Crypto CEO Accidentally Describes Ponzi Scheme
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- Опубліковано 25 кві 2022
- Whoops. The magical box was actually a pyramid this whole time.
Sam Bankman-Fried recently went on a podcast and tried to explain "yield-farming" to Matt Levine and the OddLots podcast and ended up describing a ponzi scheme. Chaos ensues.
Listen to the full podcast (starts around 24:00)
play.acast.com/s/oddlots/92e2...
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This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it a Napoleon Hill pitch. - Розваги
AGED LIKE A FINE WINE 😂
In-deed. Better download this before it gets taken down. The original interview has been taken down.
Cannot believe how well this aged. Kudo's bro.
Hahaha yep
I am just watching this. What a shitshow.
Ponzi-nomics lmao
This has aged SO well.
First video that came up from “Crypto Scam”
So well
bruh
Perfect example of being too high off your own farts to realize you exposed yourself.
@@absurdh3ro Sleeping on bean bags.... smh...
"It's not a ponzi scheme because we added extra steps." 4 hours later the jury said it was a ponzi scheme.
Lmao
He literally is telling everyone the exact crimes that he is doing. This interview would be a great thing to play at his trial hearing.
Defense lawyer: I’ll just claim he had no idea of what he was doing. Sam: PONZI SCHEME IS COOL. YOU SUCKERS.
@@Y2B123 Nah, his crime was taking the funds people were sending in to buy into these ponzi schemes and using them to invest in other ponzi schemes without their knowledge.
He was leveraging ponzi schemes.
but it's different cuz crypto..
There is literally no difference between what he's describing and the currency of a country. It's all built on trust, if everyone agrees that the value of a currency is something then it is worth that much.
Now I will say that the trust in say the USD is a lot higher than the trust in DOGE coin but both are not infallible. Countries have fallen and currencies with them.
@@CaiAllinx The difference is these products are being offered like securities, not currencies. Nobody bought milk with FTX's token, just as nobody bought milk with Dutch Tulips or Telsa stock.
People bought all these things on the hope that they would increase in value, not so they could be used as currency.
The big short: "Why are they confessing? They're not confessing. They're bragging."
'Can you introduce us' - YES!!
Ohhh edgy reference!
Short everything that guy has touched
p e r f e c t
@@_JC_21 still hits the point.
I laughed so hard when I realized this video wasn't from November. Dude wasn't even hiding it.
Yeah. I am not that much into crypto but watched this video 5 or 6 months ago.
So when this new scandal erupted...it felt familiar lol!
And yep. This is the same ponzi guy. It will so going to be used against him!
I just thought this was broght to me *because of the scandal* now I know this guy was an open fraud
Incriminating evidence
Tbh only hear about Bankman Fraud and FTX this past month. Before them its wasn't even in my sphere, let alone though that FTX wasn't anything more than 'just another exchange'
“But I had no intention of fraud! I just wasn’t paying attention”
All these soulless husks know EXACTLY what they’re doing to the point they’ve conditioned a good chunk of the US to defend SBF because “well if it makes money whose to say that it’s wrong?”
“They’re not confessing...they’re bragging”
I see you are a man of culture as well 😂
great fucking movie.
Stripper? Can you introduce us?
Man that movie is just too good
What movie does that line come from?
Judge: "Well, you're sentenced to go into a box, it's a box with some bars on one side, it's not a prison cell, it's a box with few bars, you just gotta believe it"
SBF: "Aah genius!" **prepares his quickbooks**
He loves boxes as much as the next guy.
@@matthewklahn3204 who is he to claim living inside a box isn't the next big thing?
@@charlesm.2604 solid snake and naked snake?
comment of that year rn
Fucking QuickBooks...
This video is going to age like fine wine
Can confirm
it totally did
You got it
This comment aged like a fine wine
I'm from the future, and YEP
"unless people decide we were wrong in a coordinated way" famous last words.
Which came true 😂
It always happens like this: it is going good until a recession hits then the ponzi flops because people want to do some withdrawings.
