Number Go Up
Inside Crypto's Wild Rise and Staggering Fall
TECHNOLOGY & THE FUTURE
by Zeke Faux
4/25/20247 min read
Welcome to the book summary of “Number Go Up - Inside Crypto's Wild Rise and Staggering Fall” by Zeke Faux, written and narrated by Janky Mind.
Introduction
Let's take a wild ride into the world of digital money! Number Go Up is your ticket to understanding the rollercoaster journey of cryptocurrencies. From Bitcoin's skyrocketing fame to the drama around digital dollars like Tether, and even a whole country—El Salvador—saying "yes" to Bitcoin, it's all here. Dive into the digital depths where new currencies are making waves and shaping how we think about cash and coins.
Ever thought about a world where money isn't just paper and metal, but bits and bytes that zoom around the globe? That's the world of cryptocurrencies for you, where fortunes flip faster than flipping a coin. It's not just for the money pros; it's a world that's drawing in everyone, with its cool tech vibes and the chance to bet on the next big thing.
In this easy-to-digest story, you'll get the scoop on how Bitcoin began a financial revolution and how it led to headline-grabbing events like the FTX fiasco. You'll meet the movers and shakers of the crypto scene and see how these digital dollars are shaking up banks and businesses everywhere. Whether you're looking to invest, geek out on tech, or just stay in the know, this tale of cryptos will give you the lowdown on the high stakes of virtual vaults.
Chapter 1: Bitcoin's Big Bang
Imagine a world where money isn't just paper and coins, but digital cash that zips around the globe at the speed of light. That's the world Bitcoin created. It's like a financial Wild West, with no sheriffs in town, where anyone with a computer can strike gold.
At the center of this digital gold rush are cryptocurrencies, each trying to be the next big thing. Bitcoin was the first to saddle up and ride into this new frontier. It wasn't just another way to pay for your coffee; it was a whole new way of thinking about money, free from banks and governments.
Bitcoin's journey to stardom was like a rocket ship, powered by super-smart tech called blockchain. Think of it as a magic notebook that everyone can see but no one can erase or change. It made Bitcoin safe, sound, and ready for the spotlight.
But Bitcoin wasn't just a tech wonder—it was also a magnet for dreamers and doers, all hoping to get rich quick. The price of Bitcoin soared, and people from all over jumped on the bandwagon, wallets in hand.
As more people joined the party, some were there to build the future, while others were just looking to make a quick buck. And yes, there were a few party crashers—scammers and tricksters—looking to make a fast getaway with someone else's cash.
This crazy growth spooked the folks who make the rules, the governments and big banks. They saw Bitcoin as a playground for outlaws and started thinking about how to put up some fences.
The tale of Bitcoin is one of brains, bravado, and big changes. It's a story about shaking up the old money tree and seeing what falls out. And while nobody knows where this rollercoaster is headed, one thing's for sure: the world of money will never be the same again.
Chapter 2: Stablecoins - The Calm in the Crypto Storm
Think of stablecoins as the anchors in the choppy seas of cryptocurrency. They're like digital dollars, tied to real-world money, giving traders a safe harbor when the crypto waves get too wild.
Tether is the captain of this ship. It promises that for every digital coin, there's a real dollar stashed away, making it a trusted name in the crypto world. This trust has made Tether a superstar, helping people swap different cryptocurrencies smoothly and quickly.
But not everyone's convinced. Some folks are squinting at Tether's treasure chest, wondering if it's really full of gold, or just fool's gold. They're asking for a peek inside, but Tether's been keeping the lid shut tight.
And it's not just about keeping things steady. Tether's got a big job, making sure money moves fast in the crypto world. But if it turns out Tether's promises are as empty as a pirate's promise, it could send shockwaves through the whole market.
So, while Tether and its buddies are making crypto trading easier, they've also got some explaining to do. We need clearer rules and a good, hard look at their books to make sure everyone's playing fair and square.
Chapter 3: Crypto's Shadowy Corners
In the buzzing world of crypto, there's a dark alley where things get shady. Stablecoins like Tether were meant to be the steady hands in the wild crypto market, but they've got a dark side too.
