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Once a Bitcoin Miner: Scandal and Turmoil in the Cryptocurrency Wild West
"A rare example of a readable snapshot of a world we all need to get more informed about." — the Times
Ethan Lou goes on an epic quest through the proverbial cryptocurrency Wild West, through riches, absurdity, wonder, and woe. From investing in Bitcoin in university to his time writing for Reuters, and then mining the digital asset ― Lou meets a co-founder of Ethereum and Gerald Cotten of QuadrigaCX (before he was reported dead), and hangs out in North Korea with Virgil Griffith, the man later arrested for allegedly teaching blockchain to the totalitarian state.
Coming of age in the 2008 financial crisis, Lou's generation has a natural affinity with this rebel internet money, this so-called millennial gold, created in the wake of that economic storm. At once an immersive narrative of adventure and fortune, Once a Bitcoin Miner is also a work of journalistic rigor. Lou examines this domain through the lens of the human condition, delving deep into the lives of the fast-talkers, the exiles, the ambitious, and the daring, forging their paths in a new world harsh and unpredictable.
Ethan Lou goes on an epic quest through the proverbial cryptocurrency Wild West, through riches, absurdity, wonder, and woe. From investing in Bitcoin in university to his time writing for Reuters, and then mining the digital asset ― Lou meets a co-founder of Ethereum and Gerald Cotten of QuadrigaCX (before he was reported dead), and hangs out in North Korea with Virgil Griffith, the man later arrested for allegedly teaching blockchain to the totalitarian state.
Coming of age in the 2008 financial crisis, Lou's generation has a natural affinity with this rebel internet money, this so-called millennial gold, created in the wake of that economic storm. At once an immersive narrative of adventure and fortune, Once a Bitcoin Miner is also a work of journalistic rigor. Lou examines this domain through the lens of the human condition, delving deep into the lives of the fast-talkers, the exiles, the ambitious, and the daring, forging their paths in a new world harsh and unpredictable.
272 pages, Paperback
Published October 21, 2021
11 people are currently reading
125 people want to read
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Displaying 1 - 30 of 30 reviews
April 6, 2022
Ethan Lou began his bitcoin saga when, as a financial reporter covering oil and conventional business, he interviewed Anthony de Iorio, Co-Founder of Etherium. Bitcoin was interesting, but he was not immediately intrigued. As good reporters do, he followed up.
At bitcoin Meet Ups he met people who led him to more people and venues. He bought some coins and watched their value fall. When he found some discarded computers he recycled them into a bitcoin mining operation in his apartment. Mining seems to be (and I may be wrong) hosting computational space for the bitcoin trading network(s). It pulls a lot of electricity and generates considerable heat.
Many of these chapters are page turning glimpses into life in the bitcoin world.
- There is a lot of text devoted to Jan Cerato, who, like a carnival barker lures people into his infomercial like Meet Ups.
-
- There is dimension on Gerry Cotten who may have faked his own death (for which Netflix has just released a documentary “Trust No One”). He alone, presumably had “the key” (bitcoin term for password) to Quadriga, his bitcoin trading network meaning there is no access to any Quadriga account. Millions of dollars were lost or stolen.
-
- There is material on how an oil company planned to issue a coin (ICO – Initial bitcoin offering) to raise money.
-
- There is a story on how the author went to North Korean for “BItcoin Conference” only to learn that the North Koreans had set it up so that the attendees would be presenters. The North Koreans, famous for their counterfeiting have been presumed to be into bitcoin. From the “conference” he surmised that they knew nothing and did not have enough electricity to pull it off if they could set up a platform. There is a sad story of an American who went to this despite the US State Department not approving the trip.
You see how the government has few tools to deal with the many scams in the bitcoin world. Neither the “brokers” or trading systems are regulated. While crypto may appeal to libertarians, if they wind up on the late side of it (Ceruto says “It is not a Ponzi scheme until it is over”) they will see how an unregulated market can hit you where it hurts.
There is a glimpse of the international partying that goes on around “conferences”. Lou does not come out and say it, but the understanding is that it is quite a drug scene.
