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Ben McKenzie

πŸ‘€ Speaker
2248 total appearances

Appearances Over Time

Podcast Appearances

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

Generally, but this guy was such a character.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

He's like, we're a bank, but we're better than a bank because we give the money back.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

And I'm like, well, then how do you make money?

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

And he just wouldn't answer.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

It was a wild interview.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

That was our first day of filming.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

Like he said stuff like, the camera cut out, but we had the audio, it's in the movie.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

I asked him like, how much real money is in crypto?

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

He's like, 10, 15%.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

The rest is speculation.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

So I think you need to explain that part.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

Yeah, that means that basically, because people are doing things like borrow money to bet on crypto, the crypto exchanges would give people like 125 to one leverage.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

So they would give you like $125 of poker chips to play with for every one actual dollar that you put, which sounds awesome, right?

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

Like, oh, wow, fantastic.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

Of course, it really means the poker chips aren't actually worth that much.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

And when it's going up, you're having a great time.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

But when it goes down...

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

they just liquidate you.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

There's no margin call.

Armchair Expert with Dax Shepard
Ben McKenzie (on cryptocurrency)

Margin call is when your finances aren't looking that great on your investments or whatever, and the bank calls you or the investment firm is like, hey, you need to put more money in because otherwise you're going to be zeroed out.