The world of crypto has often been equated with the American Wild West — an untamed frontier where pioneers must be ready and open to the many perils in waiting but also to the possibilities of striking gold, both metaphorically and literally.
In crypto, this can be seen through volatile price hikes and the subsequent dips of leading currencies, hype cycles of memecoins and non-fungible tokens (NFTs), and the rise and fall of iconic market players such as defunct cryptocurrency exchange FTX.
In the latest episode of Decentralize with Cointelegraph, Time magazine technology and business journalist Andrew Chow joins host Savannah Fortis to break down all of the industry’s Wild West-isms ahead of the release of his first book, Cryptomania, which is set to hit the shelves in August 2024.
Cryptomania promises to guide readers through the origins and workings of cryptocurrency, the frenzy of its numerous hype cycles, and the dramatic collapse of the FTX empire.
Chow offers a thought-provoking glimpse into the future of crypto, weighing its potential for both groundbreaking innovation and significant risk.
Origins of crypto
Chow is no stranger to exploring the intersections of these domains, having penned five cover stories for Time, including deep dives into the artificial intelligence corporate arms race and a comprehensive profile of Vitalik Buterin, the co-founder of Ethereum.
His passion for the intersection of technology and culture eventually led him to explore the revolutionary world of blockchain and NFTs. In the episode, Chow discusses his early experiences with the Clubhouse app, where vibrant discussions about NFTs in late 2020 sparked his deep dive into the myriad applications of blockchain technology.
“I was very intrigued and really wanted to learn more. So, I started with the cultural aspect of it.”
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Industry implications
Chow and Fortis also discuss the societal implications of blockchain technology itself and the potential it holds to influence areas like politics and supply chain management.
In the same line of thought, Chow also touches on the challenges the industry faces and the lessons learned from the spectacular rise and fall of various projects, like FTX. He called the crypto world “starving for main characters,” which allowed individuals like former FTX CEO Sam Bankman-Fried and former Binance CEO Changpeng Zhao to “rise really fast” on crypto internet spaces like Twitter, now X.
“I think this is a sort of thread we’re seeing right now with crypto’s political valence tilting towards Trump right now.”
Chow’s outside insights into the space seek to break down its Wild West front in order to understand what the future may hold for crypto.
To learn more about Cryptomania and Chow’s understanding of the crypto space, listen to the full episode of Decentralize with Cointelegraph on Cointelegraph’s podcast page, Spotify, Apple Podcasts or your podcast platform of choice. Don’t forget to check out Cointelegraph’s full lineup of other shows!
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