From Wikipedia: "He is a fan of the video game League of Legends, and allegedly played the game while on a call attempting to secure an investment from Sequoia Capital. An article by the Financial Times characterized Bankman-Fried's "win ratios" in League of Legends as "average-to-bad"." Huge red flag.
The point of crypto always was to give the control over currency back to the owner instead of a centralized institution like banks, if the end user replaces the banks with just another centralized institution which effectively controls all their money then they missed the point of the technology, they aren't using it as it was intended.
@@baraka629 Which is why people need to use their own judgement on where to send their money. And many people do not. Then they wonder why nobody will help them.
People: Hey, Crypto seems pretty good potentially, we should just regulate some things to make sure people's money is secur-... 🙂 CryptoBros: NO FUCK THE GOV, RULES ARE FOR CHUMPS! 😠 People: Oh ok fuck you then 😐 CryptoBros: You won't be laughing when you miss out on the EASY MONEY 🤑 **Today** CryptoBros: WE GOT HACKED AGAIN WAAAAAA 😭
My favorite part of this scandal is the web of interpersonal connections amongst those involved. The fact that Fried’s mom is part of a super pac and his aunt is part of the WEF, there’s just too much. Edit: Fuck, I didn’t even know anyone involved was Jewish when I wrote this.
This would make alot of sense WEF wants to push for more regulations (this would be the perfect excuse) they dont want any crypto besides CBDCs they can control, if this slowly kills bitcoin we're all f*cked.
@@BakangPrivv An organization that donates to political causes. Bankman himself was the second highest donor to Democrats for the 2022 US mid terms with 40million, number one was George Soros. He also planned on donating a billion in 2024
The video game crash of 1983 made me reasonably see this coming because it applies everywhere: if the market is flooded with scammy bullshit that causes people to lose money and feel dissatisfied/angry, eventually that thing is going to crash. Video games were the hot thing people wanted to make money on back then, today it's crypto. Back at that time the market was rife with games and consoles that were so clunky or bad that it was like being scammed, and E.T. was the proverbial final straw in '83. You could say I was waiting for crypto's version of E.T. for Atari 2600 to happen, looks like it finally has. I'm not even really satisfied I was right, just sucks for all the regulars out there who lost their money.
video games are way more of a scam now then back then lol.... now a days you pay like $60, and you dont even get the full games and at worst its unplayable because its full of bugs. everything is moving to a pay to win model, which is slowly pricing out less fortunate people and most of all kids.
@@Rabiiid funny - if you had just bought and held, you'd probably be up on your investment by now. Instead you got greedy. Sounds like your problem is lack of patience. You didn't "invest", you gambled. Sounds like you cared too much about a poor 100USD, in which case you should probably not be "investing".
FTX CEO posted a weird string of tweets that spelled what happened over the course of the day. funny enough he was also deleting tweets during the same time period (keeping the numbers stable to lower chances of suspicion). I am guessing this would happen over the span of hours to keep the bots from seeing what was going on with the CEO's account.
@@slobiden.2593 I think the goal is to keep the same number of tweets overall so it doesn't look like they're being deleted. So for every tweet he deletes he needs to make a new one
@@slobiden.2593 His goal was to fool the bots that scrape tweets. As soon as the number of tweets changes the bot will scrape tweets and archive them. So he’s deleting incriminating tweets, while adding single letter tweets at the exact same time. So the next time the bot checks, the amount of tweets hasn’t changed so it won’t attempt to back them up again. Unfortunately for him not all bots use that same system so it did nothing
please it's like y'all only discovered in 2020 that crypto is a thing and sometimes some money gets lost... Welcome to crypto, where people have gotten both filthy rich and desperately poor since 2010 or so.. MtGox? BitConnect? Every bull run has its streak of black swans. Meanwhile, early cryptobros are still up a few ten thousand percent on their investment.
Ontario Teachers Pension Plan "invested" 95 million into FTX, I thought holy sh×× that's gonna be bad...only to find out it was only 0.05% of their holdings - quick calculations tell me OTPP has a value of $190 Billion!😳
Meta, twitter, and the crypto market all burning in real time, simultaneously might be one of the greatest things to happen on the internet. Savor the moment boys
And Amazon! 😆 Bezos is about to lay off 10,000 of his own workforce as people are buying less and less crap with Biden's inflation. And their $1 billion disaster that was lord of the rings shenanigans. And M$ stealing a massive chunk out of AWS' thunder with their own Azure cloud services.
I was a little kid when the fallout of Enron happened and I'm not saying it's exactly the same, but it reminds me a lot of when this happened. Just awful for actual people who lost a lot of money because they believed what was being sold to them
Man I was a near adult when that went down I remember the whole late 90s tech bubble and all the fallout from it. My country was lucky we didn't get a recession from it or the GFC.
When you are at the edge of becoming a cold dead corpse in an alley because you can't survive in this economy..... people will turn to desperate measures
3:50 The user identified by KrakenFX appears to have actually been apart of FTX crisis response and NOT the hacker-just thought I should clarify, as there seems to be overall confusion between what was down by the hacker and what was done by Crisis response/management
There was also some guy who burned a 10 million dollar painting to sell nfts of it. The Mexican art institute is looking for double the price in fines and like 10 years in prison or so. How stupid can people get.
@JERRY tm ??? Would t touch crypto with yours.. Bitcoin is washed drug amd human trafficking currency , why you think the banks love it? Its also total crap, outdated and not even fit for its original purpose, Which has moved elsewhere in crypto. A lot of people have lost a lot of money. Im not one of them..
@JERRY tm was about to say the same thing. Cryptards time and time again show us how stupid investing in crypto really is. It’s like a gambling addiction at this point.
there is a difference between holding your crypto on an exchange vs in a wallet. On a exchange like FTX you are correct you technically do not own the assets yourself. But if you have a actual wallet like Metamask or Ledger you do actually own them so you are inncorrect.
