Hello Bagel, love your explanatory videos on vast selection of financial topics. Would be also super interesting to see what portfolio managers do at their day jobs. Like with proper details and subjects or papers that you need to go through, without disclosing too much alpha. Been building my own individual portfolio now for awhile and would be nice to see how pros do it
Yeah, the idea went from "Bullshit, this is clearly just a lie for good press" to "Huh, neat, they found a way to help the little guy win. The most benefit to the greatest number for the least input, maybe that Effective Altruism thing wasn't just window dressing.
@@fenneyah I think the 2% 90% figures clearly show the little guys aren't so little, and are powerful enough to effectively advocate for refunds. Moral of the story, only invest/gamble speculatively when millionaires are well represented among the investors.
Yo I hadn't even watched the whole video , but just 1 minute in , I was thinking there must be a catch and was also thinking along your lines and then I scrolled and I found out my theory is correct awesome!
You're not late Richard, for those of us who don't follow finance news closely, this is entirely new for us! Thanks for your great content, keep it up :)
I love Richard's thumbnails. Other youtubers look shocked, amazed and angry, while Richard looks distinctly unimpressed. He is not angry, just disappointed.
11:05 is the main point: IRS settled 24b tax claim for 200m. FTX pays out 16.5b to customers. If you and I could get our taxes effectively nulled this easily, we as private persons would all be rich.
Yeah, though it would involve our Organs and everything worth something on our body being sold off to the highest bidder to settle our outstanding debts.
@@somethinglikethat2176 SBF having the audacity to now claim FTX did well, when the only reason FTX can pay out is scrapping tax debt. FtX ended realistically in bankruptcy with 10s of billion in debt.
Lol, FTX managed $10-16 billion of customer assets, and they supposedly have a $24 billion of dues to IRS. We all know IRS pulled that initial figure out of their ass, just to make headlines and look good. If such a small company has $24 billion of dues to IRS, it would have been in the headlines even before bankruptcy
Bitcoin is up nearly 4x since the collapse of FTX, getting back 118% of your cash value as of the firm’s collapse is better than nothing, but it’s an absolute slap in the face of anyone who invested in good faith.
Saying customers will be made whole when they will receive 118% of the lowest value of their investments is misleading. Most of them will get pennies on the dollar with respect to their purchasing price.
118% of the value of their investments at the time of bankruptcy. The problem was these customers invested in a bad platform. Their loss of potential gains if they'd held their "investment" themselves is a lesson.
It was 100% insolvent. They’re not making people who in terms of their original investment, if you had 1 bitcoin with them in Nov 2022 it was worth $22k then, you might get $25k back but if you had that 1 bitcoin it would be worth $66k. This is better than nothing but the company was a sham and not remotely solvent and was doomed to fail.
You could buy individual investor / depositor claims in the bankruptcy of FTX? So buy out a claim from a retail investor, and then own that bankruptcy claim for a future favorable recovery?
Don’t get fooled. If you put 100 into FTX, you get 118. Had you had you bitcoin for example, you’d have 200-400 now. The unforeseen rise in crypto is the reason you get your money back, not that FTX “was just fine”
Yeah, this is all because Bitcoin is doing what it's doing now. Had FTX not ripped people off, these people would have made a lot more. That said, I am still surprised they are getting ANYTHING... ;-) I'm not a crypto person, but I did buy $200 worth of Bitcoin thru Blockfi before this happened. Figured I would lose it when things blew up. Ended up getting to keep my bitcoin, and it's now worth like $600. No, I have not and will not be buying any more Bitcoin. Even tho it went up. Even tho these people got some things back. Tho, I still don't see a reason for celebrities to pay back money. If you signed up for FTX because Shaq (no offense to Shaq) was in a commercial for it, that's on you. ;-)
No. You don't get 118. You get 118% of about the 25% they assigned to be returned at the price when they were sold (BTC was worth 17k at the time). So at the end FTX customers are going to get back around 20% of their money. Then you have to take out from this amount another 20% they are discounting for taxes and fees. In short. You get shit.