@@OnTheThirdDay Exactly what killed Madoff. Hard times came and people wanted cash. The cash never existed so Madoff was fucked. Same exact story here.
"realize" not decided lol
well we agreed on money having any value, in a coordinated way
He's not even trying to hide it. I think when he did this interview, he felt he was so much smarter than everyone else that no one would catch on. I hope they ask him about this at his hearing.
Which is ironic because he sounded like a complete moron even while describing it.
He hoped that would count as reasonable disclosure
He's not gonna go to trial, he's gonna plead out.
@@EmeraldLavigneWell, about that... 😂
"Boxes that do nothing in the shape of pyramids" - coffeezilla is the take away quote
To think that FTX still managed to last 6 months after this interview.
Wouldn't be surprised to hear that FTX raised more money after this interview. Strange happenings.
Well they made it this far till someone actually looked at their balance sheet
Blows my mind. And big companies and celebrities actually investing into this piece of human trash.
They are Dems, so, it's all fake
What do you expect? Crypto isn't unbacked it just backed by madness of people. And you cant predict madness of people.
I feel like this interview will go into a museum someday. The moment it all went wrong
That's not the moment it all went down. He really is describing most of crypto lol
@@ShaferHart Except BITCOIN . Biotch!
@@ShaferHart well, what SHOULD happen is all of crypto collapses back to its real value of its economic utility as a decentralized currency.
It will go into court 😂
What do you mean "went wrong"? What other result could have been expected from a ponzi scheme run by a bunch of risk-addicted amphetamine users?
“Well if we never get caught and everyone keeps buying… it’ll never be described as a Ponzi Scheme” 😂
6:40
UwU I got caught
It's not a Ponzi scheme. A Ponzi scheme requires that someone lie to you about the value of a portfolio. This just describes a bubble with no value. Similar, but not the same.
@@oliversissonphone6143 This is not a bubble, it's not an overvalued good or product or service, it's literally nothing, you can only take money out if other people put money in, there's nothing behind it to back it up. It's a Ponzi scheme.
@@hullie7529 what are the requirements of a Ponzi scheme? List them out.
6:44 "...if the world never decides we're wrong about this...". Absolute gold.
damn, you called this out 6 months before this ? You are doing journalism at a professional level. It's so glad to see how this channel has grown over the year. Earned my respect
Not at a professional level, at a psychic level.
But then again I called it wayyyyyy before any of this, since the start , all you have to know is that there are people giving real money to buy fake money 😂🤡 might as well buy coins in Apex or Fortnite
This is simple, ALL crypto is a ponzi scheme, literally..
Reminds me of tulip's
“Journalism at a professional level” is an understatement considering how shitty modern journalism is
Not the first time
Dude learned his economics playing video games that generated gold coins
😂 so accurate
He bumped his head up against that box one too many times.
Dude be tryna cast high alch irl
At least there is some value in the video game. There was nothing of value in this scam unless you were able to sell before the whole sh*thouse went up in flames!
He's not all that wrong though. If people never changed their mind about the value of the box, then it would keep being valuable. It's just that at some point, you run out of suckers to throw into the box.
The original podcast this came from has been removed and I'm so sad about that. Glad it's immortalized here
It's on YT at Bloomberg Podcasts - title:
Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto | Odd Lots
I explained Crypto to my wife about 6 months ago in almost the exact same way he has described it.
She was getting FOMO from all her friend apparently making money from it and I told her there is zero chance I would be investing in it anytime soon. Very satisfying to watch this and see the results from this BS!
Has she said anything, in response to all this happening?
Smart, it’s too late to invest in crypto now. Those who invested early were lucky. It’s best to see how it plays out and watch from there.
@@shoazdon7000 Other early adopters were people who were given a free pile of coins at the initial launch, thereby giving them a quick way to build a pile of cash off of the idiots who bought in.
close minded people stay broke
Still satisfied?
He forgot the part where someone tries to sell their box tokens or whatever, but no one wants them and suddenly the box has a $0 market cap.
That's in the final chapters, chapter 11.
