TCF: When the Moon Turns to Blood

When the Moon Turns to Blood: Lori Vallow, Chad Daybell, and a Story of Murder, Wild Faith, and End Times
By Leah Sottile

The crime:

Lori Vallow, her lover (and soon-to-be fifth husband) Chad Daybell, and Lori’s brother Alex Cox conspired to kill Lori’s then-husband Charles, Chad’s then-wife Tammy, and Lori’s two children, Tylee and J.J. Alex later died of natural causes, while Chad was sentenced to be executed and Lori to life in prison.

The book:

I’ve already gone over a lot of the facts in this case in my notes on John Glatt’s The Doomsday Mother. Both books came out before either Lori or Chad went to trial, but I don’t think they miss a lot. There are pros and cons with being timely. All too often true crime books spend far too much time on trial coverage, but trials do add information previously unknown to the public and it would have been nice to read an account of this case that took us to closure. In any event, I don’t expect more books about these events anytime soon so it looks like Glatt and Sottile are the last word. Public attention has moved on.

What makes this book different from Glatt’s is the focus Sottile places on the religious and cultural milieu that Lori and Chad were a part of. Here’s how she sets it up:

In one interview with a podcast about the Vallow/Daybell case, the managing editor at East Idaho News said people had made the case out to be a story of religion, when it in fact had everything to do with sex and greed. And to an extent, that became an early theory of the case, the reason two children were found dead in the yard of Chad Daybell was actually quite simple: two people wanted to be together and killed the people in their way. Even Lori’s own father seemed to imply that was his theory in his email to me.

But the more I sunk into the world of Lori Vallow and Chad Daybell, the more clear it became that their story could only have happened inside a culture that festers in the LDS Church: a cancer that even men of God cannot seem to cut out.

Does Sottile make good on this claim? Well, she does her best. Personally, I think this was, mainly, a case of sex and greed. But those motives were mixed with religious views that take some time to unpack.

While they were both part of the LDS (Mormon) Church, Chad and Lori’s personal belief system was more a kind of pop-culture amalgam of stuff ranging from the Bible and the Book of Mormon to the Left Behind and Harry Potter series of novels. I don’t know if Chad wanted to be the head of an end-times cult or a bestselling author, or if there’s a distinction to be made there. There’s really no sorting any of it out, what with the possession by light and dark spirits, people being transformed into zombies, and a magic crystal on a pendant used to do readings.

Two things stand out however as key ingredients in Chad and Lori’s peculiar personal religion, and both are pretty familiar to cult watchers. In the first place there’s the idea that the members of the cult are among the saved. Chad took his lead from the Book of Revelation in figuring that only 144,000 individuals were going to be counted among the elect, which in a global population now of 8 billion is around 0.01 percent of us. Considering that all the immediate members of Chad’s circle were among this elite, that’s a serious sense of exceptionalism.

That exceptionalism is also seen in the way that in their past lives cult members enjoyed a lot of upward social mobility. Throughout all of human history, the vast majority of humanity have been peasant farmers or labourers who have left behind no material or historical record of their ever having existed. But if you’ve ever listened to anyone talk about their past lives all you’ll hear is of how they were Napoleon or Cleopatra. And so Chad, according to his own testimony, had previously lived as James the Just (the brother of Jesus), while Lori had been James’s wife Elena. Nor did it end there. “Almost everyone but Chad and Lori was a granddaughter or a spouse of a saint – some peripheral biblical character. But Chad and Lori were special, more important. Lori, in yet another life, had been married to Moroni, the Nephite warrior who appeared as an angel in a blinding holy light at the bedside of Joseph Smith.” That’s Mormon royalty for the rest of us.

As always when reading about the operation of a cult one is left wondering just how much of this anyone really believed. Tragically, I think in this case they believed a lot. But one can understand a lot of the psychological and cultural factors at play. Everyone has the need to feel they’re special, if not one of the elect. Having been a king or a saint in a previous life fills the same need to think that we’re somehow destined for greater things, that we have some biological marker that makes us better than the herd.

