy for more information.
June 6: STEPN Attacked, Big Layoffs, & Scams
June 3: Week in Review
June 2: Solana Down, Kanye NFTs?, DOJ Making Moves
June 1: Zcash Updates, Bank of England to Save the Day, Binance Raises $$$
May 31: ETH Movie, Prada & NTFs, Tron’s… Ummm… Algo-stable?
May 30: Editor Stephen Graves Chats with Camila Russo
May 27: Week in Review w/ Andrew Hayward
May 26: LUNA 2.0, Portugal Says No, Love, Death, & Robots NTFs
May 25: SBF Donations, BTC on Stripe, Seth Green's BAYC IP Questions
May 24: Everyone Gets an NFT, FTX & Stonks, BTC Going Lower?
gm: DraftKings Goes Crypto
May 23: Coinbase & WNBA, Beeple Hacked, GME’s New Wallets
May 20: Week in Review
May 19: FTX Apes into Stonks, ETH 2.0 Closer, LUNA Scam
May 18: Bernanke Crypto Remarks, Ackman Says LUNA is a Ponzi, Vitalik’s Contradictions
May 17: S. Korea’s National Assembly Wants to Have a Chat w/ Do Kwon
May 16: Where is Luna’s BTC, Greyscale’s EU ETF, & ATO Has a Reminder
May 13: The Luna Saga Timeline
May 12: The Luna Saga Continues
May 11: The LUNA Saga
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