@@leetjohnson 😂😂
@@leetjohnson such a great reply 🤣
And the whole fleeing the country part...
@@asdasdasdasd8970 where and then even when the Feds can't locate you ...
First rule of running a Ponzi Scheme is don't tell anybody you're running a Ponzi scheme.
On contrary - tell them exactly what your going to do and watch all the stupid folk throw money at you like it’s going out of fashion. Can’t believe anyone took this SBF guy seriously, he was a clown from the beginning!!!
True .-)
But he totally believed it would last forever.
@@yakakiyakaki that's what I find so hard to believe. He's talking out his ass the whole time and yet he still pulls this off. I do think we live in an era where there's less and less value in having genuinely useful knowledge and more value in pretending to have knowledge in every new trendy market.
If you are a warlock you have to announce your intention to manifest properly 🪄🧙
I said from day one, Crypto had more in common with ponzi scheming and pump and dump penny stocks then actual currency. I’m not claiming to be completely right but it sure feels a lot more right now
Crypto should stay in anonymous tbh.
This actually makes sense. The dude is a computer nerd, he learned economics from video games like WoW.
@@joe5923 dependa on game actually. Some do have an actual working economy, not wow though
Have any examples of which games do have an actual working economy?
@@Namugaseum if I've understood the game correctly albion online has. Im not sure if there even is any other games but I think that one has😄
@@joe5923 Wrong. Diablo 2 had a very real player-made economy, and the currency was the very rare "Runes", which also had their own utility.
Coffeezilla needs to do a recap video of all the times he was proven right!
Yeah this is wild
He wasn't actually proven right about anything he said here. All he did was just point to a dude who openly explained that he was essentially in the ponzi business
this guy is just a crypto prophet. How many times have I missed the warnings, many 😂
@@soulreaper9453 it's simple in crypto assume 98% of everything will fail at some point.
@@KOWSKY- not really, if anyone wasn’t an idiot they’d know crypto is the biggest ponzi
"Well... I'm in the ponzi business, and it's pretty good"
that line had me dying 🤣
this ages like a fine wine
Checking back in the day after he lost more net worth than any other single human in history.
Bro - what you think now?
@@mattdeaver6850 He never had that money, it was all fake. Dude was always a scammer.
I think Bernie said the same thing
Back in the comments after the verdict! Anyone else? lol
same LMAO
Yeah 💀
"If the world never decides we're wrong about this in a coodinated way"
This guy is single-handedly creating new super villain lines. 🤣
His entire point is basically, "If nobody found out Bernie Madoff was full of shit, his box of money would still be alive"
It's a decent point to make, though. If Bernie Madoff were transparent about what he was doing and the "investors" knew exactly the risks they were taking, would it have been so wrong? At that point it is just gambling, a "fun" game of hot potato. As long as everyone knows what they're in, let them have their fun.
@@LowJSamuel if people knew what Bernie Madoff was doing they wouldn't have invested in the first place.
@@moshunit96 Maybe, or maybe not. Plenty of people know exactly how these "crypto projects" "make" money, and they do it anyway. It's gambling.
@@LowJSamuel think really hard about what u just said. It makes no sense at all. If Madoff had been open about what he was doing, ppl would pull out money immediately because no one wants to be holding the bag or "hot potato". The game of hot potato only works when an external entity is controlling when the round or game starts & stops. The moment Madoff's scam would be exposed the game would end.
@@monash4250 his point is that this is what people are doing nowadays with some crypto projects. They know there is no real reinvestment to generate returns and it’s just to get the new people, but they do it anyway.
This alone should convict him of fraud! He knew exactly what he was doing.
Is it fraud when he tells people exactly what he's doing and then does it? Oh yeah, that's right, when a millionaire gets butthurt, that's fraud. I forgot that our entire monetary system is 10x worse, but rich people benefit from it at the expense of everyone else, so that means it's legit.
@@jaymatthews9324 wtf are you saying. How exactly do you know it is 10 times worse specifically? Why is worse to begin with?
