I really take issue with calling these people "kids"; it helps take away responsibility from them. These are privileged and extremely well-educated adults in their late 20's and early 30's who should have known better.
Well, with the scale of it, they can be called kids as in these people are way inexperienced and you shouldn't have trusted them. Not in the context you mentioned
Michael Lewis, the guy who wrote The Big Short, was _already_ planning to write about Sam Bankman-Fried, and _already_ shadowing him, even _before_ the collapse. He was deeply embedded in it all and got a front row seat to the entire thing. He's now writing the book and there will be a movie. The world moves so fast now.
Not much to write there. The currencies we already know (US$, €, ¥...) mostly (90%) aren't backed by products nor services...so how could new currencies be that are being bought with these old currencies?
Everyone be like "Oh he so humble he drives a Corolla!" and yet no one stopped to consider for a second whether he maybe, JUST MAYBE, had more than one car and that this was just the one he drove to work for publicity. The fact they kept calling him humble and low key when the guy owned and lived on luxury properties in the Bahamas is insane 🤣
@@universallyadored5785 it's like that movie 8 Mile when he gets made when he was pretending to be this poor gangster crook like everyone else but ends up being some dude from a private school whose parents are still married.
Wait did his mom really not take the last name of the husband? and he took both their names Bankman Fried? Lol, that'd be the most liberal thing I've ever heard hahahah
@@chrismuratore4451 I disagree with that statement, if you say that's what finance companies have become then I'd be inclined to agree. Economics also involves construction, manufacturing etc. Tangible assess exist. People just don't want those cause return on investment is slow and not large
It's funny how we're literally going through the exact same stuff as in the early days of finance, all over again. And yet people don't see the warning signs and keep falling for these pump-and-dump schemes.
"The group of young misfits kept high level management in the dark" No, they were the high level management. Caroline was the CEO so saying they kept high level management in the dark is ridiculous.
They are all narcissist. Sam gave them that title because they would do whatever he said and it inflated their narcissist ego. He also new his girlfriend wouldn't go against him but anyone going against him
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, Middle East crisis. How many crises can we endure? As I approach retirement with a solid financial cushion, I'm anxious about a potential banking crisis. Is private equity a good option to grow my money securely?
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra.
Truth is, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for 2020 covid lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please?
Sure you can! Judith Lynn Staufer is the financial advisor I work with. Just search the name. You’ll find necessary details to work with to set up an appointment.
Found her profile online and reviewed her credentials. She has a lot of relevant experience. Thanks for sharing her information! I've already sent her an email to get in touch.
Democrats un most of the media... the very large donations went to ... which party?? Oh yea, Democrat party... totally not a reason it wouldn't be covered by the media.
Having politicly connected and legally savvy parents were a key factor in his ability to rise to the point he did. He needs to be in prison for the damage he has done to people's finances.
Oh yeah ..but we the real people know justice is totally blindfolded now...in 2021. There is no. Empathy for poor disenfranchised humans except to kill them. With boo weapons.
WHAT EXACTLY does CRYPTO do/is???? These are questions I've asked myself over n over again...logic tells me stay away, quick rich scheme. I know, I know it's the future; Just can't see the horizon with Crypto. A real shame because they have real cute tokens.
Nah, unlike with other frauds Bankman is Democrat Jewish mafia. He will not see a day in jail and actually will get the rights to a movie or a book deal.
oh he's in very very serious trouble. He is not just very deep into debts now, but also a lot of the stuff he did is straight up criminal. So i.e. he is poor and will be in prison soon.
As an engineer, I always had trouble comprehending the fundamentals of high level finance/banking and crypto. It all seemed like a mess of redundant definitions and convoluted mathematical functions. Turns out there was little to comprehend as it's all wishy washy accounting tricks and old fashioned fraud, and most people involved at the top level understands nothing of what is going on at any given point in time. It's a shame and deeply unfair that the real economy of tangible production, which has to play by physical laws, is held hostage by all these financial Ponzi schemes which follow none.
you explain it well. I always think that i am the stupid one that don't understand cryto. I think they are like doctors using big medical term to confuse people, most of the time people don't ask because that make them look stupid.
It is hard for honest people to believe how dishonest people can be and vice versa. Sooner or later people will realize everyone's brain is different and some people truly enjoy cheating others.
I half thought I was dumb, but also thought it had to be BS. And also, I'm 32 and sometimes feel genuine anxiety over something I did/said 10 years ago, yesterday, an hour ago (joke)... how do people just LIE LIE LIE with no remorse? I'm almost jealous.
Bro, you're ability to research and then pump out well-researched content in such a short time is unmatched. My latest documentary on Wall Street took about a month of research. I've been following the FTX situation and it's absolutely insane. Great video.
You'd think, though, that people would have learned by now not to invest ALL of their savings or put all of their investment money in one basket. Watching a couple of seasons of "American Greed" should be enough for anyone to figure that out. People are pissed but who was the one who gave him/them the money? Don't trust anyone.
Dudes invented their own exchanges, currencies, tied people’s real money to it, told everyone they shouldn’t be regulated cuz that’s the sense of this game and the whole world was just standing and watching this sandbox saying oooohhh look at them, so nice, kids are growing so fast… Like WTF?!
once crypto is regulated it stops being useful. It should stay unregulated and dumb should lose their money. There is nothing really I love more than seeing coins tank and people crying about it.
Right! I think Dagogo nailed it when he said the investors were drunk on the idea of making millions of dollars. You'd think those folks wouldn't be subject to gambling fever, but there it is!
@demolazer yeah but I feel like she played more on people's emotions making them think she's trying to take care of them, but come on we gotta think and understand that a machine the size of a printer can't analyze blood like state of the art real equipment.
Kinda crazy he got to walk with a light sentence, 25 years, most likely sent to a country club style “prison” to play tennis, and will probably serve only 10 years due to “good behavior” or be paroled, the system justice can be a joke sometimes.
One of the most important channels on RUclips, breaking down the corruption of the financial world as the complicit corporate media industry would never have you understand. Thank you for your work!!
This video is recycling the real work of the media, and leaves behind tons of important info. Besides, if this channel really exposed fraud or was not complicit as you claim, why has it not said anything before the scandal broke out and made global headlines???
@@marcrodet4900 Lmao point to a single corporate liberal media article that lays out SBF’s fraudulent conduct so comprehensively/clearly as this video, instead of nearly all that portray him as the “unlucky prodigy who was screwed by extenuating circumstances”-who given SBF’s extensive network of democrat stakeholders, I’m sure had motivation. And why would this channel only cover it now? Maybe because this channel’s focus isn’t crypto, and even within crypto a minority of citizen journalists were suspicious of FTX’s legitimacy before the story broke. Their fraud was protected behind closed doors until it was blown open for all to see, and honestly this channel did a fantastic job of piecing it all together in the short time they had. Go find a corner to cry in.
@@CroatiainPeru Even watchdog journalists within crypto lacked visibility to what was occurring behind closed doors at FTX, that this channel got caught up and delivered the most comprehensive coverage of the event within a week of the news breaking, despite other outlets still writing puff pieces about it, is significant.
There's a lot more going on under the surface... This is an attack on ALL traditional crypto currency in general. This is about discrediting and destroying that market and replacing it with CBDCs (Central Bank Digital Currency). Big finance and all major governments believe CBDCs are the future because they can be monitored, tracked, manipulated and controlled. So they will use the FTX failure as an excuse to impose widespread regulations on ALL types of Crypto, to ultimately bring them closer to their desired goal of a Global CBDC economy that's under their complete control.
As a trained auditor, we learned that you should never entrust your hard earned money to a CEO or any Head of a company whose lifestyle is extravagant and lavish. Sam Bankman Fried lived in a $30 million mansion at the Bahamas and regularly partied with his friends and lovers. That's a dead giveaway to stay away from this guy and not to invest your money with him. Kudos and thanks for this informative video.
What a great name for a conman. Bankman Fried. In rhyming slang bankers means wankers and this guy fried everybody he came in contact with and left them with burnt offerings.
Dude, love the track! I am definitely a new fan who looks forward to perusing your discography in depth. Keep that music coming my friend as talent like yours should never lie idle for too long. Oh, and this video was very well done too. Stay Golden!
To be fair, the original alchemists actually ended up discovering a lot about the fundamentals of chemistry and the properties of materials. They laid some of the foundations of the scientific method and all of modern science. Their modern counterparts? They produce nothing of value, not even by accident. (Well, other than a cautionary fable about the value of skepticism, I guess.)
@@jasonbourneistreadstone No... money is time, nothing more nothing less. Money is the value you recibe for your time. Piramidal scams are not the steping stone of modern economy, time and knowledge are... but idiots who think they can get rich with little effort will never go extinct, and they are the ones that fuel these "businesses", despite many experts; Buffet, Cuban, Icahn, Gates among many others saying it was a scam. Many of them got in it, won and sold, and are laughing their asses thinking what a bunch of idiots the plebeians are. It is not modern economy, this has happened many times... credit crisis of 1772, The tulip mania, the 1929 crisis, .com, etc. Etc. Or buying a pixel from an ugly photo. Want to win money? observe the last "magic way" to become rich, get in early, sell when you double or triple your money and watch from afar, because the bubble will pop sooner than later, when the whales start selling. Didn't get rich... but crypto paid my vacations in europe, hope the fool that bought them in the end didn't lose to much money if he has a family, but sorry everyone warned him.