@@yungpablo6663 I'm still right. If you can't hold it in your hands it's imaginary. This applies to everything including the money in you bank account. Nothing will stop those that run your digital life from taking what you think you own. But I'm glad you have a creative imagination. 😉
@@xx_HI_xx7 That's a non-argument, everything in modern society is based on some kind of trust system due to informatization. It's not like billionaires have actual pools of money like Scrooge McDuck. Most of the world's money doesn't exist physically
@@Mario-us7ds and there lies the problem. Not saying it's a system that doesn't work now, but it's a system that can't work forever due to the fact there are people who own these digital spaces that aren't you.
The industry as a whole has been bankrupt since around May, they're just all desperately spinning plates trying to keep from having to admit that, hoping that number starts going up again and the retail dollars they need for those numbers to actually mean anything tangible start flowing back into the system; all those Superbowl ads FTX and the other exchanges were running were signs of desperation, not success - the stream of retail dollars had actually dried up mid-2021, towards the peak, which is why you started seeing miners suddenly stop selling and start borrowing against those tokens. Bitcoin miners didn't all suddenly turn from ruthless businessmen into moon-bro hodlers, they just knew that there wasn't enough actual cash - the thing that despite what the crypto-zealots say, is at the end of the day the only thing that all but the most profoundly delusional of them ever actually want - for them to sell it at those prices, and if they tried they would completely tank the market: the number on the charts wasn't the result of people paying real money for those tokens, it was all trading tokens for other tokens that "say" they're worth dollars (but if you tried to cash them out, would not be, because the cash was simply not there to do that). So yeah, this is just further evidence that SBF wasn't a smart enough grifter to "not say the quiet parts out loud".
Being an ex crypto bro is the weirdest feelings I have no idea how 2 months ago I thought the world was going to gladly adopt a currency system where stuff can cost 20% more of less depending on the day
Until landlords start accepting crypto for rent in Boise, Idaho the world is not going to gladly adopt a new currency system. Idaho will be the very last state to legalize marijuana, mark my words.
It's peak comedy when Larry David is the only real winner in this entire debacle. He got paid a sponsorship without endorsing the actual product (going against it in fact).
Crypto's value lies entirely in its anonymity, which makes it perfect for carrying out criminal transactions on the dark web. When you invest in crypto, you're literally investing in crime. The day the veil of anonymity is lifted, and crypto wallets can be traced back to their owners, is the day crypto's value hits zero dollars and zero cents.
As someone who used to stop buying scratchcards the second I one even £1 more than I started with, and was trained to hate gambling by all the loathsome Casino Zones in Sonic games from a young age, I was never worried about falling for a scam like gambling or crypto lmao
FTX was donating to pro-deregulation politicians on both sides of the aisle. SBF was the one donating to right wing/“centrist” Dems so that’s getting a lot of press from certain partisan news outlets, but one of the other FTX dudes was pretty much matching those donations to the GOP.
Cousin was a huge crypto bro that lost everything recently. Really humbled him after boasting how wealthy he was the last couple of years. He tried to rope me into this scam but I refused.
Is the technology that amazing though? I keep asking the fundamental question: how does crypto benefit me today? Like what’s my day today utility by using crypto? People like to compare blockchain to the internet but I was around for the internet in the 90s. It was amazing and the utility was not some hazy promise to be reaped in the future. My family was ordering stuff online, we were in chat rooms, and there was porn. It’s difficult to state how incredible that last one was. No more borrowing from a friend who got a magazine from an older brother. Compared to crypto, QR codes have had far more of a benefit in my life. It’s an interesting tech, but it feels like a rather bad solution for a problem that already has really good solutions.
Crypto has a Dotcom Bubble thing going on. It's the hype new thing in an Industry that's infamous for hype new things that turn out to not be as revolutionary as everyone pretended after the fact. The reason it's gotten so big is because there's shittons of money being spent to advertise it; the whales need to bring people into crypto so they can exchange their coins for a currency they can actually use; fiat. We'll see what actual use this technology offers once the hype has died down, but at this point it's hard to say what that will be. Suffice it to say it's not ready to be used as a currency.
@@Fusseliko crypto's rise coincided with lot of low interest or downright free money on the market that wasn't risk-averse since literally everything made money no matter what you invested in from 2012 to 2020.
that's fantastic. And just like you understood the (future) utility of the internet (because yeah back in the 90s, you were totally thinking of grabbing your full sized touch screen phone, navigating the internet by touch at wireless speeds that were pure sci fi back then, to look at a list of restaurants to order take out food from, ordering and paying in one seamless experience, before you sit down in the sofa and select something to watch on that same phone before casting it to your TV ) back then, some people see the promise of decentralized blockchain technology now. Your personal incredulity or lack of creativity is thankfully not the yardstick by which we as a species decide which developments to pursue.
Your right. Personally, I equate Crypto like many other tech like CD"s it took 10 years for CD's to be common after the tech came out. Personally, I don't see crypto as useful as money. The problem is regulation and if its regulated it loses its special status. Dollars, euros, yen, and pounds work far better for what people need. While crypto really only benefits the seedy underbelly of the world; the scammers and the criminals. The blockchain tech is useful in applications outside of economics and finance. But, crypto currency I agree doesn't benefit anyone on a local level. I see crypto being very useful in security, games, software, and other user applications.
Quadriga more or less did the same thing a few years ago and fucking idiots fell for this one too. SBF didn't fake his death but he might as well have.
You're missing the point here. FTX was not established to be a real crypto exchange. It had one and only function, and I can assume you know what that is, right?
Thank you for explaining this situation in ways that we can understand. This whole situation will hopefully be the beginning of the end for the extremely unregulated world of cryptocurrency.
