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Options September 6, 2021: Matt Warwick on cryptocurrencies and dodgy smartphone apps

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Jackson Palmer, cofounder of DogeCoin (<a href="https://twitter.com/ummjackson/status/1415353985406406658" target="_blank">source</a>)
Jackson Palmer, cofounder of DogeCoin (source)
Jackson Palmer, cofounder of DogeCoin (source)

Today: Discussing cryptocurrencies with DJ Matt Warwick, host of "Garbage Time"

DJ Matt Warwick, host of WFMU's Garbage Time (Tuesdays 9am to 12 noon Eastern), joins us live in-studio today to talk about cryptocurrency, Robinhood, and which sketchy smartphone apps he's using (or avoiding) these days.


• Matt Warwick's first appearance on Techtonic was the August 6, 2018 show, “revealing his favorite apps.” They were...

- Blippar (named “most innovative AR company by Fast Company in 2018”... then declared bankruptcy)
- Movie Pass (in January 2020, declared bankruptcy)
- Stringr (apparently still in operation, but overshadowed by super-dodgy Citizen app)
- Qriket (abruptly shut down, very shady)
- Cash Show, a knock-off of HQ Trivia (shut down in March 2019)
- Robinhood (the subject of a Feb 2021 congressional hearing into its sketchy business model based on PFOF, or "pay for order flow." From the May 2021 New Yorker profile: "The majority of Robinhood’s revenue comes from trading volume: the more a user trades, the more the company makes." Also an SEC investigation - NYT, Aug 30.)

• As of today, Sept 6, 2021, the top 10 cryptocurrencies by market cap, via Brave New Coin:

- Bitcoin: $972B
- Ethereum: $459B
- Cardano: $89B
- Binance: $83B
- Tether: $68B
- XRP: $64B
- Solana: $46B
- DogeCoin: $40B
- WETH: $29B
- USD Coin: $28B

• Jackson Palmer, cofounder of DogeCoin, continues from his post pictured above:

“Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.

“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive.

“Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.

“Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.

“Lose your savings account password? Your fault.
Fall victim to a scam? Your fault.
Billionaires manipulating markets? They’re geniuses.

“This is the type of dangerous ‘free for all’ capitalism cryptocurrency was unfortunately architected to facilitate since its inception.

“But these days even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who they’ve sold the false promise of one day being a fellow billionaire. Good-faith debate is near impossible.

“For these reasons, I simply no longer go out of my way to engage in public discussion regarding cryptocurrency. It doesn’t align with my politics or belief system, and I don’t have the energy to try and discuss that with those unwilling to engage in a grounded conversation.”

Bitcoin Uses More Electricity Than Many Countries. How Is That Possible? (NYT, Sept 3, 2021): “In 2009, you could mine one Bitcoin using a setup in your living room. Today, you’d need a room full of specialized machines, each costing thousands of dollars.”

Crypto’s Rapid Move Into Banking Elicits Alarm in Washington (NYT, Sept 5, 2021): “The boom in companies offering cryptocurrency loans and high-yield deposit accounts is disrupting the banking industry and leaving regulators scrambling to catch up.”

Regulators Investigate Crypto-Exchange Developer Uniswap Labs (WSJ, Sept 3, 2021): “SEC probe comes amid heightened scrutiny of fast-growing decentralized markets.”

(Above, explosm by Rob DenBleyker. See also this one.)

...or as the joke puts it:
Dad: Timmy, what would you like for your birthday?
Timmy: All I want for my birthday is one bitcoin.
Dad: What? $11,228? Don't you know that $15,475 is a lot of money! What do you need $8,498 for anyway?

• Finally, once again, the classic definition of Bitcoin...

(by @theophite)

...and a helpful description of NFTs:

• Speaking of NFTs: “The trouble with explaining NFTs to a five-year-old is that you’ll have a hard time convincing a five-year-old that this nonsense isn’t the nonsense it obviously is. It sounds unfathomably stupid because it’s unfathomably stupid.” - David Gerard, in NFTs: crypto grifters try to scam artists, again (March 11, 2021).

• Another good description of NFTs: "an acutely miniscule number of artists making a vast amount of wealth off a small number of sales while the majority of artists are being sold a dream of immense profit.. manipulative, predatory, and harmful" - Kimberly Parker, in Most artists are not making money off NFTs and here are some graphs to prove it (April 19, 2021)

And two more...



• See also my own Pumping up the worthless with NFTs (March 12, 2021) and Fighting nihilism, The Nothing, and NFTs (March 18, 2021).

