We return to an old enemy of the show by discussing the latest developments in the crypto industry. We trace how crypto has evolved from a grift largely focused on defrauding retail investors into a grift now focused on creating financial infrastructure to facilitate very direct and obvious forms of political influence peddling. Of course, the Greater Idiot Theory still holds as many investors still think that bitcoin is a hedge against the stock market and a reservere of stable value in a volatile economy, but the crypto industry is now driven by the needs of the greatest idiots of them all: Donald J. Trump and Family.

Also, here are links for the pictures we were joking about in the beginning: https://x.com/captgouda24/status/1913254322864894178 and https://x.com/luke_d_ismas/status/1913406583188369497

••• Crypto Crime is Legal | Molly White https://www.citationneeded.news/issue-81/

••• Trump’s Newest Grift: Building a Cryptocurrency Empire While Destroying its Regulators | Molly White https://www.citationneeded.news/trump-crypto-empire/

••• TMK in the New Yorker https://www.newyorker.com/magazine/2025/04/21/how-to-survive-the-ai-revolution

Standing Plugs:

••• Order Jathan’s new book: https://www.ucpress.edu/book/9780520398078/the-mechanic-and-the-luddite

••• Subscribe to Ed’s substack: https://substack.com/@thetechbubble

••• Subscribe to TMK on patreon for premium episodes: https://www.patreon.com/thismachinekills

Hosted by Jathan Sadowski (bsky.app/profile/jathansadowski.com) and Edward Ongweso Jr. (www.x.com/bigblackjacobin). Production / Music by Jereme Brown (bsky.app/profile/jebr.bsky.social)