Picture this: Tether is like a mask that bad guys wear to hide their dirty deeds. There's this scam called "pig butchering," and it's as nasty as it sounds. People get tricked with sweet talk of big bucks, only to have their pockets turned inside out.
But it gets worse. In places like Cambodia, Tether's secretiveness helps the worst kind of criminals—human traffickers. They use it to move money without leaving a trace, hiding a world of hurt behind digital dollars.
This flips the script on Tether's role in the crypto saga. Sure, it's been a bridge over troubled waters for traders, but it's also a cloak for crooks. The real-life nightmares spun from these scams show just how deep the damage goes.
It's a wake-up call, really. We need some crypto cops on the beat, laying down the law to keep the market clean and the bad guys at bay. Because at the end of the day, it's not just about money—it's about keeping people safe from the dark side of digital dough.
Chapter 4: The Rise and Fall of a Crypto King
Let's dive into the story of Sam Bankman-Fried, a guy who went from crypto hero to zero. He's the dude who started FTX, a place where digital money changed the game. But Sam? He was a riddle wrapped in a mystery, looking more like a beach bum than a money wizard.
Sam sailed the crypto seas with a flag of doing good while playing with fire. FTX was his ship, loaded with all sorts of fancy financial tools that could make you rich or sink you fast.
What made Sam stand out was his promise to give away his treasure for the greater good. It was a noble twist in a world where making a quick buck is the name of the game. He talked a big talk about being a good guy in the wild west of crypto.
But when Zeke Faux, a writer, met Sam, he saw two sides of the coin. On one side, Sam was the captain steering crypto towards respectability. On the other, he was playing a dangerous game that could cost people their shirts.
As the story unfolded, Sam's ship hit an iceberg. FTX was in hot water, and Sam's tune changed from "All's well" to "Mayday!" The truth came out that FTX was on shaky ground, and Sam's image as the good captain went down with the ship.
Looking back, Sam's tale is a warning bell in the crypto world. It's a saga of big dreams, big risks, and a reminder that even the mightiest can fall when they fly too close to the sun.
Chapter 5: Bitcoin's Big Test in El Salvador
Let's zoom into El Salvador, where Bitcoin took a wild ride as the country's new kind of cash. President Nayib Bukele, a leader with a flair for drama, decided to make Bitcoin the star of the show in 2021. He dreamed of a money makeover that would make his country rich and shiny.
Bukele kicked things off by giving everyone $30 in Bitcoin and setting up Bitcoin machines all over. But the party didn't last long. Turns out, using Bitcoin for everyday stuff wasn't so easy. It jumped up and down in value like a yo-yo, and not everyone was tech-savvy enough to join the fun. In places like El Zonte, Bitcoin was supposed to be the next big thing, but most folks stuck to good old dollars.
As Bukele's rule got tougher, the Bitcoin dream started to look a bit blurry. His tough-guy moves against crime didn't really match the Bitcoin paradise he promised. It was a reality check: digital coins might be cool, but they can't fix everything, especially when life gets rough.
El Salvador's Bitcoin journey is a lesson for the world. It's a reminder that even the coolest tech needs to work in the real world, not just in our dreams. And as we all figure out this crypto puzzle, El Salvador's story will be a guide on what to do (and not to do) as we step into the future of money.
Final summary
Bitcoin and other digital currencies are shaking up the finance world. It's like a new frontier, where everyone from computer geeks to big-time investors is jumping in. The tech behind it all, blockchain, keeps things safe and open for everyone to see.
But it's not all smooth sailing. There are tricky scams and a big question mark about who should keep an eye on everything. Take Tether, for example; it's supposed to keep prices steady, but some folks are raising eyebrows about how clear and honest it is. And when a country like El Salvador tries to use Bitcoin for everyday stuff, it shows just how tough it can be to mix cool tech with real-life needs.
About the author
Zeke Faux digs deep into stories for Bloomberg Businessweek and Bloomberg News. He's got some shiny awards on his shelf, like the Gerald Loeb Award and the Silver Gavel, and he was almost the champ at the National Magazine Awards.