I sincerely appreciate your videos and warnings about cryptocurrency I was really close to dumping a lot of money into crypto and I'm glad you talked me out of it. And also shout out to coffee Zilla for being a real one as well I love his channel as well y'all should collab again soon!
crypto itself is not bad. its the individuals like SBF that give it a bad name. the code behind it didnt fail and will take a long time to regain its losses, but its been through this stuff before like with mount gox. right now its a very early adoption phase and is basically a wild west
Pretty sure both have mentioned they have money on crypto. But they don’t disclose which ones since they know their viewers will blindly buy into it just because they are in it
You're talking about someone who happily explained on a financial podcast that actual grown-ups listen to that DeFi's main "feature" works by just being a Ponzi scheme here, as if that wasn't a damning indictment of the entire crypto industry: SBF wasn't some Machiavellian genius planner who had every contingency works out, he was a dumbass who was bumbling his way along, while people who *should* know better lauded him as this eccentric boy wonder and "the next J.P. Morgan". The "hack" is largely considered to be the work of an inexperienced insider, who had privileged access to pull it off but didn't really know what they were doing, based on how they went about it and the mistakes they made (draining accounts in ways that then left them unable to pay transaction fees and whatnot), not some well planned out contingency.
@TheManFromAuntie Upper Echelon Gaming has a very good video detailing many of the known, verifiable facts including political donations and insider connections
In spite of the fluctuation in crypto, I still thank you for the level-headed financial advice. I started crypto investment with $4,345 and since following you for few weeks now, I’ve gotten $18,539 in my portfolio Thanks so much Mrs Cynthia M. Levi
It's refreshing to see lots of positive comments about Cynthia. I recently had the opportunity to use her services and since then, everything has gone very smoothly. It's amazing how accurate their market analysis is, and how good and understanding they are towards beginners. She'll even go to an extent of building up a suitable strategy plan that fits your investment size.
You need to look into that Nawfel guy. He was a rug puller and has tried to completely scrub any trace of it. The big exchanges want regulations brought in to legalize their shady practices. This is the catalyst that they need.
At this point it either will get regulated or stay in this space of easy to scam. It being regulated literally is the reason people will just avoid it.
Kind of. It’s like creating an entirely new currency and a bunch of speculators betting that they can make money off it if it takes off. FOMO causes people to back a coin simply because of the future possible gains
The adult equivelant of falling for the free armor trimming scam in runescape. (rip to my fellow bros and sis's who did the same) At least I didn't lose anything worth real life money though, and I got to learn that lesson early on.
That guy got the wrong person... There were two people in the system at the time... The hacker and the IT guy trying to stop it. The IT guy got flagged now and that tweet makes it look bad for him lol
At least Top Confidentially Listen Independent Non-Organizational Donors got their money. In unrelated news, there are amnesty papers being written up along with an invitation for Bankman-Fried to join the Federal Reserve as the head of a new Crypto Enforcement group.
End of the day: Banking = trusting someone somewhere. Choose: a country and its financial controls, or some anonymous software developers saying 'trust me'
With all the news coming out everyday like possible FTX killing Luna and other tokens/exchanges, and worst/best of all Gary the head of SEC having ties to SBF.
Meh, ftx might have killed some cryptos, but Luna was a scam from the start, no matter what ftx did. The found has obviously been stealing a ton of money lmao
Terra was a worthless token backed by actual nothing, that Do Kwon claimed was "worth a dollar" because it would be arbitraged via an algorithm against his other worthless token, Luna, that had value "because he said it did", such that Terra's price would always be about $1. It was a tautological scheme with no actual cash anywhere in the equation, that wasn't even pretending as if there was cash in the equation... and people fell for it anyways, because making "stable" money appear from thin air that's neither stable nor money isn't even a novel scheme in that space, and crypto is a clown world where logic and common sense gets chucked straight out the window. Luna collapsed because Do Kwon is a grifter, who peddled a scam he knew damn well was a scam while he was peddling it; the man is currently trying to gaslight the world into thinking he's not on the run or wanted by Interpol, he's a pathological liar.
The interesting part is, it barely moved crypto prices (the main ones anyway), since FTX wasn't actually trading crypto just liabilities for most part.
I would argue it already is. People will always find some way to scam someone or make a buck; this doesn't define the tech as a whole. I'd maybe compare it to telecoms in that so many scam calls go out every day, while so many people opt to text instead of talk on the phone that scam calls might make up considerable percentage of how the technology is used. We don't say that telecoms as a technology isn't being used correctly as a result of those bad actors though.
If you ever look into something the amount of nepotisme you find is dreadful, it makes you wonder how the world would be if you would delete the concept of nepotisme
Are we all just gonna ignore that his middle name is “Bankman”? That seems doubly ironic given how much money he’s helped folks lose recently, just sayin’. 😏
Never touched crypto, never will. Same thing happens with different technologies. Right now for instance everyone and their brother has a startup for making BEV, and a company can become a half billion dollar company in a few weeks, without any assets and I find it INSANE that people stick their money into these things and then it all gets lost when the creator of the company has bled off the money that was invested into offshore accounts or bought a home in the tropics somewhere. It's just crazy.
@@garystinten9339 you are saying this based on what? complete speculation I assume. If you did even a sliver of research you would realize Binance is the least likely to implode out of all the current big exchanges.
@@yungpablo6663 they all falling left and right. Errybody thought the others were pillars of value or they wouldn't have gone under. Apparently aint none of this shit worth dick.
From Wikipedia:
"He is a fan of the video game League of Legends, and allegedly played the game while on a call attempting to secure an investment from Sequoia Capital. An article by the Financial Times characterized Bankman-Fried's "win ratios" in League of Legends as "average-to-bad"."
Huge red flag.
Id say the red flag is that he played league of legends.
Since its a team game, having an average to bad ratio isnt exactly a good barometer of skill.
Everyone is "average-to-bad" in moba games
@@Mario-us7ds nah thats only people in bronze. People in silver are average to good
Hehehe tongue in cheek humor
"Your honor...LEAGUE OF LEGENDS"
"GUILTY"
He’s a last hit support.
