Crypto CEO Accidentally Describes Ponzi Scheme

This video was from a month ago and is about the same podcast with Sam Bankman-Fried. The way he describes the box and how it isn't a Ponzi scheme is just ridiculous Crypto CEO Accidentally Describes Ponzi Scheme [VIDEO]

What do you make of Sam Bankman-Fried describing his business as a literal Ponzi scheme on Odd Lots podcast? The commentary isn’t necessary to see the insanity but here’s fastest way to get to the relevant content: [VIDEO] Edit: To clarify, though not sure how much a mitigation this is, yes SBF is describing much of the underlying activity he takes commission on as a Ponzi scheme. Sure, he’s not operating the Ponzi itself, just keeping it operational and profiting from its continued operation. Mea culpa.

Yes it is all made up. Or about 95% made up with a tiny amount of actual USD or Euros Just listen to Sam Bankman-Fraud on a financial podcast describe his magical ponzi box. Well now the thing anyone with a brain would have said sounds like a scam has been exposed as a scam. [VIDEO]

Matt Levine (article's author) did an interview with SBF about 6 months ago and there were plenty of red flags back then (mentioned in article in section about yield farming): [VIDEO]

Pretty unfair to CZ. FTX was using FTT as an infinite money glitch. Why would CZ hold a coin that has a strong likelihood of going to 0? [LINK] The balance sheet showed billions of dollars in assets for coins that had tens of millions in liquidity. There's an 8 billion dollar hole in the balance sheet. It's pretty clear they used customer deposits to pay back lenders. Why would CZ buy a company that's nearly an Enron level fraud, and due for a criminal investigation. [LINK] SBF describes coins like a ponzi with no shame [VIDEO] This was Alameda CEO [LINK] [LINK] Meanwhile, after 1 - 2bn in customer funds are missing. Everyone is asking Sam to say what happened. Sam proceeds to troll by writing the words "What happened" one letter at a time, with an Elizabeth Holmes-like legal disclaimer that he's not going to recall any of the details.

> SBF describes coins like a ponzi with no shame [VIDEO] Just offering that just a few minutes into that video, I saw everything I hate about many youtubers' style, generally. I can't describe it, but there it is. I listen to Odd Lots. Generally, that podcast keeps things thoughtfully presented. I remember that episode and it reinforced distrust of crypto.

Not really. It's been done time and time again. Never underestimate the number of stupid people out there, desperate to break even with inflation somehow while their banks pay them negative interest rates. [VIDEO]

The best video I've seen is SBF basically admitting it was a ponzi scheme: [VIDEO] Selling something with no value other than the attention it gets on Twitter and the reputation it gets via reputable investors. What gets 'reputable investors' to invest in the scheme is the most interesting part of this story, if you at all care about stopping it. Something that has existed long before crypto.

Based on this [VIDEO] it wasn't even anywhere near that well thought out with SBF. He behaves like a child when asked simple questions about crypto, trying to use double speak to weasel his way out but not even the way a typical CEO or politician might do it. I think SBF's trick was to just demonize regular finance and to treat all criticism as simply FUD. IIRC they also paid influencers a pretty penny to promote them. It's an extremely common tactic in crypto, basically every crypto scam covered on that channel involves a similar cult of personality being setup as a cover for the scam.

I did not know about him before this blow up, but looking into his history, he actually pointed that SBF and FTX is doing Ponzi scheme 7 months ago. [VIDEO]

SBF just played along with the sheer insanity of the concept of crypto (nothing can make nothing) and all the fools who gave him money - it seems that common financial sense is not taught to people anymore or is really in short supply these days. Did people actually listen to him whenever he spoke - whenever did any of his BS make any financial sense ???. [VIDEO]

Maybe not the mainstream media but I feel like a lot people, especially in the Bitcoin community, were suspicious of him. He just screamed grifter to me. I never really bought his arbitrage story either and wouldn't be surprised if that was not his first scam. Here's an interview he gave a few months before the FTX collapse: [VIDEO]