{"id":16278,"date":"2024-08-21T14:00:00","date_gmt":"2024-08-21T11:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/satoshi-nakamotos-flying-circus-ten-cringe-makers-from-a-decade-in-crypto\/"},"modified":"2024-08-21T14:00:00","modified_gmt":"2024-08-21T11:00:00","slug":"satoshi-nakamotos-flying-circus-ten-cringe-makers-from-a-decade-in-crypto","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/satoshi-nakamotos-flying-circus-ten-cringe-makers-from-a-decade-in-crypto\/","title":{"rendered":"Satoshi Nakamoto\u2019s Flying Circus: Ten cringe-makers from a decade in crypto"},"content":{"rendered":"<p>Over Bitcoin\u2019s lifetime, the industry has developed a particular atmosphere. At various stages the crypto market drew in characters who relied on dubious marketing, often boiling down to promises of quick riches.<\/p>\n<p>Years on, we recall them with a palpable sense of embarrassment. Ahead of the 100x online conference, we revisit the past ten years\u2019 episodes that made some laugh and others wince.<\/p>\n<h2 class=\"wp-block-heading\">Hey hey hey\u2026<\/h2>\n<p>In 2017 New Yorker Carlos Matos took the stage in Thailand to extol the crypto project BitConnect. In a speech that went viral, Carlos said his $25,610 investment had grown to $100,000 within just a few months. He also admitted his wife did not believe him and called the project a scam.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Bitconnect Annual Ceremony High Lights ( Carlos Matos from N.Y. )\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/vabXXkZjKiw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>At its peak the project\u2019s native coin sat in CoinMarketCap\u2019s top ten. But by 2018 a class action had been filed against BitConnect for creating a \u201cwide-ranging Ponzi scheme\u201d.<\/p>\n<p>In 2021 the US Securities and Exchange Commission (SEC) charged BitConnect promoters Trevon Brown, Craig Grant, Ryan Maasen and Michael Noble.<\/p>\n<p>Though many branded Carlos a participant, he said he had been merely a duped investor. His speech became one of the most popular <a href=\"https:\/\/www.youtube.com\/watch?v=e5nyQmaq4k4\" target=\"_blank\" rel=\"noopener\" title=\"\">memes<\/a> about crypto, albeit one that cast the industry in a negative light.<\/p>\n<p>Since 2017 Matos\u2019s lines have been <a href=\"https:\/\/genius.com\/13932960\" target=\"_blank\" rel=\"noopener\" title=\"\">quoted<\/a> in comments to underline the shakiness of investments in a \u201cpromising\u201d project or a meme token.<\/p>\n<h2 class=\"wp-block-heading\">Zero!<\/h2>\n<p>Another <a href=\"https:\/\/www.youtube.com\/watch?v=dYJH3li2zgQ&#038;t=0s\" target=\"_blank\" rel=\"noopener\" title=\"\">appearance<\/a> that now induces second-hand embarrassment came in November 2018, when bitcoin traded around $3,800.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Dan Pena Believes Bitcoin Will Go to ZERO LOL\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/xX21rnDV-oo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>American businessman Dan Pe\u00f1a proclaimed in highly aggressive fashion that bitcoin would fall to zero.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cOne of the most successful calls I made a year ago, when the \u2018bitfak\u2019 was at $19,600. I said it was over. [\u2026] My prot\u00e9g\u00e9s lost billions because nobody listened to me. We have a few \u2018bitfaks\u2019, and I can say this is very bad, it shows stupidity. And I know who is behind bitcoin, and it\u2019s not some Japanese guy in a cave. I know this guy, and when this comes out \u2014 you heard it here first \u2014 bitcoin will go to zero. Zero, when this comes out. Zero!\u201d \u2014 Pe\u00f1a said then.