@@indrapratama7668 Absolutely! I just checked the price of BTC again. People said base support was 20k just a few weeks ago. It's now 16K. High was 65K just a couple years ago, or less. And it's still dropping. If you didn't sell at $60k, you're a greedy sod and deserve what you get.
The reason why you are the GOAT is that you create a relaxed tone to digest heavy information. You also make it easier to follow a story. Instead of watching 13 videos to piece together what's going on, you can come here and know you are getting the full picture. I have to say that the music you use is beautiful and that I highly appreciate how low it is. It is so annoying when the music is at the same volume as the speaker. Great work as always!!
I’m watching this again bro. This is one of my favourite uploads from you. The lack of moral compasses is astonishing and still blows me away today. Well done for the work you put into covering this modern day crime.
I heard his interview yesterday. They asked him if he transferred assets illegally. He asked, "do you mean actual assets, or the balances showed in an account". As an old school Wharton accounting student, I nearly smashed my cell phone.
Right?! And in another interview he spewed some crap about how he could not account for $$ investments from customers because tracking a dollar through so many transactions is impossible to do
@@poppatoot what FTX did was old school embezzling. I think it was possible because its an exchange so people sent FTX actual $$ for tokens. He didnt steal bitcoins from the blockchain. Instead he rerouted actual dollars from a bank account.
1. I think this was the first time I heard you say "I have no comment about that" and it was HILARIOUS! 2. Thanks for putting this video together (like your others). You have a great way of creating a story without all of the drama and one-sided attitude that we see in spaces like Twitter.
I think its 4:31. He's not commenting maybe because its their personal life choice n has nothing to do with finance or he is completely disgusted by the idea of the statement tht doesn't wana entertain that further
I guess none of the investors watched Tomorrow Never Dies. Guptas law of creative anomalies clearly states: "If something's too good to be true, it probably isn't." That guy went from zero to sixty in no time and nobody asked why. Everyone who invested deserved their loss.
yeah man this is crazy, this is gonna be a tragic movie one day like the wolf of wall street ... I can't believe millions of Americans & people around the world lost their money from this guy
The SEC possible corruption is the most concerning. If it is true, they too need to go to jail for obvious conflict of interest that resulted in customer losses.
This should be top comment. The SEC is arguably the most important regulatory agencies given how dreadful financial crises are for those least equipped to handle them.
Possible corruption? 2 yr non case against XRP but blatant corruption ignored because of family ties. SEC needs to be sacked and jailed from the top down.
The herd mentality is strong - people fear “missing out”. Well, apparently there are some things that are worth missing out on - like losing all your money. The most chilling part of this video (at least for myself) is the lost money from the Ontario Pension Fund. As someone also enrolled in a pension fund, it is frightening to consider that my own contributions could be mismanaged by proxy. Maybe foundational principles should beat out the desire to acquire.
What's hilarious is that all the commercials ftx was running were based on the principle of "do it now or miss out on the future." The irony to me is off the charts, seeing as how those commercials were running like 6 months ago. The whole entire herd got scammed.
Perhaps people would've been wise to heed Larry David's caution that he expressed in his FTX ad... When the FTX huckster asked him if he felt he should get in now, his response? "Ehhh, I don't think so..." Perhaps the only honest line in ANY of those ads...😅
@@Bad_guys_die_last They ran all over RUclips, on the side of buses, buildings, radio, everything. The thing about it is that the average human being didn't really understand what the product was. Looked like some kind of tech mumbo jumbo. But crypto was mentioned in all ads. Only after watching this video did I finally figure out what those commercials were about.
@Learn Tech Frank - The churches got taken also as they were moving away from the bad publicity of pay-day lenders, (like Wonga etc). The pension fund in Canada got taken as you said. Robert Maxwell (Czechoslovakian turned British ‘tycoon’, his daughter Ghislaine is in jail on unrelated matters) done the same decades ago. Baffling it is still going on. The kid in this documentary has obviously looped back a chunk of loot to themselves. The politics thing could scotch it, or pull down the politics charade. Both sides - which is the same sides really. The govt shut down the mafia to take their place. Finance regulators are ‘3 sheets to the wind’ as well, in practise and morally. Columbian cocaine baron Pablo Escobar spent $2,000 per month on rubber bands. That is a more statistically reliable metric to go by than invisible vouchers or ‘tokens’. I am from Glasgow, and am just putting Balmoral Castle up for sale. One careful owner, the other 9 couldn’t care less. Cash offers only please - non consecutive used bills. Must feed several corgis in the outhouse up until they pop their Reeboks.
As the old saying goes, those who fail to learn from history are doomed to repeat it. There will always be an Icarus attempting to fly too close to the sun on waxed wings.
Your journalistic style is really quite interesting. You break down these case studies in a way that implies they are part of a well established historical record, but actually it happened just the other week. You've managed to detach your videos from the news cycle and create a timeless/evergreen video format, very smart.
This comment made me think... you mean he is actually taking things out of context? What do you mean by detach from news cycle? To me its obvious this is all quite recent and up to date. Genuinely interested, feel like I don't get your point
@@cherylmcgowan9623 news cycle wtf News where? Journalists are controlled opposition from those opposed to politics or archonic invaders..feeding from this farm before the farmer
@@Flightcoach Detach it from the narrative in the new cycle. In a positive way, it means Cold Fusion sees the bigger picture. In a negative way, it means warping the story.
@@Flightcoach it has a somewhat historical feel to it. If you know about it then yeah you know it happened more or less a week ago. But for many this feels like telling the storey of enron or some other historical event
I've been trying to understand the FTX situation for days and this video is the most comprehensive, understandable, well structured video I've seen about the situation. Your videos are awesome, please continue making them! :)
☝️☝️ thanks for your feedback. Tell Max Thomas, my trusted investment broker, I recommended you for a life changing investment opportunity, I recommended him💯....
FTX was funded and created by the world economic forum and davos to stop the "freedom" (without paying taxes) to purchase items it was ftx was also a ponzi scam and they were laundering money. The democratic were laundering money from uktaine into ftx back to democratic party.
Good analysis. It's just one scam after another, bubble after bubble. Bigger and bigger as they go as well. People never learn.. The financial industry is not to be trusted. Ever.
I’m not doubting the mind blowing scale, but I’m wondering what part of that amount reflects the value of the crypto tokens FTT and Serum, or could essentially be treated as a wash between all the various related party entities. What a mess
1000% agree with the end. It's sad that people used this space as an escape from the issues that caused 2008 and in the end its those same people getting screwed over in almost the exact same way.
To quote Dan Olson on this, “the problem is what people are doing to each other, not that the building they’re doing it in has the word bank on it”. Crypto doesn’t fundamentally fix any of the problems that caused 2008, because those are human problems. So it just became the new means by which the same old things are done.
People who trusted him and FTX lost their investment due to a false pretense and promises due to no regulations. He created an infinite money glitch thinking no one will catch on to it on top of heavily marketing and influencing in order to gain legitimacy. CZ from binance just exposed the shady business and won the battle
It's hart breaking where we live in a world where homelessness is rife and families struggling to feed themselves but con artist in the financial sector are in bed with same politicians who claims they represent and work for the people.
17:17 "if these reports are true, we could be looking at genuine corruption within the US government" I roared with laughter. Boy that's the understatement of the century.
This is why news reports are stating that he is also getting ready to plead guilty. Those in the government who profited from his fraud need to shut this down as quickly as possible. They can't afford to have any of their dirty laundry coming out as a result of a pesky trial.
As a former director of compliance for a SEC registered Wall St firm I can emphatically state these little criminals would have been laughed out of the room during a first due diligence meeting. The shame is on every professional that was duped. Everyone of them.
Im with you, this is exactly why we have all the compliance requirements - reporting, accounting, auditing, disclosure ... all that boring but necessary stuff.
Those MIT degrees looked very impressive as did their brief work experience in the industry. Smart kids promising big profits is pretty intoxicating. Maybe the regulation for the crypto market needs to be more akin to how the gambling industry is regulated, not the financial industry. Not sure this is the right way forward, but crypto is still a scam and needs to be regulated as such.
Great video. You should do one video on personal investing. Maybe some ETFs or companies you invest in. Your research into companies would definitely be thorough!
Crypto is the most brilliant place to create these scams lmao Apparently there is no follow-up at all, and hacking is so commonplace, you can always hack yourself to siphon off a billion bux on the way out lmao
Must have been overwhelming and exhausting to make this episode. I waited all these days for this video before trying to engage with any FTX-related news or tweet - certain that nothing could be as thoroughly researched, skillfully structured, and simplified for my understanding. I feel like I just earned my two marshmallows. Excellent, Dagogo, and thank you very much.
@@anthonyreed480 the script he's reading is a "premeditated propaganda piece". Design to be released, in order to decieve the public. Krypto is a scam. Hook, line and sinker. They are making merchandise of men. Nothing more...
@@anthonyreed480 There’s value in that for a bunch of people. I do not care for him sharing his opinions and takes, though, and it’s why I generally avoid his videos.