I'm glad that the government prioritized returning money to those affected vs trying to maximize fines. Also amazing how a ceo can become known for winding down corporate frauds. Man has a nuts resume with enron and FTX
"What if a passionate and diligant accountant became a superhero" personified. His superpower is looking at a mess most people be overwhlemed by with eyes glazing over in boredom, and slowly but carefully unraveling the tangled christmas lights that is a defunct mega corp to save as many ordinary people harmed by that corp as possible lol
Glazing aside, he used to work for the law firm that advised FTX. Imagine if the law firm that advised Bernie madoff was the one that was knighted by a judge to clean up the mess they helped made And imagine they charged a billion dollars of stolen funds to clean up the mess
Since when was FTX anti-government? FTX was a centralised exchange and was big on lobbying. This was a classic traditional finance crime, not a blockchain one. The true anti-government/anti-traditional finance would be a decentralised exchange like Uniswap or Jupiter which doesn't involve a mediator and people keep custody of their own assets.
@@the0ne809 Centralised exchanges are already regulated. This problem would never have happened with an unregulated decentralised exchange where people had control over their own assets.
That's how it with crypto bros. Morons will scream "freedom" and "F**K big government!" while times are good. But the minute they get scammed, who do they turn to for help? The FEDERAL Bureau of Investigation.
Whenever I read comments this ignorant and with so many likes on a finance channel sometimes I feel good because I know I'm trading against total idiots
FTX was probably screwed anyways. Their (fake but still very bad-looking) balance sheet had been leaked and client confidence was collapsing. Zhao absolutely helped it along, but more likely than not I think they were going bankrupt regardless.
Absolutely not. The only way the customers can have a 118% repayment is because coins bubbled up in the meantime, they're still loosing a lot more than if tgey could have kept their coins.
Jokes aside, this underperformed the market during the same time period. Probably. It's not like I checked. I'm just a youtube comment. If someone told me they got 18% in 2024, I'd ask him how his broker managed to fumble the 24% down to that.
So if the IRS isn't getting the 24 billion they were owed, that means we Dumb Tax Payers all paid the depositors who didn't do their due diligence and think it was a good idea to make an investment recommended by celebrities...
More likely the did the maths and found that they will capture far more capital gains over time if the lemmings got their shillings back, instead fighting for whatever they could get in the courts.
Luckily i only held cash on FTX and withdrew my crypto one month prior to the crash (lucky me). Ive held several thousand Swiss francs on there and the conversion rate is absolutely amazing, a staggering 16% higher than the current one. + im getting an additional 18% interest on top of that so I'm walking away with a good chunk of profit
o possibilitiy is they always had the money. they got it shifted to dollar tokens, bought to the lows, recently liquidated all their btc for big profits which will let them pay back whats owed
Bro, it's WILD that it's been 2 years already! I remember watching Coffeezilla's coverage from the beginning to the end and I was in Psychosis for the majority of it. I'm doing okay now and I am SO GLAD that people are gonna get some, if not all of their money back, depending on the situation. As long as SBF and everyone who was involved with the disaster stay behind bars and social pariahs, I'm very happy with this development. It's nice to have a happy ending to a cryptoscam disaster because God knows that it is RARE. GTA VI AND VII will drop before the CryptoZoo victims are made whole!
That’s not accurate. They’re only paying cash which is inferior to returning the actual token because the tokens value have risen significantly i.e. BTC was 15 K when FTX went bankrupt today it is between 66 and 69K. We would much rather have the token than cash, because when FTX went bankrupt, it was crypto winter. Therefore this payback of 118% is nothing it’s far less than what we were owed.
The thing is, this isn't a make whole situation. This is a make hole as of the lowest value. If the value of the account was set at the current rate, they would have lost money. So he should have no foat to stand on, with regards to a reduced sentence.
If the value of the account was set to the current rate, customers wouldn't be so unhappy. Unfortunately, given what is happening, customers have every right to be unhappy.
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Same here waking up every 14th of each month to 210,000 dollars it’s a blessing to I and my family… I can now retire knowing that I have a steady income❤️Big gratitude to Ms Evelyn Vera
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.
What about the companies who froze their customers funds because of FTX's collapse/freeze. Companies like Blockfi that went under and filed bankruptcy....
