by Zeke Faux
The “rollicking” (The Economist), “masterfully written” (The Washington Post) account of the crypto delusion, and how Sam Bankman-Fried and a cast of fellow nerds and hustlers turned useless virtual coins into trillions of dollars—hailed by Ezra Klein in The New York Times as one of the “Books That Explain Where We Are” FINALIST: the Edgar Award (Fact Crime), the Macavity Award (Nonfiction), the Porchlight Business Book Award, the SABEW Best in Business Book Award A BEST BOOK OF THE YEAR: The New York Times DealBook, The Washington Post, Los Angeles Times, Financial Times, The Globe and Mail, Irish Examiner, Morningstar, The Verge, Wired In 2021 cryptocurrency went mainstream. Giant investment funds were buying it, celebrities like Tom Brady endorsed it, and TV ads hailed it as the future of money. Hardly anyone knew how it worked—but why bother with the particulars when everyone was making a fortune from Dogecoin, Shiba Inu, or some other bizarrely named “digital asset”? As he observed this frenzy, investigative reporter Zeke Faux had a nagging question: Was it all just a confidence game of epic proportions? What started as curiosity—with a dash of FOMO—would morph into a two-year, globe-spanning quest to understand the wizards behind the world’s new financial machinery. Faux’s investigation would lead him to a schlubby, frizzy-haired twenty-nine-year-old named Sam Bankman-Fried (SBF for short) and a host of other crypto scammers, utopians, and overnight billionaires. Faux follows the trail to a luxury resort in the Bahamas, where SBF boldly declares that he will use his crypto fortune to save the world. Faux talks his way onto the yacht of a former child actor turned crypto impresario and gains access to “ApeFest,” an elite party headlined by Snoop Dogg, by purchasing a $20,000 image of a cartoon monkey. In El Salvador, Faux learns what happens when a country wagers its treasury on Bitcoin, and in the Philippines, he stumbles upon a Pokémon knockoff mobile game touted by boosters as a cure for poverty. And in an astonishing development, a spam text leads Faux to Cambodia, where he uncovers a crypto-powered human-trafficking ring. When the bubble suddenly bursts in 2022, Faux brings readers inside SBF’s penthouse as the fallen crypto king faces his imminent arrest. Fueled by the absurd details and authoritative reporting that earned Zeke Faux the accolade “our great poet of crime” (Money Stuff columnist Matt Levine), Number Go Up is the essential chronicle, by turns harrowing and uproarious, of a $3 trillion financial delusion.
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Echoes summary
Zeke Faux's *Number Go Up* plunges readers into the volatile, often bewildering, world of cryptocurrency, dissecting the "crypto delusion" and the meteoric rise and eventual crash of figures like Sam Bankman-Fried. This rollicking, masterfully written account, lauded by luminaries like Ezra Klein as essential for understanding our current landscape, is a testament to investigative journalism's power to unravel complex financial phenomena. Faux's journey, fueled by a potent mix of curiosity and FOMO, transforms into a globe-spanning quest to expose the machinations behind the trillions of dollars generated from seemingly insubstantial virtual coins. The narrative is rich with absurd details, from attending elite parties at the cost of a digital primate to witnessing a nation's treasury wagered on Bitcoin, all while unearthing darker realities like crypto-powered human trafficking rings. This detailed exploration of financial mania and its human cost resonates deeply with the themes prevalent in other books within this cluster, particularly Morgan Housel's *The Psychology of Money*.
While *The Psychology of Money* offers a foundational understanding of individual financial behavior, exploring the behavioral economics and psychological biases that drive our decisions around wealth, *Number Go Up* takes this a step further by immersing the reader in the collective delusion that characterized the cryptocurrency boom. Housel’s examination of how people think about money provides a crucial lens through which to view the frantic, often irrational exuberance Faux documents. The urge to make a fortune quickly, the fear of missing out (FOMO) described in *Number Go Up*, directly illustrates the psychological principles Housel lays out. *Number Go Up* demonstrates, in vivid and often harrowing detail, how these individual psychological tendencies can coalesce into a mass financial event, a speculative bubble driven by a compelling narrative of futuristic wealth and technological advancement, rather than sound underlying value or proven utility. Faux shows us the "why" behind the herd mentality that Housel might describe in more abstract terms, highlighting the allure of narratives, the power of celebrity endorsement, and the seductive promise of overnight riches that drove millions toward digital assets.
