17 min 11 sec

Number Go Up: Inside Crypto's Wild Rise and Staggering Fall

By Zeke Faux

Investigative reporter Zeke Faux explores the chaotic world of cryptocurrency, from the mysteries of Tether to the collapse of FTX, revealing the speculative frenzy and human cost behind the digital gold rush.

Table of Content

Imagine a world where money is created out of thin air, where the traditional rules of banking and government oversight simply don’t apply, and where fortunes can be amassed or evaporated in the time it takes to refresh a browser tab. This is the realm of cryptocurrency, a landscape that promised to democratize finance but instead became a theater for one of the most intense speculative manias in human history. At its core, this movement was fueled by a simple, almost hypnotic mantra: the belief that the value of these digital assets would inevitably and perpetually rise. This is the world captured in the investigation of Zeke Faux, who set out to see what happens when the logic of “Number Go Up” becomes the primary driver of a global financial revolution.

In this exploration, we aren’t just looking at charts and graphs; we are following a trail of investigative clues that lead from high-end conferences to the grim reality of human trafficking camps and the halls of failing governments. We will peel back the layers of the technology to reveal the people underneath—the visionaries, the gamblers, and the outright charlatans. You will discover how a decentralized dream turned into a centralized nightmare for many, and how the pursuit of digital gold left a trail of real-world consequences. By looking at the rise of Bitcoin, the shadowy role of stablecoins, the spectacular implosion of the FTX exchange, and the failed national experiments in Latin America, we gain a comprehensive view of the crypto era. It’s a journey that asks a fundamental question: when the number finally stops going up, what is actually left behind? Let’s dive into the mechanics and the madness of the cryptocurrency saga.

Discover how the original promise of a decentralized financial revolution transformed into a speculative mania that captivated both seasoned experts and everyday investors.

Uncover the mysterious role of stablecoins like Tether and why the lack of transparency in their backing poses a systemic risk to the entire market.

Look behind the digital curtain to see how crypto facilitates brutal real-world crimes, from elaborate financial frauds to human trafficking networks.

Examine the paradoxical persona of Sam Bankman-Fried, who used the philosophy of ‘effective altruism’ to mask a high-stakes financial gamble.

Witness the moment the music stopped for FTX, revealing how a lack of basic corporate controls led to one of the biggest financial disasters in history.

Analyze the real-world results of El Salvador’s experiment with Bitcoin as legal tender, where political ambition collided with economic reality.

The journey through the world of cryptocurrency reveals a landscape defined by a single, powerful motivation: the desire to see the number go up. From the early days of Bitcoin’s revolutionary promise to the tragic human trafficking camps of Southeast Asia and the catastrophic failure of FTX, we see a recurring pattern. The pursuit of wealth in an unregulated environment creates a gravity well that attracts both the best and worst of human nature. We’ve seen how brilliant technological innovations can be co-opted by greed, and how the absence of traditional oversight can lead to a total breakdown of ethics and accountability.

Zeke Faux’s investigation shows us that while the blockchain is a breakthrough in computer science, it is not a magic solution for the flaws of human systems. In fact, it can often amplify those flaws. The stories of the victims of pig butchering scams and the millions of users who lost their savings in the FTX collapse are the sobering reality behind the flashy advertisements and celebrity endorsements. They remind us that behind every digital token, there is a real-world impact. As the crypto world continues to evolve, the lessons from this era are clear: transparency is not optional, trust must be earned through action rather than rhetoric, and no technology can replace the need for sound risk management and ethical leadership.

As you navigate the future of finance, the most important takeaway is to look beyond the hype of “Number Go Up.” True value is built on stability, utility, and the protection of those who participate in the system. The crypto saga isn’t just a story about money; it’s a story about the dangers of a world where we forget that the numbers on our screens represent real people’s lives and futures. Moving forward, the challenge for all of us—investors, developers, and regulators alike—is to ensure that the innovations of tomorrow are built on a foundation of integrity rather than the shifting sands of speculation.

About this book

What is this book about?