It's understandable to be concerned, especially after what happened with FTX. It's a difficult situation for everyone involved, and I feel for those who lost their funds. However, it's crucial to remember that this event highlights the importance of due diligence and choosing reputable platforms. Don't give up on crypto altogether, just be cautious and do your research
Finally. Not as nearly as good as just the asset at today’s value but I guess most people don’t have the means to get even close to this value with all their lawyers working and getting paid a huge chunk
You are inaccurate in reporting of investors being made whole ,you should be specific. They are not being made whole Deposit can be cash or tokens. Most of them were tokens not cash so paying us 118% is meaningless.
118% on prices as of November 2022 which lets put it midly were pretty low. We are not getting back our crypto which in most cases has grown quite significantly in value since then. But better than nothing of course.
This is why the US stock market is the most valuable market in the world, they are the envy of other stock market, as a non US citizen, as much as i see americans complaint about their gov and broken system, their regulators are among the best in the world, as demonstrated in this case, which really increases investor confidence
On one side is pretty good, many families would be having a better Christimas than expected on the other side most of those claims were bought by people with big money, and people who would have benefited the most aren't the one getting paid back.
You are completely misrepresenting this payout when you say it 'makes everyone whole'. Almost EVERY customer will take effectively a 70 % haircut, unless they held only fiat on the exchange, and most crypto users don't do that. This failure basically caused the Crypto Winter to suddenly strike, and once it moved on, all the value lost came back, just not to the victims of FTX that lost it. The timing of the crash is not co-incidental or random, it was caused by this and other fiascos in the industry, and in no way did any customers deserve to be force sold at the bottom of the market.
Did Biden administration have anything to do with this resolution? Would other administrations in past be less successful based on who is in office? Like enron?
Crypto has grown 4x on average since then. Getting 118% back is still not the 400% those victims would have gotten if they had held on to their crypto in a cold wallet. Those who lost 100 btc then can't even buy 25 btc with the 118% refund.
Are they being made whole in the original amount of crypto tokens that they held, or in USD value of their holdings at the bankruptcy date? Because if it's the latter, then it's really debatable whether they were made whole, if the bankruptcy date coincided with the bear market. In USD it may appear that they are up 18% or whatever, but in, say, number of Bitcoins they are getting back, they could be down 60% or more.
The entire value of crypto is based on the promise that somebody else values it. There's nothing tangible backing to it and, in my view, is a glorified decentirised ponzi scheme. A normal currency has value because it's backed by governments, with taxes and laws etc backing it up. Bitcoin is just a promise. The only reason large successful companies are involved in it is, either to trade it or facilitate trading with it as a market maker. Or... just as a bit of a hedge and not wanting to go the way that blockbuster did.
Just found your channel. I see why you have nearly 1 million subscribers, for your quality information and presentation, personality, no wasted time, unbiased discussion, helpful, etc. Phenomenal job and new subscriber here.
@@samsonsoturian6013 He only become a licensed financial advisor 2 years ago, just to try and seem more legit. He’s nothing more than another get rich guru selling overpriced courses.
People who are angry to only get 9% annual noncompounded returns on this money are just reacting emotionally, there's no logical reason to be upset. The fact that crypto went up after they were defrauded is irrelevant. The are actually angry that their money was accidentally kept safe from themselves through odd quirks and coincidences. They think that they were shrewd investors to like crypto, and didn't have the chance to capitalize on their shrewdness. But they were not wise enough to avoid investing with FTX, SBF, and crypto. Frankly, I think the success of the fraud is what buoyed the price of crypto as a safe place to perform criminal financial transactions.
The weird benefit of Crypto. All transactions are traceable once you have the wallet --- so, unlike cash crime, the recovery efforts were significantly more successful even if the paper trail was significantly less healthy. Unlike Wall Street 2008 - this high crime doesn't victimize the most innocent. And that was the whole entire point of the Nakamura paper to begin with. *** I'm not saying there were no victims, but, I do imagine that National Banks everywhere are taking note ***
I'm guessing the reason they actually have the money to return is because most of the stolen money was spent on things that can be sold (Mansions, cars, stocks) and because the court is screwing over the VC investors per usual.
Hey man, I don't know who to ask so I'm mentioning it here but you don't have to do anything about it but if you do, I'd be grateful. Just want some attention given to the decision that international clients (I'm from Canada) are just stuck in limbo with indefinite wait time until a solution has been made. Like I said, don't know what to do but ask an "influencer" like you to shed some light on it so hopefully all of us international clients aren't forgotten. Thank you for this video
Happy Friday! Today's video is sponsored by Incogni - use code BAGEL at the following link and get 60% off an annual plan: incogni.com/bagel
will those brokers actually remove your information? who would stop them from lying about it? or just ignoring any request to remove it?