@@amarujuancoiz4287 Are you completely unfamiliar with how the fiat monetary system works? Because it's literally the same scheme, they just figured out how to pay your governments and media to make it super legit.
@@jaymatthews9324 what are you crying about?
@@jaymatthews9324 Yes it is fraud. It’s a Ponzi scheme. That’s illegal. Don’t you remember this from the Madoff era?
The sad part is, despite being called intelligent, he legitimately explained this while being completely unaware this is illegal.
He was aware
Bro knew exactly what he was doing. The only sad thing about this is all the people that lost money in this
I think he was entirely aware, but just considered himself to be such a genius that he'd be able to bullshit his way out of any consequences.
Well, we've seen how _that_ turned out, hm?
What part of it? Aside of FTT, of course. If people want to trade tulip bulbs or tokens or whatever and you are just running an exchange...
You know you’re good when your show ages like this one. That’s hard to do in any field, but in Coffeezilla’s world it’s particularly impressive. Not having to regret any of your previous content says a lot about your integrity, doing a job where mistakes are easy to make and truth is hard to find. It’s called due diligence and being careful what you say and how you say it. Doing public service and being damn entertaining at the same time. Terrific work.
he wasn't accidentally describing a ponzi scheme.. he was deliberately describing how most current crypto-products are ponzi schemes
Most? Tell me one that isn't.
@@Youda00008 The classic coins that have no centralization behind them like Bitcoin. These weren't created by people looking out to profit initially and thus not ponzi schemes.
Totally described LUNA. How is promised 18% yield assuming people would keep pumping it up forever. Who would ever sell a coin that paid that much yield? LOL
This. He was obviously making a point about how useless and how most cryptos lack fundamentals
are you his brain?
If that was the case he wouldn't be triggered like a baby at the end when OGs laughed at his talk
Funnily enough this podcast will probably be used in a court as evidence against him.
Nah, he's going to get off scot free probably.
He's spend some money in the right pockets.
@@DCG909 exactly
No he’s going to prison.
SBF is probably out getting a face transplant in Bolivia this guy will never be caught, sadly
Lmaooooo
I think there *is* a lesson to be learned here; DON'T PITCH A PONZI SCHEME TO PEOPLE WHO ACTUALLY KNOW WHAT THEY'RE TALKING ABOUT AND THEN TELL THEM THEY'RE WRONG XD
Basically the whole reason these ponzi crypto's exploded, is because young people told old people they were "missing out" or that they "just didn't get it." It was reverse ageism and shouting about how the old ways didn't work, without realizing the pyramid ponzi scheme is nothing new.
The fact this was 7 months prior is absolutley amazing
At last, a legitimate Ponzi scheme I can join without having to worry if it’s a Ponzi scheme or not
Amen! What was that sage advice from a few years ago? "The best investment is the ground floor of a Ponzi scheme". Words to live by my friend...words to live by
Your positive outlook is refreshing
I don't know about you, but I admire nothing more in a Ponzi salesman than honestly!
@@MohammadMalan idk if your meming but the dude is clearly shitting on ponzi scheme.
@@copypasta1585 That doesn't exist unless you're a part of the ground floor ingroup lol
I am speechless. If this had been a parody, I would have thought "they overdo it, it should have at least a varnish of creidibility". And he didn't "accidently" describe a Ponzi scheme, he deliberatly did it.
I dont understand Chris. People are saying such unbelievable nonsense that I cant even process it anymore. What am I missing here? Is it as simple as "this guy has no idea what hes talking about and is making 0 sense?"
Easy to say in hindsight
The thing is I don’t know if these guys even realized they were running a fraud, I don’t think any of these literal children running the company ever did research on financial regulation or principles or or understood why a perpetual money machine couldn’t exist, I think they were so stupid that they genuinely just thought “wow! We’re making so much money! What a great business model!” And didn’t realize how easily the whole thing could fall apart
Not that that excuses it of course, just shows how deluded they were
He is pretty much saying all crypto are ponzu schemes
@@tommykarrick9130 Yup. Have you seen those kids running the show. Id ask photo ID in the club before approaching to make sure they are of legal age... Not that I want to belittle anyone. But this kind of ignorant nonchalance is very indicative.
