The FTX Conspiracy - Power, Politics and Money
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- Опубліковано 24 вер 2024
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FTX (in the span of just 3 short years) became a global political and financial powerhouse. Born from a well connected family, the company's founder (Sam Bankman-Fried) went on to build a multi billion dollar empire, making history as one of the most spectacular failures we have ever seen.
From political ties, to secret back door loopholes, hackers, and more... FTX has taken center stage in the world of crypto regulation, and future finance.
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bring back the original intro to ur vids.
yea, this new one is quicker but it looks cheap & lazy, which reflects the opposite of ur work.
@@jasonbeneke4710 It's actually fine. str8 to the content.
heard of NORBOURG? Canadian investment scam
@@blackroberts6290 no, its not, hence why i brought it up.
Outstanding research and reporting, great video.
The fact that the dude's last name is "Bankman" is a level of cosmic comedy that I am having trouble fathoming
A bit on the nose, if you catch my drift...
A lot of "these people" have names like that.
Funny huh?
They themselves call it chutzpah
@@dennisnordlund902 Only if you're not in their group, else it's okay.
@@venn7eance925 **Patrick Bateman voice** hey, cool it with the antisemitic remarks
In some countries it's called corruption. In the US, it's called lobbying.
Its legalized corruption , just like taxes are legalized theft ...
AMERICAN DREAM
@@damedaniel6106 its called an american dream because you have to be asleep to believe it.
-george carlin
@@Chuckus RIP George Carlin.
Kind of. The fact we know about it, and that SBF and company can only step foot on America soil in cuffs or coffins means the attempt at corruption, in this case at least, failed.
Again UE, thanks for the journalism you provide to this platform. You are literally more proficient than most of the multi-million news networks. This is some serious topic and the fact that even WEF members are in this dumpster of fire is outrageous at best.
its utterly nuts to think this used to be a gaming channel that heavily grew off its coverage of the division
its also a lil ironic he now accurately covers all this insane stuff these giant behind the scenes things when the division had a similar level of political intrigue and back story to the dark stuff ue covers
All those multi-million news networks are compromised. Not really a high bar to cross, if you ask me.
@@Nomadic_Gaming insane growth in character
The family is jewish, what did people expect?
It’s weird how CNN, ABC, NBC, MSNBC, don’t even talk about this
It runs against the narrative so they won't
No it isnt
Why would they? This kind of money laundering works to the advantage of their favored party.
Bc FTX helped fund the Democrat election, SBF in particular.
And Faux!
The very moment he did that Nas video where he said he was going to "give away all his wealth" and how he was an environmentalist and how connected he was to politicians, everyone with two braincells should have known he was a scam artist! Those who are quick to virtue-signal usually have no virtue to begin with!
Lol, Nas that absolute clown will shill anything.
Can expect Nas viewers to have even 2 brain cells
@Ominius Bruh…
an entire industry with ZERO regulation is already a big enough flag.
Yeah....cryptocurrency is one of the most environmentally unfriendly products in existence. Most of the other ones like fast fashion do at least serve some kind of real purpose for people. The traditional banking industry uses FAR less energy per transaction.
so not only was it corruption in Crypto... but it also involves... the government...
Nice...
_and no one was held accountable, as normal practice._
Yep, with massive political donations, the real people won't be held accountable... But the janitor who vacuumed the floors and said he observed an unlocked computer sometimes will be locked up.
@@volvo09 they always need a fall guy; the janitor just happened to be in the wrong place at the wrong time.
Not just the government, also the government's fucked up trust fund kids.
Lets see how The Ripple Attorneys respond to the SEC over-reach against XRP while simultaneously allowing The Exchanges (who give political donations) to operate carte blanche with no regulation; especially with all of this newfound information as we can clearly trail SBF and GG holding hands throughout their wealth stripping journey together. Follow the Political donations and take note of everyone who was the end result beneficiaries of said political donations.
@@BlexitKing777 nice copy and paste, XRP bot / paid shill.
if you think anyone will go to jail. You haven’t been paying attention 😊
Only if fraud can be proven in a court of law
The "hacker" will be caught, get a lifetime sentence, and become the fallguy for all of the fraud and corruption.