Hello Bagel, love your explanatory videos on vast selection of financial topics. Would be also super interesting to see what portfolio managers do at their day jobs. Like with proper details and subjects or papers that you need to go through, without disclosing too much alpha. Been building my own individual portfolio now for awhile and would be nice to see how pros do it
top line and pinned comment ad bag 🤑
It's not Incognis fault, but this should be a fundamental right instead yet another thing one needs to actively pay for..
As soon as I learned that 2% of customers accounted for 90% of total deposits, this refund proposal stopped sounding so impossible
"Take that as a win." - Sad world.
Yeah, the idea went from "Bullshit, this is clearly just a lie for good press" to "Huh, neat, they found a way to help the little guy win. The most benefit to the greatest number for the least input, maybe that Effective Altruism thing wasn't just window dressing.
@@fenneyah I think the 2% 90% figures clearly show the little guys aren't so little, and are powerful enough to effectively advocate for refunds.
Moral of the story, only invest/gamble speculatively when millionaires are well represented among the investors.
Yo I hadn't even watched the whole video , but just 1 minute in , I was thinking there must be a catch and was also thinking along your lines and then I scrolled and I found out my theory is correct awesome!
@@drewmqn I am not understanding what you said?
The fact that shock me the most is that it been 2 years already
You're not late Richard, for those of us who don't follow finance news closely, this is entirely new for us! Thanks for your great content, keep it up :)
I love Richard's thumbnails. Other youtubers look shocked, amazed and angry, while Richard looks distinctly unimpressed. He is not angry, just disappointed.
And that's the right approach to everything that's been going on lately.
He is a light of sanity in an era of obscene click-bait.
"I went to a fancy college for THIS?"
just like my asian father
check out Patrick Boyle
11:05 is the main point:
IRS settled 24b tax claim for 200m.
FTX pays out 16.5b to customers.
If you and I could get our taxes effectively nulled this easily, we as private persons would all be rich.
Yeah, though it would involve our Organs and everything worth something on our body being sold off to the highest bidder to settle our outstanding debts.
Damn, not even 1 cent on the dollar. Those political donations aren't looking so silly now.
@@somethinglikethat2176 SBF having the audacity to now claim FTX did well, when the only reason FTX can pay out is scrapping tax debt. FtX ended realistically in bankruptcy with 10s of billion in debt.
Lol, FTX managed $10-16 billion of customer assets, and they supposedly have a $24 billion of dues to IRS. We all know IRS pulled that initial figure out of their ass, just to make headlines and look good. If such a small company has $24 billion of dues to IRS, it would have been in the headlines even before bankruptcy
It means that all us tax payers are paying for ftx customers
Bitcoin is up nearly 4x since the collapse of FTX, getting back 118% of your cash value as of the firm’s collapse is better than nothing, but it’s an absolute slap in the face of anyone who invested in good faith.
Saying customers will be made whole when they will receive 118% of the lowest value of their investments is misleading. Most of them will get pennies on the dollar with respect to their purchasing price.
Misleading? No. It’s a factual statement it’s just more complicated which is why he is making this video and not a tweet.
@@icecoldpolitics8890facts mis/lead
or it's just a reminder to not gamble with crypto money
118% of the value of their investments at the time of bankruptcy.
The problem was these customers invested in a bad platform. Their loss of potential gains if they'd held their "investment" themselves is a lesson.
Yeah, regardless if FTX was insolvent or not, he still SBF still committed a shit ton of fraud.
It was 100% insolvent. They’re not making people who in terms of their original investment, if you had 1 bitcoin with them in Nov 2022 it was worth $22k then, you might get $25k back but if you had that 1 bitcoin it would be worth $66k. This is better than nothing but the company was a sham and not remotely solvent and was doomed to fail.
Plus he left the US taxpayer almost $24 billion short. Edit: in avoided tax liabilities.
Shoutout to the post-collapse speculators who bought customer claims for pennies on the dollar 😂
🤣🤣🤣
always be carfull when you sell
Glad the government settled for almost nothing to make hedge funds "whole".