Take the matter of Chad’s “zombies.” These were imagined to be people whose souls were dead and who were inhabited by evil demons. But zombies are a big part of contemporary media culture (books, movies, videogames), fitting especially well with our sense of living at or near the end times. As I’ve argued at greater length elsewhere (see my review of Glenn Kay’s book Zombie Movies), what the zombie represents is simply other people, the apocalypse is only the revelation that all these creatures that look like human beings that we encounter every day aren’t even truly alive, or at least not as alive as we are. And so it’s no surprise that in addition to Chad’s theory of evil possession, Lori’s father also argued that anyone who paid taxes was a zombie. “Like hypnotized zombies the general population systematically and begrudgingly allow the IRS operations to steal their hard-earned money,” he wrote in a book. General population = zombies. Which means the elect, those 0.01 percent, are like the gang of survivors in The Walking Dead. And from here, how big a step is it to just getting rid of (that is, killing) other people? I mean, they’re already dead anyway.

The impression I had is that Lori was a hot mess from the get-go. Her family was likened to a psychological “hornet’s nest” that may have involved some form of sexual abuse. As early as 2007, more than ten years before the killing started, a court-appointed mental health examiner assessed her during custody proceedings as being someone whose “belief system is riddled with ghosts and seemingly fanatical religious dogma.” Once she fell in with Chad’s end-times cult she was casting witchy hexes and curses on her enemies by way of texts and seeing all kinds of bizarre spiritual phenomena operating in her daily life. It should go without saying that none of this had anything to do with Mormonism. I’m no apologist for the LDS, but you can find wingnuts in every religion, and at the end of the day I was left unconvinced by Sottile’s argument that there was something peculiar to the Mormon Church that gave rise to a case like this. Lori and Chad “had grown up with some elements of the far-right fringes of Mormon culture in their lives.” But while she mentions the Rafferty brothers (whose story was told by Jon Krakauer in Under the Banner of Heaven) and Warren Jeffs, and it’s true they based their crimes on what they took to be divine direction, there have always been people of every faith you can think of who have justified bad behaviour in such a way.

At first, the story of Chad and Lori and their missing children looked like a complicated version of a stock true-crime trope: a love affair gone wrong, a story of sexual desire so intense it drove two people to kill. They collected the insurance money from former loved ones and ran away together. But the story is so much more complicated than that. This is a story of faith, and of all the things we allow ourselves to believe.

I just can’t get totally on board with this. Yes, faith played a role in what happened, but it wasn’t “so much more complicated” than the stock true-crime trope. This was a case, primarily, of sex and greed. And failure. Lori and Chad were a pair of not very bright losers who wanted more out of life but felt they’d come to the end of the line. I found it most telling that neither of them invited any friends or family to attend their beach wedding in Hawaii. That just seemed sad. Then, recognizing that they’d come to their own, personal end of the line they projected this onto the rest of the world, seeing this as the end times. It’s the narcissistic apocalypse, and speaks very much to the spirit of the age.

Noted in passing:

It’s not clear what happened the morning Charles Vallow was shot and killed by Alex Cox (Lori’s brother). Charles and Alex are both now dead, as is Tylee, who may also have been present. And the only other possible witness is Lori, who says she wasn’t there. The story that Lori and Alex came up with, and that Tylee went along with when questioned by the police, is that Tylee had grabbed a baseball bat and tried to come between Charles and Lori when Charles was threatening his wife. Charles then wrenched the bat away from her and she ran out of the house. Alex then shot Charles after, he said, Charles started swinging the bat at him.

I don’t think this is what happened. It doesn’t seem to fit at all the kind of guy Charles was, or the frame of mind he was in. But Sottile takes it as established that Tylee “hadn’t flinched to stand between Lori and Charles Vallow with a baseball bat, ready to protect her mother.”

I was really surprised to read this. As I’ve said, I don’t think there’s any way now we can be sure of exactly what happened, but I really doubt it went down like this. I think it more likely Lori coached Tylee what to say, and even then their stories didn’t agree with each other anyway. There were plenty of reasons to be sceptical about it then, which is something Sottile should have registered.

Takeaways:

If you think everyone else is a zombie, perhaps you are the zombie.

True Crime Files

Phoenix

Phoenix

This is where I came in.

