Sam Bankman-Fried and Matt Levine on How to Make Money in Crypto | Odd Lots
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- Опубликовано: 26 апр 2022
- The price of major cryptocurrencies like Bitcoin and Ethereum have been moving sideways for awhile. But it doesn't seem like there's any slowdown in terms of money entering the space. Every day, some new fund is being launched or some legacy financial institution is diving into it. But what's all this money going to do? On this episode we speak with Sam Bankman-Fried, the CEO and co-founder of FTX, as well as Bloomberg Opinion columnist, Matt Levine, the money making opportunities that people are exploiting, whether it's directional bets on coins or yield farming or arbitrage, and how much potential profit there is for the taking.
Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
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We just published an in-studio video version of Odd Lots! Check out the first episode with Ezra Klein on the future of supply-side liberalism: ruclips.net/video/B0XlQeiA3S4/видео.html
Petition to never take this down for educational purposes - not only in relation to finance, but, also in relation to like “raw” human nature/psychoanalysis
Seriously an era-defining look into the psychopathology of where we're at
Petition has passed!
its all a choice, hardwired nature
Magic box yield farming explanation starts at 21:29. It was wild to listen to when this episode first came out, even more interesting to listen to now that FTX and Alameda have blown up - ostensibly because their balance sheets were inflated by SBF-sponsored "magic boxes" (based on analyses released in the run-up to, and immediate aftermath of, the meltdown - yet to see what actually went wrong).
Thank you for the time stamp my dude!
Thank you
Anybody wanna put money in my box? 🥺
It's astounding that someone can be so articulate and seemingly so unintelligent. Overeducated and undersocialized perhaps? This kid really spent almost 10 minutes describing a Ponzi scheme like it's a new idea, and didn't even bother to use any euphemisms. Even the jankiest of MLMs have SOMETHING of value.
@@internetuser1231 looks like you have a fake box
Guy just described a ponzi scheme towards the end there. Perhaps the Bored Ape Yacht Club is not the future of finance.
Buy maybe we make money if I convince people to invest in the box!?
Non ironically, This comment aged so well
Props dude, you saw the truth while most were standing in front of sbf grabbing their ankles.
This comment aged like fine wine
21:16 "Can you give me an intuitive understanding of yield farming?"
... And away we go!
"Well, I'm in the Ponzi business, and it's pretty good!"
"That's a pretty reasonable response"... Yikes!
That's gonna bite him in court.
I know everyone focuses on the magic box, but something else that’s really telling to me is the bit where Sam says that a token that someone could program and put out to sell in 5 minutes should have a market cap of, say, $180. And that’s his example of a realistic market cap for a random shitcoin with no tangible value. He thinks that’s a LOW number, so much so that he’s using it to contrast to the actual inflated price these tokens can actually go for. But, how is it even worth $180? $180 is the price of a pair of high-end headphones, or a couple weeks of groceries. What is the comparable value in this random coin? Why should anyone be paying any money at all for something that anyone can make in 5 minutes? Even his “realistic” answer shows how totally divorced from reality Sam and the crypto market generally have become, and how “value” has become such an abstract concept to them that he thinks $180 is the intrinsic value of a “coin” someone made up that does nothing.
this interview should be played in all University finance course
You just put money in a box and it becomes valuable! Why is that so hard to understand? And then you give back some of that money so others will put more money in it and it increases in value! Simple! Totally not a ponzi at all, this is a box!
Yeah this interview was real deal
haha
"real monetisable 'stuff' in some senses" - Crypto Ponzi Schemer Billionaire 28:55
"WHO COULD HAVE KNOWN?!" - a lot of people apparently
How is this only 11k views?!
cause no clowns, explained outrage and sick dunks. too much seriousness and politeness going on, the target audience can't comprehend. no shocked thumbnail face, too, cause that's how we judge journalism now.
this aged well
Yep, keeps on getting better and better 😢😮
It's incredible how everyone ignored the red flags.
this is not a red flag, this is the entire Soviet Union
(I am only mentioning the Soviet Union because it was "red"; there is no deeper political point here)
@@yevgeniygorbachev5152 I once dated a communist. It didn't work out, too many red flags.
Why do I get the impression there’s not going to be a 3rd conversation? 😂
Historians will study this podcast🤣🤣🤣
Ooh yes
This is infuriatingly, mindnumbingly bewildering.
The emotions and just the emotions remind me of a Malcolm in the middle episode. The one where Reece moves out and is doing well... and then Lois finds out how.
The box is worth “more than nothing”
Take my money
Imagine how differently this would have aged if the guest was incredibly humble: "This is a new territory and we are trying to tread carefully. Everyone must understand the risks involved. We are just at the forefront of carefully exploring cryptocurrencies".
Humble speak won't bring many Ponzi buyers to the scheme.
This is the same as when those rappers incriminate themselves on DJ Vlad interviews 🤦🏾♂️
Exactly, I wonder if they’re going to use these audio clips in his court hearings
The fact that his defense of the magic box having no intrinsic value is “well, dogecoin got big, and you would have lost money if you had short sold dogecoin”. And THEN he tries to say “it’s not just crypto” and the best example he can bring up memestocks 😂😂😂
Imagine this being the conversation at the office everyday. Just rationalizing nonsense with their Ivy League educations.
iconic moment
He literally described crypto pretty much! I believe people say crypto has value when in reality it doesn’t work in the real world
Aaaaand it’s gone.
