If Coffeezilla taught me anything these people are regurgitating the meme "OH YOU'RE A CRYPTO HATER!!!!!!!!!!" as a gotcha moment and warcry to force vulnerable people invest in crypto. i learnt in Psychological course that scream at someone loud enough, they will relent - so this is inexcusable from my moral standpoint. That's why they will never let anyone talk sh-t about crypto. "It's gotta be FUD" or "We're the Early Adopters" or "It's a bull/bear market" or "we're going to the moon". As a person who have issues talking with people, these degenerates monetizing memes on times where people are struggling to communicate after pandemic sickens me.
It's indeed unregulated and what happened is what always happens in an unregulated economy. You can a consolidation of power of a handful of players that have all the others at their mercy.
Went to a Chinese place with my younger brother recently and the fortune cookies there had FTX’s logo on the back of the fortunes. The one I got said “in retrospect, it was inevitable!” and the irony of them going bankrupt within the week had me on the floor
I really like how he uses a box, instead of the shady shapes like the circle and triangle. It's not a bubble burst or pyramid scheme, it's a square box, which is obviously a very safe shape
I've seen that clip before of them admitting that their product has zero desire to actually be anything other than a conceptual non-product fueled solely by speculation but I think it's one of the best clips ever. I actually didn't know that this was the guy, though.
I still think its strange that I've never heard of these guys whatsoever, and now its blowing up and there are old news stories and articles everywhere.
It's because those were all news articles and whatnot from specialist financial press: for all the insane (and largely imaginary, because they're just marketing hype that can't be realized) figures you see getting reported on now, crypto has virtually next to no impact on the broader economy at large - you have big companies in the space who JUST do crypto stuff, and large corporate entities outside the space who've invested tiny, tiny fractions of their money into the crypto stuff, so if the entire space went away tomorrow... most people who weren't personally gambling in it just wouldn't notice, or care. Awareness of the goings on in crypto didn't start to bleed out into mainstream general audience news coverage until the NFT hype wave (which led to the general public quickly realizing that that stuff was... really stupid, and then they looked into how Proof of Work chains operated, and started getting ANGRY).
Ever since I started understanding what FTX really was, my most pressing question has been: WHY??? I mean, why would anyone use Crypto, a technology SPECIFICALLY designed to be decentralized, and re-centralize it by giving their private keys to a central exchange? To me that makes no sense at all. Then again, I have never used Bitcoin and other Cryptocurrencies as investment but only as currency. After all, I do not believe that I have the necessary skills and knowledge to start Forex trading, which, if you look at it closely, is exactly what this whole Crypto investing really is.
Put your money in an index fund and walk away for 10-20 years. Let the professionals handle the details. There are high risk (higher reward, higher risk of losses) and low risk (lower reward, almost guaranteed to not disappear into the void) indexes, so you can choose what you are more comfortable with. Aka, go pay a financial advisor to explain the system to you and then make an informed decision. =)
This is my biggest issue with Bitcoin: it didn't do what it was designed to do. Rather it basically did a speedrun of the last 100 years of economic fuck-ups in the span of about 12 years. It makes me wonder if the Federal Reserve and fractional reserve banking are inevitable outcomes rather than a choice.
The music was a bit too loud and thus made hearing voices quite hard at times. Also, the loop was a bit awkward, just when it gets louder it cuts back to the quiet beginning. Just some feedback for next time. ;)
hey! thanks, i noticed that after the render, it was meant to loop a 6 min track throughout the video, but weirdly looped it every 2 mins which was really jaring. completely my fauly for not catching it in the render
I kind of liked it, lmao. The 'what the fuck is this music' background theme meshed well with 'what the fuck were these people putting their money into' major theme of the video. It's accidentally fantastic.
The amount is so insane its hard to believe, the first time I heard about this, I thought it was just a few $100 million or so, not billions. Also the first time I heard about this was from a reddit story earlier this week about someones wife losing $30 million to this crash, sure she is still worth $18 million according to the husband, but $30 million is already an high amount of money.
The bipolar background music alternating between ominous tones and upbeat drums back and forth make this even more hilarious than it has any right to be. Love the video m8.
May this finally lead to the end of crypto, once Binance goes down next, as a result of both this cascade failure as well as criminal investigations. Unfortunately some retirement funds were invested in this, when the people counting on those funds for their retirements had no knowledge or control of it.
I would be more sympathetic if those kind of people didn't act all high & mighty before losing those 30k. 1-2 years ago, It was annoying to talk like a normal human about hobby, when they have that kind of greed in their head, and every other word they spew, even though unrelated, somehow turned into crypto.
i don't enjoy suffering of other people, however at certain level of stupidity i don't consider some personas to be human anymore, so these news spark joy.
I love how SBF tried to buy his way into writing the crypto regulations, and then a) he falls flat on his idiot face and b) the White House releases a statement that his company collapsing "highlights the need for prudent regulation in crypto markets." Ie: "This nonsense has gotta stop."
And that is precisely the same conclusion I came to: "This nonsense has got to stop." The Wild West was only wild for so long after all. 'I am inevitable'. as Thanos would put it.
