Why Did Bitcoin Crash Again? The Scam That’s Been Around Since Dante

The David McWilliams Podcast

David McWilliams

News & Politics

4.5 • 692 Ratings

🗓️ 10 February 2026

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Not even “thermodynamically sound energy through time and space” makes Bitcoin money. In this episode, we take another hammer to the sacred cow of crypto and ask a simpler question: what does money actually have to do to count as money? We revisit our infamous chat with Michael Saylor at peak crypto-poetry, then go where all good monetary debates should go; back to the original forgers and the original punishments. Dante put counterfeiters near the bottom of hell for a reason: mess with money and you mess with civilisation. We break down why Bitcoin’s fixed supply is exactly what stops it functioning as a currency, why volatility turns it into a hoarding game, and why “stablecoins” are less innovation than rebranded old finance. Crypto generates no income, finances no productive activity, and gives you no legal claim on anything, it’s a tradable gamble powered by belief, momentum, and the greater fool theory. We start with Dante, detour through Archimedes, and end with Isaac Newton, and the madness of crowds.

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Transcript

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0:00.0	If you are a member of the crew, that's the David McWilliams crew. If you are, you'll know all about it. If you're not, join us at david macwilliams. Dot i.e. forward slash crew. Now this week, we're not going to have a lecture. Why? Because we had a quiz last week. And we're still going through all the response to the quiz. But as a valued member of the crew, we have a prize for you this week.
0:23.3	We're talking about cryptocurrencies, and it's a cryptic little solution.
0:29.6	John mentioned at the top of the podcast very cryptically and referenced an amazing album. One of the most famous albums of the
0:40.4	1970s, he mentioned the band and he mentioned the album. If you can guess what that album is,
0:52.4	you'll get a free copy of money signed by me, elucidating all our
0:58.1	thoughts on money. And that is if you're part of the crew. And if you're not, sign up,
1:04.0	david McWilliams.combe.combe.combe. Coming up on the podcast in a couple of minutes time,
1:09.9	it's Bitcoin, it's crypto, is Bitcoin
1:12.4	money.
1:13.7	It is not.
1:14.7	Spoiler alert.
1:15.9	Even Sailor Alert.
1:17.2	It is not.
1:18.7	We'll talk to you in a couple of minutes.
1:21.9	To understand the economy, you have to understand human nature.
1:28.0	This podcast is powered by ACAST.
1:34.4	How are you doing there? It is time for the podcast. I woke up this morning.
1:40.8	And I saw something that I hadn't seen for, seen many weeks, John.
1:48.2	A blue sky. No clouds. Even a slight. Now, I'm not going to overestimate or overeg this,
1:57.3	but slight evidence that there was a sun somewhere in the sky.
2:02.6	And there was an element on the sea would look like sunshine.
2:07.2	Rumors, Mac.
	...

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