I love how the finance guys are openly laughing at what he’s doing.
They literally called it a Ponzi scheme in the podcast
Why is YT recommending this old video to me today ? Checks news, oh I see.
6:50 “If the world never decided we were wrong about this in a *coordinated* way…”
Binance CEO: I’m about to coordinate this mans whole career
yeah in a nutshell, this happened lol
Indeed lmao
But who will coordinate the coordinator? Binance is on shaky ground itself. They can't even market in the US lol
@@ShaferHart Binance doesn't get a say. If Tether collapses, sorry WHEN Tether collapses. Crypto will shrink to significantly. Binance will have no choice but to shutdown at that point.
Had to come back here in the wake of FTX’s blowup / meltdown. No one can say SBF himself didn’t warn you
Lolol
Lol
Unironically, does it still count as a scam if I tell you I'm gonna scam you? Would it hold in a court?
Will he be using this argument in court?
"They're not confessing; they're bragging"
- The Big Short
REALLLY aged like fine wine
They described the Ponzi scheme so Coffee won't have to, but he will anyway. You are the man Coffee.
People seem to be incredibly stupid when it comes to anything dealing with the internet. It's sad, not only because millions-if not billions-of people will be ripped off. But because venal people will end up destroying the internet.
Well he tried to say it in a way so it didn’t sound like a ponzi and coffee said it in a way it it’s easier to understand
The whole space is one gigantic scam. The most degenerate of gamblers in the space get tilted when you speak this truth and make wailing cries of "FUD" and "Waaaaaaahh you just dun understaaaaaaand it" because simple truth gets in the way of the amount of fiat dollars (which they pretend to hate yet wildly chase) they think they will make.
they took his jUuub
Coffee is the lil-unorginal-man riding on the trends of others.
"they pour another $300 million in the box and you get a stake and then it goes to infinity and then everyone makes money." - Sam Bankman-Fried 2022.
_" _*_OH NO!_*_ Something that's crypto related in-fact turned out to be a giant _*_SCAM_*_ ? Who'da thunk it? 😰"_
I think he might have a future in Central Banking.
Ahh yes coffee, CryptoDefiTokenomicsPumpenomicsNon-fungibleNon-investment advice🤓 pls notice me!😅
Source: Trust me bro.
Sam Bankman Fried has other huge scams, his company is illegal in the US and he's done a ton of lobbying. You should investigate Coffee, so much in pump and dumps, FTX, Tether, lobbying and regulation.
Correction: Crypto CEO accidentally describes... Crypto. But he said the quiet part out loud and that's why the others who were with him started nervously laughing. "Come on, Sam. We're trying to run a business here. Don't say it like that!" But let's all keep pretending only a few bad apples are actually Ponzi schemes.
I agree and disagree I think blockchain technology is here to stay but I do agree most of what’s in crypto now is just scams it’s like a rabid stock market however it’s tested the time not because of NFTS, Doge or even Bitcoin but because of the decentralisation part like web3 in a way crypto has always been a psychological question like a VPN it’s just another way of doing things I know people who love crypto because of USDC they don’t have anything else. (If you don’t care about getting rich quick you’ll see crypto differently)
you get it.
Eh, depends if the coins are accepted or not. If you can genuinely use it as a means to purchase goods then it’s rlly not.
You're right. Crypto is only valuable as long as enough people believe is valuable. And that value is not backed by any tangible thing. Even fiat currency is backed by the power of government and those who produce goods and services in the society it represents.
Matt Levine was not and will never be a crypto supporter. That is not what was happening here
Just catching up on your library. You had him all those months ago. Great work Detective! Love your channel.
Great call out guys. I hope when he goes to trial they use this interview to show he knew exactly what he was doing with intent to fraud.
They will
They'll definitely 😂
Highly doubt he is going to any trials.. his MIT kids team will remain rich and this will blow over soon.