I mean, SBF spent over twice the amount he and his friend donated to the Dems and GOP *just* to get the naming rights to the Miami Heat Arena. With the amount of money that was actually lost, the amount the Dems and GOP got would be like a $2 return on a $5000 loss. It’s table scraps, possibly made legit through trading fees as opposed to stolen from customer accounts D:
I’d laugh, but I know that cryptobros (or hopefully just some of them) would just double down and “invest” on another crypto, repeatedly, ad infinitum, thinking that they will, someday fulfill their avarice fueled dream. And that is just somewhat depressing to think about
I know im late here, but im really loving the editing youve been doing with these more recent videos. Youve made great strides in that regard over the year ive been watching!
This was a good and insightful video. Only minus is that the background music was very spooky, even though halloween is done and dusted. I seriously got spooked and it's daytime.
Great, great summary of the comitragedy so far, clarified a number of points from previous videos I've seen. Bernie Madoff would be proud of this circus. Thanks!
My folks were considering putting money into FTX after watching that stupid Larry commercial so many times. Thankfully they asked me first. I said "give it two weeks. It can't sustain itself. Give it two weeks and then see where it still stands." Two weeks later this happens.
A classic bubble mixed with a bank run panic, but with the era when bans printed their own notes rather then a centralized one. As some classic Tammy hall style thinking regarding politic and economy.
Binances "work" with regulators has, to date, largely entirely consisted of them not complying with regulations even a little bit, and then being kicked out of the entire country as a result (except via the scofflaw main website that doesn't geo-restrict anyone and barely performs KYC). Everyone hates Binance. Also, they've been repeatedly found laundering funds for sanctioned entities and criminal organizations, and their own asset sheet is heavily skewed towards their own "Chuck E. Cheese" tokens, so... it would be very surprising if they're not exactly the same hollow shell of a company that FTX was, teetering on the brink of total collapse at the slightest shove, now that number go down across the board.
Wasn’t it the other way around? Wasn’t CZ of Binance mad at SBF for [publicly] pushing for regulation of cryptocurrencies? Of course, in private Sam seemed to hate regulators…
@@Aquatj999 CZ was mad at Sam pushing for regulations that favored FTX and would screw over literally everyone else. He does think some regulations are necessary but wanted more solidarity among the crypto projects to decide what regulations are reasonable to achieve stability and trust, but not go TOO far, since few hurdles to jump over to move money around is the ONLY, literally ONLY, useful thing crypto has going for it and is completely worthless to a consumer if it becomes too regulated to fill that niche.
Why don't more creators use the premier function so that they don't need to live stream but can still interact in real time with their fans? Curios to get your perspective.
@@CallumUpton It‘s really cool you do that. For me, it‘s a perfect mix with a more relaxed atmosphere, especially for the discussion of more complicated topics that require screenshots or graphs to understand. So, thanks. =)
As a viewer, it’s annoying when premiered videos sit in your sub box for 14+ hours with no content to interact with. Similarity annoying when a creator premieres videos for the week and again wrecks the sub page. I love the live interaction of premiers but when they’re too scheduled it’s a UI nightmare.
@@carsonperkins7351 I don‘t know about that, announcing a video 24 hours before premiere sound perfectly reasonable to me. How many of your subbed channels even DO that? Because for me that‘s only two or three who even bother (well, technically speaking Oxboxtra are now 3 channels total, so more 4-5), with the rest just using the standard release.
Awesome video as always, Callum! And just allow me to say that I'm really happy that your channel keeps growing, and that everything keeps moving forward with Nightmare World. Now, I wanted to add a couple things about all this debacle, some information I got while watching another video on the topic (if anyone is interested, it's Cold Fusion's): - While SBF donated money to the Biden administration, it looks like another member of his "inner circle" in FTX was donating money to the Republicans as well, although a bit less. Basically, they were dipping their toes in both pools, just in case the Democrats might lose the next election, but in order to not be THAT blatantly obvious about it, SBF didn't donate to both personally. - It seems that both his father and his girlfriend's father had ties with political and regulatory institutions, and that might have helped them evade their oversight for quite some time. There might be a serious case of corruption in all this as well. They're trying to extradite SBF to the US to keep moving the investigation forward.
Since crypto is basically completely unregulated across the board, I doubt there's significant corruption regarding the government with respect to FTX. Although, I do wonder what their motives were in the donations.
@@Laff700 When are cryptobros doing things for any reasons besides personal gain? Bribing for favors, like all the real money corporation-persons and their "free speech" do.
14:30 I'd love to hear your take on it, but Upper Echelon did a video on the conspiracy angle already. EDIT: Oh man, it's too funny that I hit pause and made this comment only seconds later to have you point out the UE video. Maybe I should watch the whole video before I comment... nah. It's more fun this way.
Benefiting from price differences on different markets is nothing new. It's called Arbitrage and especially easy to do with electronically transferred and traded goods. This is no infinite money scheme, as prices on both markets will eventually converge and supply and demand is not infinite. I think Patrick Boyle mentioned in his FTX video, that SBF started out as an Arbitrage trader.
