@@BufordTJustice20 you are out of your mind if you think crypto is going to end anytime soon. Crypto is in desperate need of regulation, a lot of fat has to be trimmed and meme coins need to die. BTC, ETH is going anywhere homie. You sound like don't like crypto, why wouldn't you agree with it on concept at minimum? Wouldn't be nice to have an alternative to banking? I don't understand people like you
It's the beautiful destruction of a corrupted and unsalvageable market. I _briefly_ got into crypto, and exited quickly once I figured out there's nothing to do with it, no reason to have it, and most "projects" are just pump and dump ponzi scams. The only crypto I have left is what I can't sell off becuase I can't pay the transaction fee to get rid of them.
Imagine if a stock brokerage like Robinhood turned around and told a court "No actually all our clients stocks actually belong to us it turns out" It makes so little sense it hurts to think about. Yet that is what Voyager are trying.
Issue is the code is law. And technically the wallet that has the crypto owns the crypto. Is disguisting but basically putting your crypto into someone elses wallet is in effect you giving it to them. Yes there maybe some sort of gentelmens agreement about it but since ita not regulated they dont actually have to do anything after you have given it to them. This is what so many people do seem to get and why they get scammed over and over. Its been covered on this and other channels before. No regulation means no comeback once they have your crypto in their wallet. Asbthe judge says this isnone of those novel decisions because technically what Voyager said is true. They own The crypto not the customers.
That....that is what they tried during gamestonk remember? They liquidated some peoples stocks and claimed they had the right as the brokerage. There was a big stink about it. And nearly a class action lawsuit. That's why they backed off.
Well there is a risk something happens and a risk it won't. This company failed to mention they meant there was a 100% guarantee to lose your money, not the opposite.
The hilarious thing is, under one of YT videos explaining what Ponzi schemes are, someone was trying to logically prove how to make a Ponzi scheme that would actually be benefitial to everyone. Except that would be an oxymoron! If you have an organisation that doesn't take new members money just to distribute it to older members, but instead uses said money to actually have a real yield (like investment or to directly fund a legit working business, which is also investment), then you don't have a Ponzi scheme! In a way I just described how some banks work, or on a lower scale how certain societies worked. You could take a "Nanking people's society in Shanghai" in the 1920's where everyone knew everyone, and Chinese merchant Hu would borrow from his cousins to fund his brother-in-law, Chinese merchant Wan, then Mr. Hu (or even Mr. Wan directly) would later give the money back, with interest if interest was agreed upon.
This happened in Ireland post 2008. The Prime Minister there said "well, we all partied" and then proceeded to say people who had defaulted on payments and lost everything should consider "terminating" themselves😅
I had almost $1,000 in crypto with Voyager earlier in the year and decided to sell it all and pull out my cash. Watching your videos opened my eyes to just how volatile every aspect of the crypto space can be. I thought it best to pull everything at a total loss of about $80. So glad I didn’t wait, man. The person that turned me on to Voyager and ADA put his whole 401K in!
I feel like at this point, If the CEO or some other representative of these coins say they're still liquid (when there's speculation they aren't) or aren't having any problems. It's a sign you need to take your money out immediately. Their just trying to placate you before they freeze withdrawals
As a CPA I have to say I really appreciate the accurate and detailed explanation on different types of bankruptcies, FDIC, etc. So many RUclipsrs just talk out of their ass about legal and financial matters that they haven’t bothered doing proper research on.
"As a cpa" I'm so glad you clearly explained SIPA and chapter 11 because "IM A CPA" and when you highlight these easy to Google things I get to act like I'm so much smarter than youtubers and let people know ImAcPA......that's how you sound
When you go to a "crypto" site and realize you are not getting answers on how they operate, invest etc but somehow there are shills on social sites "parroting" elaborate semantics that right there is how you end your research. You hit the "this is a scam/scam" jackpot.
based on the numbers there, this would mean AT LEAST 91% of their loans were based in companies that were likely insolvent at that time. Like damn, how much of Crypto ISNT a scam? Even the scammers are getting scammed out of billions
I did a spit-take when you said the “hedge fund” took the money and invested in Luna. The incestuous nature of crypto is reminiscent of the systemic exposure in 2008
Technically they were a hedge fund because they used private equity from rich people to fund their investments, but that doesn't mean they were licensed stock brokers.