What I mean is that it was the story arc that had the X-Men taking on the Hellfire Club, with “Jason Wyngarde”/Mastermind seducing Jean Grey/Phoenix and turning her into Dark Phoenix in the process, that made me an X-Men fanboy. These were issues I bought when I was a teenager and I think I still have them in storage somewhere — but they’re in pretty bad shape because I re-read them dozens of times. This was simply one of the best superhero stories I’d ever read, and Wolverine rising from the dead, claws extended, snarling “Now it’s my turn!” (at the end of issue #132) is the greatest comic panel ever. It looms so large in my memory that I was sure it was a full-page spread. It isn’t, but it works even better with the build-up to the hand reaching out of the water and grabbing the sewer pipe first.

So when this deluxe edition of the full Phoenix saga came out I figured I’d splurge on it, albeit at a discount price. I mean, $125 in Canada is steep. I paid $40, which I thought was fair. You get 34 comics basically covering Phoenix’s origin through her evolution into a God-like cosmic power and then her eventual death. Bonuses include interviews with the creative talent behind the saga, like writer Chris Claremont and penciler John Byrne. It took me quite a while to get through the whole book, but I enjoyed most of it very much. I especially liked seeing how the X-Men managed to deal with Proteus, “The Deadliest Mutant Alive.” I had issue #127, you see, but not #128, so I never saw what they did to take him down. For forty years I’ve lived in suspense. And I have to say I was not disappointed.

As far as the larger story arc we follow here, I wasn’t as thrilled at the cosmic Phoenix “goddess on a mountaintop” as I was by the Hellfire Club plot. This is a complaint I make with a lot of superhero comics. As heroes and villains keep leveling up, to the point where they’re single-handedly destroying galaxies and universes, it’s hard to care anymore. And everyone knew that was a problem here, as it’s something they talk about in the roundtable at the end. Phoenix was going to be an analog to Thor in being a “female cosmic hero,” but when she turned into a god “she was so powerful that she . . . made the rest of the group kind of redundant.” That’s a feeling I shared. I mean Phoenix is a force that can’t be stopped by anyone, and when she dies at the end she’s really committing suicide.

Meanwhile, what Claremont does so well is present the story on a human level. First and foremost this means setting up the fights. Of course, most superhero comics follow a conventional format where the story is all about building up to climactic fights between heroes and their rivals. What Claremont did was to infuse these battles with a shot of emotional intensity that you rarely found in other comics. You always get the sense that the heroes fighting in these comics are angry, that they really hate each other. Wolverine pulling himself out of the storm drain is just the best example. He’s pissed off now and someone’s going to pay!

Speaking of making someone pay, I laughed out loud at the scene in the diner/grocery store where Wolverine/Logan is flipping through a Penthouse magazine and the store owner tells him “This ain’t no library, fella. You want to read the magazine, buy the magazine.” This triggers Logan, who “don’t like bein’ tapped, bub. Or ordered around.” The owner holds his ground, saying “I don’t like people readin’ without payin’. Wanna make something of it?” Wolverine is about to tear into him before the bad guys arrive. Our heroes can be such squalid types. But something about Wolvering perving out to a dirty mag seemed so right. If you were a teenage boy at the time, you could relate.

Getting back to Claremont’s ability to humanize these figures, I also really liked the way the seduction of Jean Grey played out. That’s genuinely erotic, even without the crazy fetish outfit she dresses up in as the Black Queen. And the thing is, Jean is a hot lady. When she’s going through her transformation into Dark Phoenix Storm senses “pain, great sadness – and an awful, all-consuming lust” within her. Then, when Phoenix summons the lightning she laughs “as the awesome bolts of energy caress her body like a lover.” All this power is turning her on in more ways than one.

The X-Men comics are great. The Classic X-Men titles also included here are not. I just had the sense that Phoenix was a character Claremont couldn’t leave alone, though he really should have. Still, if you want as much Phoenix as you can get in a single volume this is the place to find her. And the central part of the book, meaning the X-Men vs. Hellfire Club storyline remains a classic in every dimension of comic art. I haven’t mentioned Tom Orzechowski’s lettering, but it’s always impressed me as setting a certain standard too. Though rigorously standardized, it has a thickness to it that carries a human timbre. It’s the way I thought all comic dialogue should be written, and has a distinctive character to this day.