Two things. First, I've watched several videos on the FTX fiasco and still don't understand how this guy stacked his house of cards. Second, I'm glad I never put any money into crypto.
He stacked onto his friends, who stacked onto him, who stacked onto them, who (…) With mommy‘s and daddy‘s money. This is super dumbed down, but that‘s basically it. Also, they were all perpetually on drugs and fucking each other. Just… switching partners within their druggie group.
i had over 350 comments in under a minute, sadly bots can add comments faster than i can delete... and banning goesnt work as every single comment is a different account 😅
@@CallumUpton Haha 😂 The scammers are always waiting in the bushes, eager to attack any video even remotely related to finance the second it gets uploaded 😂 Kinda lucky that in their attempt to ensure their scammy honeypots are easily locatable, they give them very unique names, like "Babette O Floopdidoop," that are also perfect for keyword blocking 😂
where did you get the 4 billion donated figure from? the article you had up while saying that says 5.2 million. I'd read somewhere in the 50 millions in total for all his dem donations, 4 billion is a fair bit off that.
I wonder if that's what the citizens of fantasy empires feel when a single dude claiming to be The Chosen One destroys their emperor and "sets free" their entire nation.
Unrelate with the subject but the background music was very unsettling, and the frequent looping often distracted me from what you were saying. But otherwise, very good informative video about this whole debacle ^^
If that clip was from the Matt Levine interview, Matt has said they *were not discussing FTX there.* He was describing a thing they didn’t do as a Ponzi scheme. If it’s from elsewhere I haven’t heard of it.
2 года назад+15
Imagine keeping large amounts of money on a crypto exchange. They obviously have a stellar record when it comes to keeping your money safe. I don't see how that could possibly go wrong.
@@ArDeeMeekeeping money in crypto is stupid as fuck. No matter what form it’s in. When will you people learn that crypto is just a shit concept and just as shitty as the funny money we use in daily life. At least we can pay rent with dollars, crypto has no genuine use or value.
So here's what I don't get. Cold wallets are basically the equivalent of storing cash in your mattress. So if everyone just HODLs how is there an economy? I don't get it
Following chart-replay (called ´fractal´ prediction), have predicted a year ago (Sept´21) all these crashes, and pretty much timing. This is a good thing, the price losses woudda happened anyway. The big shame is people leaving money on exchanges (like in a bank account) and then finding out that their money has been loaned out BADLY. Worse, dodgy intercompany loans to self, backed by self. ahem.
No bank has the liquidity to pay all of their customers out. It's a fact that if everyone would go and withdraw their funds at once they would all go bankrupt.
While true, FTX did not collapse because of a liquidity crunch: this is a company that did not have an accounting department, running an exchange that *did not have a bank account* and was instead just taking customer deposits via the hedge fund's bank account - to the tune of over 8 billion dollarydoos - that they then "forgot" to actually move after marking it down on the extremely shoddy records that they were keeping, such that the hedge fund then gambled it all away, thinking it was not customer funds. They were massively fraudulent and flagrantly incompetent.
@@matthewyoho5422 I know. It was just a comment to what was said contrasting it with traditional banks but these are also not safe in this regard. Happened in poor countries with a lot of inflation where funds had to be frozen because people panicked and rushed to cash out.
@@schwingedeshaehers that's what I was wondering about FTX - its supposed to be an exchange. It even advertises itself as the easy way to instantly buy and sell crypto. So why the f*ck would it hold anyones assets? It's not like it was a bank. It seems from what little I've gleamed (I've no interest in crypto so don't quote me), they rewarded clients for entrusting their asset with FTX with a small discount and no doubt there were other perks and products became available.
What a roller coaster..barreling towards some blown out track. Though in one small critique of the video itself, there seems to be a background sound either apart of the transition or just a chosen background noise that builds up in volume and drops to slowly start over throughout the video. Kinda got to be a bit much by the mid point of the video.
ya know I have to ask has anyone tried "collecting" crypto tokens what happens when a "coin" gets delisted from the platform? is it really "gone" forever? or what happens if the platform goes under? should some schmuck really try to prevent something as non-essential as crypto stuff becoming essentially "lost media"?
Cal, I enjoy your videos a lot. I noticed in this one you had background music which was a nice addition. But the scary "world is going to end" ambience/music feels a bit manipulative in the same way advertisers use it. I feel like your message stands on its own two feet without needing it. I feel like the absence of it would make your message seem more genuine. As it stands now, it feels a lot like a negative political advert that you'd see on TV.
Just what I've been waiting for. At the beginning, it seemed like the people getting into crypto knew what they were doing, but at the same time, it was obvious that anyone dabbling without that knowledge was going to eventually lose their shirt. Now it's happened. Tomorrow, I'll call my friend that's been into investing since high school...hoping he had enough sense to stay away from this crap. I'm actually happy this went this way--once the ignorant speculators jumped in, it had to go the way so many other things speculators screwed up, like comic book and trading card collecting. They deserve to lose every last cent, if they're so incredibly careless with their money.
I'm using crypto to buy stuff like citizenship ID to do stuff like sim registration etc, it's not that bad I do rather that crypto stay below mainstream so I could use it more freely.