@@TronBonsactually no. The world has been spoiled by the longest bull run in the modern financial era. Crypto could only thrive and exist in a booming economy- not one where people are cautious and take safe bets. The longer this economic downturn lasts, the more ferocious the people and repercussions will become
Nothing will happen. He gave money to a lot of politicians
"Boxes that do nothing that are in the shape of pyramids."
You are brilliant 🙏
He predicted the future. He now lives in a box that really is worth nothing.
he basically says "you call it a ponzi scheme, but i say "what if it is, but it doesnt collapse afterwards"
Six months later and the magical pyramid shaped box that does nothing and generates money forever has collapsed in on itself and robbed a bunch of people. Who could have guessed?
LOL just discovered Coffeezilla but he deserves all the victory laps he wants to take. 😀
indeed. did not see that one coming. (sarc)
I think the world decided he was wrong about this, in a coordinated way.
Can I have my money back?
"No."
Oh...uh, I hope you like jail.
💀💀💀
oddly, it was kind of an accident by Binance's CZ divulging that FTX was a pile bc of its native shitcoin. Probably would have happened in the near future one way or another but without Binance diving in to their books I dont think we'd know this yet.
@@anderivative sad but true
underrated comment
CONVICTED.
Breaking news: SBF has been found guilty on all 7 charges, sentencing in a couple months.
We won. 🎉
I love that you can hear the interviewers in the background laughing as he's explaining this box of his because I'm just imagining them looking at each other like "So who's gonna tell him?"
People called this kid a genius, routinely. I'm dumbfounded.
@@brettpgh3312 Maybe because he maked money like water. Those elite are totally dreaming of that too.
Many of them had money invested with him... they are shocked, laughing as a way to process the shit storm they are in bed with.
@@brettpgh3312 MIT physics. He is prolly very smart but got insane greedy
@@brettpgh3312 I mean maybe he was, but being a genius doesn't make you immune to hubris. A lot of people like to say that the USD is also a made-up currency backed by nothing while ignoring the fact that it's actually backed by US economic output and military might. He likely shut off the skeptical part of his brain and fully bought into this idea that we're headed to a brand new world where old rules about money don't apply.
This has aged incredibly well! How did the whole world manage to ignore all the warning signs??
The "whole world" didn't. The people actually active in crypto is a tiny minority. They just have huge microphones and talk about it nonstop. So it seems like a lot of people are in it.
Idk, crypto is still live so what's changed? People still Democrat..
"LOL FTX GOOD, SOLANA GOOD, YOU'RE JUST A HATER"
@@chuckdeuces911 yes, there are crypto tokens still. It’s pretty bipartisan as far as the reach of crypto. Not sure what your on about.
How ignored.... greed
This video just ages better and better as time moves on.. EPIC moments!!! Well done Coffee
So lucky to have watched this the first time it was posted. Keep it coming Coffee brother! 😉❤❤
This is why I truly believe a crash will happen. Eventually there will be so many boxes that people start to realise there is no value in them.
Are you saying that the Luna crash and along with most of the major cryptos are therefore a sign of the time to come?
@@sniper.93c14 When we see what most of the crypto coins do, the answer is absolutely nothing. I do believe a crash like the internet bubble will happen
@@sniper.93c14 the failing boxes will become case studies from which a new form of crypto (but its still crypto) will emerge legalities will make it seem gov legit (but its not)
@@sniper.93c14 i believed majority of crypto are empty boxes
This happens every market cycle. Altcoins get annihilated when people lose faith in them, and move to blue chips, stables or completely out the sector
I love how the podcast host is laughing in his face the whole time and you can HEAR the smile in his voice, he's like "oh they like me I'll keep talking!"
Never watched any other video of this channel yet.
This alone deserves the subscription. :D
He is not admitting, he is bragging.
great line, love that film
I’m not driving a seven series without strippers
He forgot the part when people take their money out the box.
Hahahhahahahaa that not even a point, it's one way road LOL
That’s exactly it. That’s why crypto at a large is a scam. People store their money in it hoping that more people store their money in it so it becomes more valuable, so more people store their money in it. At no time should anyone remove their money or the whole thing falls apart.