@@haruhisuzumiya6650 you are joking right? 😂
If so thank you I needed a laugh
Im in favor of the "Epstein treatment" for these guys. waste of food and water to keep them in jail.
@@hoangle2483 you mean living in some remote island?
"We investigated ourselves and found no wrongdoing!"
Even this guy's last name sounds false as hell. "Bankman" is like what a 8 year old would come up with if they were trying to sound like a legit force in finance
Lmaoo
Bankman Fried (if you read fried as in fried food XD) is even funnier
We live in the worst timeline. Trump was already president. If Kanye becomes president next we know for a fact the timeline is just completely destroyed.
Its a fried bankman bro xD
Sir Wallstreet Bankman III, king of finance.
50/50 chance if Kevin O’Leary is invested it’s a outright scam or will turn to be scam within a couple years. His track record is horrible
Does CNBC stardom require a faceplant? Just wondering.
So, 50% chance it is a scam and 50% chance it will turn in to a scam?
@@quasnof yup, 100% always a scam
Kevin O'Leary made his original fortune by ripping off other peoples educational material and packaging it on CD Roms and selling it as his own. After he sold his "education" company to Mattel for billions they later realized the company they had purchased was insolvent and accused him of cooking the books by using accounting tricks to hide losses and inflate quarterly revenues. They said he had scammed them on the sale. Now this same guy is pushing FTX. Big surprise LOL.
I remember back when this was a Division builds channel.
One of the most impressive transformations on UA-cam.
And Perun was just a small time gaming channel that has now turned into a very in-depth military analysis channel. Interesting come-ups from gaming lol
@@VanguardArmament It's because content makers for gaming are used to meritocracy and doing research themselves. Same general skills and attitude find application to a different topic and off we go!
I was here then!
Just a small correction. You mentioned that Glenn Ellison and Gary Gensler were both faculty members of the MIT Economics department. Like many universities, MIT has a main economics department in their liberal arts school that Ellison is the chair of and an applied economics department in their business school that Gensler was a faculty member of. Since their research interests don’t overlap much, and since they have never coauthored a paper together, they could legitimately not have interacted with each other much, if at all, while both were at MIT. This in no way changes your thesis, but it is worth noting.
Fun/troubling fact: Gary Gensler’s academic areas of interest include blockfi and cryptocurrency.
This episode was far more exciting than most movies in the cinema. Too bad they'll never make an honest documentary of this.
Who is they?
Good thing we have UA-camrs then.
Oooo. I was hoping for the Upper Echelon video on this and here we are ! Sooner than I expected! Result!
Hey upper there's another topic to discuss;
Its about youtubers doing this ad about having a lord or lady ship owning some back water land in Scotland.
"As for that $49.95 you’re spending on land, well you’re not even getting that either. The Land Registration (Scotland) Act 2012 clearly states that souvenir plots can’t be registered with the Land Register of Scotland which means you don’t actually legally own the land. In fact, the plot you have “bought” can be sold to other people as well since it’s not registered.
Of course, Established Titles claims not to do this and fair play to them. But they are also trying to sell you something that has no real value so it does kind of feel like a scam."
Found this information. People who fallen for this and thinking of supporting youtuber thinking they will own a peice of land somehow doesn't really realistic.
I'm quite sure nobody is that stupid to believe they're actually buying the land. I believe that thing is just donating to planting trees with a cute gimmick.
They are literally selling you a title that you can legally change your name to, not an actual land piece.
@@Dragonk116 From what I heard that title is fake.
@@Lenariet That is illegal advertising to claim you can legally change your name to the title then.
Tbh I have them on my sponsor list for this month. I thought it was a novelty. You buy it as a joke and like... a wall ornament and talking piece. I didn't know people actually thought it was for the land.
Pulled up so early that there are trilobites crawling on the floor
How does 1 youtuber do more journalism than a week of cnbc, cnn, bbc, abc news, and all the others combined????
Keep up the great work
simple. the mainstream media *doesn't want* to investigate this mess.
Because none of those you named engage in journalism, only advertising and propaganda.
so much more informative than mainstream media, how is CNBC not embarrassed to air the stuff they do
They're easy to buy out
Jim Cramer is such trash
P.T. Barnum just being proven right yet again.