So I’m still a fan. And if you want to know why the X-Men (and Wolverine) became the franchise figures they did, it’s all right here. They’d go on to have a pretty good run in comics after this, but more recently they’ve lost the plot in the chaos of the Marvel multiverse meltdown that’s pretty much wrecked everything, even while harkening back to the characters, plotlines, and even tag lines from these glory days.

Graphicalex

Bookmarked! #59: Book Sale Bookmarks

Since this past weekend was the annual Friends of the Guelph Public Library Book Sale I thought I’d post a pic of this year’s bookmark, and one from way back in 2017. A long time ago! At some point I guess they got demoted from a Giant Book Sale to a Big Book Sale. I don’t know why. This year it was held at a bigger location.

Book: Astounding: John W. Campbell, Isaac Asimov, Robert A. Heinlein, L. Ron Hubbard, and the Golden Age of Science Fiction by Alec Nevala-Lee

Bookmarked Bookmarks

What does that even mean? Part III

As earlier reported, I attended the annual Friends of the Guelph Public Library Book Sale this past weekend. In preparation, I made sure to check out the sale’s FAQ page online. Because I’m a man of a certain age and was going to have to spend quite a bit of time on a bus going there and coming back, it seemed prudent to see if there were any facilities at the location. What I found was this. So I take it the answer is Yes. But no.

Index

The Immortal Hulk Volume 4: Abomination

The Immortal Hulk Volume 4: Abomination

At the end of Hulk in Hell I mentioned how immortality seemed to be catching, with characters like Rick Jones and Betty Ross climbing out of their graves. They’re both back here, reborn as the Abomination and Harpy respectively. How could you imagine unquiet slumbers for the sleepers in this quiet series? I mean, Harpy even tears the Hulk’s heart out and eats it here, not in order to destroy him but as a way of giving him a “hard reset” that will jump-start his healing after he’s basically been dissolved by the Abomination’s acid reflux.

Aside from this, the roller coaster I’ve been on with the Immortal Hulk series continues even within this volume, which abruptly mixes good and bad. In the latter parts we get blocks of exposition with repetitive art as characters try to give us some idea of what is going on. Which helped a bit, though I was still confused even when Bushwacker held up a helpful chart on which he’d broken down the different Hulk identities in play. On the plus side though there’s a pretty good three-way battle between the Hulk, Abomination, and Harpy. The main monster motif throughout this series is a plasticity in form that recalls the shape-shifting monster in John Carpenter’s The Thing. The Hulk can get big or skinny and even displays the faces of victims he’s eaten when he transforms. Inside the head of Abomination he sees various smaller heads. Bushwacker’s very body is some military-grade plastic and can transform into various weapons. All these bodies keep melting and reconstituting over and over, Thing-style. This means that the fight scenes get really messy, even though given that no matter how badly characters get torn apart they keep coming back it plays out less as horror than as a sort of gory kaiju.

On the strength of the monster mash stuff I’d recommend this. I still don’t understand what’s going on with the “Cosmic Satan,” the “one below all” who’s coming through the green door, and I have a suspicion that I’m not going to be terribly impressed when I find out, but it’s a series worth sticking with a bit longer.

Graphicalex

Books Books and Beyond

They had a row of little signs like this posted outside the sale.

This past weekend, actually Thursday through Sunday, was the 16th annual Friends of the Guelph Public Library Book Sale. I’ve written about this before in 2016, 2019, 2022, and 2023 (they took some time off in 2020 and 2021 for some reason I can’t remember). I’d mentioned in my posts on the last couple of sales that the space they were using was too small. I also talked about how long a hike it was for me, especially coming uphill on the way back with several heavy bags of books to carry!

Well, this year sort of took care of both problems. The FGPL got to use a warehouse that a local cabinet manufacturer hadn’t moved into yet, so there was lots of space. But the location was really out in the back of beyond (meaning the city’s industrial park) so while there was no walking involved there was a really long bus ride. I much preferred the long walk uphill.