It’s a big box stuffed with dead money.
Well sam is not wrong. It is the same thing in Gold market, collectable cards market even barbie collecters market ... he was right boomers don't understand how money works
@@tmassak6860 Clearly he doesn't understand money either, as he lost billions.
@@Yotrymp Don't get me wrong i'm not defending him, i never liked him in the first place. What he did is plain robbery and should be prosecuted regardless of the field he is working in, but that has nothing to do with what he was saying in this video
You were way ahead of the curve ...great work coff....respect from the UK
This is amazing to watch now. Love your channel, keep up the good work.
What's annoying is they take your money, spend it on properties and then declare bankruptcy. And get away with it.
People wanted unregulated trading and got unregulated trading. Pretty easy to get away with breaking nonexistent laws.
read a stat that like 80% of bankruptcies are people with more than 10 million in assets
@@mrschneebly9691 Is there any regulated legitimate crypto stock markets currently one could invest in ??? My cousin think he has like 60billion dollars LMAO
@@mrschneebly9691 yea no bank ever fucked people over right and got away with it 🤣
You misspelled Democratic Party
6:40 "If the world never decides we're wrong about this, right?" - FTT is down 90%, looks like the world really did decide he was wrong.
SBF 2020: "Pretend it does literally nothing. It's just a box"
SBF 2024: "Why is the window in my box fitted with vertical bars?"
Coffezilla you were way ahead of this guy. I subscribed and going to binge watch your channel. Just absolutely amazing video. Thanks
This aged really really well
This aged very well 😄
Ahhh... Watching this at the end of 2023 is weirdly satisfying to say the least!
The reason he just flat out describes a ponzi scheme without hitting the brakes at all is because SBF is not nearly as smart as he thinks he is. He's good at using computers but otherwise he's a midwit. He's just an average dude who has better than average computer skills and above average charisma when talking to boomers in suits.
He describes a bubble. Be it tulips in the Netherlands (1634), Dotcom companies (1999), Railway stocks (1840) or Crypto (2022). Always ends badly.
Pfft.. and 2008 subprime? as if people cared about that.
The only thing that matters is that "if you buy you'll become rich". Nobody cares about fundamentals, earnings, etc.
People got what they deserved.
"Everything has a price, but not everything has VALUE"- Eric L. Moore
Man, this just keeps getting better and better as time passes. This is great!
One thing to always destroy a triangle scam is they can never tell you exactly what it is you are getting
This reminds me of a conversation I had with a friend a few months back. We were talking about how markets interact with cryptos, stocks, real estate, and fiat currency, etc.. It was a big conversation, but it ended with us basically both saying "They're all chasing yields, but where are the actual yields?", then we looked at each other with a face of "Uh-oh :/ " lol!
Fascinating stuff
What do you mean when you say "markets interact". Do you have an example of what thos markets could be? Just trying to understand
@@dansrod5952 money sloshing around between buyers and sellers, and sloshing between "asset classes"
lend money, get interest. simple
@@theonewhoknocks2835 which doesn't work with a deflationary currency
This is such a good rewatch.... every.... single.... time
7 months before the indictments! BTW Kevin O'Leary was saying a week ago there was not yet any evidence of fraud, in case you wonder about how complicit he was in this.
Kevin is a fraud as well
Kevin O'Leary is payed by FTX so he isn't allowed to say anything negative against FTX
@@varunsharma1889 Yeah but you can't really use that in court. Like "I'm sorry judge, I knew it was fraud but they paid me a ton of money to keep quiet so I couldn't say anything."
I think he is an honest dude, he is fully aware he is describing Ponzis and I don't think he intends to justify or condemn them, he is just describing what most "crypto projects" are
Yes
Sam is one of the few good ones in the space
I think he's just like one of my dumb friend who think they ponzy schemes are genuine business.
@@SaadAhmed3000 ehhh it doesn't help when promotes shit like it tho
@@Playerz714 he's not promoting Lol
Dude coffeezilla deserves an Emmy, and the Nobel peace prize. Ur a hero man.