<\/em><\/p>\n<\/blockquote>\n<p>Later he also <a href=\"https:\/\/www.youtube.com\/shorts\/W5fCQYizIUI\" target=\"_blank\" rel=\"noopener\" title=\"\">claimed<\/a> that if people knew who created bitcoin, they would rush to dump the digital gold.<\/p>\n<p>Finally, in 2024 he <a href=\"https:\/\/x.com\/AltcoinDailyio\/status\/1760291530856714424\" target=\"_blank\" rel=\"noopener\" title=\"\">said<\/a> that Russia\u2019s president, Vladimir Putin, was behind bitcoin.<\/p>\n<h2 class=\"wp-block-heading\">Faketoshi<\/h2>\n<p>The saga of Craig Wright, the \u201cPseudo-Satoshi\u201d, is one of the most striking examples of a failed impersonation.<\/p>\n<p>In July 2024 his website carried a statement denying involvement in bitcoin\u2019s creation.<\/p>\n<p>Before that the \u201cinept Mr Wright\u201d had tried for years to prove he authored the bitcoin white paper. In a <a href=\"https:\/\/www.youtube.com\/watch?v=5DCAC1j2HTY\" target=\"_blank\" rel=\"noopener\" title=\"\">BBC interview<\/a> he solemnly claimed he did not need money or fame and merely wanted to be left alone.<\/p>\n<p>In practice he fought to stay in the spotlight.<\/p>\n<p>He filed defamation suits against critics, including What Bitcoin Did host Peter McCormack, Blockstream\u2019s chief executive Adam Back and Ethereum co-founder Vitalik Buterin.<\/p>\n<p>He eventually withdrew all allegations; by 2024 the case had turned against him. In May a judge <a href=\"https:\/\/forklog.com\/en\/news\/craig-wright-accused-of-perjury-by-court\">issued<\/a> a written ruling exposing Wright\u2019s document forgeries and his \u201cuse of the courts as an instrument of fraud\u201d. In June the materials were referred to Britain\u2019s prosecution service for consideration of perjury and forgery charges.<\/p>\n<h2 class=\"wp-block-heading\">Bitcoin Jesus<\/h2>\n<p>That was the moniker given to Bitcoin.com\u2019s founder, Roger Ver, in bitcoin\u2019s early years. The nickname itself may induce cringing, but that is not why \u201cBitcoin Jesus\u201d features here.<\/p>\n<p>Ver <a href=\"https:\/\/www.cnbc.com\/2013\/12\/02\/meet-bitcoin-jesus-a-virtual-currency-millionaire.html\" target=\"_blank\" rel=\"noopener\" title=\"\">bought<\/a> his first BTC in early 2011, when the price was under $1. He invested in various startups, including Blockchain.com, BitPay and Kraken, and became one of the founders of the Bitcoin Foundation.<\/p>\n<p>Over time, though, he turned into a divisive figure amid the scaling debate, remembered as the Blocksize War. That \u201ccivil war\u201d led to the Bitcoin Cash fork in July 2017. Ver was soon seen as one of its principal champions.<\/p>\n<p>He promotes Bitcoin Cash as the \u201ctrue\u201d bitcoin, which many in the community consider misleading. As owner of the Bitcoin.com domain, Ver used various marketing tactics to position Bitcoin Cash as a peer competitor to bitcoin (the latter on the site is often <a href=\"https:\/\/news.bitcoin.com\/how-is-bitcoin-cash-different-from-bitcoin-core\/\" target=\"_blank\" rel=\"noopener\" title=\"\">called<\/a> Bitcoin Core).<\/p>\n<p>He also resorts to emotive debating techniques in defence of his favoured coin. One of the best-known examples was his exchange with Synonym\u2019s chief executive, John Carvalho.<\/p>\n<p>During the interview \u201cJesus\u201d reacted sharply to his interlocutor calling the cryptocurrency \u201cbikesh\u201d rather than Bitcoin Cash. Ver said he disliked being insulted by people like Carvalho because he \u201cbecame a multimillionaire before I came into the bitcoin industry.\u201d He then asked about his opponent\u2019s company revenues and pulled a <span data-descr=\"Leaving a project under the influence of strong, uncontrolled emotions; often accompanied by aggression towards other participants\" class=\"old_tooltip\">rage-quit<\/span>, flipping the bird.