@@id10t98 That's the thing that sucks. One can do everything right and can still go wrong. That is why many people really don't like to accept that idea...
They aren't dumb either. It's just that many of them are financial "one-trick-ponies". Things fall apart when they lack the self-knowledge to understand the boundaries of their one trick.
@@tjenadonn6158 Absolutely, crypto is more volatile over shorter term scales. Now take a look at how assets have performed over the past 10 years and show me a single thing that has performed better than bitcoin.
Coffee should make a video calculating all the money people lost in all these defi companies and how much promoters made total. It would surely blow people's minds if they saw the total figure.
@@ShorlanTanzo DeFi is just a buzzword. And a contradiction. Finance without centralisation is just scammer heaven. Which is, predictably, what happened with crypto.
@@minnesnowda2510 Not same number of people, just same amount of dollars. I'm pretty sure the ones who made money are a minority earning money from a lot of people's small losses.
That'd be difficult, think of the thousands of wallets you'd have to track down and the tens of thousands (if not more) of transactions you'd have to cross reference. Wouldn't really be worth the effort imo.
Keep hearing the same story "somewhere in this 20 page terms and conditions document is a sentence that says all your money is gone". Are we enjoying being our own bank yet?
@Hyperion I was a stockholder. If anything the high yields were a burden to the balance sheet. That’s why their “marketing budget “ was so high. They used it to pay some of the yield. They justified it by saying it was to acquire new customers. I was in it because of the promise of a debit card, being able to buy stocks with crypto, and expanding into Canada and Europe. You’re right though. You live and you learn.
So basically their genius plan was take the assets from their customers, stake them into Luna, cash in the 20% interest of Luna and give back 10% to their customers.
So basically the customers were just cashing into Luna, with just a middle man taking half of the interest. A Ponzi scheme on top of a Ponzi scheme. Ponzi Supreme
What unalloyed idiots Voyager were. When investing - diversify. What did they do? Hand over 50% of their assets to a hedge fund to …… invest back into a crypto. Crazy. Like making money as a horse trainer and then taking your winnings and betting against a rank outsider.
No sir, it seems you don't fully understand the scam. When these things "crash" how do you think these scam "ceos" get their cut? THROUGH ALL THESE UNSECURED LOANS AND INVESTMENTS THEY CLAIM THEY MADE! and if you believe Mark Cuban lost any money then you're just as naive as coffeezilla. He might have good intentions but he's a shill too! Just a honest shill! If the story came out that Mark Cuban made money from a rug pull what would that do to his reputation as well as his wealth from potential law suits and criminal investigations?
Yeah... people should really start to ask themselves where the money comes from. It seems that people forget everything when it comes to crypto. I think it's because crypto is complicated enough that a lot of people don't bother second guessing it.
These things happen in dark pools of regular markets all the time. You just don't hear about it cause its behind closed doors. With crypto you can see it all. In fact, the issue here was backdoor deals between Voyager/BlockFi and other entities (3AC). Actual decentralized lending protocols like Aave and Compound are working just fine even through the huge crash across asset classes, because code doesn't lie, people do
What's happening in crypto happens in the regulated market as well. The difference is that in regulated markets, those in charge are held accountable and get jail time in situations like this.
I think more over it shows the effect of the greed of people superceding their responsibility to actually investigate what they are investing in. You can't regulate human greed, people will always find ways around the system. If you're going to invest you need to get educated
Side note, Coffee's production is so over-the-top good. The light from the blinds on the left matching up with the light in the $10M studio!? Get outta here, this is amazing. Great video as always.
Oh yeah man, I left crypto once the gurus migrated towards NFTs and other bullshit. Just fun to watch from the sidelines. It’s like a slow-motion car crash
"Crypto will replace cash in the future!" "ok, so how do I get started?" "Give me your cash!" "so why do you want my cash if it'll be worthless in the future?" ... (end of call)
The one thing I'm learning from these videos: the more a crypto CEO says "the money is all there" or "everything is fine", the more worried you should be.
Pumped the stock! I really appreciate the stories you cover. My possible favorite story arc is the early vids with the shark tank people ripping apart scams, to now come full circle and show how basically every shark is a massive scammer.
“We knew the risks” except when you said months ago that there aren’t really any risks and it’s the safest crypto bank out there, lmao. Let’s be real - If you REALLY knew what they were doing with your coins, you would’ve never gone within 100 feet of their app to begin with.