FTX is a very good example of how little VC companies understand what they are doing and how foolish people are when it comes to tech related companies, as long as some storyteller is hyping them up. Thank you for sharing this awesome work 🙂
Also a very good example of how crypto always turns out to just be a scam of some kind, whether of the simple and obvious variety, or a breathtakingly elaborate contrivance.
@@wasd____ exactly I’m also thinking that all these companies somehow are connected with each other and are working together while putting up a show for us. I’ve never understood the hype around crypto.
This is without a doubt your best video ever. This was a lot to dissect and a very complex topic, that even "experts" continue to debate. Thank you for all the work you put into this!
Nope, he left out the part that Democrats taking money from FTX golden boy, and the tax payer money went into Ukraine and USA support for the Russian Ukraine war lol
The integration of Alemio Network with Layer-2, DeFi 2.0 tech and Cross-Chain interoperability has significant potential to enter top 100 cryptos. Well done!
Warren Buffett actually made a lot of sense and its a perfectly valid comparison. Everyone thought that SBF was cryptos white knight, but unbeknownst to them he was borrowing from customer funds and he was so overleveraged that when CZ dumped all of his token, he couldn't even come up with enough money to cover liquidity on his exchange (FTX). He was forced to admit that he was broke.
There hasn't been any second, within 10 years or so, spend on your channel that's didn't make me happy. Thanks for making us grow and keeping us aware of whatever has a deep impact on our world and societies!! You're an amazing person. Love from Belgium
"On her Tumblr, Caroline would state that the only acceptable polyamorous relationship should be in the form of a hierarchy....and there should be vicious struggles between the higher ranks. I have no comment." 💀That absolutely SENT ME
Alameda Research CEO Caroline Ellison has no experience in leading or running a multi-billion dollar company. Rather than learn to do her job, she posts messages about taking amphetamines and enjoying a competitive hierarchical structure of females in a polyamorous relationship. So instead of growing into her role, she prepared to be the top female dog (b!) in prison. Now, she only has to tell her prison guards that speed makes her horny and they'll bring it to her. She's set for life!
@BFG. I completely understand what your saying, my friend!! I think you ment to say billions.......instead of millions!! I was always pretty good at mathematics in grade school!! Montana Rick.
I think the most disturbing thing about this whole mess is how financial institutions can give such a high valuation with nothing to back it up both Sam himself and his "FTT" aren't worth billions of dollars but everybody just went along with it
Because there was short term money to be made. The terms "under the table", and "backroom deals" come to mind. The kind of terms that make governments start watching, and investors curious.
What's "Really" disturbing is how anyone can trust any kind of valuation given by a financial institution. I think back to the movie 'The Big Short' and the lack of credibility the financial institutions garnered.
I’m almost 31 years old & I feel like people will follow any TRENDING things & companie,media’s will follow it because,unlike average Joe,they got nothing to lose …..crypto currency’s are a good thing but,the past 3-4 years…they have been very risky & don’t forget multimillionaires …they got no issues if they lose couple millions…they hyping up crypto & dump it anytime ….
The ashkenazis always destroy their host from within Russia 🇷🇺 then through the Bolshevik Germany 🇩🇪 Now the USA 🇺🇸, the last host to fall From west Africa 🦅
Nothing serious will happen to them them have donated over 50 million dollars to the government. They will get a slap on the wrist and maybe have to pay back some money and that’s it. At the most they will get probation for five years
You can rest assured he has many $Millions hidden away somewhere. Its just a Ponzi scheme, major banks have been running it legally for years, nothing every happens to them.
What else are you supposed to say in a non judgmental way because all the best I have come up with is “I have no comment” because that sounds completely confusing and sounds completely unhinged compared to normal polyamorous relationships which I’m skeptical of myself
Imagine being as ugly as she is and believing that you're at the top of sex mountain and people should be fighting for mating rights, LoL. Gives you an idea of how out of touch with reality these people are.
Market declines, soaring inflation, a significant increase in interest rates by the Fed, and rising Treasury yields all point to additional losses for portfolios this quarter. How can I profit from the present market turbulence? I'm still debating whether to sell my $125,000 ETF/Growth Stock portfolio.
Concentrate on two main objectives. First, keep yourself safe by knowing when to sell stocks in order to limit losses and maximize gains. Second, get ready to benefit from market changes. I advise consulting a CFP or other professional for advice.
@@Erinmills98 My 401k growth has been stagnant since the 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could retire in 3 years.
he avoided going down democratic party ties in details. and tried to brush this off as 'well the other co ceo donated to republican party'. this ftx fiasco is democratic party's money laundering machine.
The best meme I saw about this whole FTX debacle was the surge protection power strip plugged into itself. Explained it pretty well with just one picture. 😂
This was very informative. To see a video game junkie and MIT graduate do this is hilarious and the video of Caroline is really unique. The whole event caused by a bunch of irresponsible airheads should land them in jail for years but probably won't due to their connections. 'Let the buyer beware' .
To honestly believe "irresponsible airheads" are responsible for this when you have players like WEF, Blackrock etc. Is extremely naive. More likely this is an evolution from Puppet to Scapegoat (edited for spelling)
@@DonLicuala But this had little-to-nothing to do with bitcoin, except that bitcoin likely got caught in the contagion fallout it created. Obviously I'm nitpicking and your points still stand. You are right, for sure. But come on, this stuff is not trivial to understand. Especially for the relatively young demo that were the bottom bag-holders who have no chance of recouping their losses.
Don't really comment that much, but wanted to let you know ive seen your content a fair amount over the years. Wanted to double down that this is probably your best work yet. Clear, concise and fantastic fact-based storytelling - even if the reality of it all is deeply saddening.
I'd recommend to read up a little more on ur own, he conveniently left out a few facts when it came to the corruption claims. not a word about how connected their parents are with the Dems. that Sam pledged a billion dollars to the Dems if Trump decided to run again. not a word about money laundry claims in Ukraine. not a word about the connection to the wannabe dictators of the WEF. personally I don't care what side of the isle you call home but making it look like "common broad political corruption" is just a blatant lie in this case. and I'm sure he knows that too.
I love this channel! The in-depth documentaries are fascinating and you don't even realise that you have just watched a 20min odd video as you are transfixed by yet another brilliant episode. Well done Dagogo and team! Your channel deserves the 3.85mil subscribers, and a lot, lot more.
For economics and tech ignoramuses (ignoramii?) who nonetheless have great interest in these topics, this channel is a godsend 🙏 well-written, great narration, clear visuals, no dodgy sound effects - all make it so easy to understand the info. Top one guys
Well done. All presentations should be 7 minutes or less. You get it. The 2-hour talk shows are inefficient and not prepared in the least. This kind of presentation is what people need. And you hit this one out of the park! Big cheers for that.
From the moment this story broke I kept refreshing CF's RUclips channel page to see if this video had dropped. What a greed-filled world we live in! I hope those responsible never get away with this.
I miss when massive financial crimes at least resulted in like, continental spanning railroad networks or massive steel industries. Today it's just financial crimes that produce literally nothing, while still having a ridiculously high negative impact on the environment.
I was the victim of a Craigslist scammer. It wiped out my savings and I was devastated for a while. It is not only the financial toll but also shame and embarrassment that I would let myself be taken advantage of in that way. My heart truly goes out to all these people. I hope they are able to move on from this.
@@tomcatymca and with that mindset you aren't going to live a very meaningful life... without investing I would've NEVER been able to get a 7 figure stock portfolio, and a 7 figure crypto portfolio. There's a difference between someone who chooses to engage in fraud, and something actually being a fraud.
Wish you the best. Actor Kevin Bacon had his entire investment portfolio managed by Bernie Madoff, and lost it. He got a few movie roles after that, but hate to see people get taken.
@A Z lmfao, yes they "crash" but it only breaks those that can't control their emotions... Inability to control ones emotions doesn't mean that money can't be made. No need to respond, you've told me enough about your financial education.
So well put together, informative, to the point and easy to understand. With regards to the subject matter, I wish people would heed Lynyrd Skynyrd more when they sing "Forget your lust for the rich man's gold. All that you need is in your soul". The world would be a better place for sure.
*His parents are BOTH LAWYERS with strong ties to the Democratic party? OF COARSE THEY ARE CROOKS! Keep your money AWAY from ALL Democratic / Lawyers!!!*
Three thoughts..... 1. This is a very well done video that gives a thorough explanation. Good job. 2. Everyone should be thrown in prison, but with those well placed donations/bribes, they'll probably get away with everything. 3. If you can't explain what a company does in two sentences, don't buy it, and NEVER invest in anything you don't understand.
Remember teranos? Medical company who scammed investers by faking lab results? I can explain in 2 sentences what was their main invention, it was blood tests from a single drop of blood. But it turns out that one drop of blood is not enough. And the image of ceo aka Steve Jobs in a skirt was enough to get people invest and lose money. So "understanding of a company strategy" is not a good investment advice. Its about luck and risk/reward
Also I love this book judgement analogy. He doesn't dress up in suits , plays LOL in meeting , drives corolla and these kind of things are psychology. Even Mark has changed his way of doing things. Your image matters a lot and if you can decieve people's version of you , You already won a bit.
They are not kids. They were 10 adults sleeping with each other, playing video games, partying and playing with customers money. Now on the other hand, even though they were irresponsible their political donations and other philanthropic dealings were very wise and cunning. Those donations are equivalent to a get out of jail free card for Sam.