In fact, I found the bus ride so depressing on the first day that I never went back. Usually I attend at least three days of the sale, and sometimes four. This time I just showed up on the opening day.

There were lots of people and not much parking so the road the warehouse was on was double-parked for miles. I had to shake my head at people who were driving up ten minutes before the doors opened. They were going to have to park at least a good twenty-minute walk away. What were they thinking?

The one highlight was that the fellow in line behind me waiting for the sale to start was a middle-aged retail minister. Or I don’t know what you’d call him. Covered in tattoos all down his arms and up his neck. He was coming to the sale to buy Bibles that he gave away to people because when he tried to get people to accept Jesus he thought the word of God did a better job than he could. I’m not so sure he was right about that. He seemed quite a talker, and people today aren’t great readers. Especially of the Bible, a lot of which can be hard to get through.

What puzzled me though was that if you’re in that line of work there are plenty of places out there where you can get Bibles for free. Also, having attended these sales for the last several years I was hard put to recall ever seeing any Bibles for sale. In fact, I wasn’t even sure if they accepted them for donation. I hope the fellow wasn’t too disappointed. But I never saw him again.

As he was talking to the people who were behind him in line he did say something that made me turn my head around in baffled surprise. He made the modest but confident claim that when he went before the seat of judgment he hoped he would have all the people he had converted standing behind him. Maybe 50 people, he thought. Maybe 20. Maybe only 5. Whatever the number, he knew he’d done enough to get his mansion. But, he wanted his listeners to know, even though he would live in a mansion he “would not be a dictator.”

I said it was a WTF? moment.

Not a bad haul, but I didn’t pick up anything too impressive. I even bought one book I already owned. I thought I might have already had it, but for $3 I thought it was worth the risk. Oh well. I’ll donate it to next year’s sale.

TCF: Number Go Up

Number Go Up: Inside Crypto’s Wild Rise and Staggering Fall
By Zeke Faux

The crime:

In 2022 the cryptocurrency exchange FTX (short for “Futures Exchange”) went bankrupt, after having hit a peak valuation of $32 billion just weeks earlier. The founder and CEO Sam Bankman-Fried (popularly designated SBF) was later convicted of fraud, conspiracy, and money laundering.

The book:

The FTX story is only the best known part of the crypto chronicle Zeke Faux tells here. There’s a funny image of an SBF coin on the cover with the latin tag “Nihil Valet” (No Value), but this is really a more general look at, as the subtitle has it, the rise and fall of cryptocurrency. In fact, the main target of Faux’s suspicions throughout is the “stablecoin” Tether, which turns into a kind of crypto white whale that he never lands. Nevertheless, Money Go Up is a great read: tart, funny, and filled with telling anecdotes from a journalist who circled the globe, apparently several times, to get the story. I burned through it in a day.

It’s not the whole story of crypto, or, for that matter, of FTX. For example, Faux deliberately eschews going into much detail about how cryptocurrencies works. This is something I can’t fault him for though, as I’ve consumed a number of explainers on the subject and come away with only the fuzziest notion of how the system operates. In my personal experience, however, I’ve found I know more than most people who’ve dabbled in cryptocurrency (including many obnoxious true believers mixed in with the merely crypto-curious), and there are several times in Faux’s narrative where he has crypto insiders admit that they don’t know much more.

Of course, being opaque has always been a feature and not a bug when it comes to crypto. As its name suggests, this is a currency whose whole point is to slam the door on transparency. And it is this character that, in turn, has made crypto the currency of choice for all kinds of criminal activity: Internet scams, tax evasion, human trafficking, and (most of all) money laundering. As a lawyer I knew told me back when this stuff just started taking off: there’s a reason why they want to keep it secret. And as I wrote here several years ago:

As with anything involving a lot of tech, a lot of money, and a lot of secrecy, I am suspicious of all of this. “Cutting out the middleman” and facilitating faster financial transactions may be of some value, but they don’t seem like really pressing needs for anyone. Meanwhile, avoiding any oversight is the kind of thing mostly bad actors want to take advantage of.