You could buy individual investor / depositor claims in the bankruptcy of FTX? So buy out a claim from a retail investor, and then own that bankruptcy claim for a future favorable recovery?
@@SethMethCS Yes. There was an episode of NPR’s Planet Money podcast where I learned about it titled: FTX and the Serengeti of bankruptcy
Don’t get fooled. If you put 100 into FTX, you get 118. Had you had you bitcoin for example, you’d have 200-400 now. The unforeseen rise in crypto is the reason you get your money back, not that FTX “was just fine”
Many of those cryptocurrencys dropped in value though. A lot of people got lucky. A LOT.
@@oo--7714most haven’t though, unless it’s some shit coin, nearly all decent crypto projects are up significantly
Yeah, this is all because Bitcoin is doing what it's doing now. Had FTX not ripped people off, these people would have made a lot more.
That said, I am still surprised they are getting ANYTHING... ;-)
I'm not a crypto person, but I did buy $200 worth of Bitcoin thru Blockfi before this happened. Figured I would lose it when things blew up. Ended up getting to keep my bitcoin, and it's now worth like $600.
No, I have not and will not be buying any more Bitcoin. Even tho it went up. Even tho these people got some things back.
Tho, I still don't see a reason for celebrities to pay back money.
If you signed up for FTX because Shaq (no offense to Shaq) was in a commercial for it, that's on you. ;-)
No. You don't get 118. You get 118% of about the 25% they assigned to be returned at the price when they were sold (BTC was worth 17k at the time). So at the end FTX customers are going to get back around 20% of their money. Then you have to take out from this amount another 20% they are discounting for taxes and fees. In short. You get shit.
@@oo--7714but if you had something like Solana in FTX you still got pretty screwed though. It's up several hundred % since the collapse
I'm glad that the government prioritized returning money to those affected vs trying to maximize fines. Also amazing how a ceo can become known for winding down corporate frauds. Man has a nuts resume with enron and FTX
agreed. its kinda ironic that the anti-regulatory crypto crowd walk away in tact from this
"What if a passionate and diligant accountant became a superhero" personified. His superpower is looking at a mess most people be overwhlemed by with eyes glazing over in boredom, and slowly but carefully unraveling the tangled christmas lights that is a defunct mega corp to save as many ordinary people harmed by that corp as possible lol
@@nothingisawesome not that they deserve it
He’s like the Superfund of the financial world.
Glazing aside, he used to work for the law firm that advised FTX. Imagine if the law firm that advised Bernie madoff was the one that was knighted by a judge to clean up the mess they helped made
And imagine they charged a billion dollars of stolen funds to clean up the mess
FTX without accountant = bankruptcy
FTX with accountant = profit
Btc only quadrupled during the time and the customer only got 118% of their balance at the absolute market bottom.
It's irony
Crypto bros: f*** the government. We want unregulated market!
Crypto bros when losing their money: Can you help us, please? I lost my life savings!
@@enemyofYTemployeesalmost like people whose entire life revolves around money can use those skills to steal more money from people
@@calebbarnhouse496the only person who stole anything was Bankman-Fried and his crew.
Thanks for the understandable update on this case!
The irony of anti government crypto currency exchange being saved by the government is hilarious.
but but but unregulated market is always better. Who needs the government! wait? there is a hurricane coming?? FEMAAAA FIX MY HOUSE!
Since when was FTX anti-government? FTX was a centralised exchange and was big on lobbying. This was a classic traditional finance crime, not a blockchain one. The true anti-government/anti-traditional finance would be a decentralised exchange like Uniswap or Jupiter which doesn't involve a mediator and people keep custody of their own assets.
@@the0ne809 Centralised exchanges are already regulated. This problem would never have happened with an unregulated decentralised exchange where people had control over their own assets.
That's how it with crypto bros. Morons will scream "freedom" and "F**K big government!" while times are good. But the minute they get scammed, who do they turn to for help? The FEDERAL Bureau of Investigation.
Whenever I read comments this ignorant and with so many likes on a finance channel sometimes I feel good because I know I'm trading against total idiots
So you are telling me if only sbf and cz didnt have a fallout, sbf could have covered it up. He would have been branded business genius.
FTX was probably screwed anyways. Their (fake but still very bad-looking) balance sheet had been leaked and client confidence was collapsing. Zhao absolutely helped it along, but more likely than not I think they were going bankrupt regardless.