I still don't believe the way SBF claims to have made his money. What he describes is called arbitrage in economics. Arbitrage used to be a very popular way to make money. However, it was arbitrage that took place over large distances when travel was slow (think East India Company and boat rides that take weeks). With information now being spread almost instantly, arbitrage is only profitable for very large firms that have the ability for extremely high volume trading with the price difference being a few cents at most, often times less than a penny. They also require the fastest possible connection so the firms need to be as close to the exchange as physically possible, some even investing into their own fiber lines for communication across larger distances. I am willing to bet that his "how I got rich" story has about as much credibility as FTX.
One single guy fucks up --> the entire crypto-sphere crashes and 152 billion $ evaporate overnight. Doesn't look that much decentralised to me, if you know what I mean 🤔🤔🤔
I've seen multiple youtube videos mention how he made his money trading from Japanese exchanges. Also this isn't scammy or shady this is simple called arbitrage trading
![How This Man Just Caused a $45 BILLION Crash [Terra Luna]](/img/1.gif)
Oh no! If only a couple thousand more people warned the cryptobros :(
Bruuuuuh. Scambots be on the prowl today. =.=
Johnny, YOU should have been the one to talk.
They'd just say that is FUD and move on to get scammed again
If Coffeezilla taught me anything these people are regurgitating the meme "OH YOU'RE A CRYPTO HATER!!!!!!!!!!" as a gotcha moment and warcry to force vulnerable people invest in crypto. i learnt in Psychological course that scream at someone loud enough, they will relent - so this is inexcusable from my moral standpoint.
That's why they will never let anyone talk sh-t about crypto. "It's gotta be FUD" or "We're the Early Adopters" or "It's a bull/bear market" or "we're going to the moon".
As a person who have issues talking with people, these degenerates monetizing memes on times where people are struggling to communicate after pandemic sickens me.
Nobody stopped and thought about the fact the moon the cryptobros are constantly rushing toward was the moon from Majora's Mask, rushing toward them.
Nothing says "decentralized" like one guy crashing the entire thing within a day.
Well, decentralized makes it so that there is noone to fix it
The funny thing about exchanges is that the whole concept completely undoes the decentralization by... centralizing the currency.
It's indeed unregulated and what happened is what always happens in an unregulated economy. You can a consolidation of power of a handful of players that have all the others at their mercy.
SBF: "I found an infinite money printer :)"
SBF: "I found an infinite money shredder :("
Lol
Went to a Chinese place with my younger brother recently and the fortune cookies there had FTX’s logo on the back of the fortunes. The one I got said “in retrospect, it was inevitable!” and the irony of them going bankrupt within the week had me on the floor
Wow
This is so hilarious that I can't believe this is real XD
This is for real?
Did you frame it? 🤣
Literal magic.
Thank God Crypto would never do anything that established evil banks do...
I really like how he uses a box, instead of the shady shapes like the circle and triangle. It's not a bubble burst or pyramid scheme, it's a square box, which is obviously a very safe shape
no, its a circle. money laundering.
And what else is box shaped? Minecraft TNT
I've seen that clip before of them admitting that their product has zero desire to actually be anything other than a conceptual non-product fueled solely by speculation but I think it's one of the best clips ever. I actually didn't know that this was the guy, though.
In crypto "liquidity crisis" means not enough suckers to pay actual money for their monopoly money
Something something taco bell shits
I still think its strange that I've never heard of these guys whatsoever, and now its blowing up and there are old news stories and articles everywhere.
It's because those were all news articles and whatnot from specialist financial press: for all the insane (and largely imaginary, because they're just marketing hype that can't be realized) figures you see getting reported on now, crypto has virtually next to no impact on the broader economy at large - you have big companies in the space who JUST do crypto stuff, and large corporate entities outside the space who've invested tiny, tiny fractions of their money into the crypto stuff, so if the entire space went away tomorrow... most people who weren't personally gambling in it just wouldn't notice, or care.
Awareness of the goings on in crypto didn't start to bleed out into mainstream general audience news coverage until the NFT hype wave (which led to the general public quickly realizing that that stuff was... really stupid, and then they looked into how Proof of Work chains operated, and started getting ANGRY).
That ad with Larry David is the most amazing thing ever, in hindsight.
Moral lesson: don't bet your real money on money that doesn't exist anywhere besides a funny line of code.
Ever since I started understanding what FTX really was, my most pressing question has been:
WHY???
I mean, why would anyone use Crypto, a technology SPECIFICALLY designed to be decentralized, and re-centralize it by giving their private keys to a central exchange?
To me that makes no sense at all.
Then again, I have never used Bitcoin and other Cryptocurrencies as investment but only as currency. After all, I do not believe that I have the necessary skills and knowledge to start Forex trading, which, if you look at it closely, is exactly what this whole Crypto investing really is.
Put your money in an index fund and walk away for 10-20 years. Let the professionals handle the details. There are high risk (higher reward, higher risk of losses) and low risk (lower reward, almost guaranteed to not disappear into the void) indexes, so you can choose what you are more comfortable with.
Aka, go pay a financial advisor to explain the system to you and then make an informed decision. =)
People see the gains in crypto, want in, don't know how. Not everyone knows how you "should" do it. A little knowledge is a dangerous thing.
