59 episodes

Bitcoin, the Blockchain, Web3, NFTs...welcome to the Scam Economy. Host Matt Binder (The Majority Report w/ Sam Seder, DOOMED) dives into the world of cryptocurrency in order to reveal the frauds, grifts, and scams. And there's plenty because, really, the whole thing is a scam. It's the Scam Economy.

Scam Economy Matt Binder

    • Technology
    • 4.9 • 333 Ratings

Bitcoin, the Blockchain, Web3, NFTs...welcome to the Scam Economy. Host Matt Binder (The Majority Report w/ Sam Seder, DOOMED) dives into the world of cryptocurrency in order to reveal the frauds, grifts, and scams. And there's plenty because, really, the whole thing is a scam. It's the Scam Economy.

    51: Worldcoin Wants to Scan Your Eyeballs & Give You Crypto in Return: What Could Go Wrong? (w/ Leo Schwartz)

    51: Worldcoin Wants to Scan Your Eyeballs & Give You Crypto in Return: What Could Go Wrong? (w/ Leo Schwartz)

    Leo Schwartz, reporter at Fortune, joins Scam Economy with Matt Binder to discuss Worldcoin, the project that wants to scan the eyeballs of everyone in the world and give them cryptocurrency in return. Why do they want your biometric data? To create an identity network to prove you're a real human, of course! Who is behind Worldcoin? OpenAI CEO Sam Altman. Leo and Matt discuss the details of the project, how one Altman project supposedly creates the problem that the other claims to solve, the snag the project hit regarding its cryptocurrency, and much more!

    Support the show: http://www.patreon.com/mattbinder

    Visit http://www.ScamEconomy.com

    Check out Leo's piece on Worldcoin: https://fortune.com/crypto/2023/03/21/sam-altman-orb-scan-eyeballs-ai-bot-worldcoin/
    Other sources: https://web3isgoinggreat.com/?id=sam-altmans-worldcoin-project-incentivizes-a-black-market-for-biometric-data-taken-from-people-in-developing-nations

    • 56 min
    50: Elon Musk and the Twitter Blue (Check)Mark of Shame

    50: Elon Musk and the Twitter Blue (Check)Mark of Shame

    It's a DOOMED / Scam Economy crossover episode! Host Matt Binder breaks down what he's been so busy with over the past few weeks: a series of reports on Twitter that drove Elon Musk to gift/punish him with the Twitter Blue checkmark of shame. Matt breaks down what Twitter Blue is, why it's so controversial, how Elon Musk marketed the roll out and caused his own mess, the removal of the legacy verified checkmarks, @dril and the #BlockTheBlue campaign, celebrities having Twitter Blue subscriptions being force upon them, why Twitter may be DOOMED, how Musk's version of Twitter is the perfect encapsulation of the tech SCAM ECONOMY, and much more! (Episode from the 5/2/23 livestream show.) Support the show: http://www.patreon.com/mattbinder

    • 1 hr 17 min
    49: Orange is the New Blockchain: Crypto Crime ft. Kwon, Sun, SBF, & CZ (w/ Jacob Silverman)

    49: Orange is the New Blockchain: Crypto Crime ft. Kwon, Sun, SBF, & CZ (w/ Jacob Silverman)

    In honor of the indictment and arrest of Trump Card NFT founder Donald J. Trump, Scam Economy takes a look at four of the (other) biggest crypto founders who recently got in trouble with the law. Host of CBC's The Naked Emperor, writer Jacob Silverman joins Matt Binder to break down the crimes and recent charges filed against Terra / Luna founder Do Kwon, TRON's Justin Sun, Binance founder CZ, and, of course, FTX's Sam Bankman-Fried.

    Check out The Naked Emperor, Jacob Silverman's 4-part mini-series podcast for CBC: https://www.cbc.ca/listen/cbc-podcasts/1353/episode/d20230403

    Visit: http://www.scameconomy.com

    Support the show: http://www.patreon.com/mattbinder

    Additional sources for the episode:
    https://fortune.com/crypto/2023/03/31/cz-native-crypto-binance-recovery-fund-corporate-wallets/
    https://www.reuters.com/legal/sec-sues-justin-sun-others-over-illegal-crypto-sales-2023-03-22/
    https://www.coindesk.com/policy/2023/03/23/do-kwon-now-faces-criminal-fraud-charges/
    https://www.theverge.com/c/22947663/the-many-escapes-of-justin-sun

    • 1 hr 10 min
    48: Bitcoin Miners Are Making Bank...But Not From Mining Crypto (w/ Jackie Sawicky)

    48: Bitcoin Miners Are Making Bank...But Not From Mining Crypto (w/ Jackie Sawicky)

