[Author’s note - These notes were taken down by Matt Hooper of AusDeFi in real-time during the broadcast based on initial impressions. The original intention was to capture the essence of the program for those who were not able to watch the broadcast. They are therefore not a refined or detailed piece, nor are they intended as a detailed critique of the program.]

ABC TV 4 Corners crypto program notes 30 May 2022 - ‘Crypto Mania’

Dogecoin Millionaire - Glauber Contessoto

Molly White - Software Engineer - Researches ‘scams’

Brisbane Crypto Meetup - Lucas Cullen

Ethereummax lawsuit - Scott and Scott Lawyers

Steve Johnson - Sydney - Fund Manager, Forager Funds Management. Says this is a bubble industry. Says first worldwide accessible ‘scheme’.

Terra Luna - [Barely explained or covered, really. Seemed to be mixed up with general crypto price depreciation in recent weeks?] Steve Johnson talking about losses from crypto for taxi drivers and mum and dad investors (although this comment didn’t seem to relate directly back to the Terra debacle?)

Former SEC John Reed Stark - Suggests that certain investment rules don’t apply in crypto - Says he believes it is ‘one big ponzi scheme’. Says ‘greater fool’ theory is in play. Says the crypto industry needs to be regulated.

Australian Federal Police - Saying aids avoidance of authorities by not using cash or the regulated banking system. Links to ransomware. Ransomware attacks generally seek a ransom paid in crypto.

Newcastle Grammar School - Victim to a ransomware attack on their IT system. Principal is now no fan of crypto.

Ken Gamble - Private Investigator who tries to recover stolen funds. Adding hype to the scam story.

Caroline Malcolm - Chainalysis - Based in London. Pointing out that you can track the transactions through the public blockchain. Host Stephen Long countering that the anonymous wallets being used make it harder to attach individuals to the transactions until the point where funds might be cashed out again to a mainstream institution.

Finale - Steve Johnson (Forager) saying that on-chain transactions are actually useful and more efficient than certain legacy systems. Professor Ellie Rennie is researching how blockchain tech can give people direct control over their assets. She says indigenous communities could be paid royalties for their artworks automatically via tokens.

Molly White countering to say that these same big web players and the VCs are more interested in extracting more value for themselves rather than having an intrinsic belief in the technology. Jackson Palmer (at ummjackson) says crypto is controlled by a ‘cartel of wealthy figures’. John Reed Stark saying that ‘Big Crypto’ is not regulated, is very exploitive and is not accountable - only about profiteering and more so even than big banks. Jonathon Miller (Kraken Australia) saying that eg TV streaming royalties could be shared back to the creator on-chain. Host Stephen Long saying that crypto potentially could sideline the big tech companies in terms of individuals’ control over their identity.

MH quick summary

The program took steps to present both sides of the conversation.