No there would have been something else that precipitated the collapse. Probably far worse if like the timing were not good for "line to go up".
Well, he would have just made it into an even bigger catastrophe. Let’s be clear.
Ftx was already in a death spiral before cz got involved and dug in the knife. Cz only accelerated their collapse he did not cause it.
Absolutely not. The only way the customers can have a 118% repayment is because coins bubbled up in the meantime, they're still loosing a lot more than if tgey could have kept their coins.
"he won't be a freed man any time soon"... oh you scoundrel
At the end they seem only needed a good accountant so he could have gotten away with it.
Hey, 18% return on the principal is a good return. Shoulda gotten in.....
/s
Jokes aside, this underperformed the market during the same time period. Probably. It's not like I checked. I'm just a youtube comment.
If someone told me they got 18% in 2024, I'd ask him how his broker managed to fumble the 24% down to that.
Can you do a video on the US government dept crisis?
So if the IRS isn't getting the 24 billion they were owed, that means we Dumb Tax Payers all paid the depositors who didn't do their due diligence and think it was a good idea to make an investment recommended by celebrities...
More likely the did the maths and found that they will capture far more capital gains over time if the lemmings got their shillings back, instead fighting for whatever they could get in the courts.
But if you were a blockfi customer that got borked by FTX you will still be out of luck.
Nah a lot of blockfi customers got paid out already
that sucks
Even the plot twists have plot twists.
9:48 Imagine having a $2.4 million prepayment queued up to Kevin O’Leary of all people 😂 The 2022 Crypto Boom was a hell of a time 😂
Why not?
So…task failed successfully?
Luckily i only held cash on FTX and withdrew my crypto one month prior to the crash (lucky me).
Ive held several thousand Swiss francs on there and the conversion rate is absolutely amazing, a staggering 16% higher than the current one.
+ im getting an additional 18% interest on top of that so I'm walking away with a good chunk of profit
"No your grace. That money was only resting in my account.."
This is incredible news.
"no one has objected" - what about Sunil and Seth?
I read that if you bought enron debt after bankruptcy Ray would have found you a small profit.
So SBF was right?
Nope.
118%%??? I lost on voyager and got like 30% back. wtf
Wait. What bad decisions did I make as a taxpayer to warrant giving money to those customers?
o possibilitiy is they always had the money. they got it shifted to dollar tokens, bought to the lows, recently liquidated all their btc for big profits which will let them pay back whats owed
Bro, it's WILD that it's been 2 years already! I remember watching Coffeezilla's coverage from the beginning to the end and I was in Psychosis for the majority of it. I'm doing okay now and I am SO GLAD that people are gonna get some, if not all of their money back, depending on the situation. As long as SBF and everyone who was involved with the disaster stay behind bars and social pariahs, I'm very happy with this development. It's nice to have a happy ending to a cryptoscam disaster because God knows that it is RARE. GTA VI AND VII will drop before the CryptoZoo victims are made whole!
I know they won't 🤦🏾♀️but I hope all the people who put their life savings into FTX has learned their lesson...
That’s not accurate. They’re only paying cash which is inferior to returning the actual token because the tokens value have risen significantly i.e. BTC was 15 K when FTX went bankrupt today it is between 66 and 69K. We would much rather have the token than cash, because when FTX went bankrupt, it was crypto winter. Therefore this payback of 118% is nothing it’s far less than what we were owed.
It went bankrupt because of crypto winter in the first place
Great video.
The thing is, this isn't a make whole situation. This is a make hole as of the lowest value. If the value of the account was set at the current rate, they would have lost money. So he should have no foat to stand on, with regards to a reduced sentence.
If the value of the account was set to the current rate, customers wouldn't be so unhappy. Unfortunately, given what is happening, customers have every right to be unhappy.
Forced selling are the best buying opportunities
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Same here
waking up every 14th of each
month to 210,000 dollars it’s a blessing to I and my family… I can now retire knowing that I have a steady income❤️Big gratitude to Ms Evelyn Vera
Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Ms. Evelyn Vera.
I do know Ms. Evelyn Vera, I also have even become successful....
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.
Still better than MT GOX... where the recovery was only ~21% after 10 years...
What do you mean the irs is giving up its $24b tax claim for this. In the end it's literally a refund subsidized by tax payers?
