Ben Armstrong Is Back, Speaks His Mind in Explosive Interview Prior to Incident

Renowned cryptocurrency figure, Ben Armstrong, has made a comeback, marking his return with a video posted on September 5th. In the video, he not only announces his resurgence but also unveils a personal rebranding effort.

This announcement signifies a shift in his online presence and a renewed focus on his identity within the crypto community. He invites all crypto enthusiasts to join him and become a part of the “$BEN Nation,” as he continues to share his insights and passion for the world of cryptocurrency.

Background

The story goes back to an announcement made on August 28 through YouTube and various social media platforms, when a representative revealed that BJ Investment Holdings had arrived at a decision subsequent to their efforts to provide support to Ben Armstrong during his struggle with substance abuse relapse.

BJ Investment Holdings contended that Armstrong’s actions had caused detrimental effects of an emotional, physical, and financial nature, impacting employees and others in the industry.

In response, Armstrong refuted these allegations by sharing what he claimed to be negative drug test results on August 29. He characterized these actions as an attempted coup, asserting his conviction that ultimately victory would be on his side. He emphasized that a company founded upon his personal identity could not be seized from him and triumphed over.

Many X and YouTube users reacted with support for Armstrong following the announcement, expressing concern with the future of the “BitBoy Crypto” brand without its most recognizable face. 

The crypto-focused YouTuber was also previously embroiled in a class-action lawsuit, wherein investors alleged that Armstrong and other influencers had promoted FTX without disclosing compensation received from the exchange. Nevertheless, on June 16, the case was put on hold.

This being said, Armstrong has stepped into the spotlight once again, this time with an explosive interview conducted by Oscar Wendel, hosted at the Capital Club in Dubai.

Kick-off Talk

In this revealing conversation, Armstrong started off with a “personal” topic, delving into his  clear calls about FTX where he highlighted his warning to the public, urging them to exit FTX weeks before its eventual collapse in the second week of November, “I told everybody to get out…I warned people, I warned people.” 

However, it’s not just FTX that captures Armstrong’s attention. He plunges headfirst into the core of the cryptocurrency realm, unraveling its intricate ties to political ideologies. With a thought-provoking statement, he said, “Crypto’s politics now, why? Because you only got two sides, one or the other…” 

Armstrong’s sharp insights also touch on a long-standing problem in the crypto world – big centralized players trying to take charge. He explains how they sometimes go too far, making the same mistakes we’ve seen in traditional finance; a loud call to resist the old-fashioned folks invading the new crypto scene. It’s a clash where money and politics collide.

​​Democratizing the Silicon Valley IPO Scam

Ben Armstrong pointed out, “Coinmarketcap.com has 1.8 million coins listed. The meme coins serve no purpose, they’re completely community and hype-driven. But if you take the top 20 to 30 coins, take out the ones that collapsed like Terra Luna, and you just look at the average volatility of the top 20 coins in the last four years, their volatility is not too different from NASDAQ.

To this Wendel replied, “Crypto has really democratized the Silicon Valley IPO scam, hyping up the value of tech companies to sell it to gullible retail investors and founders making their exit. The narrative of crypto is that the more adoption you have of users of a protocol, the coin is going to go up in value. But the only real mechanism moving the price and demand are the buyers speculating it will go up, hoping it will by 10x or 100x.”

He continued, “There is a lottery aspect to it and if you issued a gambling license to crypto exchanges and accepted that it is all a zero sum game, you wouldn’t need this very tenuous sales pitch of saying that you have a tech in the backend that gives the coin value. Of course, that is sort of what the entire blockchain industry is.”

The Role of VC and the Disadvantage for Retail Investors

VC funds have the ability to invest in crypto projects early on, acquiring tokens at a low cost, and then selling them at a significant profit when these projects gain popularity. This approach leaves retail investors at a disadvantage, struggling to match the returns generated by VC funds.

The issue lies in the challenge of matching supply and demand within these protocols. While more adoption of a protocol theoretically increases the value of its associated cryptocurrency, the true demand for crypto often centers around the potential for rapid and significant price increases. This speculative nature, coupled with the volatility of the crypto market, often leads to investors seeking quick and substantial gains.

In fact, there has been talks about a notion that advocates for a more straightforward approach to cryptocurrency trading: labeling it as gambling and granting it a gambling license, which was the case with the UAE announcing the establishment of the General Commercial Gaming Regulatory Authority. 

This would acknowledge the speculative and volatile nature of the crypto market, making it clear that investors are essentially betting on price movements rather than investing in a traditional sense.

Armstrong Juice

Beyond fundraising, Armstrong’s investigative efforts uncover an intricate global network of associations. In his quest for answers, he journeyed to the Bahamas, a place he deemed home to some of the most formidable questions in the cryptocurrency realm. Upon arriving, Armstrong uncovered complex connections that transcended borders and industries. His discoveries unveiled ties between the controversial stablecoin Tether and Ukraine.

Armstrong’s findings hinted at a deeper layer of the cryptocurrency puzzle, one that stretched into the realms of international espionage. While certain details remained confidential due to ongoing investigations, Armstrong revealed that there were individuals implicated in what could potentially be a significant international scandal. 

He explained, “There’s supposedly people I’ve talked to with way more charges on the back side of this that actually have to do with international espionage.” 

Crypto and Media

When discussing cryptocurrency journalism, the conversation centered on trust and transparency. In this context, a famous quote by William Randolph Hearst came up: “News is something somebody doesn’t want printed; all else is advertising.” 

As a matter of fact, concerns revolve around the influence of projects that compensate for favorable coverage. This being said, one might draw a parallel with the world of traditional finance, where figures like Jim Cramer and his show ‘Mad Money’ offer investment advice. 

Think about this: What if Jim Cramer, like many in the cryptocurrency world, made money when he gave bad advice through referral links? This comparison highlights a bigger problem in the crypto space. Media and influential figures sometimes have financial reasons to make certain cryptocurrencies look better than they are. 

This leads to a crucial question: Is this just how things work in crypto? While marketing is important, it’s even more vital to ensure that the crypto industry stays transparent and trustworthy.

Decentralization, Transparency, and Freedom 

The discussion concluded with a reflection on the cryptocurrency community’s aspiration for decentralization, truth, and freedom. Armstrong stressed on the importance of striking a balance between security and personal responsibility while acknowledging that scams have existed throughout history. 

Unlike regular bank accounts, crypto can be risky because there are more scams. So, it is advisable to diversify one’s holdings across multiple storage methods, including cold wallets and hot wallets, rather than relying on a single source.

Armstrong concluded, “Remember, in the world of crypto, knowledge and responsibility go hand in hand.”

As Armstrong continues to delve into the enigmatic world of cryptocurrency, his experiences serve as a reminder that this industry is not merely about digital assets and blockchain technology; it’s also a landscape where intrigue, controversy, and legal battles can be as volatile as the markets themselves. 

In the midst of it all, Armstrong’s unwavering commitment to transparency and integrity shines through as he navigates the multifaceted dimensions of the crypto space.