- - -

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Artist Track Images Approx. start time
  Discussing cryptocurrency and dodgy smartphone apps with DJ Matt Warwick, host of WFMU's Garbage Time.
Tomaš Dvořák  Game Boy Tune   Options
  Mark's intro  
  Interview with Matt Warwick  
0:09:37 (MP3 | Pop‑up)
Cadence Weapon  On Me   Options
0:57:00 (MP3 | Pop‑up)

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Listener comments!

Avatar 🤖 Swag For Life Member 5:59pm WR:

dodgy currency.
Avatar 🤖 Swag For Life Member 6:00pm Handy Haversack:

Wow, we are back of Walker Pond just in time to catch the waves off the Techyon Drive! Hi, Mark and Matt(!) and everyone! Greetings from Maine!
Avatar 6:01pm HyperDose:

  6:02pm Roland from Australia:

Hey guys great to be here just arrived at work come up popped on my radio (app) Looking forward to the show.
Avatar 🤖 Swag For Life Member 6:02pm Webhamster Henry:

Are you ready to Buy and Sell some Crypto™?
Avatar Swag For Life Member 6:02pm ultradamno:

Mark! Techtounterfeiters!
Avatar Swag For Life Member 6:03pm Revolution Rabbit Nov63:

Ah. Crypto as it relates to the Myth of Scarcity.
Avatar 🤖 Swag For Life Member 6:03pm Webhamster Henry:

I have $27.11 worth of Ethers right now.
  6:03pm David in London:

Hello Technoids!
  6:04pm Roland from Australia:

The love of money is the root of all evil, putting tech before humans are the leaves which make it grow.
  6:04pm Davi in lagoinha:

greetings from brazil everyone
Avatar 🤖 Swag For Life Member 6:04pm Handy Haversack:

Hey, David me Runza!
  6:05pm queems:

i worked 😩
Avatar 6:06pm Juli:

:The internet is convoluted. for sure:
Avatar Swag For Life Member 6:06pm ultradamno:

I had a very different game in mind when I heard 'rollerball'
  6:07pm queems:

JEEZ i can’t believe it has been 4 years
  6:08pm yippie:

it was easy to talk about crypto when the market dropped 25% in a few days, so thanks for discussing it again now that it climbed back up in a few months.
Avatar 🤖 Swag For Life Member 6:08pm joe mulligan:

does someone have a link to the new fall schedule?
  6:08pm yippie:

even though its not as dramatic now
  6:09pm David in London:

Handy, Runzas ho! Are you on holiday?
Ultradamno, I had the same thought!
Avatar 🤖 Swag For Life Member 6:09pm DjLorraine:

The lack of money shows the evil roots
  6:09pm yippie:

no ones pumping and dumping on SNL now
Avatar 🤖 6:09pm Bas NL:

Hi Mark & peeps!
Avatar 🤖 Swag For Life Member 6:10pm joe mulligan:

Garbagetime has really evolved into a sophisticated show of chill tunes!
  6:10pm Roland from Australia:

Four years !!! Congratulations Mark.
Avatar 🤖 Swag For Life Member 6:10pm Handy Haversack:

We are, David! We might even be able to come home from it, depending on what is going on with the car ...
Avatar Swag For Life Member 6:11pm Revolution Rabbit Nov63:

Garbage Time is an ironic title - as it features extraordinary textures of Musics - favoring the Instrumental & Longer Form. & by contrast goofy talk (not much).
Avatar 🤖 Swag For Life Member 6:11pm Ken From Hyde Park:

Hi, Mark. Hi, Matt. Hi, Techtotrashers!
  6:12pm yippie:

im hooked on simple soroban the abacus app
  6:13pm queems:

my favorite restaurant has an app and i use that to order food a lot
Avatar 6:14pm Snortley:

New schedule:

Avatar 🤖 Swag For Life Member 6:15pm Webhamster Henry:

"FOMO" GarbageMatt
Avatar 6:15pm HyperDose:

of course it used your camera haha
  6:15pm yippie:

ive never successfully scanned a qr code, i once really tried at a restaurant on 27th and b'way
Avatar 🤖 Swag For Life Member 6:16pm Webhamster Henry:

Avatar Swag For Life Member 6:17pm ultradamno:

How can one think of an app called Robin Hood without thinking of Pied Piper?
Avatar 6:17pm Juli:

That sounds pretty fun tbh
  6:17pm yippie:

Raleigh bicycle is from Nottingham England same as Robin Hood
Avatar 🤖 Swag For Life Member 6:17pm Webhamster Henry:

There are some apps for accessibility purposes that recognize things and can read them for visually impaired people. www.microsoft.com...
Avatar Swag For Life Member 6:18pm Revolution Rabbit Nov63:

New Schedule mostly the same.
Not so much older faves Returning I might want.
A couple losses - more often than not being Off Schedule is due to DJ choice or circumstances.
Correcting me if I'm wrong : this Autumn Schedule coming up is the longer one in the year...
Avatar 🤖 Swag For Life Member 6:19pm Webhamster Henry:

The new schedule runs next week to June 6th 2022
  6:21pm Roland from Australia:

Mark this is your chance to invest inFacebook and Google and Apple and since you’re going for it you may as well jump into the Amazon stock as well
  6:21pm David in London:

Handy, is the time right for Runzacoin?
Avatar 6:22pm HyperDose:

Should have called it SpiteCoin
Avatar 6:22pm watchpocket:

Avatar 🤖 Swag For Life Member 6:22pm Webhamster Henry:

Avatar Swag For Life Member 6:23pm ultradamno:

All these names are terrible.
  6:23pm yippie:

WETH= wrapped ether
  6:23pm queems:

honestly this is beyond my comprehension
Avatar 6:24pm watchpocket:

Still the clearest & most coherent thing I've ever read on cryptocurrency: blog.dassetx.com...
  6:25pm ledzeppelinsucks:

Smart contracts.
Avatar Swag For Life Member 6:25pm ultradamno:

Doesn't crypto exist to give money to cam girls and escorts?
Avatar 🤖 Swag For Life Member 6:27pm DjLorraine:

I told myself i would go with the flow...but i really liked the dj ray boogie - NY Underground. *pouts*
Avatar 🤖 Swag For Life Member 6:28pm joe mulligan:

thanks for the new schedule Snortley. looks like Dan Bodah is back, daniel Blumin moves to a 3-hour slot on Mon night, PLU, Frow Show, and JA in the AM taking a break
Avatar 6:29pm Juli:

There are solutions for sure.
Avatar 6:29pm Kenzo (Ken's Last Ever):

I only tried to scan a QR code once, and failed. What silliness, the waiter then got me a hidden menu. P.S. QR codes are just URL's...so why not print the URL below them? But better yet, print the menu.
Avatar Swag For Life Member 6:29pm Revolution Rabbit Nov63:

Let's not fail to mention the Environmental impact of the Crypto server farms - the energy consumption comparable to some nations is my understanding.
Avatar 🤖 Swag For Life Member 6:30pm joe mulligan:

oops Jesse moves to Tuesday
  6:30pm Glistener MW:

Thank you for mentioning the horrid carbon footprint of the cryptocurrency server-farm industry! I’m glad there are several countries’ national utilities that have pledged to cut-off power to anyone caught running one of those.
Avatar 🤖 Swag For Life Member 6:30pm Blobs:

Mark - why not have an expert on? There are no shortages of people who can speak to the topic.
Avatar 🤖 Swag For Life Member 6:30pm Webhamster Henry:

A restaurant I was at last week was 100% QR code-menu driven. basically, the cooks and waitstaff were bossed around by the backend app.
Avatar 6:30pm Fredericks:

Come on, Matt. What's the non-crap coin market?
Avatar Swag For Life Member 6:30pm Revolution Rabbit Nov63:

...will Quantum Computing be able to break Crypto encryptions - like they say it will all our Passwords ?
  6:31pm yippie:

my weed consumption is more than the city of mecca
Avatar Swag For Life Member 6:31pm ultradamno:

Going to miss Blind Tourist, again, but not terribly surprised. Nice to have Vocal Fry and Blumin back (though I don't know how I'm going to balance it with Oh, My Soul...). No return of Burn It Down to the mothership is disappointing and Dot Dash in the morning is inconvenient. Really nice to see To Be Announced coming back.
  6:32pm Sam:

So who pays for all that energy consumption? How can the value go up when it’s constantly using all that energy? Unless it’s a complete and utter pyramid scheme.
Avatar 6:32pm Kenzo (Ken's Last Ever):

My friend recently went to a restaurant that recently converted to "customers order everything through the app, and waitstaff never talk directly to you while being bossed around by the program" and she isn't going back again.
  6:32pm Fragonard:

Gotta rename this segment “HardTalk”
Avatar 6:33pm watchpocket:

Avatar Swag For Life Member 6:33pm Franco Twinkie:

I would personally drink poison before engaging in crypto investment. But having said that, I'm old and clueless. This is instructive, if only for the negative entertainment aspect - like watching people walking on the freeway.
  6:35pm Glenn:


Good testimony from the ex CFTC chair
  6:37pm David in London:

Bnkrpt, my innovative new app.
  6:37pm Roland from Australia:

Your friend Glen, - as Glen Jones? That would be cool, I can that, I listen to his show often.
Avatar Swag For Life Member 6:38pm ultradamno:

"Citizen" as an app name isn't really softer than "Vigilante"
Avatar 🤖 6:40pm Bas NL:

Is this Pokemon thing still on?
  6:41pm Peter from Dover NJ:

Mark, this URL links to an article on how mobile phone use in public spaces impacts the environment. Thought you might like it.