Pulitzer
The Pulitzer.
The right prize is a Pulitzer prize.... the equivalent of a Nobel in journalism.
Company: *"Why should we hire you"*
SBF: *"My mother is proud of me."*
This is a joke.
(I don't think she's proud of him at all)
This keeps getting better and better
He didn't just describe a Ponzi scheme. He describes the entire crypto currency market. That's how they work. And the chances they actually accomplish the promises they make are astronomical. But the more people that they convince the more they can scam.
If it serves as a medium to facilitate trade then it inherently has value. This is decided upon by consensus. It's the same as the USD. It has no intrinsic value, but we all accept it as a medium to facilitate trade, which grants it value. It is entirely possible that the crypto market was simply a coordinated activity to promote the creation of technologies that can be used to facilitate the adoption of the digital dollar.
like penny stocks in the 80s lol
did anyone actually watch wolf of wall street?
because i feel like crypto wouldnt take of otherwise lol
@@distinctga5811 What can we do if people later decide the exact opposite by consensus?, do I just lose it all?
@@wisesquirrel4986 Yes. This is why investing in currencies with high levels of confidence is important. However, the greater the risk, the greater the reward. Money is tight right now, so everything is cheap. (stocks, crypto, bonds) I wouldn't be discourages by prices in most areas. The Crypto market remains very risky though.
I mean at least the original and currently actually valued coins are more of an open system. And the pitch is we can remove a middle man with this automation system. But it’s already hit a point where everyone has built most of the improvements of the core foundation. The second step is what’s going on now where some systems are saying you can use this to also verify or pay into it to get work done. So companies have to buy a coin to pay into the system to anonymous miners who in turn sell computing work. And then there’s actual value. Other coins went the other way where they wanted full privacy so that person can stay anonymous if they wish. That gives that system value. What doesn’t give something value is if people know about it. It’s why you get what’s happening now where people seem to value it over how popular something is. There’s a reason major system players still held a core value while so many died. It showed what has value and what’s a house of cards with people that don’t understand the core idea (why cz and every other crypto company hated these guys. They literally are what the founders of crypto wanted to remove)
Also funny that this is the one with huge US government ties.
Need a part 2 where you just say
I 👏TOLD 👏YOU 👏SO! 👏
😂
Wow this isnt even clickbait...he ACTUALLY described a ponzi scheme
Crypto is ponzi on its essence.
Coming back to this after FTX collapsed with popcorn
The order in which I've discovered your videos have been hilarious. Started with the SBF FTX crash and then this one... like a fine wine.
Same here lol
I legitimately use this to explain Ponzi schemes.
Really funny to look back on this now.
He doesn’t even sound like a sophisticated scam artist. You nailed this guy.
All of these guys are grifters. They all know what they are doing EXCEPT SBF who doesn't seem to understand what he's doing is a crime and he just said it out loud. Anyway he was found guilty of all seven charges and will be serving a combined prison sentence of 110 years.
I love how this video was recommended after Graham Stephan’s FTX “apology” video.
oh what a year it’s been :) Great work coffee!
Damn dude... take my sub. You nailed this!
Don’t let these UA-camrs off the hook!
Meet Kevin, Jeremy Lefebvre, Andrei Jikh, Graham Stephen, Tom Nash, Brian Jung… and so on, they all promoted the scam!
Holy crap that’s like…. All of finance UA-cam 😂
More like "finance" UA-cam
Don't forget minority mindset
@@eduardotijero6900 at this point, there’s just too many. And this list doesn’t even include the tiktok grifters.
Very highly disappointed with Tom Nash and Graham Stephen. They literally became almost the embodiment of what they preached against fake gurus years ago when they first started out
Can't be a pyramid if it's a box 😮
It's a pyramid shaped box.
@@foobarFR mind blown.
@@GETxMAULED several billions USD blown, too
pyramid shaped box filled with 17th century tulip bulbs
@@foobarFR Cant wait to put my life savings in this brand new trapizoid shaped box!