Crypto Bros: "We dont want regulations government bad"
Also Crypto Bros: "WHERES MY MONEY I GAVE TO A STRANGER GOVERNMENT PLEASE GET IT BACK!?"
The point of crypto always was to give the control over currency back to the owner instead of a centralized institution like banks, if the end user replaces the banks with just another centralized institution which effectively controls all their money then they missed the point of the technology, they aren't using it as it was intended.
@@baraka629 Which is why people need to use their own judgement on where to send their money. And many people do not. Then they wonder why nobody will help them.
@@gamersinacontainer yeah of course, there is no technology in the world that can protect stupid people from their stupidity.
@@baraka629 Indeed
People: Hey, Crypto seems pretty good potentially, we should just regulate some things to make sure people's money is secur-... 🙂
CryptoBros: NO FUCK THE GOV, RULES ARE FOR CHUMPS! 😠
People: Oh ok fuck you then 😐
CryptoBros: You won't be laughing when you miss out on the EASY MONEY 🤑
**Today**
CryptoBros: WE GOT HACKED AGAIN WAAAAAA 😭
"Don't worry, your crypto is safe with me. Bro, just trust me."
- Someone you definitely shouldn't trust
Dont worry ,crypto is safe and good etc.
Dont need much for a scam.
Lol.
"Just Rope Max bro"
- Me telling to a Crypto Bro for cope
I dont know, he's the most generous billionare in the world. I think he's alright.
its AL-UH-ME-DAH
the only person you should trust with your crypto is yourself.
Crypto bros losing their money is literally the equivalent of a nine year old falling for a free Robux scam
@@FateBooksOfFate Neither did crypto bros. Learn how to read.
@@IamJay02 no one cares if you’re jay
@@IamJay02 i hate you jay
only the dumb crypto bros that invested in centralized crypto, decentralized chads are good
@@khalidhassan9423 I’m pretty sure he’s actually Bob
My favorite part of this scandal is the web of interpersonal connections amongst those involved. The fact that Fried’s mom is part of a super pac and his aunt is part of the WEF, there’s just too much.
Edit: Fuck, I didn’t even know anyone involved was Jewish when I wrote this.
This would make alot of sense WEF wants to push for more regulations (this would be the perfect excuse) they dont want any crypto besides CBDCs they can control, if this slowly kills bitcoin we're all f*cked.
Shalom
Gods chosen people
@@BakangPrivv An organization that donates to political causes. Bankman himself was the second highest donor to Democrats for the 2022 US mid terms with 40million, number one was George Soros. He also planned on donating a billion in 2024
@@BakangPrivv the proper term is "Super PAC", just FYI if you wanted to look more into it
Somehow, someway, the dig-deeper 'investigators' of these scandals stopped digging once they knew where the money has gone and who's involved.
Hush money will do that.
Stay woke, man. Let this be known. Spread the words and make everyone look into this evil
@@cranklabexplosion-labcentr8245 came here hoping to see something to this effect. Don't eat ze bugz
This. DMC/Ukraine made out like bandits.
Yeah. Because it throws a wrench any big boy pockets.
"The Worst Loss In Crypto Just Happened."
"The worst loss so far!"
Your name is Patrick loireiro
And nothing of worth was lost
A fool and his money stay together forever. I'm pretty sure that is the saying.
The video game crash of 1983 made me reasonably see this coming because it applies everywhere: if the market is flooded with scammy bullshit that causes people to lose money and feel dissatisfied/angry, eventually that thing is going to crash. Video games were the hot thing people wanted to make money on back then, today it's crypto. Back at that time the market was rife with games and consoles that were so clunky or bad that it was like being scammed, and E.T. was the proverbial final straw in '83. You could say I was waiting for crypto's version of E.T. for Atari 2600 to happen, looks like it finally has. I'm not even really satisfied I was right, just sucks for all the regulars out there who lost their money.
I invested in crypto like 2yrs ago and lost around 100usd which was enough for me to stop. Hahah
I was thinking the exact same thing. Assets that are valued stupidly got crashed through economy.
@@Rabiiid i changed my mind and decided not to buy £1000 worth when they came out lmfao
video games are way more of a scam now then back then lol.... now a days you pay like $60, and you dont even get the full games and at worst its unplayable because its full of bugs. everything is moving to a pay to win model, which is slowly pricing out less fortunate people and most of all kids.
@@Rabiiid funny - if you had just bought and held, you'd probably be up on your investment by now. Instead you got greedy.
Sounds like your problem is lack of patience. You didn't "invest", you gambled. Sounds like you cared too much about a poor 100USD, in which case you should probably not be "investing".
Imagine being involved in paying off tons of politicians and also traced back to the WEF, then say "we were hacked."👻🤡
FTX CEO posted a weird string of tweets that spelled what happened over the course of the day. funny enough he was also deleting tweets during the same time period (keeping the numbers stable to lower chances of suspicion). I am guessing this would happen over the span of hours to keep the bots from seeing what was going on with the CEO's account.
Explain it in more detail. I don’t get what his goal was
@@slobiden.2593 I think the goal is to keep the same number of tweets overall so it doesn't look like they're being deleted. So for every tweet he deletes he needs to make a new one
Does he not think people have his whole tweet list saved
@@uwuifyingransomware What an absolute weasel. I hope he serves many years behind PITA prison.
@@slobiden.2593 His goal was to fool the bots that scrape tweets. As soon as the number of tweets changes the bot will scrape tweets and archive them. So he’s deleting incriminating tweets, while adding single letter tweets at the exact same time. So the next time the bot checks, the amount of tweets hasn’t changed so it won’t attempt to back them up again. Unfortunately for him not all bots use that same system so it did nothing
It's like a weekly event at this point
@YeaMan No it's not.
please it's like y'all only discovered in 2020 that crypto is a thing and sometimes some money gets lost...