@@davidwilliamson8502 We will see. He hasn't lost in court, yet. Lots of these people do the perp walk while tempers are hot and then when the sheep lose interest, they get their slap on the wrist. I think he'll probably get a slap on the wrist and then he can spend the rest of his life spending his hacked money. The one group of people that politician are loyal to is their rich donors.
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Guaranteed this whole story will be made into a movie one day.
Michael Lewis, the Moneyball writer, is already writing it and shopping the movie rights.
With someone like Jonah Hill as Sam
Not if it makes democrats look bad.
I expect they're already on it..
The dude who did the big short was following him doing something on him when this whole thing came out. Lol So yea FORSURE!
I really take issue with calling these people "kids"; it helps take away responsibility from them.
These are privileged and extremely well-educated adults in their late 20's and early 30's who should have known better.
Yes.. they did know better. They personally will not suffer any consequences.
Well, with the scale of it, they can be called kids as in these people are way inexperienced and you shouldn't have trusted them. Not in the context you mentioned
To me a term like "degenerate kids" reeks of envy - turning to vindictive joy at FTX's collapse.
💯
@Parsa .... SOOOO AGREE!!!! Theirs parents should go down as well.
Michael Lewis, the guy who wrote The Big Short, was _already_ planning to write about Sam Bankman-Fried, and _already_ shadowing him, even _before_ the collapse. He was deeply embedded in it all and got a front row seat to the entire thing. He's now writing the book and there will be a movie. The world moves so fast now.
it’s cool to think that tbh this video could be seen by him as part of his research for the book 😗
Not much to write there. The currencies we already know (US$, €, ¥...) mostly (90%) aren't backed by products nor services...so how could new currencies be that are being bought with these old currencies?
From what I’ve heard, the book was sucking him off, so he may need to revise a few chapters
@@itisdone9276 >>> so Sam does what all currency/fiat creaters do......how come THEY get away with it? && he doesn"t ??
Yeah, we know. They explained that at the beginning, remember?
Everyone be like "Oh he so humble he drives a Corolla!" and yet no one stopped to consider for a second whether he maybe, JUST MAYBE, had more than one car and that this was just the one he drove to work for publicity. The fact they kept calling him humble and low key when the guy owned and lived on luxury properties in the Bahamas is insane 🤣
Another example of how when the poor do it it’s trashy but when the rich do it’s classy 🙄
Perhaps people are a bit too gullible to realize that you're controlling what you put on social media. If you can do it, so can they.
@@universallyadored5785 it's like that movie 8 Mile when he gets made when he was pretending to be this poor gangster crook like everyone else but ends up being some dude from a private school whose parents are still married.
Wait did his mom really not take the last name of the husband? and he took both their names Bankman Fried? Lol, that'd be the most liberal thing I've ever heard hahahah
😂
It's crazy how so many of these companies exist to basically just move money around and they call it adding "value"
Yup!!
Its basically all economics is. Moving money around.
@@chrismuratore4451 I disagree with that statement, if you say that's what finance companies have become then I'd be inclined to agree. Economics also involves construction, manufacturing etc. Tangible assess exist. People just don't want those cause return on investment is slow and not large
The UK is an entire country doing this!!
@@jimmy2die absolutely correct
I'm 36 and this kind of thing has happened at least 6 times since I've been an adult. If it sounds too good to be true, it probably is.
Once in a generation…
It's funny how we're literally going through the exact same stuff as in the early days of finance, all over again. And yet people don't see the warning signs and keep falling for these pump-and-dump schemes.
Agree, but also this shit with FTX should not happened if they were sticking to the FTX service without fucking around with Alameda
We Work...comes to my mind and a bunch of crypto...what else Miss Cherry?
The entire country of Albania was nerfed by a pyramid scheme. I remember that one. And the world economy was nerfed by the 2018 USA property scam.
"The group of young misfits kept high level management in the dark" No, they were the high level management. Caroline was the CEO so saying they kept high level management in the dark is ridiculous.
They are all narcissist. Sam gave them that title because they would do whatever he said and it inflated their narcissist ego. He also new his girlfriend wouldn't go against him but anyone going against him
@@danielleburke87 Not everyone who does a bad thing is cluster B. Just look at the Stanford prison experiment.
Housing crisis, health crisis, financial crisis, cost of living crisis, debt crisis, inflation crisis, Middle East crisis. How many crises can we endure? As I approach retirement with a solid financial cushion, I'm anxious about a potential banking crisis. Is private equity a good option to grow my money securely?
I would advise the counsel of a seasoned financial pro. It may be expensive, but as the old saying goes "You get what you pay for." "Expert solutions require Expert providers" - my mantra.
Truth is, investing with the help of a financial advisor set me up for life, retired as a millionaire at 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually. But if it wasn't for 2020 covid lockdown, I wouldn't have supplemented my income with stocks and alternative investments.
I've worked in real estate for over 25 years and have neglected a major stock portfolio, however I need a different plan now... mind if I look up the professional guiding you please?
Sure you can! Judith Lynn Staufer is the financial advisor I work with. Just search the name. You’ll find necessary details to work with to set up an appointment.
Found her profile online and reviewed her credentials. She has a lot of relevant experience. Thanks for sharing her information! I've already sent her an email to get in touch.
Craziest part is that this is potentially the biggest financial heist ever and isn’t getting covered by the media or getting very poor coverage.
well you know that's because they all go to the same synagogue
@@tonycaniggia it's a "coincidence"
Democrats un most of the media... the very large donations went to ... which party?? Oh yea, Democrat party... totally not a reason it wouldn't be covered by the media.
nah the biggest financial heist is still the Malaysian 1MDB. Funnily enough part of the heist was used to sponsor The Wolf of Wall Street.
Because MSM is useless propaganda arm for Democrats. Independent journalism is the future.
Having politicly connected and legally savvy parents were a key factor in his ability to rise to the point he did. He needs to be in prison for the damage he has done to people's finances.
Oh yeah ..but we the real people know justice is totally blindfolded now...in 2021. There is no. Empathy for poor disenfranchised humans except to kill them. With boo weapons.
And so should those banks during the Great Recession but they did not. They were even allowed to keep their bonuses.
Sounds similar to Gill Bates
WHAT EXACTLY does CRYPTO do/is???? These are questions I've asked myself over n over again...logic tells me stay away, quick rich scheme. I know, I know it's the future; Just can't see the horizon with Crypto. A real shame because they have real cute tokens.
@@olguiq1013 crypto is a gamble. You buy crypto in hope you can sell it later for more.
You know when you’ve made it onto a ColdFusion documentary you are well and truly in trouble
Nah, unlike with other frauds Bankman is Democrat Jewish mafia. He will not see a day in jail and actually will get the rights to a movie or a book deal.
oh he's in very very serious trouble. He is not just very deep into debts now, but also a lot of the stuff he did is straight up criminal. So i.e. he is poor and will be in prison soon.
If you're on Cold Fusion, either you did something really good, or really bad. In this case, well, it depends on how you feel about Crypto.
Facts!
@@HeavyMetalGamingHD he's fooked
Your content is great, music is great. Ty
As an engineer, I always had trouble comprehending the fundamentals of high level finance/banking and crypto. It all seemed like a mess of redundant definitions and convoluted mathematical functions.
Turns out there was little to comprehend as it's all wishy washy accounting tricks and old fashioned fraud, and most people involved at the top level understands nothing of what is going on at any given point in time.
It's a shame and deeply unfair that the real economy of tangible production, which has to play by physical laws, is held hostage by all these financial Ponzi schemes which follow none.
you explain it well. I always think that i am the stupid one that don't understand cryto. I think they are like doctors using big medical term to confuse people, most of the time people don't ask because that make them look stupid.
As an engineer myself, I would have to agree with your statement
It is hard for honest people to believe how dishonest people can be and vice versa. Sooner or later people will realize everyone's brain is different and some people truly enjoy cheating others.
Don't forget the politicians
I half thought I was dumb, but also thought it had to be BS. And also, I'm 32 and sometimes feel genuine anxiety over something I did/said 10 years ago, yesterday, an hour ago (joke)... how do people just LIE LIE LIE with no remorse? I'm almost jealous.
Bro, you're ability to research and then pump out well-researched content in such a short time is unmatched. My latest documentary on Wall Street took about a month of research. I've been following the FTX situation and it's absolutely insane. Great video.
*your
@Sat i just subscribed to your channel bro
@@user-ds3ju2kx7s Thank you the kind words mean a lot.
@@EnergyEgypt Ah sheeiittt man you got me.
For those of you interested in watching the scam world of crypto (which I saw a lot of this information posted on) check out the r/buttcoin subreddit.
It really is quite simple. Anyone who goes out of thier way to TELL you what a wonderful person they are is a horrible person.
Thank you.
So true.
Like Trump or Elon?
@@NoDJT There are many. A sure bet is anyone who self describes as an empath.
@@NoDJT you mean Biden ?
Sam shouldn’t be the only one going to jail. All his buddies went for plea deals and yet they’re just as culpable
Welcome to murrica, where the rich don't have laws or rules applied to them
And then there's his parents.
You'd think, though, that people would have learned by now not to invest ALL of their savings or put all of their investment money in one basket. Watching a couple of seasons of "American Greed" should be enough for anyone to figure that out. People are pissed but who was the one who gave him/them the money? Don't trust anyone.