Number Go Up is a gripping investigation into the financial wild west of digital assets. It moves beyond the hype of blockchain technology to examine the real-world impact of a market driven by speculation and a lack of regulation. The book provides a deep dive into the industry's most controversial figures and its darkest corners. Readers will follow the trail of stablecoins like Tether, witness the rise and fall of Sam Bankman-Fried, and travel to locations like El Salvador where Bitcoin was touted as a national savior. Through this journey, the narrative uncovers how a vision of decentralized finance transformed into a playground for scammers and a high-stakes gamble for millions. It is a story of how the simple desire to see a number move upward on a screen can blind an entire industry to the risks and suffering it creates.

Book Information

Rating:

Genra:

Crypto & Blockchain, Economics, Money & Personal Finance

Topics:

Behavioral Finance, Blockchain, Crypto, Investing, Markets

Publisher:

Penguin Random House

Language:

English

Publishing date:

September 12, 2023

Lenght:

17 min 11 sec

About the Author

Zeke Faux

Zeke Faux is an investigative reporter for Bloomberg Businessweek and Bloomberg News. He has received accolades including the Gerald Loeb Award and the American Bar Association’s Silver Gavel Award, and was a finalist for the National Magazine Award.

Ratings & Reviews

Ratings at a glance

3.6

Overall score based on 156 ratings.

What people think

Listeners find this crypto title exceptionally engaging and enlightening, driven by a narrative approach that ensures a quick experience. A sharp sense of comedy permeates the text, which listeners feel provides a solid foundation for understanding the industry. Opinions on the crypto reporting are split; some celebrate it as a premier investigation into fraudulent activity, while others think it is too cynical. Perspectives are similarly conflicted regarding the book's overall authenticity.

Top reviews

New

Wow, Zeke Faux manages to make the dry world of digital finance read like a high-stakes spy novel. I was hooked from the first chapter where he starts hunting for the mysterious "Tethers" that seem to prop up the entire market. His writing style is punchy, cynical, and incredibly funny. You can feel his frustration as he tracks down the "wunderkind" Sam Bankman-Fried in the Bahamas, only to find a guy in cargo shorts who may or may not be running a multi-billion dollar Ponzi scheme. The way Faux describes the absurdity of Ape Fest—rich people partying while their investments evaporate—is just chef's kiss. To be fair, he’s clearly a skeptic, and if you’re a crypto true believer, you’re going to hate this. But for the rest of us? It’s a masterclass in narrative journalism. I finished it in two sittings because the pacing is just that good.

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Ella

The investigative depth regarding the 'pig butchering' scams in Cambodia is what sets this apart from other financial books. Most authors stay in the boardrooms or on Twitter, but Faux actually goes to the source. He finds people who were kidnapped and forced to run crypto scams at gunpoint. It’s horrifying. This isn't just a book about people losing money on monkey cartoons; it's about the real-world human cost of an unregulated, shadowy financial system. While the author's voice is prominent, the reporting here is vital. You see the connection between flashy Miami parties and dark slave compounds in Southeast Asia. It’s a sobering reminder that while some were chasing a speculative high, others were being exploited in the most brutal ways imaginable. Essential reading for anyone who thinks crypto is a victimless game.

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Kung

Frankly, this is the book Michael Lewis should have written if he hadn't been so charmed by Sam Bankman-Fried. Faux doesn't fall for the 'altruistic genius' act for a second. Instead, he treats SBF and the rest of the crypto elite with the skepticism they deserved. The reporting is globe-spanning and genuinely impressive. He takes you from the sterile offices of hedge funds to the dusty roads of El Salvador, where Bitcoin City remains a pipe dream. The prose is sharp and the moral compass is steady. He captures the 'get-rich-quick' mania of the pandemic years perfectly. It’s the definitive account of the crypto bubble. If you want to understand how billions of dollars vanished into thin air while everyone was distracted by hype, look no further. This is investigative journalism at its finest.

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Nongnuch

Look, if you want a technical manual on blockchain, go elsewhere. But if you want a riveting, appalling tale of how the world went collectively insane for three years, this is your book. Faux's persistence is amazing. He goes to places most journalists wouldn't dare just to see if the 'digital gold' actually exists. Spoiler: it usually doesn't. The narrative is cohesive, compelling, and moves faster than the price of Dogecoin in 2021. I loved the contrast between the utopian dreams of the crypto bros and the gritty reality of the slave labor camps in Cambodia. It’s a gut-punch of a book that exposes the 'no there there' at the heart of the industry. Zeke Faux has nerves of steel. I haven't been this entertained by a business book in years. Absolutely brilliant.