Welcome to crypto, where people have gotten both filthy rich and desperately poor since 2010 or so.. MtGox? BitConnect? Every bull run has its streak of black swans.
Meanwhile, early cryptobros are still up a few ten thousand percent on their investment.
@YeaMan I can't wait until you stop being so cringe mr bot owner 😂
I can't tell if I have seen this thread or not but if not this is deja vu
@@anthonymetcalf660 Well... Probably, since this has been happening like once a week now.
Ontario Teachers Pension Plan "invested" 95 million into FTX, I thought holy sh×× that's gonna be bad...only to find out it was only 0.05% of their holdings - quick calculations tell me OTPP has a value of $190 Billion!😳
God dam
Blaimiiiiii
Meta, twitter, and the crypto market all burning in real time, simultaneously might be one of the greatest things to happen on the internet.
Savor the moment boys
Add Telsa stock to that
@@ageoflove1980 now we need youtube and especially twitch to be in the mix so they can learn how to listen to their community too
WB, HBO, DC... the list goes on and on.
Finally, the Internet is healing
And Amazon! 😆
Bezos is about to lay off 10,000 of his own workforce as people are buying less and less crap with Biden's inflation.
And their $1 billion disaster that was lord of the rings shenanigans.
And M$ stealing a massive chunk out of AWS' thunder with their own Azure cloud services.
I was a little kid when the fallout of Enron happened and I'm not saying it's exactly the same, but it reminds me a lot of when this happened. Just awful for actual people who lost a lot of money because they believed what was being sold to them
Man I was a near adult when that went down I remember the whole late 90s tech bubble and all the fallout from it. My country was lucky we didn't get a recession from it or the GFC.
When you are at the edge of becoming a cold dead corpse in an alley because you can't survive in this economy..... people will turn to desperate measures
Enron fraud paid for 911 which then cancelled the investigation
@@Sonichero151 in this economy?
I would compare this more to Bernie Madoff
I appreciate the Cryptosphere's efforts to continue to provide comedic relief on days like this, many lol's have been had. 😂
3:50 The user identified by KrakenFX appears to have actually been apart of FTX crisis response and NOT the hacker-just thought I should clarify, as there seems to be overall confusion between what was down by the hacker and what was done by Crisis response/management
There was also some guy who burned a 10 million dollar painting to sell nfts of it.
The Mexican art institute is looking for double the price in fines and like 10 years in prison or so.
How stupid can people get.
This is year 2 of Bidens possible 8 year term. Just wait. 2030 is gonna be lit.
And that's just the beginning
@@nojuanatall3281 wtf does Biden have to do with any of that?
@@nojuanatall3281 Biden isn't going to win a 2nd term. He may not even choose to run again.
@@nojuanatall3281 agenda 2031
Cryptobros: "We're not like other money!"
Also cryptobros: (blindly trusting exchanges that are "too big to fail")
This goes A LOT deeper than what it seems.
Lol...ftx is now proven a scam.
But i still love crypto..
Lolololol.
Despite wanting to feel bad for the crypto bros i just cant, i really just want to see their faces when they realized crypto aint landing on moon
@JERRY tm ???
Would t touch crypto with yours..
Bitcoin is washed drug amd human trafficking currency , why you think the banks love it?
Its also total crap, outdated and not even fit for its original purpose,
Which has moved elsewhere in crypto.
A lot of people have lost a lot of money.
Im not one of them..
@JERRY tm was about to say the same thing. Cryptards time and time again show us how stupid investing in crypto really is. It’s like a gambling addiction at this point.
Deeper than simply talking on a panel with Tony Blair and Klaus Schwab I assume🚩
"This man will be made an example out of by the federal agencies."
I f*cking hope you're right.
He won't because he's one of their boys.
I'm pretty sure the "delete the apps" tweet was hoping people would delete the app while forgetting to backup their recovery info.
Pass off ya wanker. Sit on your telegram scam and spin
That's actually so smart wtf
When you realize where this money went, and you know they wont be held accountable, suddenly everyone stays silent...
You have to.
They own the world.
The diference between SBF and Bernie Madoff is that Madoff didn't "donate" millions to both political parties
What's crazy is people think that they own anything digital.
there is a difference between holding your crypto on an exchange vs in a wallet. On a exchange like FTX you are correct you technically do not own the assets yourself. But if you have a actual wallet like Metamask or Ledger you do actually own them so you are inncorrect.
What crazy is that people think you get free money by clicking on a button.
@@yungpablo6663 I'm still right. If you can't hold it in your hands it's imaginary. This applies to everything including the money in you bank account. Nothing will stop those that run your digital life from taking what you think you own. But I'm glad you have a creative imagination. 😉
@@xx_HI_xx7 That's a non-argument, everything in modern society is based on some kind of trust system due to informatization. It's not like billionaires have actual pools of money like Scrooge McDuck. Most of the world's money doesn't exist physically
@@Mario-us7ds and there lies the problem. Not saying it's a system that doesn't work now, but it's a system that can't work forever due to the fact there are people who own these digital spaces that aren't you.
This is like the fourth or fifth “biggest crypto loss” this year.
It can’t get any worse than this…
*crypto community* hold my beer
What is worse is that guy is a huge supporter of the environmentalist movement but he is involved in crypto...
You mean beer NFT. ;)
It's non-fungi.
No its good, people that missed getting into bitcoin when it was $50 in 2016. They will have another chance soon.
Your name is Hailey
“Most crypto companies are secretly insolvent” - SBF, a few months ago. He gave everyone a vague heads up tbf
The industry as a whole has been bankrupt since around May, they're just all desperately spinning plates trying to keep from having to admit that, hoping that number starts going up again and the retail dollars they need for those numbers to actually mean anything tangible start flowing back into the system; all those Superbowl ads FTX and the other exchanges were running were signs of desperation, not success - the stream of retail dollars had actually dried up mid-2021, towards the peak, which is why you started seeing miners suddenly stop selling and start borrowing against those tokens.