The wolves need a corpse to feed on so it will be Sam as he was the face of the company
@@sidstovell2177 Single parent kids!
Thanks for doing the work that our mass media should be doing.
I’m starting to understand this story… and it’s the craziest thing I’ve ever heard
Sadly mainstream media won't report it due to politics UNLESS the pressure against them is heavy..
Coinheads are the only ones who care. Those who are not involved could not care a less.
The mass media is doing exactly what they are intended to do, smoke, mirrors and pit the working middle class against each other.
The mainstream media has been complicit and covering for FTX/Democrat Party - go figure.
Dudes invented their own exchanges, currencies, tied people’s real money to it, told everyone they shouldn’t be regulated cuz that’s the sense of this game and the whole world was just standing and watching this sandbox saying oooohhh look at them, so nice, kids are growing so fast… Like WTF?!
The whole world? 🤔 Nah.
is this the story of the federal reserve?
once crypto is regulated it stops being useful.
It should stay unregulated and dumb should lose their money. There is nothing really I love more than seeing coins tank and people crying about it.
Right! I think Dagogo nailed it when he said the investors were drunk on the idea of making millions of dollars. You'd think those folks wouldn't be subject to gambling fever, but there it is!
@@wowthatsdeepman yes it is. only difference is the fed reserve has the american tax payer system backing it. LOL but yes its the same premise
How could people fall for this man, he looks like the comic relief in a movie
That’s why. Our society has the erroneous belief that geniuses always look disheveled or odd.
Same way they fell for Elizabeth Holmes.
@demolazer yeah but I feel like she played more on people's emotions making them think she's trying to take care of them, but come on we gotta think and understand that a machine the size of a printer can't analyze blood like state of the art real equipment.
American
His girlfriend isn't a beauty either.
Kinda crazy he got to walk with a light sentence, 25 years, most likely sent to a country club style “prison” to play tennis, and will probably serve only 10 years due to “good behavior” or be paroled, the system justice can be a joke sometimes.
One of the most important channels on RUclips, breaking down the corruption of the financial world as the complicit corporate media industry would never have you understand. Thank you for your work!!
may I add "...and political parties (plural)" please?
This video is recycling the real work of the media, and leaves behind tons of important info. Besides, if this channel really exposed fraud or was not complicit as you claim, why has it not said anything before the scandal broke out and made global headlines???
@@marcrodet4900 Lmao point to a single corporate liberal media article that lays out SBF’s fraudulent conduct so comprehensively/clearly as this video, instead of nearly all that portray him as the “unlucky prodigy who was screwed by extenuating circumstances”-who given SBF’s extensive network of democrat stakeholders, I’m sure had motivation.
And why would this channel only cover it now? Maybe because this channel’s focus isn’t crypto, and even within crypto a minority of citizen journalists were suspicious of FTX’s legitimacy before the story broke. Their fraud was protected behind closed doors until it was blown open for all to see, and honestly this channel did a fantastic job of piecing it all together in the short time they had. Go find a corner to cry in.
Yes, it's easy to be general after battle...
@@CroatiainPeru Even watchdog journalists within crypto lacked visibility to what was occurring behind closed doors at FTX, that this channel got caught up and delivered the most comprehensive coverage of the event within a week of the news breaking, despite other outlets still writing puff pieces about it, is significant.
I think I speak for everyone that we were dying for this episode. A miserable story done by the most slick channel on RUclips. Thanks CF.
That Caroline chick is god damn hideous
Nothing but the truth
Truth
I was literally dying hearing this "CEO" talk about sexual hierarchies.
There's a lot more going on under the surface...
This is an attack on ALL traditional crypto currency in general. This is about discrediting and destroying that market and replacing it with CBDCs (Central Bank Digital Currency). Big finance and all major governments believe CBDCs are the future because they can be monitored, tracked, manipulated and controlled.
So they will use the FTX failure as an excuse to impose widespread regulations on ALL types of Crypto, to ultimately bring them closer to their desired goal of a Global CBDC economy that's under their complete control.
As a trained auditor, we learned that you should never entrust your hard earned money to a CEO or any Head of a company whose lifestyle is extravagant and lavish. Sam Bankman Fried lived in a $30 million mansion at the Bahamas and regularly partied with his friends and lovers. That's a dead giveaway to stay away from this guy and not to invest your money with him. Kudos and thanks for this informative video.
What a great name for a conman. Bankman Fried. In rhyming slang bankers means wankers and this guy fried everybody he came in contact with and left them with burnt offerings.
Didn't he drive a Toyota Carolla to virtue signal?
He portrayed frugal life style.
He lived a relatively frugal life. The Bahamas was for side stepping regulation.
@@jameskresl there is a difference between 20 billion in crypto and 200 billion company stock with visible products.
Dude, love the track! I am definitely a new fan who looks forward to perusing your discography in depth. Keep that music coming my friend as talent like yours should never lie idle for too long. Oh, and this video was very well done too. Stay Golden!
Medieval alchemists convinced people that they could convert base metals into gold. Their modern counterparts are still at it.
Exactly! The entire financial system is modern alchemy.
To be fair, the original alchemists actually ended up discovering a lot about the fundamentals of chemistry and the properties of materials. They laid some of the foundations of the scientific method and all of modern science. Their modern counterparts? They produce nothing of value, not even by accident. (Well, other than a cautionary fable about the value of skepticism, I guess.)
@@jasonbourneistreadstone
No... money is time, nothing more nothing less. Money is the value you recibe for your time.
Piramidal scams are not the steping stone of modern economy, time and knowledge are... but idiots who think they can get rich with little effort will never go extinct, and they are the ones that fuel these "businesses", despite many experts; Buffet, Cuban, Icahn, Gates among many others saying it was a scam. Many of them got in it, won and sold, and are laughing their asses thinking what a bunch of idiots the plebeians are.
It is not modern economy, this has happened many times... credit crisis of 1772, The tulip mania, the 1929 crisis, .com, etc. Etc.
Or buying a pixel from an ugly photo.
Want to win money? observe the last "magic way" to become rich, get in early, sell when you double or triple your money and watch from afar, because the bubble will pop sooner than later, when the whales start selling.
Didn't get rich... but crypto paid my vacations in europe, hope the fool that bought them in the end didn't lose to much money if he has a family, but sorry everyone warned him.
ALL crypto is identical to Dutch Tulip Mania. Except this time the suckers will get nothing, not even a single worthless, useless tulip bulb.
@@indrapratama7668 Absolutely! I just checked the price of BTC again. People said base support was 20k just a few weeks ago. It's now 16K. High was 65K just a couple years ago, or less. And it's still dropping. If you didn't sell at $60k, you're a greedy sod and deserve what you get.
The reason why you are the GOAT is that you create a relaxed tone to digest heavy information. You also make it easier to follow a story. Instead of watching 13 videos to piece together what's going on, you can come here and know you are getting the full picture. I have to say that the music you use is beautiful and that I highly appreciate how low it is. It is so annoying when the music is at the same volume as the speaker. Great work as always!!
now that really encapsulates what i like about this channela s well
Well said 👍🏾
It is his own music he uses!
I’m watching this again bro. This is one of my favourite uploads from you. The lack of moral compasses is astonishing and still blows me away today. Well done for the work you put into covering this modern day crime.
I heard his interview yesterday. They asked him if he transferred assets illegally. He asked, "do you mean actual assets, or the balances showed in an account". As an old school Wharton accounting student, I nearly smashed my cell phone.
Right?! And in another interview he spewed some crap about how he could not account for $$ investments from customers because tracking a dollar through so many transactions is impossible to do
Like a kavanaugh hearing. 🙄
🤣🤣🤣🤣
I thought blockchain technology was designed to prevent exactly what FTX did.
@@poppatoot what FTX did was old school embezzling. I think it was possible because its an exchange so people sent FTX actual $$ for tokens. He didnt steal bitcoins from the blockchain. Instead he rerouted actual dollars from a bank account.
1. I think this was the first time I heard you say "I have no comment about that" and it was HILARIOUS!
2. Thanks for putting this video together (like your others). You have a great way of creating a story without all of the drama and one-sided attitude that we see in spaces like Twitter.
So, if CF hadn't said that he had no comment, I wouldn't be curious but now I ask. Why? Why no comment? Now I want to know the thoughts.
I laughed too!
I laughed out loud when he said that 😂
That no comment line was LOUD
I think its 4:31. He's not commenting maybe because its their personal life choice n has nothing to do with finance or he is completely disgusted by the idea of the statement tht doesn't wana entertain that further
Much more in-depth than I thought, Coldfusion does it again.
Always excellent Cold Fusion.
I completely agree. Fantastic video 🎉
We only see the tip of the iceberg for AMC GME incident. More corruption is involved in illegally shorting these stock out of thin air.
I guess none of the investors watched Tomorrow Never Dies.
Guptas law of creative anomalies clearly states:
"If something's too good to be true, it probably isn't."
That guy went from zero to sixty in no time and nobody asked why. Everyone who invested deserved their loss.
yeah man this is crazy, this is gonna be a tragic movie one day like the wolf of wall street ... I can't believe millions of Americans & people around the world lost their money from this guy
These are grown adults that made choices that they know was wrong hence tryed to hide them. Grown people need to be held accountable.