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The connection between these works lies in their shared exploration of human behavior in the face of financial opportunity and risk. *Number Go Up* acts as a real-world, high-stakes case study of the concepts explored in *The Psychology of Money*. Housel’s emphasis on factors like "luck versus skill" and "your personal money history" are writ large in Faux's chronicle of crypto founders and their investors. The ambition, the desire to be right, the susceptibility to confirmation bias – all psychological elements Housel dissects are evident in the relentless optimism and denial that pervaded the crypto space, even as warning signs mounted. Faux’s reporting meticulously details how influential figures, whether utopians or hustlers, leveraged these psychological levers to build empires on the backs of what ultimately proved to be a confidence game. The “rollicking” yet authoritative tone of *Number Go Up* offers a compelling counterpoint to the more measured, analytical prose of *The Psychology of Money*, demonstrating how the principles of behavioral finance can manifest in epic, world-altering events that have profound implications for individuals and economies alike. Thus, *Number Go Up* provides vital context for understanding the collective psychological forces at play when extraordinary financial claims meet widespread public enthusiasm, offering an essential, often unbelievable, look at a pivotal moment in modern finance.
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Bridges summary
Delving into the captivating narrative of Zeke Faux's *Number Go Up*, this exploration of the crypto delusion reveals fascinating connections to a diverse array of intellectually stimulating works, illuminating shared themes of illusion, deception, human psychology, and the intricate systems we build to navigate complex realities. While seemingly disparate, *Number Go Up*'s deep dive into the $3 trillion financial spectacle finds surprising resonance with the philosophical explorations of detachment in Albert Camus' *The Stranger* and the existential musings within Fernando Pessoa's *The Book of Disquiet*. Just as Camus dissects our capacity for emotional distance in an absurd world, Faux exposes a similar, yet market-driven, detachment in the crypto sphere, where fortunes are made and lost with an almost dreamlike unreality. Pessoa, through his introspective fragmented prose, grapples with the construction of meaning in abstract internal landscapes, mirroring Faux's investigation into how value and narrative were projected onto ephemeral digital assets.
Furthermore, the impulse to construct elaborate narrative frameworks to make sense of chaotic experiences, a cornerstone of Faux’s investigation, is mirrored in the surreal literary worlds of Haruki Murakami. Both *Hard-Boiled Wonderland and the End of the World* and *Kafka on the Shore* delve into how humans create meaning through dream-like journeys and speculative universes, much like the fever dream of crypto culture itself. The allure of Dogecoin and Shiba Inu, the $20,000 cartoon monkey images, and the promises of curing poverty through Pokémon knockoffs all represent elaborate constructs designed to imbue a sense of purpose and value onto fundamentally abstract systems. This shared exploration of contemporary systems of illusion, how we navigate complex and often hallucinatory information landscapes, provides a powerful meta-narrative, linking the feverish speculative markets of cryptocurrency to the equally intricate narrative structures of fiction.
The investigative spirit driving Faux's quest to understand the wizards behind the crypto machine also finds echoes in detective narratives. The intricate systems of deception and investigation, central to a good mystery, are paralleled in the labyrinthine world of cryptocurrency. While Agatha Christie’s *The body in the library* peels back the veneer of polite society to expose hidden truths and Alan Bradley's *Thrice the Brinded Cat Hath Mew'd* deconstructs complex networks through a detective lens, Faux painstakingly dissects the intricate web of scams, utopians, and self-proclaimed overnight billionaires that defined the crypto boom. Both approaches reveal hidden patterns of human behavior and the systemic complexities that can mask underlying realities, highlighting a shared curiosity about narrative structures that expose hidden realities.
Beyond the intrigue of deception, *Number Go Up* powerfully bridges the realms of psychology and finance, aligning with the groundbreaking work of Daniel Kahneman. Kahneman's exploration of *Thinking, Fast and Slow* delves into the cognitive biases that influence our decision-making, directly informing the susceptibility of individuals to the FOMO-driven frenzy of cryptocurrency. Faux's account of investors largely ignoring the technical particulars of how crypto worked, driven instead by the promise of easy fortunes, is a stark illustration of these psychological principles at play. Similarly, the self-help and productivity sector, represented by Cal Newport's *Deep Work*, might seem distant, yet the discipline and critical thinking required for true productivity offer a stark contrast to the often impulsive and superficial engagement with speculative markets. Understanding the underlying psychological drivers of both focused achievement and speculative bubbles allows readers to gain a richer perspective on human behavior across these seemingly unrelated domains. Ultimately, *Number Go Up* serves as a compelling gateway into understanding not just a financial delusion, but the fundamental human drive to create meaning, pursue fortune, and navigate the often-surreal landscapes of modern systems, whether digital or deeply human.