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Fah

Ever wonder why people were spending millions on cartoon monkeys? This book provides the most entertaining answer you'll ever find. Faux has a real gift for wit and humor that makes the staggering fall of the crypto market actually fun to read about. He doesn't just sit behind a desk; he travels to the Bahamas, Miami, and El Salvador to see the madness firsthand. I particularly enjoyed the awkward conversations he had with his wife about why he needed to buy an NFT. It’s hilarious yet tragic. My only minor gripe is that he sometimes focuses too much on his own reactions rather than the people he’s interviewing. Still, the storytelling is top-notch and it moves at a breakneck speed. If you want a deep dive into the 'Number Go Up' mentality, this is it.

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Sumalee

Picked this up on a whim after the FTX collapse and couldn't put it down. Faux's wit is his greatest weapon as he navigates a world of billionaires, scammers, and delusional 'visionaries.' The book is incredibly informative, giving a clear-eyed look at how zero interest rates fueled a market where 'worthless' digital art could sell for a fortune. I loved the chapters on Ape Fest—the sheer absurdity of the celebrity endorsements is mind-boggling in retrospect. Frankly, the book reads like a comedy of errors until it reaches the darker parts of the industry. My only criticism is that the narrative structure feels a bit disjointed in the middle. However, the author’s dogged pursuit of the truth behind USDT keeps you turning the pages. It's a fantastic expose of modern greed.

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Somkid

El Salvador’s failed Bitcoin experiment gets a brutal, necessary spotlight here. Faux meets with local farmers whose land is being eyed for 'Bitcoin City' and asks the questions the government would rather ignore. It’s a great example of how this 'revolution' actually impacts regular people. The book is bleakly humorous but never loses sight of the wreckage left behind by these schemes. Faux is a great writer who knows how to balance technical explanations with human interest stories. I do wish he had spent a little more time on the technical uniqueness of blockchains instead of just mocking them, but I understand that wasn't his goal. He wanted to find the fraud, and he found plenty of it. Highly recommended for anyone who likes a well-told story of inanity and greed.

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Kamol

Finally got around to reading this and it’s basically a horror story disguised as a business book. Faux captures the sheer inanity of the crypto boom with a wit that is both sharp and necessary. From the FOMO-driven behavior at Miami conferences to the staggering fall of FTX, he covers it all. The reporting on 'pig butchering' scams was particularly eye-opening for me. It’s easy to laugh at 'monkey cartoons,' but it’s much harder to laugh when you see the criminal infrastructure powered by these currencies. To be fair, the author’s 'hater' energy is high, and he definitely backstabs some of his sources. But in a world where so many people were lying to make the 'number go up,' his blunt honesty is refreshing. A fast-moving, informative, and deeply cynical read.

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Hom

As a long-term crypto investor, I found Faux’s tone incredibly patronizing at times. He enters every situation with his mind already made up, dismissing complex blockchain technology as basically just a spreadsheet. This book is less about 'learning' crypto and more about a journalist wanting to show everyone how smart he is for not falling for the hype. He spends 300 pages talking about himself, often glossing over the actual utility of decentralized finance in developing nations. To be fair, his reporting on the FTX collapse is quite vivid, and he definitely has a way with words. But the ego-centric perspective gets exhausting after a while. It’s a well-written narrative, sure, but it feels like a hit piece designed to make 'crypto bros' look as stupid as possible without engaging with the tech.

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Pooja

In my experience, books by Bloomberg journalists usually have a bit more technical rigor than what Faux offers here. He spends a lot of time calling blockchains 'just a spreadsheet' and mocking the culture, which is fine for a laugh, but it leaves some of the actual innovation ignored. He seems much more interested in the loud personalities and the obvious scams than the underlying tech. The chapters on Tether are fascinating, yet he never quite manages to prove the insolvency he’s so obsessed with. Truth is, the book leans heavily on his own persona as the 'confused gringo' wandering through crypto-land. It’s an entertaining read, don’t get me wrong. I just wish there was more 'how it works' and a little less 'look at this weirdo I met in a bar.' Good for a plane ride.

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