<p>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 <a href="https://cryptohayes.medium.com/" rel="noopener noreferrer" target="_blank">essays</a>, 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."</p><br><p>For more from Decrypt, visit&nbsp;<a href="http://decrypt.co/" rel="noopener noreferrer" target="_blank">decrypt.co</a>&nbsp;and follow&nbsp;@<a href="https://twitter.com/gmdecrypt" rel="noopener noreferrer" target="_blank">gmdecrypt</a> on Twitter.</p><p>Be sure to join the <a href="https://t.me/gmpodcast" rel="noopener noreferrer" target="_blank">gm Telegram room</a> for direct access to our hosts and guests.</p><br><p>Hosts and guests:</p><br><p>Dan Roberts</p><p>Twitter: @<a href="https://twitter.com/readDanwrite" rel="noopener noreferrer" target="_blank">readDanwrite</a></p><br><p>Stacy Elliott</p><p>Twitter: @<a href="https://twitter.com/stacyannj" rel="noopener noreferrer" target="_blank">stacyannj</a></p><br><p>Arthur Hayes</p><p>Twitter: @<a href="https://twitter.com/CryptoHayes" rel="noopener noreferrer" target="_blank">CryptoHayes</a></p><br><p>Podcast thumbnail art by <a href="https://www.grantkempster.design/new-page" rel="noopener noreferrer" target="_blank">Grant Kempster</a></p><br /><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

gm from Decrypt

Decrypt Media: News about Bitcoin, blockchain, Ethereum, NFTs, Web3

gm: Arthur Hayes Says Crypto Failures Are A Sign of The System Cleansing Itself

APR 19, 202355 MIN
gm from Decrypt

gm: Arthur Hayes Says Crypto Failures Are A Sign of The System Cleansing Itself

APR 19, 202355 MIN

Description

<p>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 <a href="https://cryptohayes.medium.com/" rel="noopener noreferrer" target="_blank">essays</a>, 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."</p><br><p>For more from Decrypt, visit&nbsp;<a href="http://decrypt.co/" rel="noopener noreferrer" target="_blank">decrypt.co</a>&nbsp;and follow&nbsp;@<a href="https://twitter.com/gmdecrypt" rel="noopener noreferrer" target="_blank">gmdecrypt</a> on Twitter.</p><p>Be sure to join the <a href="https://t.me/gmpodcast" rel="noopener noreferrer" target="_blank">gm Telegram room</a> for direct access to our hosts and guests.</p><br><p>Hosts and guests:</p><br><p>Dan Roberts</p><p>Twitter: @<a href="https://twitter.com/readDanwrite" rel="noopener noreferrer" target="_blank">readDanwrite</a></p><br><p>Stacy Elliott</p><p>Twitter: @<a href="https://twitter.com/stacyannj" rel="noopener noreferrer" target="_blank">stacyannj</a></p><br><p>Arthur Hayes</p><p>Twitter: @<a href="https://twitter.com/CryptoHayes" rel="noopener noreferrer" target="_blank">CryptoHayes</a></p><br><p>Podcast thumbnail art by <a href="https://www.grantkempster.design/new-page" rel="noopener noreferrer" target="_blank">Grant Kempster</a></p><br /><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>