This is my biggest issue with Bitcoin: it didn't do what it was designed to do. Rather it basically did a speedrun of the last 100 years of economic fuck-ups in the span of about 12 years. It makes me wonder if the Federal Reserve and fractional reserve banking are inevitable outcomes rather than a choice.
Larry ended up being right. That commercial was memorable at least
Holy crap, this beats the "All my apes, gone!" arc by at least a thousand power levels!
The music was a bit too loud and thus made hearing voices quite hard at times. Also, the loop was a bit awkward, just when it gets louder it cuts back to the quiet beginning.
Just some feedback for next time. ;)
hey! thanks, i noticed that after the render, it was meant to loop a 6 min track throughout the video, but weirdly looped it every 2 mins which was really jaring. completely my fauly for not catching it in the render
Oops. That‘s annoying. Better luck next time. ^^;
@@CallumUpton what is that music.
feels like the World of warcraft undead zone dungeon track or something.
I kind of liked it, lmao. The 'what the fuck is this music' background theme meshed well with 'what the fuck were these people putting their money into' major theme of the video. It's accidentally fantastic.
The amount is so insane its hard to believe, the first time I heard about this, I thought it was just a few $100 million or so, not billions.
Also the first time I heard about this was from a reddit story earlier this week about someones wife losing $30 million to this crash, sure she is still worth $18 million according to the husband, but $30 million is already an high amount of money.
Everyone constantly warned people that crypto was not stable. If someone decided to gamble their whole savings on that, that’s on them at this point.
The bipolar background music alternating between ominous tones and upbeat drums back and forth make this even more hilarious than it has any right to be. Love the video m8.
Makes you wonder if someone was just like "They froze my assets? I'm gonna take them back myself then."
I have been waiting to hear your take on the FTX collapse. Thanks for the vid callum!
The FTX bankruptcy is managed by the same man, who sorted the Enron mess out (John Ray III).
He said that this one is far worse...
Of course it‘s far worse. Enron had a real world value. FTX is play pretend.
May this finally lead to the end of crypto, once Binance goes down next, as a result of both this cascade failure as well as criminal investigations. Unfortunately some retirement funds were invested in this, when the people counting on those funds for their retirements had no knowledge or control of it.
Binance isn't going to go down in this, I don't think.
I had a hard time not laughing when a customer at work told me he had just lost €30k on FTT this morning.....
There is a famous russian proverb "goof is not a mammoth, will not die out"
I would be more sympathetic if those kind of people didn't act all high & mighty before losing those 30k.
1-2 years ago, It was annoying to talk like a normal human about hobby, when they have that kind of greed in their head, and every other word they spew, even though unrelated, somehow turned into crypto.
@@rtbear674This kind of person every time uses a ton of crypto buzzwords.
@@rtbear674 I got no sympathy for people losing their money on deals that are obviously too good to be legit.
@@panzerveps yep, then act arrogant af just take the cake. now I want to laugh at their faces, but they're gone too. Just like others from mlm.
I was waiting for you to cover this! There were so many sources and I knew I had to wait for you to curate the info. Love your videos man!
As entertaining as crypto has been from outside, I am kinda looking forward to it blowing over
Callum is every sane person's spirit animal 🤘
You should link that channel you mentioned. Upper echelon I think. That way others can go to it straight from here. Good video mate
I'd say this is all a repeat of 2008. But at least a house has tangible value.
i don't enjoy suffering of other people, however at certain level of stupidity i don't consider some personas to be human anymore, so these news spark joy.
This is a little confusing an you helped me to understand it a lot better, thanks!
The crypto markets have lost $228 billion dollars in value since Nov 6
I love how SBF tried to buy his way into writing the crypto regulations, and then a) he falls flat on his idiot face and b) the White House releases a statement that his company collapsing "highlights the need for prudent regulation in crypto markets." Ie: "This nonsense has gotta stop."
And that is precisely the same conclusion I came to:
"This nonsense has got to stop."
The Wild West was only wild for so long after all. 'I am inevitable'. as Thanos would put it.
lmao the White House really hit him with a "thanks for the money goofball"
He had money to an account just called "stop trump".
Giving money to the white house and the Biden regime, screams wsomething way more devious.
@@Shack11 depending how things proceed, it is thinkable&possible dems and reps need to return that monez gifted to them .
I mean, SBF spent over twice the amount he and his friend donated to the Dems and GOP *just* to get the naming rights to the Miami Heat Arena. With the amount of money that was actually lost, the amount the Dems and GOP got would be like a $2 return on a $5000 loss. It’s table scraps, possibly made legit through trading fees as opposed to stolen from customer accounts D:
The lady heading Alameda fled to Dubai recently too
I’d laugh, but I know that cryptobros (or hopefully just some of them) would just double down and “invest” on another crypto, repeatedly, ad infinitum, thinking that they will, someday fulfill their avarice fueled dream. And that is just somewhat depressing to think about
Welcome to the casino in the cloud, chasing those reels TO THE MOON!
It's always just "one more spin, I'll get it all back".