Does this mean Tom Brady gets his wife back?
What about the companies who froze their customers funds because of FTX's collapse/freeze. Companies like Blockfi that went under and filed bankruptcy....
It's understandable to be concerned, especially after what happened with FTX. It's a difficult situation for everyone involved, and I feel for those who lost their funds. However, it's crucial to remember that this event highlights the importance of due diligence and choosing reputable platforms. Don't give up on crypto altogether, just be cautious and do your research
Really hoping to get a refund from BlockFi (which went bankruptcy because of FTX).
Finally. Not as nearly as good as just the asset at today’s value but I guess most people don’t have the means to get even close to this value with all their lawyers working and getting paid a huge chunk
You are inaccurate in reporting of investors being made whole ,you should be specific. They are not being made whole Deposit can be cash or tokens. Most of them were tokens not cash so paying us 118% is meaningless.
I mean, fully expected people to get nothing so this is something but yeah still just crazy.
Why will the >50K investors get more returns (even if slower) than the others?
This is the channel I need on investing. No BS, just calm clear information. You’re doing a great job, 😊lease don’t change.
*please (fat thumbs on mobile)
lets pay a judge $50,000 to tell us that moneys owed are being returned
118% refund is CRAZY, I hope all refunds I ever get are that good 😂
Damn I should have put in 2000 dollars
Compared to the 300% if you had kept your BTC it's pretty crap lol
@@oo--7714 It really depends what you kept the coins as. 118% on Nov 2022 prices is awful if you were just going to have crypto.
@@MrMikeashlyI mean, when you lose money you don’t usually expect 100%+ back. lol
118% on prices as of November 2022 which lets put it midly were pretty low. We are not getting back our crypto which in most cases has grown quite significantly in value since then. But better than nothing of course.
Your explanation of this issue with
FTX is the most informative I’ve heard
so far. Congratulations on a great job.
Fabulous clear explanation. Thanks as always Richard
Bet they didn’t get any refunds from those fancy political donations
This is why the US stock market is the most valuable market in the world, they are the envy of other stock market, as a non US citizen, as much as i see americans complaint about their gov and broken system, their regulators are among the best in the world, as demonstrated in this case, which really increases investor confidence
Bagels version of GAAP: God Awful Accounting Practices 😂
On one side is pretty good, many families would be having a better Christimas than expected on the other side most of those claims were bought by people with big money, and people who would have benefited the most aren't the one getting paid back.
Wonder when this with happen to Tether. One day.
You are completely misrepresenting this payout when you say it 'makes everyone whole'. Almost EVERY customer will take effectively a 70 % haircut, unless they held only fiat on the exchange, and most crypto users don't do that. This failure basically caused the Crypto Winter to suddenly strike, and once it moved on, all the value lost came back, just not to the victims of FTX that lost it. The timing of the crash is not co-incidental or random, it was caused by this and other fiascos in the industry, and in no way did any customers deserve to be force sold at the bottom of the market.
Did Biden administration have anything to do with this resolution? Would other administrations in past be less successful based on who is in office? Like enron?
14:20 How to use swear words without using swear words.
I refreshed my feed and it said “27 seconds ago” well
We’re all happy that a thing happened and you noticed it
We're all happy that a thing happened and you noticed it
Btc only quadrupled during the time and the customer only got 118% of their balance at the absolute market bottom.
Buy high, sell low is the name of the game 😂
118% in dollar terms or in crypto currency terms. If its crypto , that would be just chum change.
Off the top of my head, the math ain’t mathing.
No refund teehee
Oh good. All things will be set right in the world again! 🙄 I have my doubts.
Good old Nortel 🙃
Crypto has grown 4x on average since then. Getting 118% back is still not the 400% those victims would have gotten if they had held on to their crypto in a cold wallet. Those who lost 100 btc then can't even buy 25 btc with the 118% refund.
Really did not see this coming...
Are they being made whole in the original amount of crypto tokens that they held, or in USD value of their holdings at the bankruptcy date? Because if it's the latter, then it's really debatable whether they were made whole, if the bankruptcy date coincided with the bear market. In USD it may appear that they are up 18% or whatever, but in, say, number of Bitcoins they are getting back, they could be down 60% or more.