Dude, you are the man. This is better than CNBC or many of those financial channels on TV.
all those channels do is lie and rig elections , rig wars and rig pandemics
n n
For sure! Would love to see this video on public media instead of the bullshit they are presenting :D
@@90.5wfam8 0
The SEC possible corruption is the most concerning. If it is true, they too need to go to jail for obvious conflict of interest that resulted in customer losses.
This should be top comment. The SEC is arguably the most important regulatory agencies given how dreadful financial crises are for those least equipped to handle them.
Possible? Hahaha
Blatant*
Buddy it's so well known that even Family Guy joked about it lmao
Possible corruption? 2 yr non case against XRP but blatant corruption ignored because of family ties. SEC needs to be sacked and jailed from the top down.
This is the best breakdown i've seen. 1000x better than any MSM article.
I still don’t think this Aussie clown understands this stuff either.
I agree! This sums up the entire story perfectly.
By long shot... I'd trust this video more than most (or all) MSM
Lies again? Remember The Name Gillette Fusion
MSM doesn't have 30 minutes to discuss all of this
I guess "believe nothing what you hear and hald of what you see" is valid here especially since sooo few people saw the fall coming.
For someone who knows nothing about the crooked financial world, I understood this video well. You are a good teacher. Thank you
You said it.
yup. sharing this with grandma to bring her up to speed.
@Cunny Funt what is? to be a crook? yeah, it is.
I'm 30, and I lost a fiver the other day. It was equally financially devastating relative to the scope of the impact.
Either way it’s a massive loss percentage wise 😅
Losing I fiver is a lot when you consider the huge sandwich i buy and eat over 2-3 days cost 8
Well, at least you don't lose someone else money, therefore no jail time
Don't worry Brandon lost you 2.50$ long before you lost your 5$ note.
THANK YOU! Somebody here who can put billionairies and their stupid dollar signs into a Real value the people can relate to!
The herd mentality is strong - people fear “missing out”. Well, apparently there are some things that are worth missing out on - like losing all your money. The most chilling part of this video (at least for myself) is the lost money from the Ontario Pension Fund. As someone also enrolled in a pension fund, it is frightening to consider that my own contributions could be mismanaged by proxy. Maybe foundational principles should beat out the desire to acquire.
What's hilarious is that all the commercials ftx was running were based on the principle of "do it now or miss out on the future." The irony to me is off the charts, seeing as how those commercials were running like 6 months ago. The whole entire herd got scammed.
Perhaps people would've been wise to heed Larry David's caution that he expressed in his FTX ad...
When the FTX huckster asked him if he felt he should get in now, his response?
"Ehhh, I don't think so..."
Perhaps the only honest line in ANY of those ads...😅
@@ricky-sanchez They had adverts?
@@Bad_guys_die_last They ran all over RUclips, on the side of buses, buildings, radio, everything. The thing about it is that the average human being didn't really understand what the product was. Looked like some kind of tech mumbo jumbo. But crypto was mentioned in all ads. Only after watching this video did I finally figure out what those commercials were about.
@Learn Tech Frank - The churches got taken also as they were moving away from the bad publicity of pay-day lenders, (like Wonga etc). The pension fund in Canada got taken as you said.
Robert Maxwell (Czechoslovakian turned British ‘tycoon’, his daughter Ghislaine is in jail on unrelated matters) done the same decades ago. Baffling it is still going on.
The kid in this documentary has obviously looped back a chunk of loot to themselves. The politics thing could scotch it, or pull down the politics charade. Both sides - which is the same sides really.
The govt shut down the mafia to take their place. Finance regulators are ‘3 sheets to the wind’ as well, in practise and morally.
Columbian cocaine baron Pablo Escobar spent $2,000 per month on rubber bands. That is a more statistically reliable metric to go by than invisible vouchers or ‘tokens’.
I am from Glasgow, and am just putting Balmoral Castle up for sale. One careful owner, the other 9 couldn’t care less. Cash offers only please - non consecutive used bills. Must feed several corgis in the outhouse up until they pop their Reeboks.
As the old saying goes, those who fail to learn from history are doomed to repeat it. There will always be an Icarus attempting to fly too close to the sun on waxed wings.
This is the most complete telling of this story so far. Well done, Cold Fusion
Your journalistic style is really quite interesting. You break down these case studies in a way that implies they are part of a well established historical record, but actually it happened just the other week. You've managed to detach your videos from the news cycle and create a timeless/evergreen video format, very smart.
Agreed..
This comment made me think... you mean he is actually taking things out of context? What do you mean by detach from news cycle? To me its obvious this is all quite recent and up to date. Genuinely interested, feel like I don't get your point
@@cherylmcgowan9623 news cycle wtf News where? Journalists are controlled opposition from those opposed to politics or archonic invaders..feeding from this farm before the farmer
@@Flightcoach Detach it from the narrative in the new cycle. In a positive way, it means Cold Fusion sees the bigger picture. In a negative way, it means warping the story.
@@Flightcoach it has a somewhat historical feel to it. If you know about it then yeah you know it happened more or less a week ago. But for many this feels like telling the storey of enron or some other historical event
I've been trying to understand the FTX situation for days and this video is the most comprehensive, understandable, well structured video I've seen about the situation. Your videos are awesome, please continue making them! :)
☝️☝️ thanks for your feedback. Tell Max Thomas, my trusted investment broker, I recommended you for a life changing investment opportunity, I recommended
him💯....
FTX was funded and created by the world economic forum and davos to stop the "freedom" (without paying taxes) to purchase items it was ftx was also a ponzi scam and they were laundering money. The democratic were laundering money from uktaine into ftx back to democratic party.
3.7 million followers and the compensation RUclips pays him as a result is enough motivation to keep making these fascinating videos.
It's easy to understand. look up Ponzi scheme. The whole of cryptocurrency is just that.
I know I love these people they rock
This was an excellent video. It helped me put some order into all of that FTX chaos. “Thank You!”
How could any professional business person take their "CEO" seriously at all. The moment she opened her mouth was a clear bad sign. It's insane.
@@Addictedtoyoutube9 Only Jewish looking? The lot of them were echobergs! Every. Single. Time.
@E Billionaire ... Cd: c4yt7 set Mark set launch 6
Maybe that is what it was all about. And those glasses very sexy.
@e billionaire really dude 'jewish looking'? That's all it took?
i mean based on his last name its reasonable
It's worth noting that $23 billion in 2001 is worth over $38 billion today. Adjusted for inflation, FTX's losses still far exceed Enron's.
Good analysis. It's just one scam after another, bubble after bubble. Bigger and bigger as they go as well.
People never learn.. The financial industry is not to be trusted. Ever.
Mind blowing…
The democrats and ukrainian mafia thank them for their money.
10% for brandon!!!
I’m not doubting the mind blowing scale, but I’m wondering what part of that amount reflects the value of the crypto tokens FTT and Serum, or could essentially be treated as a wash between all the various related party entities. What a mess
Enron and their cronies were way cooler than this nerd and his brothel tho 🤷🏻♂️
1000% agree with the end. It's sad that people used this space as an escape from the issues that caused 2008 and in the end its those same people getting screwed over in almost the exact same way.
Sadly, there is no escape from financial meltdowns. Every time a new financial instrument becomes a sure thing, people find ways to cheat.
@@erdelegy uwuwuwuwuwuwuwuwueeuuwww
see zed
Fool me once, shame on you. Fool me twice...maybe I should stop yoloing my life savings to people promising 10x returns in short time frames
To quote Dan Olson on this, “the problem is what people are doing to each other, not that the building they’re doing it in has the word bank on it”. Crypto doesn’t fundamentally fix any of the problems that caused 2008, because those are human problems. So it just became the new means by which the same old things are done.
Great episode.
The javascript in the background at 13:33 used to show “wow code” made me laugh though 😅
The real shock is how talented the guy who manages this channel is
Best comment I've read on this video xD
FTX is 2022 Merca😂😂
yeah i was like you do music too?! ending video transitions were as sick as the music.
This issue was very well developed. Optimal work, ColdFusion. Gratitude for the information.
SBF didn’t loose $16B, the people who invested with him lost.
So they both lost?
No shit Sherlock. People lost it because he lost it. The story isnt about his personal bank account lmao. This went over your head
People who trusted him and FTX lost their investment due to a false pretense and promises due to no regulations. He created an infinite money glitch thinking no one will catch on to it on top of heavily marketing and influencing in order to gain legitimacy. CZ from binance just exposed the shady business and won the battle
@@henrylam92 FTX was regulated. All centralized exchanges are.
Not that Jew lost their money that's what happened 🤬
Thanks!
It's hart breaking where we live in a world where homelessness is rife and families struggling to feed themselves but con artist in the financial sector are in bed with same politicians who claims they represent and work for the people.
17:17 "if these reports are true, we could be looking at genuine corruption within the US government" I roared with laughter. Boy that's the understatement of the century.
This is why news reports are stating that he is also getting ready to plead guilty. Those in the government who profited from his fraud need to shut this down as quickly as possible. They can't afford to have any of their dirty laundry coming out as a result of a pesky trial.
I’m other news the sky is blue and water is wet
Corruption in the US government, noooooooo sarcasm
And what has came of it so far? Nothing right
You mean that Biden and the Democraps are corrupted ??? 😁
Crazy how fast you can produce such in depth documentaries.