I know im late here, but im really loving the editing youve been doing with these more recent videos. Youve made great strides in that regard over the year ive been watching!
I just want to say that your editing really improved!
This was a good and insightful video. Only minus is that the background music was very spooky, even though halloween is done and dusted. I seriously got spooked and it's daytime.
The way you presented this felt like something out of a horror movie. Awesome work.
Must have been the music
Great, great summary of the comitragedy so far, clarified a number of points from previous videos I've seen. Bernie Madoff would be proud of this circus. Thanks!
My folks were considering putting money into FTX after watching that stupid Larry commercial so many times. Thankfully they asked me first. I said "give it two weeks. It can't sustain itself. Give it two weeks and then see where it still stands." Two weeks later this happens.
FTX: "Don't be like Larry"
Spongebob: "Livin' Like Larry"
A classic bubble mixed with a bank run panic, but with the era when bans printed their own notes rather then a centralized one. As some classic Tammy hall style thinking regarding politic and economy.
Should just added part 1 on this video cause it seems you’ll be back to this again soon. XD
I enjoyed this video a lot. It was very informative and entertaining. **grabs popcorn** Crypto is the gift that keeps on giving.
Well, now we know why FTX was mad at Binance for working with regulators on regulation of crypto exchanges
Binances "work" with regulators has, to date, largely entirely consisted of them not complying with regulations even a little bit, and then being kicked out of the entire country as a result (except via the scofflaw main website that doesn't geo-restrict anyone and barely performs KYC). Everyone hates Binance.
Also, they've been repeatedly found laundering funds for sanctioned entities and criminal organizations, and their own asset sheet is heavily skewed towards their own "Chuck E. Cheese" tokens, so... it would be very surprising if they're not exactly the same hollow shell of a company that FTX was, teetering on the brink of total collapse at the slightest shove, now that number go down across the board.
Wasn’t it the other way around? Wasn’t CZ of Binance mad at SBF for [publicly] pushing for regulation of cryptocurrencies? Of course, in private Sam seemed to hate regulators…
@@Aquatj999 damn, that might be it. I'm not sure either
@@Aquatj999 CZ was mad at Sam pushing for regulations that favored FTX and would screw over literally everyone else. He does think some regulations are necessary but wanted more solidarity among the crypto projects to decide what regulations are reasonable to achieve stability and trust, but not go TOO far, since few hurdles to jump over to move money around is the ONLY, literally ONLY, useful thing crypto has going for it and is completely worthless to a consumer if it becomes too regulated to fill that niche.
Why do I suddenly have R.E.M. in my head? "It's the End of Crypto as we know it… It's the End of Crypto as we know it… And I feel fine…"
Why don't more creators use the premier function so that they don't need to live stream but can still interact in real time with their fans? Curios to get your perspective.
More work for creator, not really what most of the people on youtube are looking for anyway.
honestly, thats the main benifit for me, i love interacting with everyone as we get to all see it together :D
@@CallumUpton It‘s really cool you do that. For me, it‘s a perfect mix with a more relaxed atmosphere, especially for the discussion of more complicated topics that require screenshots or graphs to understand.
So, thanks. =)
As a viewer, it’s annoying when premiered videos sit in your sub box for 14+ hours with no content to interact with. Similarity annoying when a creator premieres videos for the week and again wrecks the sub page. I love the live interaction of premiers but when they’re too scheduled it’s a UI nightmare.
@@carsonperkins7351 I don‘t know about that, announcing a video 24 hours before premiere sound perfectly reasonable to me. How many of your subbed channels even DO that? Because for me that‘s only two or three who even bother (well, technically speaking Oxboxtra are now 3 channels total, so more 4-5), with the rest just using the standard release.
I was waiting for this video
Awesome video as always, Callum! And just allow me to say that I'm really happy that your channel keeps growing, and that everything keeps moving forward with Nightmare World.
Now, I wanted to add a couple things about all this debacle, some information I got while watching another video on the topic (if anyone is interested, it's Cold Fusion's):
- While SBF donated money to the Biden administration, it looks like another member of his "inner circle" in FTX was donating money to the Republicans as well, although a bit less. Basically, they were dipping their toes in both pools, just in case the Democrats might lose the next election, but in order to not be THAT blatantly obvious about it, SBF didn't donate to both personally.
- It seems that both his father and his girlfriend's father had ties with political and regulatory institutions, and that might have helped them evade their oversight for quite some time. There might be a serious case of corruption in all this as well. They're trying to extradite SBF to the US to keep moving the investigation forward.
he has a massive connection to the democrats through mind the gap
Sbf family are democrat supporter his own mother created a super PAC in silicone valley.
Since crypto is basically completely unregulated across the board, I doubt there's significant corruption regarding the government with respect to FTX. Although, I do wonder what their motives were in the donations.
@@Laff700 When are cryptobros doing things for any reasons besides personal gain? Bribing for favors, like all the real money corporation-persons and their "free speech" do.
@@neoqwerty Yeah, it was probably for personal gain reasons. They're pretty bad at determining optimal courses of action to achieve that though.
The "One World Currency" got a monkey wrench thrown into it.