This book gives examples of how cryptocurrencies are marketed at the local level (Meet Ups in casinos) and something of the fast life of its quasi-millionaire operators. If you want to read about the “high end” of crypto (its billionaire founders and the more established trading platforms) try Kings of Crypto: One Startup's Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street.
At bitcoin Meet Ups he met people who led him to more people and venues. He bought some coins and watched their value fall. When he found some discarded computers he recycled them into a bitcoin mining operation in his apartment. Mining seems to be (and I may be wrong) hosting computational space for the bitcoin trading network(s). It pulls a lot of electricity and generates considerable heat.
Many of these chapters are page turning glimpses into life in the bitcoin world.
- There is a lot of text devoted to Jan Cerato, who, like a carnival barker lures people into his infomercial like Meet Ups.
-
- There is dimension on Gerry Cotten who may have faked his own death (for which Netflix has just released a documentary “Trust No One”). He alone, presumably had “the key” (bitcoin term for password) to Quadriga, his bitcoin trading network meaning there is no access to any Quadriga account. Millions of dollars were lost or stolen.
-
- There is material on how an oil company planned to issue a coin (ICO – Initial bitcoin offering) to raise money.
-
- There is a story on how the author went to North Korean for “BItcoin Conference” only to learn that the North Koreans had set it up so that the attendees would be presenters. The North Koreans, famous for their counterfeiting have been presumed to be into bitcoin. From the “conference” he surmised that they knew nothing and did not have enough electricity to pull it off if they could set up a platform. There is a sad story of an American who went to this despite the US State Department not approving the trip.
You see how the government has few tools to deal with the many scams in the bitcoin world. Neither the “brokers” or trading systems are regulated. While crypto may appeal to libertarians, if they wind up on the late side of it (Ceruto says “It is not a Ponzi scheme until it is over”) they will see how an unregulated market can hit you where it hurts.
There is a glimpse of the international partying that goes on around “conferences”. Lou does not come out and say it, but the understanding is that it is quite a drug scene.
This book gives examples of how cryptocurrencies are marketed at the local level (Meet Ups in casinos) and something of the fast life of its quasi-millionaire operators. If you want to read about the “high end” of crypto (its billionaire founders and the more established trading platforms) try Kings of Crypto: One Startup's Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street.
May 21, 2022
While an interesting read, I had trouble keeping the personalities and companies separated. Who did what, and when, was important to the story, and the anecdotal approach to the story made that difficult (for me). And I still don’t “get” bitcoin.
Want to read
October 3, 2022Q: ... the fast-talkers, the exiles, the ambitious, and the daring ... (c)
November 19, 2021
I felt the focus of this was too tight on the events in the Calgary bitcoin scene and not the broad scope of the overall time period. I used to be a miner as well and, honestly, I don't care much about the one or two of the local figures the book goes on and on about, had never heard of them, and, having finished it, still don't care about them. :-)
July 21, 2021
I've dealt with a number of cryptocurrencies, so I was familiar with the term 3Commas bot review and wondered what it meant. This proved to be a fun way to get more out of minor tweaks. You might earn a total of $1,000 in a single transaction. Go to the webpage and study if you want to.
October 19, 2021
Spectacular book. I've been following the author's work for a while, so that wasn't a surprise. I like how the story flows through the lens of the human condition rather than monetary-policy talk. Especially, I love the beginning and the ending, which I shall not spoil.
October 19, 2021
I devoured this book in a day. One of the best things I ever read. There's a special verve to the author's writing. I love the subtle, understated humour. And I love how deep and immersive it is about the cryptocurrency world without bogging it down technical explanations.
October 19, 2021
Love this. The ending comes as a bit of a nice kicker that you do not expect in nonfiction — although much of the book is what you do not expect in nonfiction. Reads like a novel. Good pacing and very engaging.
May 29, 2022
Reader beware, bitcoin mining as a topic constitutes less than 3 percent of the content of this book. But having "Bitcoin" in the title is sure to make a successful book, right? The main content is social drama and crypto meetup groups. There are also some tangential connections to very serious legal accusations where regulator authorities attempt to incriminate other people in the space.