Bitcoin miners didn't all suddenly turn from ruthless businessmen into moon-bro hodlers, they just knew that there wasn't enough actual cash - the thing that despite what the crypto-zealots say, is at the end of the day the only thing that all but the most profoundly delusional of them ever actually want - for them to sell it at those prices, and if they tried they would completely tank the market: the number on the charts wasn't the result of people paying real money for those tokens, it was all trading tokens for other tokens that "say" they're worth dollars (but if you tried to cash them out, would not be, because the cash was simply not there to do that).
So yeah, this is just further evidence that SBF wasn't a smart enough grifter to "not say the quiet parts out loud".
You should look into his family....and their connections.
Being an ex crypto bro is the weirdest feelings I have no idea how 2 months ago I thought the world was going to gladly adopt a currency system where stuff can cost 20% more of less depending on the day
Yeah, it seems wierd to see from far away. I still have some ada but not much. Not a crypto guy anymore
Until landlords start accepting crypto for rent in Boise, Idaho the world is not going to gladly adopt a new currency system. Idaho will be the very last state to legalize marijuana, mark my words.
@@-._.-KRiS-._.- The Feds will legalize it before potato-brained Idaho gets with the program. Even Alabama is ahead of Idaho in legalization smh
It's peak comedy when Larry David is the only real winner in this entire debacle. He got paid a sponsorship without endorsing the actual product (going against it in fact).
Fr W old man
It only works if Larry never promoted FTX elsewhere positively. If he always thought it was bs, Larry finessed FTX and lawsuits at the same time lmao
The minute crypto starts being regulated crypto will start to die out. I'm not sure what outcome crypto proponents expected from all of this.
shush bot
Go back to sleep in your hive.
It's like they really believed the government would allow a currency not regulated, how stupid is that, crypto people are too naive
Crypto's value lies entirely in its anonymity, which makes it perfect for carrying out criminal transactions on the dark web. When you invest in crypto, you're literally investing in crime. The day the veil of anonymity is lifted, and crypto wallets can be traced back to their owners, is the day crypto's value hits zero dollars and zero cents.
I think it was all stupid. For nerds. To make quick bucks. That is all.
Crypto dying will be the best possible thing that can happen.
Me who hasn't gotten into crypto yet:
*"Oh no! Anyways..."*
As someone who used to stop buying scratchcards the second I one even £1 more than I started with, and was trained to hate gambling by all the loathsome Casino Zones in Sonic games from a young age, I was never worried about falling for a scam like gambling or crypto lmao
Those damn casino levels, sonic heroes had my favourite casino levels tho
@@andyparkinson1996 Are you a masochist? Lmao
The most important part of the FTX story is the money laundering for a political party. It’s funny how that usually gets left out of the conversation
I was about to say that but you beat me too it lol
*for a particular political party
the what
@@luckydragonwolf FTX facilitated a massive money laundering operation between the current US executive branch, Ukraine and SBF himself.
FTX was donating to pro-deregulation politicians on both sides of the aisle. SBF was the one donating to right wing/“centrist” Dems so that’s getting a lot of press from certain partisan news outlets, but one of the other FTX dudes was pretty much matching those donations to the GOP.
Wow. Thanks for covering this, always appreciate your insight!
Cousin was a huge crypto bro that lost everything recently. Really humbled him after boasting how wealthy he was the last couple of years. He tried to rope me into this scam but I refused.
Love to see an arrogant prick get what's been coming to him.
A CEO stealing money has nothing to do with crypto being bad or a scam. Did you even watch the video?
my guy openly admitted that its a ponzi scheme, yet these crypto coomers still tier 3 simp him and gave him all their life saving.
Is the technology that amazing though? I keep asking the fundamental question: how does crypto benefit me today? Like what’s my day today utility by using crypto? People like to compare blockchain to the internet but I was around for the internet in the 90s. It was amazing and the utility was not some hazy promise to be reaped in the future. My family was ordering stuff online, we were in chat rooms, and there was porn. It’s difficult to state how incredible that last one was. No more borrowing from a friend who got a magazine from an older brother. Compared to crypto, QR codes have had far more of a benefit in my life. It’s an interesting tech, but it feels like a rather bad solution for a problem that already has really good solutions.
Crypto has a Dotcom Bubble thing going on. It's the hype new thing in an Industry that's infamous for hype new things that turn out to not be as revolutionary as everyone pretended after the fact. The reason it's gotten so big is because there's shittons of money being spent to advertise it; the whales need to bring people into crypto so they can exchange their coins for a currency they can actually use; fiat. We'll see what actual use this technology offers once the hype has died down, but at this point it's hard to say what that will be. Suffice it to say it's not ready to be used as a currency.
"There was porn" tshirt now confirmed. Better investment than crypto.
@@Fusseliko crypto's rise coincided with lot of low interest or downright free money on the market that wasn't risk-averse since literally everything made money no matter what you invested in from 2012 to 2020.
that's fantastic.
And just like you understood the (future) utility of the internet (because yeah back in the 90s, you were totally thinking of grabbing your full sized touch screen phone, navigating the internet by touch at wireless speeds that were pure sci fi back then, to look at a list of restaurants to order take out food from, ordering and paying in one seamless experience, before you sit down in the sofa and select something to watch on that same phone before casting it to your TV ) back then, some people see the promise of decentralized blockchain technology now.
Your personal incredulity or lack of creativity is thankfully not the yardstick by which we as a species decide which developments to pursue.