Avatar Swag For Life Member 6:42pm Revolution Rabbit Nov63:

Glad I never got into VideoGames. Seems like it was a Gateway into this App mentality.
Avatar Swag For Life Member 6:42pm ultradamno:

But isn't betting one color over another just roulette?
  6:44pm queems:

HELL YES FITBIT so mad that google bought them
Avatar Swag For Life Member 6:44pm People Like Us:

ha ha
Avatar 🤖 Swag For Life Member 6:44pm Handy Haversack:

Runzacoin: the only crypto backed by halberds!

Oh, Matt. Not the Fitbit.
Avatar 🤖 Swag For Life Member 6:45pm joe mulligan:

What Mark Hurst tells us to avoid
What we really do anyway
Avatar Swag For Life Member 6:46pm Richy4619:

Getting major Car Talk vibes today
  6:46pm efd:

Draft Kings?? This is very disappointing.
Avatar Swag For Life Member 6:46pm Revolution Rabbit Nov63:

- 'Whatever'
...'oh ny gawd'...
  6:46pm queems:

i think about mark hurst’s judgement every time i check my gmail
Avatar Swag For Life Member 6:46pm ultradamno:

What's the draft kings like thing with the "time is money FAST" commercial? Really annoying.
Avatar 🤖 Swag For Life Member 6:46pm joe mulligan:

ha Queems!
Avatar 🤖 Swag For Life Member 6:47pm Handy Haversack:

Me, too, queems. Though it's the ONLY thing I feel guilty about. I'm off all the others on the T-shirt!
Avatar 🤖 Swag For Life Member 6:47pm chresti:

Are there still horse races? Bet on the ponies, Matt.
  6:47pm yippie:

but when you gamble with an app you cant get free drinks
Avatar Swag For Life Member 6:47pm People Like Us:

perhaps people can pledge to rip that thing off Matt's wrist in the October Hellraiser
Avatar 🤖 Swag For Life Member 6:47pm efd:

I would have sworn I was logged in before, but then I got the math question.
  6:48pm Baja Joe:

Let’s not condone polluting the Hudson.
  6:48pm seedfriend:

Good friends tell their friends to huck their Fitbit into the Hudson.
Avatar Swag For Life Member 6:48pm Revolution Rabbit Nov63:

Sh*t - I'm on fb *all the time*.
I still want them to be ripped wide open.
Not in insta or any other thing. Well Pinterest.
Avatar 🤖 Swag For Life Member 6:49pm Handy Haversack:

But you nailed it, efd!
Avatar Swag For Life Member 6:49pm Revolution Rabbit Nov63:

Not *on
Avatar 🤖 Swag For Life Member 6:49pm joe mulligan:

I feel totally fine using a Garmin/Hammerhead Karoo and Strava but horrified to use a Fitbit or a Whoop
Avatar Swag For Life Member 6:50pm People Like Us:

well done Matt for losing weight though :)
Avatar 🤖 6:50pm Bas NL:

I'm slowly zoning out here..
Avatar 🤖 Swag For Life Member 6:50pm Handy Haversack:

We use an atlas. Maine Atlas and Gazetteer on the dashboard right now!
Avatar 6:50pm Juli:

I want to walk away from social media and hermit myself
but IDK
Avatar 🤖 Swag For Life Member 6:51pm joe mulligan:

The Whoop also tracks all your sleep for "recovery data." big nah for me
  6:51pm queems:

Avatar Swag For Life Member 6:51pm People Like Us:

ha ha ha
Avatar 🤖 Swag For Life Member 6:51pm efd:

Draft kings isn’t a moneymaker either, btw
  6:52pm David in London:

*sound of Mark Hurst falling into despair*
Avatar Swag For Life Member 6:52pm ultradamno:

Twitter makes me think I have Tik Tok anyway.
Avatar Swag For Life Member 6:52pm Revolution Rabbit Nov63:

Like drinking instead of smoking ?
Yeah - some have some actual Function.
But - 'what they're in it for & you're in it for aren't the same'.
Avatar 🤖 Swag For Life Member 6:53pm efd:

Take away Tik Tok
Avatar 6:53pm Fredericks:

Tik Tok Honey Pot. That's got a ring to it.
  6:53pm queems:

Avatar 🤖 Swag For Life Member 6:53pm WR:

Did not know that Google bought FitBit in 2019.
Avatar 6:53pm HyperDose:

Christina P's tik tok curation guide is all you need in this life
Avatar Swag For Life Member 6:53pm Franco Twinkie:

This is the moment I've been waiting for! Go Cassandra, go!
Avatar Swag For Life Member 6:53pm People Like Us:

Avatar Swag For Life Member 6:53pm People Like Us:

this is great
  6:53pm queems:

gonna have to pry pokemon go out of my cold dead surveilled hands
  6:53pm Dean from Old Bridge:

*Hurst Hulk-out induced by Warwick gamma rays*
Avatar Swag For Life Member 6:54pm ultradamno:

I won't pokemon go until I figure out how to do that to the polls
Avatar 🤖 Swag For Life Member 6:54pm Handy Haversack:

Thanks, Matt and Mark!

Stay frosty, queems!

OK, everyone. Must dive into supper. Desperately hungry here. Stay cool!
  6:54pm yippie:

ethereums marketcap is about to surpass JPMorgan and VISA
Avatar Swag For Life Member 6:54pm Little Danny:

Mark sounds legitimately despondent
Avatar 🤖 Swag For Life Member 6:54pm Webhamster Henry:

I think you can game TikTok by pausing on random things like "piece of string" "tractors in mud" or "patagonia"
Avatar 6:54pm Fredericks:

Whose side is Matt on?
  6:54pm weiterso:

it's funny to hear so differnt guys. great comedy.
Avatar Swag For Life Member 6:54pm Revolution Rabbit Nov63:

Mark & Matt. Live inside us all.
Avatar Swag For Life Member 6:55pm Vanessa bikes:

I rage quit Pokemon go a few years ago and deleted it from my phone. Never regretted. Meanwhile my sister is still deep in her addiction, way worse then I ever was...
Avatar 🤖 Swag For Life Member 6:55pm Webhamster Henry:

I hope nobody is living a non-fiction online life.
  6:55pm queems:

have a good one @handy!
Avatar Swag For Life Member 6:55pm ultradamno:

efd is also back but in the middle of the day, an inconvenient time for me, archives I guess.
Avatar Swag For Life Member 6:55pm People Like Us:

last DO or DIY
  6:55pm David in London:

Dispose of your shitty surveillance devices responsibly.
Avatar Swag For Life Member 6:56pm People Like Us:

(of the season I mean!)
  6:56pm David in London:

Felder back in, Fitbit out.
  6:56pm Glistener MW:

smash that Don Felder brand FitBit! I’d pledge 🔨
Avatar 🤖 Swag For Life Member 6:56pm chresti:

Switch Matt's fitbit with a dummy fitbit.
Avatar Swag For Life Member 6:56pm Franco Twinkie:

Hate the sin, love the sinner.
  6:56pm Sam:

If Ken got an eagles tattoo, the least Matt can do is take off a dorky surveillance device!
Avatar 🤖 Swag For Life Member 6:57pm Webhamster Henry:

I was developing an app that used FitBit Data but I let the thing die because it would give me a buzz on my wrist if I ever applauded.
  6:57pm engineer mike:

Avatar Swag For Life Member 6:58pm People Like Us:

we all need help
Avatar Swag For Life Member 6:58pm Franco Twinkie:

Word, Vicky.
Avatar Swag For Life Member 6:58pm People Like Us:

thank you Mark
Avatar 🤖 Swag For Life Member 6:58pm chresti:

I'm old enough that I can't figure out how to use apps.
Avatar 🤖 6:58pm Bas NL:

Thanks Mark! Thank Matt!
  6:59pm Roland from Australia:

I do recall Matt’s earlier show and intend to re-listen to it. Thanks Matt and Mark
Avatar 🤖 Swag For Life Member 6:59pm Webhamster Henry:

My Ether is now worth $26.97 so it lost 14 cents during this show.
Avatar 🤖 Swag For Life Member 6:59pm chresti:

Avatar Swag For Life Member 6:59pm Rich in Washington:

Thanks Mark n' Matt!
Avatar 🤖 7:00pm Bas NL:

Some sanity now Vicki, please!
Avatar 🤖 Swag For Life Member 7:01pm Ken From Hyde Park:

Thanks, Mark & Matt!
  5:02pm ClarkNova:

I really like your style, Matt.
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