Barnum’s quote is about taste, not credulity
@@MisterWebb Barnum put up a sign that read 'This Way to the Great Egress' to get people out of his sideshows, and it worked like a charm. Because people didn't know what an egress was and once they were out they would have to leave, or pay to get back in... He was talking about incredulous suckers...
... I'm starting to see how all that ESG is getting funded. Moneypits need filling from somewhere. Glad I never stepped into this scheme. A currency that has no backing, is backed purely by trust. And trust is soooo quick to be gone.
All currencies rely on trust.
@@MisterWebb All currencies rely on trust, not all currencies rely PURELY on trust. Gold bars, paper notes, crypto currencies require different levels of trust.
@@MisterWebb it's not that simple bro
Bitcoin went up 2000%, your fiat is depreciating 15% a year. Your choice :)
@@Mikanoshi bitcoin down 64.22% YTD
All these collusions among big players reminds me of gamergate. You thought it was just one thirsty dude simping for a sociopath woman but there were huge organisations behind supporting them and corruption in the industry.
That what made gamergate so amazing it basically exposed all that BS that people were saying for years.
@Yoto Kami Jesus Christ 💀
It’s more that the coverup exposed the people who were in charge, their interests, their friends in politics, tech, academia and media, and the people who were being led around by this special interest group, who were all in it for the clout and influence.
GamerGate ruined the plans for female heroes to be the leaders of the global revolution, but it didn’t slow down the movement or the momentum. Women in Tech didn’t go away.
It’s not that “Zoe Quinn” was the catalyst, it’s that her actions were inflammatory, and easily forgotten. But, the counter-narrative and exposure, the friends and colleagues, the indie community and the industry press, the dozens of petty incidents became a storm.
To an extent, GG is nothing. It is the precursor to the corrupt system that is currently being created to globalise and federate society and information technology, via ideology and censorship. COVID is just another tool for a group of people who don’t need to be in government, they just need to control money and how people can spend it. Nobody can remove that level of control once it’s in place, and nobody can argue or disconnect from a global hegemony that has no economic alternatives. So, yeah, good luck avoiding the future.
All because they needed to recreate the video game industry to fulfill their needs, to invest in Women in Tech. That’s the Dark Secret. Academia wanted more STEM heroes, women who are “powerful” and represented the new world order of women in technology industries.
The downside of that blind allegiance to an ideological agenda, is that people wanted more, and they didn’t really care who was being lauded as heroic women, as long as they could represent the new face of Technology.
Remember when gamergate exposed links to DARPA and the next day hundreds of celeb nudes get leaked? That was some wacky shit, huh?
@@Toliman. government control of money is why they re so scared of decentralisation. Also there's so many women in STEM now, at least biology. It's such a lie that they need to encourage more. Men need to be encouraged.
Love your stuff man. Can't get more pro than this guy. Grabbed one of your shirts and going to share this everywhere I can. Thanks for all that you do. I for one, cannot appreciate your work more.
Thanks man, I appreciate the support
@@UpperEchelon Thank you for getting rid of that nonsense man. You're a good dude.
@@UpperEchelon are you not going to respond to my comment? Is what you’re doing not directly against the idea of free speech? Not saying I agree with anything those guys said, but shouldn’t you be allowing public discourse if you believe in free speech?
@@Fearmocker He can not be a good man, because he believes in slavery (government), simple objective truth.
By far the best coverage on this topic I’ve seen so far. Specifically because you are doing what journalists are supposed to do, presenting the information without bias. Thank you for your work and for being a voice of reason in Clown World.
Who decided to trust a guy named Bank-Man Fraud to handle money anyway?
I almost had a heart attack when I heard about the "donations" to political parties. How is that even possible? Why are people allowing such a level of corruption in a country so proud of itself?
As an American; it's impossible to wake up the sheep dude. The tribalism angle by the global elites has worked. Divide and conquer.
so up itself.
Those type of donations are the norm my dear
Because "the people" have NOTHING to do with the elites actually running things, unfortunately.
I was waiting for this like a kid before Christmas since you hinted about it in the previous video.
You are an awesome guy.
Huh, the Illuminati re-branded itself as World Economic Forum and we hardly noticed it.