What’s the point of crypto anyway? As Faux entertainingly makes clear, it is not a convenience. The middlemen aren’t cut out, and indeed they take an even bigger piece of the crypto action than the much-despised banks do with regular (fiat) currency. When, strictly for journalistic purposes, Faux purchases and then sells a mutant ape NFT he names Doctor Scum the process is described as “excruciating” and confusing (the NFT is actually sold hours before he knows about it, which he accounts “some of the worst hours of my life”). Then there are the extra costs involved (and keep in mind this was only a $20,000 sale):

Had I been trading in U.S. dollars, I would have lost about $800. But in crypto, there’s a fee associated with every transaction. I ended up wasting at least another $1,160: $36 to Coinbase, $497 to Yuga Labs for their 2.5 percent cut on all ape sales, another $497 to the NFT marketplace, $90 to Bank of America, and about $40 in Ethereum fees.

Convenience? Getting rid of the middle man? Lower fees and transaction costs? Not likely. When Faux travels around the world trying to use crypto, even in states where its use is encouraged by the government, all it leaves him with is

a new appreciation for my Visa card. It worked instantly, with just a tap, charged no fees, and never asked me to memorize long strings of numbers, or to bury codes in my backyard. It even gave me airline miles. When my wife’s account was hacked and used to book an Airbnb, we were given a full refund with just a phone call.

Say what you want about the inconvenience of dealing with your bank, and I could say a lot, when it comes to customer service for your cryptocash account the bottom line, as relayed by one artist profiled here, is “SORRY YOU’RE FUCKED.”

The inconvenience of actually using crypto for anything leads to some funny stories, but they underline that question I asked earlier: What’s the point of crypto? Some of its popularity seems to be driven by the kind of thing that in politics is referred to as negative or affective polarization. A good example of this comes when Faux attends a crypto conference in the Bahamas (a “giant volcano of crypto bullshit”) where SBF was interviewed on stage by business author Michael Lewis. Now at the time Lewis was writing a book on Bankman-Fried (Going Infinite), which is always a bad sign. A very bad sign. Faux describes him as “lavishing praise” on big tech’s latest wunderkind, and asking questions “so fawning, they seemed inappropriate for a journalist.” But aside from that, it’s interesting to note some other things.

Lewis said he knew next to nothing about cryptocurrency. But he seemed quite confident that it was great. The writer said that, contrary to popular opinion, crypto was not well suited for crime. He posited that U.S. regulators were hostile to the industry because they’d been brainwashed or bought off by established Wall Street banks. I wondered if he simply hadn’t heard about the countless crypto scams, but the thought seemed preposterous.

“You look at the existing financial system, then you look at what’s been built outside the existing financial system by crypto, and the crypto version is better,” Lewis said.

Better? In what way? Michael Lewis is no dummy. So why, aside from the fact that he was being given access to SBF in order to write his book, was he so deep in the tank for crypto? One part of it, I think, is that negative polarization I mentioned. Crypto is obviously shady, but the government, the “established Wall Street banks,” “the existing financial system” and the elites running it, they are the enemy that needs to be destroyed. The hate, amplified by media and social media, becomes such a powerful drug that even successful elites become willing to cut off their nose to spite their face.

Another draw for crypto is that it is, effectively, a form of gambling, with supposed insiders and people who know the system making piles of money off of the suckers. At several points Faux even likens the crypto exchanges as being a casino. Meanwhile, time and again he tries to think of some real world use for cryptocurrency and comes up with nothing, aside from (obviously) enabling and concealing criminal activity. And, I suppose, letting rich kids play at being crypto bros, happy to give their money to bored billionaires rather than having to do anything so déclassé as paying taxes. Bored billionaires who, in turn, don’t give a damn about consumer protections or safeguards and are just squirreling their money away in offshore boltholes while running schemes many of them openly acknowledge to be fraudulent. One crypto executive thought his job title should be “Ponzi Consultant.” Another “happily” described his business as a “never-ending Ponzi scheme . . . what I call Ponzinomics.”