For some reason the book focusses most heavily on a crypto promoter named Jan and delves deeply into his character and his subsequent legal struggles. This main part of the story is without much substance, except exposing a scammers character, and barely holds reader attention. There are long inclusions of text dialogue as well as copies of legal documents. Why focus the core of the story on the least interesting person?
The author is unapologetic about his use of hard drugs and alcohol, which is refreshing, however doesn't really add much to the story. His frequent poetic description of the current weather conditions at the time and the nearby river also seem a little misplaced in this kind of book, unless you interpret that to add something to the morose and depressing developments that come along.
Overall, I say this book was a good effort by Ethan Lou. He could not create the exact conditions which life delivered around him, or choose the people involved, but he could report on them with his reporting background. You could tell that he wanted it to be a big story, but it just didn't carry the spice that it might have. Journalists are not always the most compelling book authors. This story was almost exciting and almost interesting.
For some reason the book focusses most heavily on a crypto promoter named Jan and delves deeply into his character and his subsequent legal struggles. This main part of the story is without much substance, except exposing a scammers character, and barely holds reader attention. There are long inclusions of text dialogue as well as copies of legal documents. Why focus the core of the story on the least interesting person?
The author is unapologetic about his use of hard drugs and alcohol, which is refreshing, however doesn't really add much to the story. His frequent poetic description of the current weather conditions at the time and the nearby river also seem a little misplaced in this kind of book, unless you interpret that to add something to the morose and depressing developments that come along.
Overall, I say this book was a good effort by Ethan Lou. He could not create the exact conditions which life delivered around him, or choose the people involved, but he could report on them with his reporting background. You could tell that he wanted it to be a big story, but it just didn't carry the spice that it might have. Journalists are not always the most compelling book authors. This story was almost exciting and almost interesting.
January 19, 2022
The story was okay. It was easy to listen to as an audiobook. Following the author through his personal crypto experience and all the interesting people he met filled in some gaps for me in the history of crypto. But the depth of human personality, history, or technicality was shallow.
The author is clearly a gifted writer, almost too much so. If you cut out the metaphor and simile flourishes that would reduce 33% of the book-length. Then, if you cut out half the superfluous adjectives the book would be shortened by another 16%.
One helpful takeaway, take note of the people's names discussed in the book; particularly the scammers. Because many of them are still operational and scheming.
The author is clearly a gifted writer, almost too much so. If you cut out the metaphor and simile flourishes that would reduce 33% of the book-length. Then, if you cut out half the superfluous adjectives the book would be shortened by another 16%.
One helpful takeaway, take note of the people's names discussed in the book; particularly the scammers. Because many of them are still operational and scheming.
December 17, 2021
The subtitle of Ethan Lou’s book Once a Bitcoin Miner is: Scandal and Turmoil in the Cryptocurrency Wild West, which is both a figurative and literal reference to what is discussed in this entertaining work of journalism. I’ll admit to being immediately put off by the topic – I could care less about Bitcoin, but having interest in cryptocurrency is surprisingly not required to enjoy this book. Instead, Lou explores the affect that Bitcoin had on his life in Calgary (i.e. the wild west), his career, and his network. The Bitcoin world is incredibly entertaining to read about – more specifically the characters who move within it. I don’t want to say this book is full of gossip because it’s clearly well-researched and supported, but it does reference conversations, text messages, and events that Lou investigated, so snoops like me will revel in the descriptions of what was happening in all corners of this incestuous industry.
Book Summary
In 2013 Lou dumped all his savings into Bitcoin, excitedly jumping on the bandwagon that he heard a few others had. He even gifted some to his parents, but was devastated when it dropped in price just a few months later. Still, he held on to his investment, and continued to make money with it when it reached an all-time high. He also purchased ‘mining’ machines (i.e. large computers) and set them up in a little office off the Bow River in Calgary with a business partner. He mentions at one point in the book that his Bitcoin holdings were worth more than a million dollars. Throughout this time, Lou follows a few Bitcoin players in Calgary and beyond, most notably Jan Cerato, a quirky man living in Calgary who claims he can make people rich if they invest with him. Jan is later investigated by the Alberta Securities Commission and RCMP – a quick scan through his social media proves he is still ‘at it’, so these blips in his legitimacy clearly haven’t slowed him down. There’s also a tale of a man who faked his own death to get out of paying his investors, and another acquaintance of Lou’s who was arrested for providing Bitcoin advice to North Korea. Clearly a cast of colorful characters, this book has plenty of drama to keep the pages moving.