The second one, it's mentioned in the video
Make risky investments you could win big or lose alot, giving back the money just encourages more to waste their money on silly investments
That was a bit of a gloss-over about claw back of political donations. I'd like to know what Maxine Waters et. al had to return if any...
Wait, why would influencers give back their payment for advertizement? I would not
because everything else could be illegal
They're prepayments, so I guess they hadn't actually done all the ads they'd been paid for
I'm eating a plain bagel as I watch this 🙂
Blueberry in my case
The entire value of crypto is based on the promise that somebody else values it. There's nothing tangible backing to it and, in my view, is a glorified decentirised ponzi scheme. A normal currency has value because it's backed by governments, with taxes and laws etc backing it up. Bitcoin is just a promise.
The only reason large successful companies are involved in it is, either to trade it or facilitate trading with it as a market maker. Or... just as a bit of a hedge and not wanting to go the way that blockbuster did.
Happy friday!
Caroline Ellison.... just, no words.
Just found your channel. I see why you have nearly 1 million subscribers, for your quality information and presentation, personality, no wasted time, unbiased discussion, helpful, etc. Phenomenal job and new subscriber here.
Richard Is finally seen putting on some weight for a financial analyst 😂
FTX
stop it , leave me alone :)
10:00 While it looks like he might be doing some good here, Meet Kevin is a known grifter and I would be highly skeptical of anything he pushes.
Rumor has it that they've allocated one Bazingazillion FTX tokens to refund customers.
They dont have the money to refund. Obviously. This is silly.
Meet Kevin trying to grift his way into looking like a good guy from all this.
What a scumbag
Kevin who?
Is he really a finance professional or just an amateur?
@@samsonsoturian6013 He only become a licensed financial advisor 2 years ago, just to try and seem more legit.
He’s nothing more than another get rich guru selling overpriced courses.
This a good thing in my opinion!
You been working out Bagel? Looking good stud 🔥
People who are angry to only get 9% annual noncompounded returns on this money are just reacting emotionally, there's no logical reason to be upset. The fact that crypto went up after they were defrauded is irrelevant. The are actually angry that their money was accidentally kept safe from themselves through odd quirks and coincidences. They think that they were shrewd investors to like crypto, and didn't have the chance to capitalize on their shrewdness. But they were not wise enough to avoid investing with FTX, SBF, and crypto.
Frankly, I think the success of the fraud is what buoyed the price of crypto as a safe place to perform criminal financial transactions.
Wow, I've never read something so wrong that I lost braincells before, but here we are!!
@@ILoveTinfoilHatsyou’re one of the stupid ones. The guy’s comment is spot on about you fuckin retarded FTX participants…
I'd say the reasonable level of upset has simply been reduced from "traumatized" to "very disappointed"
"Misappropriating client funds" is one way to put it
The weird benefit of Crypto. All transactions are traceable once you have the wallet --- so, unlike cash crime, the recovery efforts were significantly more successful even if the paper trail was significantly less healthy.
Unlike Wall Street 2008 - this high crime doesn't victimize the most innocent. And that was the whole entire point of the Nakamura paper to begin with.
*** I'm not saying there were no victims, but, I do imagine that National Banks everywhere are taking note ***
Lying about a crash that happened when you were in grade school does nothing for no one
I'm guessing the reason they actually have the money to return is because most of the stolen money was spent on things that can be sold (Mansions, cars, stocks) and because the court is screwing over the VC investors per usual.
Ahhhh yes mansions and cars, the assets that you always make money on
@@tommyle3243 If you bought a manssion 2 years ago, selling it now would allow to repay with not only 118%, even 150% is not a stretch.
Mostly the crypto holding shot back up in valuation, reinflating SBF's bouncy house of cards.
this sounds too good to be true.
How will they refund customers? What is the procedure?
I am curious how this will impact tax for people getting their money back
"10 seconds ago"😅
SBF's parets are Guilty as all heck ...
This bagel is so plain and simple, incredible really
Hey man, I don't know who to ask so I'm mentioning it here but you don't have to do anything about it but if you do, I'd be grateful. Just want some attention given to the decision that international clients (I'm from Canada) are just stuck in limbo with indefinite wait time until a solution has been made. Like I said, don't know what to do but ask an "influencer" like you to shed some light on it so hopefully all of us international clients aren't forgotten.
Thank you for this video