THx for explaining it in a language I can understand.
accumulated value? was it really worth anything to begin with?
Money doesn't disappear.
Where did it Go Then? Who gained over 150 BILLION Dollars when this collapsed?
Great video, love the new shadow cabal background
Well done content, my good sir.
14:30 I'd love to hear your take on it, but Upper Echelon did a video on the conspiracy angle already. EDIT: Oh man, it's too funny that I hit pause and made this comment only seconds later to have you point out the UE video. Maybe I should watch the whole video before I comment... nah. It's more fun this way.
Also, Coffeezilla gleefully taking them apart. 10/10 would laugh again. 😂
hahah, im possibly doing a deep dive video in to the last mentioned points as its too muhc to add in to a timeline video. haha great timing ;)
@@CallumUpton Thanks!
What I learnt is that I do need to be like Larry
just logging in a year later to say 'bankman fried' is the funniest possible name for this guy. yes mate, you are!
I wonder how long binance will stick around.
I assume they all do shady stuff that cant work out long term.
I like how cryptobros are like "I don't trust banks" but will trust a random stranger on the internet with their money
Benefiting from price differences on different markets is nothing new. It's called Arbitrage and especially easy to do with electronically transferred and traded goods. This is no infinite money scheme, as prices on both markets will eventually converge and supply and demand is not infinite. I think Patrick Boyle mentioned in his FTX video, that SBF started out as an Arbitrage trader.
Yeah I thought it was what is called the kimchi premium between US and Korean BTC pricing - nothing to do with Japan and happens in many many markets
Callum, the money isn't gone. It's just with someone else :^)
Two things. First, I've watched several videos on the FTX fiasco and still don't understand how this guy stacked his house of cards. Second, I'm glad I never put any money into crypto.
He stacked onto his friends, who stacked onto him, who stacked onto them, who (…)
With mommy‘s and daddy‘s money.
This is super dumbed down, but that‘s basically it.
Also, they were all perpetually on drugs and fucking each other. Just… switching partners within their druggie group.
4:49 Be like Larry, he wasn't wrong XD
You need to moderate these comments to get rid of the scammers. I'm reporting, but I can only do so much.
i had over 350 comments in under a minute, sadly bots can add comments faster than i can delete... and banning goesnt work as every single comment is a different account 😅
I‘m reporting the double posts to different departments. Spam and Misinformation. I really wish RUclips would finally add scam/fraud.
@@CallumUpton Haha 😂 The scammers are always waiting in the bushes, eager to attack any video even remotely related to finance the second it gets uploaded 😂 Kinda lucky that in their attempt to ensure their scammy honeypots are easily locatable, they give them very unique names, like "Babette O Floopdidoop," that are also perfect for keyword blocking 😂
Please drop the background "music"
I love that we keep coming across “joe Biden was bribed” things and nobody seems to think it’s weird.
Why am I getting de javu of the South Seas bubble?
where did you get the 4 billion donated figure from? the article you had up while saying that says 5.2 million. I'd read somewhere in the 50 millions in total for all his dem donations, 4 billion is a fair bit off that.
yeah pretty reckless figure to throw out there because you saw it in another video
Great video but that horror game music is really unsettling
man, that really short ambient music loop with a bad cutoff really makes this feel painful.
I wonder if that's what the citizens of fantasy empires feel when a single dude claiming to be The Chosen One destroys their emperor and "sets free" their entire nation.
Unrelate with the subject but the background music was very unsettling, and the frequent looping often distracted me from what you were saying. But otherwise, very good informative video about this whole debacle ^^
If that clip was from the Matt Levine interview, Matt has said they *were not discussing FTX there.* He was describing a thing they didn’t do as a Ponzi scheme.
If it’s from elsewhere I haven’t heard of it.
Imagine keeping large amounts of money on a crypto exchange. They obviously have a stellar record when it comes to keeping your money safe. I don't see how that could possibly go wrong.
To put it like several other channels: Cold wallets, cold wallets, COLD WALLETS, PEOPLE! An exchange is NOT a piggy bank!
@@ArDeeMeekeeping money in crypto is stupid as fuck. No matter what form it’s in. When will you people learn that crypto is just a shit concept and just as shitty as the funny money we use in daily life.
At least we can pay rent with dollars, crypto has no genuine use or value.
@@ArDeeMee not your keys, not your crypto
So here's what I don't get. Cold wallets are basically the equivalent of storing cash in your mattress. So if everyone just HODLs how is there an economy? I don't get it
Following chart-replay (called ´fractal´ prediction), have predicted a year ago (Sept´21) all these crashes, and pretty much timing. This is a good thing, the price losses woudda happened anyway. The big shame is people leaving money on exchanges (like in a bank account) and then finding out that their money has been loaned out BADLY. Worse, dodgy intercompany loans to self, backed by self. ahem.
another name for a death spiral which is more traditional is "a run on the bank".
i like that they tell you to get into crypto yet all i see is it failing
No bank has the liquidity to pay all of their customers out. It's a fact that if everyone would go and withdraw their funds at once they would all go bankrupt.
as the Lebanese have found out the hard way ...
