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16 Comments
first comment..woohoo!! LOL you guys keep me sane!
Who is dumb enough to give his money to a man named bankman
Crypto is propped up and pumped by billionaires/millionaires regardless of SBF. FTX is a small fraction of their exposure and influence.
making money is an action. keeping money is a behaviour, but "growing money is wisdom" i heard this from someone☺
Surprised there's no crypto scam in comments… nevermind
Actually yeah I'm happy to note that I don't see advertising spam in the comments either.
Took me 5 minutes to realize that they weren't talking about Sam Seder when discussing Sam. I'm sitting like come-on man, Sam wouldn't be a secret crypto bro. This makes no damn sense.
Sam Bankman Fried ran his businesses like a poker addict. He constantly and consistently had his crypto exchange FTX send money to his hedge fund Alameda Research, getting Alameda to place risky bets with their client's money and also buying up his worthless FTT coin, while encouraging his clients and investors to do the same to pump up its value. Basically he put all his chips into Alameda Research, had them make extremely risky investments with no side-pot, no insurance and so when crypto started going down steeply and people started dumping FTT, it cascaded into a bankrun where people began withdrawing their money from FTX, except now the company didn't have nearly as much cash on hand to pay out the withdrawals as SBF and his buddies had already lost the lion's share of it.
@5:01 😛
I recommend check out Coffeezilla. He has been covering this and other crypto scams and busts and does a good job at breaking down how they work and lose money. He predicted FTX was going downhill before things went pair shaped, and to his credit he is perhaps one of the only Youtubers who covers finance that didn't take any sponsorships from FTX to promote them.
Brandon Sutton just killing it here! I have to go back and listen to his takes over and over. So spot on and also a refreshing perspective
I can’t decide who I would enjoy punching, ElOn groupie Jason Calcanis or the SPAC king Chamath.. I’m leaning towards Chamath.
11:14 damn how did kevin and the other guy get so rich? they sound like dumb fucks. or maybe because they're so rich they can get away with being dumb so their mental faculties have declined? idk
He was funneling money to Republicans? I thought I hated this dork before!
While I understand the point about the system encouraging Sam Bankwhatever to act the way he did, I feel like someone acting in accordance with a completely sociopathic system can be said to be acting like a sociopath.
I can never tell if they are criticizing cryptocurrencies or blockchain or if they think both are Ponzis