One thing that struck me is how brief a run FTX enjoyed. The exchange was only founded in 2019, took just a couple of years to reach stratospheric valuations, and was then kaput by 2022. The rise and fall of crypto (and at this point we can only pray that crypto won’t make a comeback, at least to the kind of hysterical levels described here) didn’t take very long. J. P. Morgan CEO Jamie Dimon compared it to a pet rock, and I don’t think NFTs lasted any longer than that iconic fad from from the 1970s. Do we even remember the bored ape NFTs anymore? Or Razzlekhan, the self-styled rapper who was one half of the biggest heist in history? If not, at least we won’t have to explain them to future generations.

That said, crypto is still with us, and all the terrible shit that comes with it. As Annie Lowrey recently reported in The Atlantic:

The FBI reports that cyper-investment scams cost Americans $4.6 billion in 2023 [remember: FTX collapsed in 2022], up 38 percent from the year before, and 1,700 percent over the previous five years. That’s more than ransomware scams, fake tech-support swindles, web extortion schemes, phishing attacks, malware breaches, and nonpayment and nondelivery frauds combined. And it is an undercount, given that it includes only complaints made to law enforcement; most folks don’t bother making a police report in an attempt to get their bitcoin back, knowing it is hopeless.

So why does crypto persist? Because people, greedy people looking to make a very quick and very easy million, or billion, want to believe in it. It’s basically a cult, and Faux isn’t under any illusions that it will be going away anytime soon.

I didn’t think the prices of all of the cryptocurrencies were about to go to zero, or that we’d never see another hot new coin mint overnight billionaires. On the stock market, pump-and-dump scams have persisted for hundreds of years, and yet there are still new suckers willing to buy shares in some shell company that claims to have struck gold.

The one coin I especially wouldn’t bet against is Bitcoin. It’s not that it’s useful – if anything, it’s more unwieldy than the others. But Bitcoin’s true believers are so convinced that it’s hard to imagine anything will change their minds. To them, whatever the question, the answer is “buy Bitcoin.” Everything they see is evidence Bitcoin will rise, like the members of a cult certain that the apocalypse – and their salvation – is just around the corner.

What surprised me, after finishing Number Go Up, was how little I ended up caring about SBF. Perhaps it’s just because that, while a crook, he was far from the worst crook in an industry rife with scammers. But I also couldn’t help feeling that he didn’t care all that much either way about the money. To be sure, he was no altruist, effective or any other kind. But the impression I had was that he knew all along FTX was a joke, a funhouse ride filled with smoke and mirrors, and he was just waiting for the inevitable collapse in his 12,000-square-foot Bahamian penthouse, eating junk food and playing videogames until the Feds came calling. Faux registers surprise at how blasé he appeared when the whole house of cards came crashing down, which for some reason made me think of the response the chief weapons investigator had when he informed George W. Bush that Iraq didn’t have any weapons of mass destruction. He was struck by how uninterested the president seemed. Did he believe they did? Or did he just not care? That’s the thing about bullshit, as defined by Harry Frankfurt. It’s not a lie if you don’t care if it’s true or not. I think SBF was living in an entire ecosystem of bullshit, unconcerned over whether any of it was real.

This is part of what makes Number Go Up such an entertaining and even downright funny a book. But that would be the wrong takeaway. Yes, there are plenty of freaks and geeks to amuse us, like the “laughably weird founders” of Tether. The crypto world is one, Faux tells us, “where a lack of experience or competence has never been a barrier to fame and fortune.” So much for the meritocracy! But dig a little deeper, as Faux does, and you see beyond the great fortunes to the destroyed lives and violent crimes that are such a big part of the crypto story. The book gets progressively darker, finally taking us to a slave-labour cyber-scam camp in Cambodia. It’s a horrifying vision of a world we rarely get to see, and the worst part of it is that it’s probably not even the smallest or most evil part of what’s really going on.

Noted in passing:

What does money buy?

Alex Mashinsky was co-founder and CEO of the crypto lending network Celsius, a company whose business model never seemed to make the slightest bit of sense. When we last see Mashinsky it’s in a Manhattan courtroom, as part of a hearing into a dispute between Celsius and a former employee after Celsius’s bankruptcy (Mashinsky himself would later be arrested and tried for fraud). But when Faux interviewed him at a smoothie shop he was still riding high.