While true, FTX did not collapse because of a liquidity crunch: this is a company that did not have an accounting department, running an exchange that *did not have a bank account* and was instead just taking customer deposits via the hedge fund's bank account - to the tune of over 8 billion dollarydoos - that they then "forgot" to actually move after marking it down on the extremely shoddy records that they were keeping, such that the hedge fund then gambled it all away, thinking it was not customer funds.
They were massively fraudulent and flagrantly incompetent.
@@matthewyoho5422 I know. It was just a comment to what was said contrasting it with traditional banks but these are also not safe in this regard. Happened in poor countries with a lot of inflation where funds had to be frozen because people panicked and rushed to cash out.
How about exchanges. -> exchanges normally pay you out instantly (you give cash in one currency, and they give you cache in another one)?
@@schwingedeshaehers that's what I was wondering about FTX - its supposed to be an exchange. It even advertises itself as the easy way to instantly buy and sell crypto. So why the f*ck would it hold anyones assets? It's not like it was a bank.
It seems from what little I've gleamed (I've no interest in crypto so don't quote me), they rewarded clients for entrusting their asset with FTX with a small discount and no doubt there were other perks and products became available.
What a roller coaster..barreling towards some blown out track. Though in one small critique of the video itself, there seems to be a background sound either apart of the transition or just a chosen background noise that builds up in volume and drops to slowly start over throughout the video. Kinda got to be a bit much by the mid point of the video.
Oh no, you missed a classic line at the end.
"Cryptos going bankrupt, These are all rumours so please take them with a pinch of "salt"."
I thank you.
7:44 Ok for some reason I find this animation hilarious
This is all hard to believe considering how transparent the entire crypt-oh system is by design !
14:58 *spit take*
ya know I have to ask has anyone tried "collecting" crypto tokens what happens when a "coin" gets delisted from the platform? is it really "gone" forever? or what happens if the platform goes under?
should some schmuck really try to prevent something as non-essential as crypto stuff becoming essentially "lost media"?
Cal, I enjoy your videos a lot. I noticed in this one you had background music which was a nice addition. But the scary "world is going to end" ambience/music feels a bit manipulative in the same way advertisers use it. I feel like your message stands on its own two feet without needing it. I feel like the absence of it would make your message seem more genuine. As it stands now, it feels a lot like a negative political advert that you'd see on TV.
Be Like Larry. Miss Out.
FOFOMO.
Fear of „Fear of missing out“.
😁
Just what I've been waiting for. At the beginning, it seemed like the people getting into crypto knew what they were doing, but at the same time, it was obvious that anyone dabbling without that knowledge was going to eventually lose their shirt. Now it's happened. Tomorrow, I'll call my friend that's been into investing since high school...hoping he had enough sense to stay away from this crap. I'm actually happy this went this way--once the ignorant speculators jumped in, it had to go the way so many other things speculators screwed up, like comic book and trading card collecting. They deserve to lose every last cent, if they're so incredibly careless with their money.
I'm feeling some survivors guilt. I bought bitcoin back in like 2012 and sold it when it peaked during the pandemic.
So, gotta ask, how did he fair? Was he smart enough to dodge the bullet?
Love the overly serious scare music, adds to the absurdity of the situation. Are we in the end stages of our civilization here?
Watching crypto bros losing their shirts savings homes and families always brings a smile too my face.
4:45 that aged perfectly 🧐
My biggest question: where did the money go?
4B for politicians, ok
1B for the Bahamas vacation maybe,
but where is the missing +145B?
When you realise that 2022 still has 42 days... Crypto sub 9K for Xmas at this point... What a year for crypto...
I'm using crypto to buy stuff like citizenship ID to do stuff like sim registration etc, it's not that bad I do rather that crypto stay below mainstream so I could use it more freely.
I still don't believe the way SBF claims to have made his money. What he describes is called arbitrage in economics. Arbitrage used to be a very popular way to make money. However, it was arbitrage that took place over large distances when travel was slow (think East India Company and boat rides that take weeks). With information now being spread almost instantly, arbitrage is only profitable for very large firms that have the ability for extremely high volume trading with the price difference being a few cents at most, often times less than a penny. They also require the fastest possible connection so the firms need to be as close to the exchange as physically possible, some even investing into their own fiber lines for communication across larger distances.
I am willing to bet that his "how I got rich" story has about as much credibility as FTX.
It‘s ok, everyone, those billions are actually just milliards. =D
One single guy fucks up --> the entire crypto-sphere crashes and 152 billion $ evaporate overnight. Doesn't look that much decentralised to me, if you know what I mean 🤔🤔🤔
I've seen multiple youtube videos mention how he made his money trading from Japanese exchanges. Also this isn't scammy or shady this is simple called arbitrage trading
Yeah that bit isnt dodgy, but starting 2 exchanges they YOU control... thats the dodgy bit 😂
@@CallumUpton Yeah for sure hopefully we see jail time
Curious, what's that at the back of your chair?
Why one minute at the end with empty content?
i've got a pending edit to remove it, im not sure how it happened, but it rendered beyond the point i told it to lmao
Damn dude that old commercial for FTX really aged like fine cultured Kèfir
nice!