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Roger Ver Rage Quit Interview\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/oCOjCEth6xI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>Ver never succeeded in convincing people that Bitcoin Cash is the real bitcoin. Since launch the fork has trended down against the original.<\/p>\n<p>In May 2024 the \u201cBitcoin Jesus\u201d was <a href=\"https:\/\/forklog.com\/en\/news\/roger-ver-arrested-for-tax-evasion\" target=\"_blank\" rel=\"noopener\" title=\"\">detained<\/a> in Spain on US Justice Department tax-fraud charges.<\/p>\n<h2 class=\"wp-block-heading\">Bitcoin Miami 2021<\/h2>\n<p>When strange and absurd scenes dominate big crypto conferences, a market top may be near. Bitcoin Miami in July 2021 offered a case in point, generating an abnormally large amount of cringe content:<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Cringe Overload: The Bitcoin Conference That Couldn't\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/sjpfcg1xLwM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>At the conference an unknown attendee ran on stage shouting \u201cDogecoin to the Moon!!!\u201d, while TV host and Heisenberg Capital founder Max Keiser tore up dollar bills and flipped a chair during an interview. Standing on stage with MicroStrategy\u2019s founder, Michael Saylor, he yelled: \u201cWe are not selling! To hell with Elon!\u201d It was likely an emotional reaction to Tesla\u2019s decision to sell part of its bitcoin.<\/p>\n<h2 class=\"wp-block-heading\">BitBoy<\/h2>\n<p>Ben Armstrong, also known as BitBoy, was among the most popular crypto YouTubers in the English-speaking world, with more than 1m subscribers.<\/p>\n<p>During the 2021\u201322 bull run he fretted that he would have to spend months hunting down the right model of Lamborghini.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cI think I\u2019ll need to go to Italy to get the Lambo I want. I don\u2019t want to compromise,\u201d <\/em><a href=\"https:\/\/www.nytimes.com\/2024\/02\/02\/business\/bitboy-ben-armstrong.html\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>wrote<\/em><\/a><em> he to his business partner.<\/em><\/p>\n<\/blockquote>\n<p>Fate smiled on him: in autumn 2021 a dealership delivered a Huracan to Armstrong\u2019s production studio in suburban Atlanta.<\/p>\n<p>But two years later the influencer lost his production company, and his wife filed for divorce. The BitBoy Crypto team kicked Armstrong out of the project. His partners said it was part of \u201clong-standing efforts to help Ben during his relapse of substance abuse\u201d.<\/p>\n<p>On September 25, 2023, police detained Armstrong for attempting to assault a colleague.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">NOW THIS IS THE CONTENT WE LIVE FOR. CRYPTO GRIFTER BITBOY SELF DESTRUCTING. BEAUTIFUL! \ud83d\udc4f\ud83c\udffc <a href=\"https:\/\/t.co\/tq2UlVT8kc\">pic.twitter.com\/tq2UlVT8kc<\/a><\/p>\n<p>\u2014 Autism Capital \ud83e\udde9 (@AutismCapital) <a href=\"https:\/\/twitter.com\/AutismCapital\/status\/1706493812879827341?ref_src=twsrc%5Etfw\">September 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<h2 class=\"wp-block-heading\">Choose rich<\/h2>\n<p>The phrase choose rich nods to The Wolf of Wall Street, where Leonardo DiCaprio, as Jordan Belfort, <a href=\"https:\/\/www.youtube.com\/watch?v=IuZ_3wEKkWg\" target=\"_blank\" rel=\"noopener\" title=\"\">says<\/a>: \u201cI choose rich every time.\u201d<\/p>\n<p>The quote was not especially popular until Nifty co-founder Nick O\u2019Neill, also known as NFT Nick, began using it everywhere to signal his success and attract attention.<\/p>\n<p>The community quickly found that O\u2019Neill often exaggerated. For example, YouTuber and investigative journalist Coffeezilla <a href=\"https:\/\/x.com\/chooserich\/status\/1766548458331132157\" target=\"_blank\" rel=\"noopener\" title=\"\">reported<\/a> that the businessman\u2019s penthouse was likely rented. He posted an unconvincing reply from a luxury apartment that he claimed to own.