They are very different. One is built on 17/18c secret societies, the other is just marxism.
Because the people of the 90's and 2000's who would have raised a fuss like Steve Quayle or Alex Jones have since been bought out and been turned into controlled opposition.
And in ten years or less, it will happen to UEG as well. Either that or a vanishing.
Human brains are quite adept at noticing patterns and grouping people together based on traits and actions. The best way around this is to criminalize or discourage people seeing these patterns, and then changing your groups names and rewording their state goals every generations or so. That, coupled with controlled opposition, means that just about the time people starting noticing your issues, you and your friends can become invisible again while controlled opposition (aka alternate media sources) take those people who noticed and will lead them off into directions disassociated from reality.
A list of US politicians who received funding from FTX/Alameda would be very useful. This is a big deal since the current election process is not trusted.
Thats gonna disappear like Epstein’s guest lists
Every Democrat did this election cycle
not really, since all of that is technically legal. welcome to lobbying. its buying your own politician, but legal.
@@avaliantsoul5408 Exactly, it's not illegal for politicians to receive donations. Problematic as heck, but not illegal.
All goes into Democrat slush funds and super pacs. That way the Dems they fund are slightly removed.
Doesn’t matter anyways, the democrats will never face punishments for their traitorous crimes.
thank you, this is probably the most informative video that highlights the web of FTX I've seen thus far
That trick of passing around funds, just long enough to "demonstrate" that you have them to the parties looking into your reserves... is literally what the original "wildcat banks" back during the unregulated era of banking were doing: the same barrel of gold would be shown off in one bank, and then carted through the woods to the next bank before the auditors got there (and the "barrels of gold" were often just nails, with a thin layer of coins over the top, in the first place).
Even if that's not just exactly what these exchanges that pretend at being banks are doing, but on the blockchain this time, those "proof of funds" are still meaningless nothingburgers, because what they *aren't* doing simultaneously is showing "proof of liabilities": their desperate claims of "no no, look - we have all the money!" are exactly as worthless as that supposed money, because we have no idea if those "funds" that they may not even legitimately have, but are instead perhaps just passing around in a circle for long enough to capture a snapshot, would actually cover the liabilities they've incurred.
Also there's this established track record that when crypto entities make unprompted public statements about how "everything is fine" and "all of your funds are safe" to reassure their customers, that's typically the last sign you see before you hear about them going bankrupt, because they were bold-faced lying; unfortunately for the customers (or more aptly, suckers), the last feasible opportunity to escape the scam with your shirt intact is generally *before* they try to reassure you that everything is going just great, as that tends to be a thing they'll do while in the throes of their death slump.
Damn, finally someone I can trust to filter the information without bias.
But he's literally calling it a conspiracy. Conspiracies by definition have an inherent bias.
@@Prugh
No it's not:
"Conspiracy"
1. An agreement to perform together an illegal, wrongful, or subversive act.
2. A group of conspirators.
3. An agreement between two or more persons to commit a crime or accomplish a legal purpose through illegal action.
4. A joining or acting together, as if by sinister design.
5. An ancient writ which was issued against parties alleged to be guilty of a conspiracy to indict a party for treason or a felony.
6. A combination of persons for an evil purpose; an agreement between two or more persons to commit in concert something reprehensible, injurious, or illegal; particularly, a combination to commit treason, or excite sedition or insurrection; a plot; concerted treason.
7. Hence Any concurrence in action; combination in bringing about a given result.
or
A combination of people for an evil purpose; an agreement, between two or more persons, to commit a crime in concert, as treason; a plot.
Did you not think someone would look it up?
No one is without bias, and it does certainly bleed through on occasion.
@@Prugh and what is the bias, exactly? Specifically with a) conspiracies in general (i.e. how are conspiracies "by definition" biased), and b) with the FTX "conspiracy" that UE is presenting?
This video was offensively antisemitic
Underrated Channel right here sir
Given this kid's pedigree and connections, it really feels like he was the sacrificial goat.
It's like if your 5-year-old comes back sopping wet from a fountain with a handful of quarters, and your next move is to put them in charge of your finances.
The real moral of this story is never ever listen to Jim Cramer just in case you needed a reminder. The rest is just classic financial scandal but now it is digital.