I think he had this one all ready to roll for a while now. The writing was on the wall.
he just resaid what has been already said by many ppl before him days ago literraly nothing new it's been a week i don't call that fast
@@drissalaoui9674 you clearly have never created a video before
@@drissalaoui9674 Exactly „some days“ is a major issue to produce such content. Try on your own, then report… 😂
He’s in on it. /s
As a former director of compliance for a SEC registered Wall St firm I can emphatically state these little criminals would have been laughed out of the room during a first due diligence meeting. The shame is on every professional that was duped. Everyone of them.
I am just an amateur investor but I would never ever sign up and send money to a broker/exchange in the Bahamas. You've got to be kidding.
Black rock, WEF and more big names?? No way they weren’t implicit imo
Pft bs. The SEC is in bed with Wall Street. These "little criminals" will get off with little more than a slap on the wrist.
Im with you, this is exactly why we have all the compliance requirements - reporting, accounting, auditing, disclosure ... all that boring but necessary stuff.
Those MIT degrees looked very impressive as did their brief work experience in the industry. Smart kids promising big profits is pretty intoxicating. Maybe the regulation for the crypto market needs to be more akin to how the gambling industry is regulated, not the financial industry. Not sure this is the right way forward, but crypto is still a scam and needs to be regulated as such.
Great video. You should do one video on personal investing. Maybe some ETFs or companies you invest in. Your research into companies would definitely be thorough!
26:38 the best explanation of what happened and how that I've heard. Good job Saylor.
How did you put this together so quickly? This is very well made. Oh, and of course SBF hacked himself.
Crypto is the most brilliant place to create these scams lmao Apparently there is no follow-up at all, and hacking is so commonplace, you can always hack yourself to siphon off a billion bux on the way out lmao
Epstein didn't kill himself. SBF hacked himself.
When something is too good to be true then something fishy is going on this has been going on for a while it just didn’t happen a few weeks ago
The Hack is coming from inside the house!!
Its confirmed the Bahamian SEC ordered him to hack the exchange....insane!
Must have been overwhelming and exhausting to make this episode. I waited all these days for this video before trying to engage with any FTX-related news or tweet - certain that nothing could be as thoroughly researched, skillfully structured, and simplified for my understanding. I feel like I just earned my two marshmallows. Excellent, Dagogo, and thank you very much.
Huh? He's basically reading a conglomeration of news articles in a monotone 🤣
@@anthonyreed480 the script he's reading is a "premeditated propaganda piece". Design to be released, in order to decieve the public.
Krypto is a scam. Hook, line and sinker. They are making merchandise of men. Nothing more...
@@anthonyreed480 While you are correct, he at least compiled them all, so i don't have to look for them myself.
@@anthonyreed480 There’s value in that for a bunch of people. I do not care for him sharing his opinions and takes, though, and it’s why I generally avoid his videos.
FTX is a very good example of how little VC companies understand what they are doing and how foolish people are when it comes to tech related companies, as long as some storyteller is hyping them up.
Thank you for sharing this awesome work 🙂
They know exactly what they are doing
"storyteller", yup.
Unkempt looking founder with political connections operating in an industry that contains all of the latest buzzwords? TAKE MY (clients') MONEY!!!
Also a very good example of how crypto always turns out to just be a scam of some kind, whether of the simple and obvious variety, or a breathtakingly elaborate contrivance.
@@wasd____ exactly I’m also thinking that all these companies somehow are connected with each other and are working together while putting up a show for us. I’ve never understood the hype around crypto.
This is without a doubt your best video ever. This was a lot to dissect and a very complex topic, that even "experts" continue to debate. Thank you for all the work you put into this!
It is amazing how fast you guys made this. You did not leave anything out. Truly amazing production team!
Absolutely!
Nope, he left out the part that Democrats taking money from FTX golden boy, and the tax payer money went into Ukraine and USA support for the Russian Ukraine war lol
The integration of Alemio Network with Layer-2, DeFi 2.0 tech and Cross-Chain interoperability has significant potential to enter top 100 cryptos. Well done!
As Warren Buffett once famously said: "Only when the tide goes out do you discover who's been swimming naked."
The tide had just gone out.🤷♂
That's..... a weird ass comparison
why would any sane person say that
Warren Buffett actually made a lot of sense and its a perfectly valid comparison. Everyone thought that SBF was cryptos white knight, but unbeknownst to them he was borrowing from customer funds and he was so overleveraged that when CZ dumped all of his token, he couldn't even come up with enough money to cover liquidity on his exchange (FTX). He was forced to admit that he was broke.
You think this is the only one? Tide has a lot further to recede on the crypto space.
Makes perfect fucking sense to me.
There hasn't been any second, within 10 years or so, spend on your channel that's didn't make me happy. Thanks for making us grow and keeping us aware of whatever has a deep impact on our world and societies!! You're an amazing person. Love from Belgium
It's hard to be happy thinking at people loosing all their money.
"On her Tumblr, Caroline would state that the only acceptable polyamorous relationship should be in the form of a hierarchy....and there should be vicious struggles between the higher ranks. I have no comment." 💀That absolutely SENT ME
She looked like a fucking goblin lmao
One of the most epic statements in the entire video 🤣🤣🤣
In a word, it was not a company but a sect.
Alameda Research CEO Caroline Ellison has no experience in leading or running a multi-billion dollar company. Rather than learn to do her job, she posts messages about taking amphetamines and enjoying a competitive hierarchical structure of females in a polyamorous relationship. So instead of growing into her role, she prepared to be the top female dog (b!) in prison. Now, she only has to tell her prison guards that speed makes her horny and they'll bring it to her. She's set for life!
As the excerpt in the video says, it’s an “Imperial Chinese harem”.
Thanks for your analysis Sami. I'll take into account your analysis and weight them with my own.
Sam didn’t lose all of his fortune. I guarantee he has hidden hundreds of millions.
I lost my whole retirement of 400k with ftx, I CANT RETIRE.
@@blanketyblank604 the safest place for him may be prison.
inb4 he's the "hacker"
@BFG. I completely understand what your saying, my friend!! I think you ment to say billions.......instead of millions!! I was always pretty good at mathematics in grade school!! Montana Rick.
And the Democrats still love him only because of all the money he donated to them
I think the most disturbing thing about this whole mess is how financial institutions can give such a high valuation with nothing to back it up both Sam himself and his "FTT" aren't worth billions of dollars but everybody just went along with it
Because there was short term money to be made. The terms "under the table", and "backroom deals" come to mind. The kind of terms that make governments start watching, and investors curious.
What's "Really" disturbing is how anyone can trust any kind of valuation given by a financial institution. I think back to the movie 'The Big Short' and the lack of credibility the financial institutions garnered.
@@ricky-sanchez governments only start watching because that's their scam and they want a piece of the action
I’m almost 31 years old & I feel like people will follow any TRENDING things & companie,media’s will follow it because,unlike average Joe,they got nothing to lose …..crypto currency’s are a good thing but,the past 3-4 years…they have been very risky & don’t forget multimillionaires …they got no issues if they lose couple millions…they hyping up crypto & dump it anytime ….
They were in on it
We all knew Dagogo was doing his thorough research as usual and we were patiently waiting
That's my wait exactly
They don’t keep high level management in the dark they was high level management 🤣🤣😂
Greed knows no bounds. Awesome video as always.
And he donated to democrats who try to portray republicans as the party of greed.
As soon as this happened, I was already expecting a ColdFusion episode.
Likewise
A hard lesson in self-custody. These guys deserve hard time for what they have done!
The ashkenazis always destroy their host from within
Russia 🇷🇺 then through the Bolshevik
Germany 🇩🇪
Now the USA 🇺🇸, the last host to fall
From west Africa
🦅
And everyone connected to their scam including the politicians.
Nothing serious will happen to them them have donated over 50 million dollars to the government. They will get a slap on the wrist and maybe have to pay back some money and that’s it. At the most they will get probation for five years
You can rest assured he has many $Millions hidden away somewhere. Its just a Ponzi scheme, major banks have been running it legally for years, nothing every happens to them.
Capital punishment would be a better sentence and would serve as a harsh warning against any such corruption in the future.
Great coverage of the FTX saga and great music too!
I swear Softbank has refined & perfected the art of investing in companies that are going to fail.
its quite unfortunate, they have not gone under themselves. we need less of these crazy mega vc firms ruining the world.
It's a miracle they have anything left after all the stupid "investments" they've made.
It's because Son got lucky and now we're beginning to see he's not as clever as he seems.
Masa is real time gambler
Caroline: “A vicious power struggle for a polyamorous relationship”
CF: “I have no comment” had me dying 😂
What else are you supposed to say in a non judgmental way because all the best I have come up with is “I have no comment” because that sounds completely confusing and sounds completely unhinged compared to normal polyamorous relationships which I’m skeptical of myself
I have a comment: WTF
🤣🤣🤣
Imagine being as ugly as she is and believing that you're at the top of sex mountain and people should be fighting for mating rights, LoL. Gives you an idea of how out of touch with reality these people are.
Yeah... Sick... An ugly girl with a powerful dad ending in that position... Not really surprising, but sad. Especially sad that it went on so long...
Great video production, released so quickly it’s like watching the nightly news. Congrats and thank you for the hard work.