I quoted Warren Buffett a couple of months ago where he warned people to stay away from crypto but people said he was an old guy who just didn’t understand crypto…..
@@joliecide Honestly though most influences at least tell newbies to not make the mistake of putting all their fkn eggs in one basket and diversify their portfolio…and it seems that was something that multi billion dollar Crypto bank Voyager didn’t even know how to do. They lent over a billion dollars of customer funds to 3AC 🤯
It boggles my mind that people invest in crypto(with any other intention but to scam bigger fools) when all owners minted themselves a hefty 20-80% of it and keep it in their wallets. With fiat at least government can't crash it's value to zero by "cashing out" 20-80% of it at any second.
I have a friend that lost about 90% of his liquid net worth in Voyager. I told him probably about 10 times to only go with a US based company that's FDIC insured, even if theres more fees and less functionality. He could not be saved, still blames everyone but himself to this day.
I always make sure to like, and try to comment on coffeezilla videos because he puts a ton of effort and has a unique style of videos. Thanks buddy, keep it up.
Voyager kept sending emails out too, 2 weeks before they froze withdrawals, saying that your money not your crypto, was fdic insured up too 250,000……..
Believe it or not a lot of people in crypto think the same thing. Of course there are those that want it as unregulated as possible but that's pretty stupid and maybe it benefits them in what they're doing with their crypto.
@@donm2067 a lot of people in crypto want the actual currency to be decentralised, but the companies offering services/using the currency (like voyager) to be regulated
I knew the risk of investing when it pertains to the market value fluctuating. Never would have expected to have essentially robbed. I certainly did not consider my self a unsecured investor. My understand is the crypto I bought is the crypto I own, including the interest accrued
A year ago all of these people were piling into these crypto "brokerages" because they didnt want to be a part of the traditional banking system and all its regulations. Lol now they lost everything and want regulation. If they lose it all, they lose it all... lol
I lost a lot too but I don't want regulations they're still a small amount of people I imagine that are like myself. I think this is part of the plan they're going after the crypto first and then they're going to go after the big Banks because the monetary system is actually collapsing unlike what happened 10+ years ago
I came so close to transferring all my crypto to voyager...but stopped myself when news broke that they needed to take a loan from Alameda/ftx. Really dodged a bullet with that one.
The whole month prior to this happening I got at least 10 notifications on my phone say your money is safe and fdic insured, that with the ceo claiming they were good had me hooked
LOL! The fdic didn't insure them since they were not a bank and didn't want to be regulated. They Lied To You! You can verify who is fdic insured on the website setup by the federal gov't. guess what they weren't listed
Lol, voyager pushing the FDIC thing pretty hard. In the customer email they sent me 2 days ago announcing their chapter 11 bankruptcy, there is a section that clearly says USD is FDIC insured...glad I only created an account and never made any deposits.
when subscribing--use code MAV100. It's a *nearly* risk free investment.
Shieet you don’t need to tell me twice
it's been really cool watching you make your ascent doing good work and getting good money the right way, don't drop it 👑
We need a video on Andrew Tate!!
This man is saving the internet. Internet Batman
I just used the code and I'm already broke
Nothing screams “decentralized finance” more than partnering with a bank…
Dang fed only prints money when it gets in trouble!!
Voyager: so our plan is to mint more useless coin.
I was scratching my head about that one.
IRONIC!
just Fi doesn't have the same ring to it as calling your project DeFi
@@BufordTJustice20 you are out of your mind if you think crypto is going to end anytime soon. Crypto is in desperate need of regulation, a lot of fat has to be trimmed and meme coins need to die. BTC, ETH is going anywhere homie.
You sound like don't like crypto, why wouldn't you agree with it on concept at minimum? Wouldn't be nice to have an alternative to banking? I don't understand people like you
The fact that this is a sustainable weekly series is unsettling
Coffe could upload daily and still not run out of material.
And here's the real elephant in the room...
It's the beautiful destruction of a corrupted and unsalvageable market. I _briefly_ got into crypto, and exited quickly once I figured out there's nothing to do with it, no reason to have it, and most "projects" are just pump and dump ponzi scams. The only crypto I have left is what I can't sell off becuase I can't pay the transaction fee to get rid of them.