Never trust anyone who plays League during investor calls.
This time around, brilliant. As expected.
On a side note: the more we dive into these events the more we see how govts, governance and corporations are fully, inextricably intertwined. If we didn't know this already, we would've been scared to mental illness.
I am shocked, shocked!
Well not that shocked.
In retrospect, it's hard to believe so many people missed so many blood-red flags. It's also hard to believe we'd ever trust our money to someone with such an echoey name.
people see what they want to see
Try to find banking without that ethnic group. I don't mind them as a general thing but they certainly are overrepresented in. certain parts of society. People could just looked him up and would have seen how shady he was.
@@napoleonfeanor your comment with the deleted comments no longer present, and without context is just funny af.
This is the kind of topic where... If you know, you know, but fight club. All groups of people have bad eggs
That's why they call it hindsight 20/20
You never know until it's happened and over
This is almost a transmissible disease within crypto culture. People will defense and white night to the death for AIR. Getting fleeced is deserved. But they just keep letting it happen too lmao.
I am just putting this out there now. Upper Echelon did not kill himself.
Good work. Thank you for these in depth videos. Keep up the good work man.
This is quickly becoming my favorite UA-cam channel of all times! He has a great way of presenting info that puts him on a new tier from other content creators. Keep it up man!
UE once again hits another grand slam. Thank you again for the upper echelon journalism.
Damn you’re good at journalism.
"Both sides of the political spectrum " ...they are the same party. There is no difference.
Videos like this is why I appreciate your channel so much. Whatever topic you tackle you put in more effort then MSM and you are more informative and less biased too.
Outstanding work. I am deeply impressed by your coverage vs everybody else.
I've been waiting for this one!
I'm just glad that i never got into those crypto ponzi schemes.. The first time i heard about it (Probably when bitcoin was booming), i already said to myself 'Never commit to this'..
Yeah, me neither. It's like monopoly money, when the game ends it ain't worth shit.
Could of still made some money before the scam went up in flames.
If nothing else, crypto is only about as useful as whatever banks are willing to convert it to physical assets/"the correct currency" and crypto is only as reliable as the chances of getting hacked/having a catastrophic computer failure.
Outriders (the game) makes a joke about crypto even. One of the named targets has a hard drive he inherited that has millions in crypto but the hard drive got fried by an EMP. Spoilers: The bounty guy never got the money out of the EMPed hard drive.
Yep, but I love rubbernecking at this rocket crash.
Wow. The dominos have fallen back to back continuously. That is something you can't replicate EVER in modern history.
Why does SBF look like Ethan from H3H3? 💀
Because they are not goyims
Both chosen.
Small hat gang
I kind of respect that he still had an ugly girlfriend while he was (on paper) filthy rich.
Can’t get hot biatches with a Toyota Corolla and man boobs no matter how much fake money the media claims you have
@@MisterWebb Of course you can. Are you being serious?
I am really enjoying the new kinds of videos mate.
Always savoured every last minute of your documentaries.
Also, could you look into who Klaus Schwab's father Eugen was really associated with? I suppose a documentary based on Klaus' true roots of corruption would be a real banger.
"second only to George Soros" Tell me our politicians are not corrupt!
YOUR politicians are NOT corrupt!!!
.
.
ALL politicians ARE corrupt!!!
.
.
Question is, why do we accept it, why do we put up with it, how can we, mere mortals, change it!?!
:)
Why do people care about him specifically when I hear his name by the far right and it's used as a antisemitic dogwhistle
Maybe you should look into him, instead of asking 'um questions on UA-cam videos. He's Evil enough, if you go digging deep nuff, you'll see.
@@Dan-mc7xg I'm not going down the far right rabbit hole trying to find phantom crimes can you quit singling him out it doesn't help your cause.
It's disturbing how incestuous S.B.F's circle of family, friends and politicians is. A lot of nepotism and favors.
Every. Single. Time.
