Ben McKenzie
π€ SpeakerAppearances Over Time
Podcast Appearances
Generally, but this guy was such a character.
He's like, we're a bank, but we're better than a bank because we give the money back.
And I'm like, well, then how do you make money?
And he just wouldn't answer.
It was a wild interview.
That was our first day of filming.
Like he said stuff like, the camera cut out, but we had the audio, it's in the movie.
I asked him like, how much real money is in crypto?
He's like, 10, 15%.
The rest is speculation.
So I think you need to explain that part.
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.
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?
Like, oh, wow, fantastic.
Of course, it really means the poker chips aren't actually worth that much.
And when it's going up, you're having a great time.
But when it goes down...
they just liquidate you.
There's no margin call.
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.