My Thoughts
Lou has a distinctive voice that I enjoyed following along with – he throws in many self deprecating jokes, and admits how devastated he was when his BItcoin investment fluctuated wildly. He doesn’t seem to take himself too seriously either; for a time he worked for the news outlet Reuters, but quit his job with a flourish and a farewell email that quoted his favourite television show.
He casually throws in references of doing drugs or attending massive parties every once in awhile lest we think we just holed himself up at home watching Bitcoin all day, but this is all indicative of the wider community of early investors – many got rich extremely quickly and unexpectedly, and were eager to show off their new lifestyles. These brief mentions of the parties and wealth added to the ‘wild west’ aspect of the book, and reminded me a lot of the golden days of oil and gas when Albertans reveled in excess too.
I’ve got a few minor quibbles with the structure of the book; the chapters ended on some unnecessary cliffhangers that were more like jokes – quickly explained within the first sentence of the next chapter, so they became more of a distraction than a tool of suspense. This book could also use a clear timeline of the overall climb of Bitcoin set against Lou’s activities in this world, it was difficult to keep track of what events coincided with each other. Instead it’s sectioned off into years, based on the price of Bitcoin at that time – although still helpful, a few more visual cues would have been welcome. This book reads like a memoir so it will hold the interest of a wide range of readers, and the glimpses into the lives of these new millionaires is a fun enough reason on its own to read it.
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Book Summary
In 2013 Lou dumped all his savings into Bitcoin, excitedly jumping on the bandwagon that he heard a few others had. He even gifted some to his parents, but was devastated when it dropped in price just a few months later. Still, he held on to his investment, and continued to make money with it when it reached an all-time high. He also purchased ‘mining’ machines (i.e. large computers) and set them up in a little office off the Bow River in Calgary with a business partner. He mentions at one point in the book that his Bitcoin holdings were worth more than a million dollars. Throughout this time, Lou follows a few Bitcoin players in Calgary and beyond, most notably Jan Cerato, a quirky man living in Calgary who claims he can make people rich if they invest with him. Jan is later investigated by the Alberta Securities Commission and RCMP – a quick scan through his social media proves he is still ‘at it’, so these blips in his legitimacy clearly haven’t slowed him down. There’s also a tale of a man who faked his own death to get out of paying his investors, and another acquaintance of Lou’s who was arrested for providing Bitcoin advice to North Korea. Clearly a cast of colorful characters, this book has plenty of drama to keep the pages moving.
My Thoughts
Lou has a distinctive voice that I enjoyed following along with – he throws in many self deprecating jokes, and admits how devastated he was when his BItcoin investment fluctuated wildly. He doesn’t seem to take himself too seriously either; for a time he worked for the news outlet Reuters, but quit his job with a flourish and a farewell email that quoted his favourite television show.
He casually throws in references of doing drugs or attending massive parties every once in awhile lest we think we just holed himself up at home watching Bitcoin all day, but this is all indicative of the wider community of early investors – many got rich extremely quickly and unexpectedly, and were eager to show off their new lifestyles. These brief mentions of the parties and wealth added to the ‘wild west’ aspect of the book, and reminded me a lot of the golden days of oil and gas when Albertans reveled in excess too.
I’ve got a few minor quibbles with the structure of the book; the chapters ended on some unnecessary cliffhangers that were more like jokes – quickly explained within the first sentence of the next chapter, so they became more of a distraction than a tool of suspense. This book could also use a clear timeline of the overall climb of Bitcoin set against Lou’s activities in this world, it was difficult to keep track of what events coincided with each other. Instead it’s sectioned off into years, based on the price of Bitcoin at that time – although still helpful, a few more visual cues would have been welcome. This book reads like a memoir so it will hold the interest of a wide range of readers, and the glimpses into the lives of these new millionaires is a fun enough reason on its own to read it.
To read the rest of my reviews, please visit my blog:
https://ivereadthis.com/
Sign up for my newsletter here: https://ivereadthis.com/subscribe/
Or follow me on social media!