This has to be the best video on this topic so far! Thank you for you research
Top tier research. Thank you
25:40 “tH3 fUtUR3 0f f¡n@NCe” has me fucking *cracking* up 🤣🤣🤣
I feel like most of these exchanges don't have much of a reserve, which is why they are trading between each other to increase the amount of reserve they have for a short time to show that proof. Most likely what happened to FTX could happen to any of the crypto exchanges if someone decided to sell enough tokens.
ya,, they get to show on some narrow documents they have x amount of cash flow, but it's usually a big % of the same cash going round and round. the cashflow is never the idle reserve. loan out the reserve, its now not liquid, it's just a note but theoretically you're worth billions (actually its the investors money, not theirs) scummy and allowed to go on probably for another 5+ years as exchanges skim off the fees for themselves
ghost coin could be a new term
I'd be amazed if Binance wasn't exactly the same empty shell that FTX proved to be, given how hard they tried to pull the wool over regulatory bodies, and all of the crime and sanctions avoidance they've been caught facilitating.
This is some of the fucking best journalism I've seen in ages. Well done.
That, erm, "hack" was amazing well time by some super anonymous 'elite hacker group". Especially requiring users to not use the FTX app etc. So elite it looked like the funds were being moved by hand, totally avoiding tornado etc.
Very spot on reporting as always. I'm not particularly interested in other stories covered on this channel, but the amount of detail and clarity on what the hell is happening to exchanges currently is a breath of fresh air among all the other coverage.
I got a weird FTX ad before this video promising some kind of FTX giveaway with weird cartoon characters that had photo heads of Sam Freid and some kids on them. Very bizarre, especially given the video.
@25:35 They are taking a snap shot of "proof of reserves" and as soon as snap shot is taken as "proof" the money goes else so they can "prove" too.
This is the time period when the millions of crypto noobs will learn 2 important lessons 1. there is ONLY one way to suppress the price of a rare asset on high demand: Sell promises instead of assets 2. This is one of the reasons why the best advise when it comes to crypto, is NOT your keys, NOT your coins. Both lessons are painful but necessary.
Satoshi: Builds bitcoin to eliminate the need for Trusted Third Parties
Humans: gives Bitcoin to Trusted Third Parties
Trusted Third Parties: steals Bitcoin
Humans: -pikachu surprised face-
this is the most thorough explanation of FTX crash
Giving money to politicians is illegal in most democratic countries. Because a child understands individuals and companies shouldn't be able to buy political power in a democracy.
Sam was sus the MOMENT he had speakers like Bill Clinton and Tony Blair attend an event in the Bahamas.
How people don't get Theranos vibes 6 months ago at that event is more surprising.
Good timing my man!
Crashed and burned so fast I literally never heard of FTX until your last video about crypto stuff.
Well done!! Your research, inflection, syntax and ability as an orator is impressive! I greatly appreciate the quality of your videos!! I must admit, this information I find troubling to put it lightly. Thank you for your hard work!!
God damn, the rabbit hole is so big with this one.
Ryan Salame donated $1.5 million to GMI PAC, which supports lobbying on behalf of the cryptocurrency and blockchain industry. This is what got him labeled as a “Republican mega-donor.” But it wasn’t about him being a die-hard Republican, it was about buying favor from FTX
Will this FTX issue go the way of Epsein's client list? I hope not and I want to see this drilled down and the players brought to justice.
Never going to happen unfortunately
ask yourself why Ukraine is wanting peace now that their money laundering apparatus has gone away. Ukraine was a client of FTX and Bankman Fried openly admitted that Ukraine was using FTX to launder money.
Nothing we change until we *[REDACTED]*
Nothings gonna happen. It never will, it never does.
“Bankman” “Madoff”. The simulation is laughing at us.
Both from the same tribe.
Woo. This is so hot the popcorn pops itself!
You had me at world econ forum. Also thumb up for minimizing personal bias.
Comparing him to JP Morgan is rather appropriate. JP Morgan was founded by the descendant of a literal pirate and all the fortune he used to build his empire was from stolen goods.
What a fantastic amount of research put in! Great video, really helped catch me up to speed on the whole thing, and your approach is phenomal. Something all journalists should strive for
So once again, Folding Ideas was right: Crypto is not about giving power to the poor, but about giving power to the very rich in their struggle against the ultra rich.
"The more things change, the more they stay the same."
"History never repeats itself, but it does often rhyme."
etc.
