Plain English with Derek Thompson - Is Crypto Entering a New Golden Age—or Just a New Era of Failed Promises?

Is Crypto Entering a New Golden Age—or Just a New Era of Failed Promises?

12/06/24 • 52 min

3 Listeners

The crypto industry seems poised for a new golden age. But what exactly does that mean? Who would benefit? And, oh by the way, what does this technology do other than serve as a set of assets to bet to the moon?

I have lots of questions about the state of crypto right now. Last week, Bitcoin traded above $100,000 for the first time in history. Its price has skyrocketed since Donald Trump’s win, as a wave of investors bet that the next four years will mark a new renaissance. And this isn’t just a time for optimism. It’s also a time for recrimination. In the last few weeks, several major tech figures, including the venture capitalist Marc Andreessen, have condemned democrats for what they describe as an illegal war on crypto.

Austin Campbell is finance vet, an adjunct professor at Columbia Business School, and the founder of Zero Knowledge Consulting. Today, we talk about the purported war on crypto, starting with the origins of "debanking" practices under Obama; we talk about why crypto now seems like a majority-republican technology in an industry that has historically been democratic; we talk about the biggest use cases of crypto around the world; and Austin tells me why he thinks many people in the industry still aren't thinking clearly about the future of finance.

Host: Derek Thompson

Guest: Austin Campbell

Producer: Mike Wargon

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Host: Derek Thompson

Guest: Austin Campbell

Producer: Mike Wargon

Learn more about your ad choices. Visit podcastchoices.com/adchoices

Previous Episode

Megapod: Why Is There So Much BS in Psychology?

In the last decade, several major findings in social psychology have turned out to be hogwash—or, worse, even fraud. This has become widely known as psychology's "replication crisis." Perhaps you have heard of power poses—based on a study finding that subjects reported stronger “feelings of power” after they posed, say, with their hands on their hips for several minutes. But that finding did not replicate. Or perhaps you have heard of ego depletion—the more famous assertion that, when people make a bunch of decisions, it exhausts their ability to make future decisions. Again: did not replicate.

“There’s a thought that’s haunted me for years,” social psychologist Adam Mastroianni has written. “We’re doing all this research in psychology, but are we learning anything? We run these studies and publish these papers, and then what? The stack of papers just gets taller? I’ve never come up with satisfying answers. But now I finally understand why.”

Today’s episode features two interviews. First, I talk to Adam about his big-picture critique of his own field: how psychology too often fails as a science, and what it can do better. Second, we speak with journalist Dan Engber from The Atlantic, who has been reporting on a billowing scandal in psychology that has enveloped several business school stars—and raised important questions about the field. What is psychology for? What would progress in psychology mean? And how can this field—which might be the discipline I follow than any other in academia—become more of a science?

If you have questions, observations, or ideas for future episodes, email us at [email protected].

Host: Derek Thompson

Guests: Adam Mastroianni and Daniel Engber

Producer: Devon Baroldi

Links:

“Is psychology going to Cincinnati?” by Adam Mastroianni

https://www.experimental-history.com/p/is-psychology-going-to-cincinnati

"I’m so sorry for psychology’s loss, whatever it is" by Adam Mastroianni

https://www.experimental-history.com/p/im-so-sorry-for-psychologys-loss#footnote-anchor-3-136506668

“The Business-School Scandal That Just Keeps Getting Bigger” by Daniel Engber

https://www.theatlantic.com/magazine/archive/2025/01/business-school-fraud-research/680669/

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Next Episode

Why American Health Care Is a "Broken System"

1 Recommendations

Last week, UnitedHealthcare CEO Brian Thompson was shot to death outside a hotel in Manhattan by a young man motivated by rage at the insurance industry. His rage is clearly felt widely. In the aftermath of the killing, many people seemed to delight in the man’s assassination. Their reaction was a grotesque illustration of something real: There is an enormous amount of anger and frustration about the state of American health care. And there ought to be. The U.S. is the most expensive health care system in the world, while for many people it delivers bad care at exorbitant prices.

But anger is not always a signal of accuracy. And while some of the most popular reasons to be furious at American health care are based on truth, many are based on misunderstandings and myths—especially about the insurance system.

This week, I wanted to present a calm and informed conversation with a health care expert to walk me through what I consider the biggest health care questions of the moment. Why are American health care costs so high? How much are insurers to blame? How do other countries handle health care differently? What can we learn from them? And what, if anything, should make us optimistic about the future of American health care?

Today we have two guests. First we have Jonathan Gruber, an economics professor at MIT and a key architect of several health care laws, including the 2006 Massachusetts health care reform and the Affordable Care Act. Jon walks me through the key drivers of health inflation and American anger at the health care system. The second, David Cutler, is an economics professor at Harvard who served as senior health care adviser for Barack Obama; he helps us think comparatively about the weaknesses and strengths of the U.S. health system and what reforms could help Americans live longer and healthier lives.

If you have questions, observations, or ideas for future episodes, email us at [email protected].

Host: Derek Thompson

Guests: Jonathan Gruber and David Cutler

Producer: Devon Baroldi

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