The interview doesn’t go well. Mashinsky blows a bunch of smoke at Faux about Celsius being a five-legged stool or a candy shop, but then gets distracted by his disintegrating paper straw which requires him to order his public relations representative to bring him another one. I’m sure it’s just me, but I would hope that if I ever get to be really rich I’ll never ask someone to fetch me a straw. I’ll get my own.

Things get worse though when Mashinsky gets annoyed at the noise of the smoothie shop’s blender (something I would have thought very much part of the atmosphere in such a joint). “Can we get out of here? It’s just driving me crazy!” he yells. Retreating to his $8.7 million apartment the interview continues as picks “at a tray of fruit brought by another assistant.”

Why do people want to be rich? For some of them it’s just so they can be like this.

Takeaways:

You don’t really invest in cryptocurrency. Investment means buying shares in a company which then does things in a real economy, like employ people and make things. At best, cryptocurrency is a form of gambling. As Faux concludes, the promises made about crypto have proven empty, while “the benefits of crypto to the rest of the world seemed to be limited to enabling a zero-sum gambling mania.” And gambling is always odious and profoundly damaging to society and individuals.

And, just to repeat: it’s only gambling at best. It can be a lot of other things that are worse.

True Crime Files

Archie vs. Predator

Archie vs. Predator

Archie vs. Predator isn’t part of the Archie Horror imprint that launched in 2013 with the zombies-in-Riverdale title Afterlife with Archie, but is instead a mash-up from Dark Horse Comics that was no doubt inspired by the success of Afterlife but also by a much earlier crossover, Archie Meets the Punisher (1994). And indeed it’s closer in spirit to the latter in that it’s illustrated in the classic Archie style (very unlike the Archie Horror comics where even Archie himself is unrecognizable) and keeps something of the sweetness and innocence of the Archie-verse going in a story filled with splatter and just the slightest suggestion of an adult gaze (as both Betty and Veronica provocatively strip down to their underwear at different points). It’s a comic that wants to have its cake and eat it, and for the most part it works. When Betty says to the Predator “You are one ugly melon farmer,” it’s a good line.

But while enjoyable, I thought the writing was quite a letdown from the Archie Horror comics I’ve read. There are no funny jokes and the plot is incredibly slapdash, even by Archie standards. Why whisk the gang down to the Caribbean for a holiday? Why wouldn’t the Predator just land in Riverdale? Why introduce all the nonsense about the curse of the local Jaguar Goddess into a Predator story? Did it even mean anything? Is the teenage Predator in love with Betty and Veronica? Does that add anything? The skips in the narrative made the breaks between the individual issues invisible, and led me on at least two occasions to try to pull pages apart because I was sure something had gone missing. As a way of shuttling things along, Mr. Lodge’s medi-lab serves as a really awkward plot device. I mean, it gets us Super-Archie and the gag ending, but you’d think they would have come up with something a little more grounded. A lot of what goes on here doesn’t feel like it belongs in either the Archie or the Predator universe.

There are some parts that did share a strange continuity with the Archie Horror titles. Like the pre-eminence of Jughead as the ultimate victim (he’d been the first human zombie in Afterlife, and the werewolf in Jughead: The Hunger). Here he gets his severed head and spinal column stuffed in a snack machine. Meanwhile, Dilton Doiley has gained in importance from the classic Archie days as Reggie Mantle has all but disappeared. There’s one great panel that has Reggie taking a selfie of himself blasting away at the Predator with a machine gun, but I think he’s blown up just after this. And the fact that I have to say I think he gets blown up is telling, because I wasn’t sure and anyway that’s it for him. He doesn’t get a signature execution scene or anything. He just disappears. I find this strange because Reggie was one of the four main characters in the comic, being the dark foil to Archie, so that the two balanced out the equally light/dark competition between frenemies Betty and Veronica. He was a more interesting character than Jughead, and more worthy of receiving a gory comeuppance, but in the alt-Archie comics he’s largely forgotten.

Overall then, Archie vs. Predator is a lot of fun but not as good as I was expecting. I really liked seeing the Predator drawn in the Archie style, along with the assorted mayhem, but as I’ve pointed out the writing doesn’t deliver. It’s just not as clever a comic as it could and should have been.

Graphicalex