Crypto and NFT are cancer
It 'was' the Crypto 'Gold Rush' era and much like the Klondike era, only the pickaxe sellers walk away rich.
Imagine if a stock brokerage like Robinhood turned around and told a court "No actually all our clients stocks actually belong to us it turns out" It makes so little sense it hurts to think about. Yet that is what Voyager are trying.
Issue is the code is law. And technically the wallet that has the crypto owns the crypto.
Is disguisting but basically putting your crypto into someone elses wallet is in effect you giving it to them. Yes there maybe some sort of gentelmens agreement about it but since ita not regulated they dont actually have to do anything after you have given it to them.
This is what so many people do seem to get and why they get scammed over and over. Its been covered on this and other channels before. No regulation means no comeback once they have your crypto in their wallet.
Asbthe judge says this isnone of those novel decisions because technically what Voyager said is true. They own The crypto not the customers.
You think Robinhood wont do that? Who owns a fractional share anyway
One is regulated and one is not
That....that is what they tried during gamestonk remember?
They liquidated some peoples stocks and claimed they had the right as the brokerage. There was a big stink about it. And nearly a class action lawsuit. That's why they backed off.
@@Palemagpie those shares were purchased by users ON MARGIN
Coming back and seeing Voyager got a load from Alameda is just a chef's kiss moment. The Ouroboros of scams.
Imagine loaning Alameda over 350 million and calling it nearly risk free 😂
this hits different after the ftx crash lmao
Well there is a risk something happens and a risk it won't. This company failed to mention they meant there was a 100% guarantee to lose your money, not the opposite.
I mean there's zero risk you'll ever see it again 😂
"Like all ponzi schemes, this one was different." 🤣
Not like other ponzi schemes
Voyager had a plan
The hilarious thing is, under one of YT videos explaining what Ponzi schemes are, someone was trying to logically prove how to make a Ponzi scheme that would actually be benefitial to everyone. Except that would be an oxymoron!
If you have an organisation that doesn't take new members money just to distribute it to older members, but instead uses said money to actually have a real yield (like investment or to directly fund a legit working business, which is also investment), then you don't have a Ponzi scheme!
In a way I just described how some banks work, or on a lower scale how certain societies worked. You could take a "Nanking people's society in Shanghai" in the 1920's where everyone knew everyone, and Chinese merchant Hu would borrow from his cousins to fund his brother-in-law, Chinese merchant Wan, then Mr. Hu (or even Mr. Wan directly) would later give the money back, with interest if interest was agreed upon.
They had it all !
@@TheebX92 So did the Underpants Gnomes.
Before failure: It's the safest way to make money, you can't lose!
After failure: Look we all knew the risks.
Why I never put my crypto with them or Celsius. Self custody, or stay away imo. If it sounds too good to be true, it is
Crypto: the decentralized world of unregulated centralised institutions.
This happened in Ireland post 2008. The Prime Minister there said "well, we all partied" and then proceeded to say people who had defaulted on payments and lost everything should consider "terminating" themselves😅
I had almost $1,000 in crypto with Voyager earlier in the year and decided to sell it all and pull out my cash. Watching your videos opened my eyes to just how volatile every aspect of the crypto space can be. I thought it best to pull everything at a total loss of about $80. So glad I didn’t wait, man. The person that turned me on to Voyager and ADA put his whole 401K in!
What happened to the 401k guy post collapse?? :0
What's wrong wit you? I already say you he dead.
@@mikesanders8621 my guy what are you talking about
LMAO
ADA went up so he might recovered
I feel like at this point, If the CEO or some other representative of these coins say they're still liquid (when there's speculation they aren't) or aren't having any problems. It's a sign you need to take your money out immediately. Their just trying to placate you before they freeze withdrawals
and that's how bank runs happen
"At this point" you must be very young to think that this is just a thing "at this point"
@@laine3396 ta-daaaaa lol
@@joshyoung1440 well crypto wasn't a thing 30 years ago so....what are you trying to prove here
Why the fuck did the CEO look so nervous with Mark was reading the promo 😂
Because he knows it's a scam! 🤣
Haha yeah I thought the exact same - dude was stressing out hard!
He knew they were going bust and was thinking about all the people that’ll be mad at him 😂
He looked high.
Panic attack on stage 😂
People shouldn't trust companies that don't fully disclose how they actually function
Doesn't that describe most companies?
@@redhairdavid do you honestly trust most companies? I don't.