It's strange how massive and intriguing this story is, it has all the factors that usually are very attractive for news agencies. But no one is really covering it or talking about it. Could it be because it's not favorable to the Democrat party?
Democrats like buses. They want everyone to use them for public transit and they're good for quietly throwing problematic people under. After all, it would be a shame if their sterling record of performance got blemished, right?
Yep.
Great analysis. Keep up the good work my friend.
That person is responsible for everything and needs to hit with multi-billion dollar lawsuits and even prison time. He had every red flags as a SCAM ARTIST.
Beautiful videos. Amazing job at breaking everything down.
I remember when Crypto started to be heavily advertised and people were trying to get me into it. At the time I was a little dumb but I was so confused how the coin was valued. I kept asking if it was valued by gold or something. When they told me I was investing my real money for cyber money I said no. Because it sounded like a shady start-up project. No one could convince me that there was no chance you could lose everything by con or if the coin failed. I guess if cyber currency was actually used as a real currency and fail-safed it would work but it seems that no one can be trusted to run it.
It isn't that nobody can be trusted to run it - though they can't be, the space is almost entirely occupied by grifters - it's that the underlying systems that are meant to run this would be digital currency... are the most inefficient payment system ever devised by humans: the narrative that the purely speculative value that all those arbitrary tokens have now is ever going to translate into real world utility, that justifies that value as more than simply "baseless speculation", once they achieve "mass adoption"... is completely laughable.
It's the most inefficient payment system ever devised by humans, it doesn't scale, it immediately centralizes, and the user experience was garbage when it was introduced and is the exact same garbage 13-years later: the only developments in the interim have been a myriad of ways for people to not actually have to use the blockchain parts much/at all (it working best when you *aren't* using it), via an endless series of entirely centralized entities, that don't have any of the supposed advantages that the near magical force that is "decentralization" (which is always just a meaningless marketing buzzword, whose definition changes depending on the beliefs of whoever it is being preached to) are touted to provide, and are in fact only being hampered by the decentralized bits being present within the ecosystem.
It's a sham, that doesn't work... and it literally can't, because fixing it would require solving an impossible computational problem that very very smart math types have been extremely motivated to solve for decades (which is why it's now considered impossible, since nobody has). The only thing you can really do in the space is thus perpetuate fraud, and spin up an endless series of investment scams, hoping to confound the SEC in their game of wack-a-mole by creating so many moles to wack that it's impossible to keep up. It's why the space is just grifters, fools, or foolish grifters - everyone who critically examines the space comes away with the same impression you had, that it simply doesn't add up; the tech-bros behind it talk a big game, but all they ever deliver is vaporware, or worse renditions of things we already have.
I mean there’s risk to everything you invest in. Crypto is just the most volatile lol
If it makes you feel better, our banks are ran the exact same way :)
@@DuskSkullin I think there's a meaningful difference to be drawn between investing and speculating.
Remember what Zippy said - "Skill speeds"
It was, SBF infinite money glitch.
If it wasn’t for those meddling kids 🧐
Yes. Been waiting for your video to drop.
I never heard of FTX or SBF before this collapse. I am proud of that, but also blown away by how raggedy and unconvincing he is. The connection to dirty money Democrats is not shocking me either.
I'm at the point where the moment someone says they're a crypto company, I assume they're a scam.. There's so little difference between the real projects and the fake ones that I see no point in trying to sort them... Great video as always..
When I learnt of this guy for the first time a couple days ago, my literal first thought was "I wonder who his parents were, and just whose pies they have their finger in... Anybody else sick the fuck to death of being right all the time, but not powerful/rich enough to do anything about it since this is the kind of crap rich people actually do?
This has GOT to be suppressed in the algorithm. This has less than views than other videes that have been up for shorter periods of time while being a HUGE topic. I opened a private window to vanilla youtube, searched for FTX, and it served up a TON of videos with a fractions of the views and interactions as this video. 100% getting suppressed.
Gee... lots of Juice in this video
People like those is why it’s impossible to even be tested for ADHD those days. I was only tested after I ended up homeless after failing out of college.
My life... I feel like I missed out on a whole different life
What? UE _not_ being the right person for a "pure information with a side of entertainment" job? Preposterous.