Market declines, soaring inflation, a significant increase in interest rates by the Fed, and rising Treasury yields all point to additional losses for portfolios this quarter. How can I profit from the present market turbulence? I'm still debating whether to sell my $125,000 ETF/Growth Stock portfolio.
Concentrate on two main objectives. First, keep yourself safe by knowing when to sell stocks in order to limit losses and maximize gains. Second, get ready to benefit from market changes. I advise consulting a CFP or other professional for advice.
@@Erinmills98 My 401k growth has been stagnant since the 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could retire in 3 years.
@@Erinmills98 Thanks for the clue, I will reach out to her.
Another fantastic episode Dagogo. You're becoming my go-to for indepth retrospections on fraud and corruption in the finance space
You’re the first to put this together so clearly. I’m looking forward to seeing what else you uncover. Thanks for this incredible documentary!
Nothing. they investigated themselves and found no wrong doing..
he avoided going down democratic party ties in details. and tried to brush this off as 'well the other co ceo donated to republican party'. this ftx fiasco is democratic party's money laundering machine.
watch reallygraceful, she also did an excellent in depth expose
THANKS FOR WATCHING,
SEND US A TEXT ON WHATSAPP
The best meme I saw about this whole FTX debacle was the surge protection power strip plugged into itself. Explained it pretty well with just one picture. 😂
Link to the image?
😂🤣
Like taking 20 bucks out of your right pocket and putting it in your left then charging interest and putting it back in your right a billion times lol
I originally saw that meme as a reference to the Bible. Seemed pretty apt there, too.
Who’s here after the guilty verdict?
This was very informative. To see a video game junkie and MIT graduate do this is hilarious and the video of Caroline is really unique. The whole event caused by a bunch of irresponsible airheads should land them in jail for years but probably won't due to their connections. 'Let the buyer beware' .
To honestly believe "irresponsible airheads" are responsible for this when you have players like WEF, Blackrock etc. Is extremely naive. More likely this is an evolution from Puppet to Scapegoat (edited for spelling)
They may have connections but they also scammed a lotta rich and powerful people. Who have more power and influence than they do, certainly now.
Maybe they should've I dunno... maybe get real officers to create an organization?
@@ErikPT their huge egos wouldn't allow that
They MIGHT (if their lawyers ROYALLY fuck up) get probation
You master the art of making hard easy. Didn’t see the 30 minutes evaporate so fast.
Love your story telling skill!
THANKS!!
@@DonLicuala But this had little-to-nothing to do with bitcoin, except that bitcoin likely got caught in the contagion fallout it created.
Obviously I'm nitpicking and your points still stand. You are right, for sure. But come on, this stuff is not trivial to understand. Especially for the relatively young demo that were the bottom bag-holders who have no chance of recouping their losses.
Don't really comment that much, but wanted to let you know ive seen your content a fair amount over the years. Wanted to double down that this is probably your best work yet. Clear, concise and fantastic fact-based storytelling - even if the reality of it all is deeply saddening.
Fack jack!
I'd recommend to read up a little more on ur own, he conveniently left out a few facts when it came to the corruption claims. not a word about how connected their parents are with the Dems. that Sam pledged a billion dollars to the Dems if Trump decided to run again. not a word about money laundry claims in Ukraine. not a word about the connection to the wannabe dictators of the WEF. personally I don't care what side of the isle you call home but making it look like "common broad political corruption" is just a blatant lie in this case. and I'm sure he knows that too.
The money is not lost, its sitting in the caymens somewhere where people close to Sam can access. No doubt
I love this channel! The in-depth documentaries are fascinating and you don't even realise that you have just watched a 20min odd video as you are transfixed by yet another brilliant episode. Well done Dagogo and team! Your channel deserves the 3.85mil subscribers, and a lot, lot more.
For economics and tech ignoramuses (ignoramii?) who nonetheless have great interest in these topics, this channel is a godsend 🙏 well-written, great narration, clear visuals, no dodgy sound effects - all make it so easy to understand the info. Top one guys
Well done. All presentations should be 7 minutes or less. You get it. The 2-hour talk shows are inefficient and not prepared in the least. This kind of presentation is what people need. And you hit this one out of the park! Big cheers for that.
Agree.
Big time.
Simple and short to the point.
All presentations I prefer** should be…
From the moment this story broke I kept refreshing CF's RUclips channel page to see if this video had dropped. What a greed-filled world we live in! I hope those responsible never get away with this.
This is the kind of circus that zero interest rates brought
This story happens with all crypto currency , just look at coffeezilla's channel
I didn't have to watch it to know I wanted to share it with a friend. These videos are always so clear and conscious
Think this is bad? Where are all the munitions that 55 billion bought for Ukraine.
I miss when massive financial crimes at least resulted in like, continental spanning railroad networks or massive steel industries.
Today it's just financial crimes that produce literally nothing, while still having a ridiculously high negative impact on the environment.
Man your vids are so good I gotta rewatch 2:03
Sorting through all the FTX noise, I was hoping ColdFusion would devote an episode to this mess. As always, great work. 💪🏼
UEG did a good job too
He didn't lose his entire fortune. He lost everybody else's fortune. That money is somewhere, he squirreled it off.
Was asking myself if all his money has truly been lost.
@@homodeus8713 yeah, he probably send it all to his democrat friends
didnt burney madolf go to prison for messing with other peoples money as so called investments ? sounds like a movie we all watched before .
It’ll mean nothing if he ends up in federal prison for fraud and theft. Not that I hold out on that happening.
They will find it?
Promise not to hurt him?
Next day: SLIP on a bar of soap?
I was the victim of a Craigslist scammer. It wiped out my savings and I was devastated for a while. It is not only the financial toll but also shame and embarrassment that I would let myself be taken advantage of in that way. My heart truly goes out to all these people. I hope they are able to move on from this.
The best investment is to have a good life spend all your money enjoy your life all the investment are corrupt now or later you will lose everything
How far did it go for you to lose your savings from a Craigslist scammer if you don't mind me asking?
@@tomcatymca and with that mindset you aren't going to live a very meaningful life... without investing I would've NEVER been able to get a 7 figure stock portfolio, and a 7 figure crypto portfolio. There's a difference between someone who chooses to engage in fraud, and something actually being a fraud.
Wish you the best. Actor Kevin Bacon had his entire investment portfolio managed by Bernie Madoff, and lost it. He got a few movie roles after that, but hate to see people get taken.
@A Z lmfao, yes they "crash" but it only breaks those that can't control their emotions... Inability to control ones emotions doesn't mean that money can't be made.
No need to respond, you've told me enough about your financial education.
You have such a soothing voice.
So well put together, informative, to the point and easy to understand. With regards to the subject matter, I wish people would heed Lynyrd Skynyrd more when they sing "Forget your lust for the rich man's gold. All that you need is in your soul". The world would be a better place for sure.
I’m sure you can get soulful gold.
Hats of to Coldfusion. You certanly made a very good description of this situation far better than all the mayor news networks!
Dont trust MSM about anything
*His parents are BOTH LAWYERS with strong ties to the Democratic party? OF COARSE THEY ARE CROOKS! Keep your money AWAY from ALL Democratic / Lawyers!!!*
Three thoughts..... 1. This is a very well done video that gives a thorough explanation. Good job. 2. Everyone should be thrown in prison, but with those well placed donations/bribes, they'll probably get away with everything. 3. If you can't explain what a company does in two sentences, don't buy it, and NEVER invest in anything you don't understand.
Remember teranos? Medical company who scammed investers by faking lab results? I can explain in 2 sentences what was their main invention, it was blood tests from a single drop of blood. But it turns out that one drop of blood is not enough. And the image of ceo aka Steve Jobs in a skirt was enough to get people invest and lose money. So "understanding of a company strategy" is not a good investment advice.
Its about luck and risk/reward
This is the correct take. I was going to say the same thing, but you said it for me.
Republican Mega Bank "Deregulation" coming home to roost!!!
@@johndoe-ss9bz Dude FTX was set up in the Bahamas because regulations in the US are too strict. Try to keep up.
@@josephshepard2962 :: Google Bush, Seminar on Banking in the Cayman Islands, $5,000.00 per plate. "No Reporters Allowed".
Also I love this book judgement analogy. He doesn't dress up in suits , plays LOL in meeting , drives corolla and these kind of things are psychology. Even Mark has changed his way of doing things. Your image matters a lot and if you can decieve people's version of you , You already won a bit.
They are not kids. They were 10 adults sleeping with each other, playing video games, partying and playing with customers money.
Now on the other hand, even though they were irresponsible their political donations and other philanthropic dealings were very wise and cunning. Those donations are equivalent to a get out of jail free card for Sam.
Customers funds were used for the donos lol
Except hes in jail now, so no..
@@usernotfound904 yeah lmao he basically just gave the Democratic Party money for nothing
@@usernotfound904 The sack of sh!t should be in prison...he’s not in jail. The sack of sh!t is only under surveillance!!!
@@davidwilliamson8502 We will see. He hasn't lost in court, yet. Lots of these people do the perp walk while tempers are hot and then when the sheep lose interest, they get their slap on the wrist. I think he'll probably get a slap on the wrist and then he can spend the rest of his life spending his hacked money.
The one group of people that politician are loyal to is their rich donors.