Your right. Personally, I equate Crypto like many other tech like CD"s it took 10 years for CD's to be common after the tech came out. Personally, I don't see crypto as useful as money. The problem is regulation and if its regulated it loses its special status. Dollars, euros, yen, and pounds work far better for what people need. While crypto really only benefits the seedy underbelly of the world; the scammers and the criminals. The blockchain tech is useful in applications outside of economics and finance. But, crypto currency I agree doesn't benefit anyone on a local level. I see crypto being very useful in security, games, software, and other user applications.
I don't understand any of this from a tech standpoint but watching muta explain all of it and the Why part is fun
seeing coffieezilla saying 2) Jail just made me laugh
"There is no backdoor"
Guy Who Completely Has Never Lied - SBF
I mean in hindsight, this was bound to happen, if not FTX then some other crypo exchange company.
Quadriga more or less did the same thing a few years ago and fucking idiots fell for this one too. SBF didn't fake his death but he might as well have.
Until they all die, because centralized exchanges are against the very spirit of satoshi's whitepaper
You're missing the point here. FTX was not established to be a real crypto exchange. It had one and only function, and I can assume you know what that is, right?
How does someone lose something that never existed in the first place.
You mean just like regular money?
Decentralized Schizophrenia is a real thing.
@@IwinMahWay A real thing that someone came up with/invented, just like crypto.
This made me stand up from my chair and start clapping.
Calm down Adam sessler
You sound mentally unstable lol
@@godspeed-is-taken beat me to it
Were you paralyzed by chance and stood up by the sheer joy?
I did the same
Thank you for explaining this situation in ways that we can understand. This whole situation will hopefully be the beginning of the end for the extremely unregulated world of cryptocurrency.
Wait you can donate with comments? And that shit isn't even prioritised over free comments? Damn
@@unknowncommenter6698 yes, you can donate to your favorite CZcamsrs. You just have to hit the thanks option.
Fuck regulations, what do you want regulations for? what exactly are you arguing for?
“Hack” lmao. Just a freak occurrence, yep totally
I sincerely appreciate your videos and warnings about cryptocurrency I was really close to dumping a lot of money into crypto and I'm glad you talked me out of it. And also shout out to coffee Zilla for being a real one as well I love his channel as well y'all should collab again soon!
@YeaMan No one cares dude 😒
U obviously shouldn’t invest in shitcoins but ur a fool if u don’t have any money in btc and eth
@YeaMan does your music tell me about crypto bros right after Sonic? Doubt it.
crypto itself is not bad. its the individuals like SBF that give it a bad name. the code behind it didnt fail and will take a long time to regain its losses, but its been through this stuff before like with mount gox. right now its a very early adoption phase and is basically a wild west
Pretty sure both have mentioned they have money on crypto. But they don’t disclose which ones since they know their viewers will blindly buy into it just because they are in it
"The bank man stole all of our money!"
You just can't make this shit up.
You should do a video on the new vr headset that the creator of Oculus made that explodes when you die in a game lmao
15:10 My boy Coffeezilla chiming in on SBF's numbered posts!
SBF: 1) Yap yap yap, etc.
Fredo: 1) What
Coffeezilla: 2) Jail
LOLOLOL!!!
They already had a back door to filter to another company I'm sure they had a fall out plan in place
You're talking about someone who happily explained on a financial podcast that actual grown-ups listen to that DeFi's main "feature" works by just being a Ponzi scheme here, as if that wasn't a damning indictment of the entire crypto industry: SBF wasn't some Machiavellian genius planner who had every contingency works out, he was a dumbass who was bumbling his way along, while people who *should* know better lauded him as this eccentric boy wonder and "the next J.P. Morgan".
The "hack" is largely considered to be the work of an inexperienced insider, who had privileged access to pull it off but didn't really know what they were doing, based on how they went about it and the mistakes they made (draining accounts in ways that then left them unable to pay transaction fees and whatnot), not some well planned out contingency.
"sheen, this is the seventh week in a row you've shown the worst crypto loss in class"
I would like to point out that alot of american politician actually "invested" into FTX, supossedly so we might be looking into a deeper rabbit hole
And the CEO of ftx is the second largest donor to the democrat party
@TheManFromAuntie Apparently some are claiming there are Ukraine ties too. This rabbit hole is going all the way to Albuquerque with Bugs Bunny! 😳 🐇
@TheManFromAuntie Upper Echelon Gaming has a very good video detailing many of the known, verifiable facts including political donations and insider connections
@@hope-cat4894 yeah, lot of bogus claims based entirely on contrarian attitude.
@@ric270 And Ukraine was heavily invested in FTX....while being sent billions from the Biden admin....hmm
Who else gained an ad for crypto currency?
This subject is tied to a lot of democrats and they tend to disappear thier problems. Could be a dangerous topic to cover thanks for doing so.
FTX be like "nah we really got hacked I swear"...
I saw a few days ago FTX filed for bankruptcy
Me, who doesn't invest in crypto: dang, thats crazy.
In spite of the fluctuation in crypto, I still thank you for the level-headed financial advice. I started crypto investment with $4,345 and since following you for few weeks now, I’ve gotten $18,539 in my portfolio
Thanks so much Mrs Cynthia M. Levi
I’m new at this, how can I reach your broker?
It's refreshing to see lots of positive comments about Cynthia. I recently had the opportunity to use her services and since then, everything has gone very smoothly. It's amazing how accurate their market analysis is, and how good and understanding they are towards beginners. She'll even go to an extent of building up a suitable strategy plan that fits your investment size.
you can communicate with her on TELEGRAM with the username below.
investwithCynthia💯
@@josephammon715 Thank you
I love it when Muta gets unhinged.
You need to look into that Nawfel guy. He was a rug puller and has tried to completely scrub any trace of it. The big exchanges want regulations brought in to legalize their shady practices. This is the catalyst that they need.
the better call saul extras in the end xD
FTX pulled a convoluted exit scam.
There is no backdoor in the FTX accounting systems.
There is no war in Ba Sing Se.
At this point it either will get regulated or stay in this space of easy to scam. It being regulated literally is the reason people will just avoid it.