Facebook: https://www.facebook.com/Ivereadthis/
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March 20, 2022What a terrific story, a deep dive into the wild rodeo-stampede of the people riding the cryptocurrency broncos. I was only vaguely interested in headlines and stories cryptocurrencies & blockchain & was afraid it would be just another earnest techno-science book, "explaining" it all to us poor plebes, but Lou has the keen eyes and steady hand of a great journalist, somehow linked to a reckless sense of an uncertain, open future. I grew up in Western Canada, and felt right at home. If you are even tangentially interested in cryptocurrencies and blockchain (and the reality-untethered notion of "freedom"), read this book.
December 26, 2021
This book was very well written with an excellent narrative. I couldn't put it down and spent an entire afternoon / evening reading it. The book really dug deep into the characters that were involved in bitcoin in the Wild West (Calgary, Alberta) instead of talking about the fundamentals or technicals of bitcoin. Really enjoyed the read and I recommend this to anyone who even has a loose interest in cryptocurrency.
January 17, 2022
The concept of a first-person ride through the early days of blockchain mania intrigued me; while Mr. Lou's experience fit that bill, the writing style was a bit distracted and unattached - as a result, the narrative was missing flow and therefore hard to follow at times. Regardless, it was interesting to read about the personal account of an early adopter in cryptocurrency.
March 15, 2022
I could not put this down, not only did I like the writing style, all the nuances of Calgary were great, especially being from same, and the wild story.
I'd heard of a few people in the book, once removed, and how they worked, always felt something wasn't right, still can't pin anything on him, nor could A.S.C.
But snake oil salesman to the max.
I'd heard of a few people in the book, once removed, and how they worked, always felt something wasn't right, still can't pin anything on him, nor could A.S.C.
But snake oil salesman to the max.
April 9, 2023
The title of this book is deceiving. It has so many characters- is a recount of a a group of Canadians dealing in Crypto in Calgary. I was hoping for something more informational around mining per say, or on the evolution of the industry. That being said it was still interesting. Just feels like it has the wrong title.
January 22, 2022
I found this just an okay book.
Not really anything too much of substance (in my opinion).
It was an okay enough read, but nothing groundbreaking.
I look forward to reading more on crypto soon!
2.8/5
Not really anything too much of substance (in my opinion).
It was an okay enough read, but nothing groundbreaking.
I look forward to reading more on crypto soon!
2.8/5
May 23, 2022
This is an easy read which I attribute to the fact that the author was a reporter (in addition to being a some-time bitcoin miner). Interesting history of one period in bitcoin history from the vantage point of Calgary and Canada.
November 11, 2022
Ethan Lou is an awesome journalist and writer. This book is hard to put down. Very good look into the roots of crypto in Canada. Loved hearing about the 2017 2018 days in Toronto and Calgary. Wish he went into more juicy depths.
March 10, 2024
The Author was better to title the book “ my life in crypto” and it would have been more interesting and compelling than Jan Cerato. Just lost me halfway through because who is this guy in the grand scheme of things. Again, author is very interesting and props to being an early bitcoin investor.
Read
November 8, 2021DNF @ 30%
February 22, 2022
One man's personal experience in the world of crypto. Anecdotal but interesting.
May 31, 2022
A behind the scenes look at the crypto currency world, how fortunes are made and lost and the Sharks and scammers who circulate amongst the honest traders.
October 7, 2022
Rating: 4.5⭐️
October 8, 2022
DNF. It’s not that it’s bad, but it didn’t keep my attention.
January 4, 2024
Interesting info but the narrator quite stiff
December 30, 2024
Good journalistic writing, learned quite a bit.
January 17, 2025
Ended up being an unfocused story mostly about Jan Cerato, a Calgary crypto dude I've never heard of, and Meetup.com. Lots of tangents about weather.
December 8, 2021
This book seemed to be more focused on settling grudges or telling details of his own story than providing a coherent narrative. There were some good moments throughout the book, but overall felt like I needed to read something else to find out more about the issue.
April 21, 2023
Reminds me of The Great Gatsby.
Displaying 1 - 30 of 30 reviews