Please make room for paying customers.
😅
That's just nuts))
27:00
thank you
Sam backman fried, What happens when the world disagrees with you and decides your box token is worthless?
@@eddieflynn3889 found out today I guess 😅😂
@@thomasoo2944 who didn't see that coming?
@@eddieflynn3889 man! u understand your stuff, here after all is gone
Say LIKE, one more time.😐
So Farming is an out and out con .... or did I miss something?
“You put money in a box” 🤦🏻♂️🤦🏻♂️🤦🏻♂️
aaaaaaand its gone.
I don't have your Bitcoins here! They're in Bill's wallet! They're in Fred's wallet!
Homeless people live in boxes, they put their lives in the box.
"calling it a PONZI is one framing of the it" lol @27:45
Ty for timestamp
My question is why was he this honest?
It's absolutely mind boggling
I think hes trying to demonstrate how much he knows and inadvertently reveals some true insights!
This did not age well.
This aged perfectly. He described running a ponzi, and now it's confirmed.
@@elidrissii *Joker voice: "I'm a man of my word!"
Query whether this was born well.
Seems like 'The Box' ran out of money. Inspite many people put money into it. 😆
Guy sounds like Donald Sutherland
Sam has been putting money on his boxes lately lul
Ellison's face
21:00 openly explaining how it’s a pyramid scheme
I'm amazed no one has smashed up this ponzi box explanation against the roddy rich song the box . Seems like a good pairing
Strange, he could still speak like a normal person here
It turns out Sam was left with box containing FTX coins. The interviewers laughing along with genius, who is Sam
I liked when he pointed out the stock market is as much of a Ponzi Scheme as crypto
Where
Except its not. In the stock market your money goes to companies that actually engage in productive output and make stuff, generating a real return on your investment. With crypto there is no inherent value or real economic output, only speculative market valuations based on buyer sentiments. There is a problem with your worldview if you find yourself agreeing with this massive fraudster. The whole scam is to radically simplify markets and investment to the point that people start to believe that stocks are the same thing as fake coins minted from thin air.
@@akshatjoshi7989 30:48, AMC, Hertz, Gamestop, basically all stocks have a market-cap/stock price based on their perceived value, not their literal value if someone was to get 100% ownership and liquidate the company. Basically the only difference between a digital token and a random stock is the digital token is literally worth nothing, and the random stock is literally worth the liquidated value of the company, in both cases neither has an affect on the price, and the only thing important is perceived value. So keep encouraging all your friends and family to buy in, and you too can jump ship before the house of cards tumbles.
He might be right on that one
@@user-tt6sq1ft1m Not really. stocks represent ownership in business operations that generate cash flows and profits from the sale of goods and services. Thus, based on the profitability of that operation, the stock has an inherent value. Does the price for stocks sometimes exceed that inherent value due to speculation? Absolutely. Tesla is a prime example. But there is an inherent value to a stock independent of market speculation due to it representing ownership of a cash flow. Cryptocurrencies have no value whatsoever apart from market speculation.
“What is the endgame?” “I don’t recall”
Who what a fore told TRAIN WRECK!
25:21 Here's where Sam let's slip that it's a Ponzi scheme. There's only two ways to actually get your "$16 million profits" each year in X tokens. By the company making profits from selling its actual product, which we've established already doesn't exist so isn't possible, or by selling your X tokens to someone else. Which is actually the only option. That person in turn can only profit by selling those X tokens to someone else for even greater value. At which point, eventually someone is unable to sell and loses all their money. If that person was misled about this (which they almost always are since people wouldn't put their money in otherwise), then they were defrauded, and the longer it goes on and the more fhe "price" goes up, the greater the eventual damage to the person or persons at the end. This is the classic central element of a Ponzi scheme and this tape alone should be enough testimony to put Sam in prison for knowingly operating it.
Hall of fame video, right before SBF's downfall.
It doesn’t matter the type of currency or the financial system- THEFT IS THEFT.
Buying options - might have value. Price the option correctly.
This aged well.
Quick, .... Everyone.. take your money out of the magic box 😅
So, let’s now talk about the worth of our paper money, and how value is generated in this regard. 😉
Unbelievable....
This aged well. lol.
This is a classic haha
Hahahahahahahahhahahahahahaha Bankman Fried is a scammer
For reference, the now-famous “box” description of yield farming starts at 21:38 and Matt uses the term “ponzi “ at 27:19. Sam says “worth zero obviously” at 28:16. For utilitarian philosophers, the use of Expected Value to measure greatest good for greatest number, implies that a scheme that makes one person a billion and one dollars and impoverishes 999,999,999 people to a level of beggary is a positive EV scheme and should be done.
What makes you think some, any, or all utilitarians believe that? Please take your stupidity somewhere else.
STEAL IT!!!
Clowns
This is federal evidence 😵💫🫠
😂😂😂
Lile like like. The interviewer has vocabulary of a 10 year old
Like... like... like... like... why is everyone saying "like" all the time?
What's in the magic box is ✌️crime✌️
#"hot"wallet