"Ha ha!" -That Simpsons guy
Isnt the act of mineing crypto the equivalent of printing (even possibly counterfeit) money?
Kind of. It’s like creating an entirely new currency and a bunch of speculators betting that they can make money off it if it takes off. FOMO causes people to back a coin simply because of the future possible gains
Btw this is not a "crypto" scandal this is a banking scandal.
You really need to start adding "so far . . . " if 'the worst loss in crypto ever' is going to continue to be an every other week event.
lol the tom brady part is epic
Any loss in Cropto is always ALWAYS a W
There is a lot of nepotism going on and I think this couldn't have happened without it.
what a time to be alive!
“Well… I can’t end stupidity but no point in limiting my range of content either”
-Muta 2022
Genuinley hope this event permanetly bleeds out crypto bros. So many people have been scammed now its unreal
Can't wait for the chain bots
The adult equivelant of falling for the free armor trimming scam in runescape. (rip to my fellow bros and sis's who did the same)
At least I didn't lose anything worth real life money though, and I got to learn that lesson early on.
FTX was also the second biggest donor of the Democratic party
The biggest rug-pull of all time
So far
This has the making of a Hollyweird blockbuster written all over it; the Bahamas, sex, money, scandal: it's got it all!
That guy got the wrong person...
There were two people in the system at the time... The hacker and the IT guy trying to stop it.
The IT guy got flagged now and that tweet makes it look bad for him lol
I'm just watching all this like "where's the popcorn?"
It baffles me how crypto bros still don't understand that deleting a tweet is not gonna change a thing
You have like maybe 15, 20 seconds tops before people see it and screenshot it. But remember, screenshotting doesn't mean you *own* it. ;)
Man i would be pissed loosing my money to a guy that thinks deleting a tweet would erase the evidence.
At least show some skill when scamming me 😄
I recommend everyone to watch Upper Echelon's video on the subject of FTX it goes in depth about the whole thing
At least Top Confidentially Listen Independent Non-Organizational Donors got their money.
In unrelated news, there are amnesty papers being written up along with an invitation for Bankman-Fried to join the Federal Reserve as the head of a new Crypto Enforcement group.
👃🏼🤔
End of the day: Banking = trusting someone somewhere. Choose: a country and its financial controls, or some anonymous software developers saying 'trust me'
With all the news coming out everyday like possible FTX killing Luna and other tokens/exchanges, and worst/best of all Gary the head of SEC having ties to SBF.
Meh, ftx might have killed some cryptos, but Luna was a scam from the start, no matter what ftx did. The found has obviously been stealing a ton of money lmao
Terra was a worthless token backed by actual nothing, that Do Kwon claimed was "worth a dollar" because it would be arbitraged via an algorithm against his other worthless token, Luna, that had value "because he said it did", such that Terra's price would always be about $1.
It was a tautological scheme with no actual cash anywhere in the equation, that wasn't even pretending as if there was cash in the equation... and people fell for it anyways, because making "stable" money appear from thin air that's neither stable nor money isn't even a novel scheme in that space, and crypto is a clown world where logic and common sense gets chucked straight out the window.
Luna collapsed because Do Kwon is a grifter, who peddled a scam he knew damn well was a scam while he was peddling it; the man is currently trying to gaslight the world into thinking he's not on the run or wanted by Interpol, he's a pathological liar.
Muta, your floor is blinking
Gotta love the crypto bro downfall stories
That's a majestic beard you have there my man!
looking nice on you!
Independent currency: good if you can trust it.
Digital currency in the hands of the government: ... no thanks, I'd rather not live in another CCP
The interesting part is, it barely moved crypto prices (the main ones anyway), since FTX wasn't actually trading crypto just liabilities for most part.
Copium.
@@Toastybees Pointing out an irregularity is not copium lmao
copium
@@Toastybees im not invested in crypto ¯\_(ツ)_/¯
@@Toastybees Least dumb crypto hater
Gold can only be hacked with a pickaxe 😂
That mousepad has been through the worst of all these shananigans 😢
Maybe someday this tech can be used properly...
I think it will
I would argue it already is.
People will always find some way to scam someone or make a buck; this doesn't define the tech as a whole.
I'd maybe compare it to telecoms in that so many scam calls go out every day, while so many people opt to text instead of talk on the phone that scam calls might make up considerable percentage of how the technology is used. We don't say that telecoms as a technology isn't being used correctly as a result of those bad actors though.
If you ever look into something the amount of nepotisme you find is dreadful, it makes you wonder how the world would be if you would delete the concept of nepotisme
I'm 2 minutes in but I gotta ask: If crypto is decentralised why would the fall of 1 company affect it whatsoever?
Because Crypto depends on the trust of investors
Specially for being a digital asset
those tweets remind me of Major Campbell on MGS2 lol
Are we all just gonna ignore that his middle name is “Bankman”? That seems doubly ironic given how much money he’s helped folks lose recently, just sayin’. 😏
Never touched crypto, never will.
Same thing happens with different technologies. Right now for instance everyone and their brother has a startup for making BEV, and a company can become a half billion dollar company in a few weeks, without any assets and I find it INSANE that people stick their money into these things and then it all gets lost when the creator of the company has bled off the money that was invested into offshore accounts or bought a home in the tropics somewhere. It's just crazy.
when I saw the title I thought it was about Bitcoin dying or something. 💀 im sad this actually happens though.
Don't be surprised if Bitcoin really becomes dubious and slowly starts to lose value.. or binance is the next to go.
@@garystinten9339 you are saying this based on what? complete speculation I assume. If you did even a sliver of research you would realize Binance is the least likely to implode out of all the current big exchanges.
@@yungpablo6663 they all falling left and right. Errybody thought the others were pillars of value or they wouldn't have gone under. Apparently aint none of this shit worth dick.
@@noname-gp6hk idk if this is English my brother