    What happens when one of the biggest cryptocurrency mining companies in the world sets up shop in your small rural American town? Jacky Sawicky, founder of the Concerned Citizens for Navarro County and a member of the NCAC: National Coalition Against CryptoMining, joins Scam Economy with Matt Binder to tell us exactly what happened when Riot Platforms brought their Bitcoin mining operation to her Texas town. Jackie breaks down how it went occurred, the sweetheart backroom deals that went on between the mining company and local and state government, how the crypto mining company has affected the locals, the unbelievable way in which crypto mining companies make most of their money (and it's not from mining crypto), how this is a widespread problem happening throughout the U.S., what's being done about it, and much, much more.

    Visit: http://www.ScamEconomy.com

    Support the show: http://www.patreon.com/mattbinder

    Sources:
    https://www.riotplatforms.com/investors/sec-filings/annual-reports
    https://gizmodo.com/texas-bitcoin-bitcoin-mining-ercot-riot-blockchain-1849367067/amp
    https://blockworks.co/news/bitcoin-mining-execs-make-serious-bank-versus-other-industries
    https://beincrypto.com/riot-blockchain-rebrands-amid-miner-capitulations/
    https://www.texasobserver.org/texas-is-becoming-a-bitcoin-mining-capital-can-the-grid-handle-it/
    https://www.bloomberg.com/news/articles/2022-12-05/texas-s-crypto-mining-boom-is-starting-to-look-more-like-a-bust?leadSource=uverify%20wall
    https://www.popularmechanics.com/science/health/a42011194/crypto-mine-noise-murphy/

    • 1 hr 12 min
    47: The Fall of Silicon Valley Bank & the Crybaby Tech VCs (w/ Edward Ongweso Jr.)

    47: The Fall of Silicon Valley Bank & the Crybaby Tech VCs (w/ Edward Ongweso Jr.)

    Edward Ongweso Jr., writer of the Tech Bubble newsletter and co-host of This Machine Kills podcast, joins Scam Economy with Matt Binder to discuss the collapse of the tech industry's favorite financial institution, Silicon Valley Bank. Edward and Matt break down what this means, how it happen, what sparked the bank run by tech founders and VCs, what SVB's investments were, how the bank fell right around the same time two crypto-friendly banks Silvergate and Signature Bank also failed, how the VCs like David Sacks and Jason Calacanis threw a tantrum demanding a government bailout for the tech industry, and more.

    Read Edward's piece in Slate, The Incredible Tantrum Venture Capitalists Threw Over Silicon Valley Bank: https://slate.com/technology/2023/03/silicon-valley-bank-rescue-venture-capital-calacanis-sacks-ackman-tantrum.html

    Visit ScamEconomy.com

    Support the show: http://www.patreon.com/mattbinder

    • 1 hr 13 min
    46: No Banking. No Staking. No Crypto Services? (w/ Bennett Tomlin)

    46: No Banking. No Staking. No Crypto Services? (w/ Bennett Tomlin)

    Bennett Tomlin of Crypto Critics Corner and Protos joins Scam Economy with Matt Binder to discuss what a horrible years it's already been for crypto. Bennett and Matt focus on two specific areas that have hit cryptocurrency exchanges hard: traditional banking ending their relationships with crypto and the regulatory crackdowns on crypto staking. The two discuss how FTX's collapse kicked off many of these issues, Silvergate and Signature Bank, two of the banks deep in crypto, the SEC crackdown on Kraken's staking program, and much more! Plus Matt and Bennett discuss the future of what crypto skeptic media looks like...

    Support the show: http://www.patreon.com/mattbinder

    Visit: ScamEconomy.com

    • 1 hr 1 min

Customer Reviews

4.9 out of 5
333 Ratings

333 Ratings

Ahimsa2013 ,

The negative sides of crypto

I really enjoy this podcast because both the host and the guests are knowledgeable and I learn new things every time.

michael sacc ,

Fun refreshing

I follow and listen to the majority report nearly every day. It is fun to listen to Emma and Brad have a place to talk about sports. I find it hard to find people that are passionate about progressive politics, while also enjoying sports, so to and have a podcast to listen to both is awesome.

Peter Baelish ,

Hilarious in its Depression, Depressing in its Hilarity

Excellent podcast. Very good at clearly explaining how crypto (including bitcoin, DeFi, “web3,” NFTs, and the like) functions, and why those functions cannot be separated from the fraud, scamming, and sheer stupidity that have come to define this part of the zeitgeist.

Highly recommend you subscribe and give it a listen. Matt Binder is a quality podcast host, and an excellent journalist.

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