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Cheers to the haters from my NYC penthouse <a href=\"https:\/\/t.co\/kD55O7gq8P\">pic.twitter.com\/kD55O7gq8P<\/a><\/p>\n<p>\u2014 Nick O\u2019Neill (@chooserich) <a href=\"https:\/\/twitter.com\/chooserich\/status\/1766608423112597578?ref_src=twsrc%5Etfw\">March 9, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>In the video O\u2019Neill flaunts a bottle of champagne priced at $5,000. Community Notes on X say it costs about $85.<\/p>\n<h2 class=\"wp-block-heading\">MC Vitalik<\/h2>\n<p>Vitalik Buterin is one of crypto\u2019s most recognisable figures. He is known for public appearances dressed as a <a href=\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/sxp4n2\/vitalik_buterin_confirms_bear_market_by_showing\/\" target=\"_blank\" rel=\"noopener\" title=\"\">bear<\/a>, a <a href=\"https:\/\/beincrypto.com\/vitalik-buterin-wears-dinosaur-costume-becomes-fashion-god\/\" target=\"_blank\" rel=\"noopener\" title=\"\">dinosaur<\/a> or in <a href=\"https:\/\/www.youtube.com\/watch?v=NS0P1eiW7NE\" target=\"_blank\" rel=\"noopener\" title=\"\">traditional Montenegrin dress<\/a>. His most memorable performance, however, was a rap about Ethereum 2.0 at Edcon 2019 in Sydney.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"\ud83d\udc28 \u0420\u044d\u043f\u0435\u0440 \u0412\u0438\u0442\u0430\u043b\u0438\u043a \u0411\u0443\u0442\u0435\u0440\u0438\u043d \u043d\u0430 Edcon 2019 \u0438 \u043a\u0443\u0440\u0441 ETH\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/8M0z2qIyCwc?start=36&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>The rap focuses on work developers were pursuing at the time, including the move to Proof-of-Stake and zk-SNARKs.<\/p>\n<h2 class=\"wp-block-heading\">SBF and Caroline Ellison<\/h2>\n<p>FTX founder Sam Bankman-Fried (SBF) and Alameda Research head Caroline Ellison often gave questionable comments in interviews, prompting doubts about their competence and professionalism.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A Crypto Cringe Compilation: FTX Edition <a href=\"https:\/\/t.co\/tnCrOSfsth\">pic.twitter.com\/tnCrOSfsth<\/a><\/p>\n<p>\u2014 John W. Rich Kid (Wendy\u2019s Fry Cook) (@JohnWRichKid) <a href=\"https:\/\/twitter.com\/JohnWRichKid\/status\/1592548279094575104?ref_src=twsrc%5Etfw\">November 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>The true scale of the problem became clear only after FTX collapsed. In court Ellison described some quirks of the crypto industry\u2019s \u201c<a href=\"https:\/\/fortune.com\/2022\/11\/09\/sam-bankman-fried-14-billion-wiped-from-personal-wealth-overnight-ftx-bailout-deal-binance\/\" target=\"_blank\" rel=\"noopener\" title=\"\">golden boy<\/a>\u201d: presidential ambitions, an obsession with his hair, a proprietary trading strategy called \u201ctrade escort\u201d, and so on.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over Bitcoin\u2019s lifetime, the industry has developed a particular atmosphere. At various stages the crypto market drew in characters who relied on dubious marketing, often boiling down to promises of quick riches. Years on, we recall them with a palpable sense of embarrassment. Ahead of the 100x online conference, we revisit the past ten years\u2019 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1492,1602,1161],"class_list":["post-16278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-conference","tag-humor","tag-memes"],"aioseo_notices":[],"amp_enabled":true,"views":"104","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16278"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16278\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16277"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}