@@redhairdavid no, but it does describes most crypto companies
@@redhairdavid hey now you're getting it! 👏
@@redhairdavid what do you mean most companies don't disclose how they function ?
As a CPA I have to say I really appreciate the accurate and detailed explanation on different types of bankruptcies, FDIC, etc. So many RUclipsrs just talk out of their ass about legal and financial matters that they haven’t bothered doing proper research on.
Meet Kevin is one of the only legitimate channels I trust he's very transparent
meet kevin is trash lol wtf are you talking about
@@mac23806 absolutely not. The guy promotes shit to uneducated people and then sells courses
"As a cpa" I'm so glad you clearly explained SIPA and chapter 11 because "IM A CPA" and when you highlight these easy to Google things I get to act like I'm so much smarter than youtubers and let people know ImAcPA......that's how you sound
@@dr.z3426lol read your angry comment and tell me you don't sound like another sad internet troll.
When you go to a "crypto" site and realize you are not getting answers on how they operate, invest etc but somehow there are shills on social sites "parroting" elaborate semantics that right there is how you end your research. You hit the "this is a scam/scam" jackpot.
5:37 Anyone notice that they also loaned out to Alameda?
Or that a ton of the shark tank members are in a lot of these scams
yep, thought he was going to point them out instead .. lol
@@hthring this video was before ftx/alameda scandal
Then they loaned out more to Alameda to get out of it.
based on the numbers there, this would mean AT LEAST 91% of their loans were based in companies that were likely insolvent at that time. Like damn, how much of Crypto ISNT a scam? Even the scammers are getting scammed out of billions
Ponzi schemes are bad but your videos make them fun to hear about, and thus, educational. Thanks Coffe!
Ponzi schemes to me are just a version of natural selection.
It’s called ‘Edutainment’ 🙂
Yeah thanks Coffeetime!
I do not gloat about the losses of duped people but I do like to see the tears of the “FUD”-yelling crypto bros.
Something to watch on the toilet.
☺️
So every business that makes a bad investment is a ponzi scheme?
It's the ultimate bait and switch. "Nearly risk free" at the time of investing but "we knew the risks" as soon as it crashes.
"but like all ponzi schemes, this one is different"
nothing sums up crypto better than those 9 words
5:38 funny how the top 2 loan receivers in the list are Alameda Research and Three Arrows capital.
i found coffees channel a couple months ago and i swear this man had barely a mil subs. he's blowing up!! congrats man
Voyager : "We have the experience to back our decisions and weather any bear market"
1st Bear Market : "No so fast"
I did a spit-take when you said the “hedge fund” took the money and invested in Luna. The incestuous nature of crypto is reminiscent of the systemic exposure in 2008
Technically they were a hedge fund because they used private equity from rich people to fund their investments, but that doesn't mean they were licensed stock brokers.
@@samsonsoturian6013 I was mainly referring to how one Ponzi scheme was taking money to invest it in another Ponzi scheme to chase returns
@@Football__Junkie yeah, which is why all these grifters are correlated to each other
The older i get the more i notice how the richest people in the world aren't that smart. Not even with money.
It's mostly luck. Being born into the right family, having a banker that believes in you...there's a couple of things that help immediately...
@@id10t98 That's the thing that sucks. One can do everything right and can still go wrong. That is why many people really don't like to accept that idea...
They are smart but they still make mistakes. The thing about rich people mistakes is that it wrecks a lot more people
They aren't dumb either. It's just that many of them are financial "one-trick-ponies". Things fall apart when they lack the self-knowledge to understand the boundaries of their one trick.
@@SebtorDude exactly, desperation makes most people vulnerable
3:55 😆 I was laying down I had to sit up after"he seems great 👍" 😂
5:37 Oh look at that- Alameda Research! I'm sure that relationship turned out well. LMFAO
Was it Warren Buffett who said, “It’s time to get out, when everybody tells you to invest“?
yup and he was right
Sounds like him, and wasn't it his pal Charlie Munger who called Crypto a load of rat poison? XD
Buffet is just paraphrasing what Joseph Kennedy Sr said before the 1929 Stock Market crash...
Accurate
@@CloudWalkBeta I believe Buffett called crypto rat poison squared.
At this point, crypto and Mark Cuban is like the real life version of the "how many times do we have to teach you this lesson, old man?" meme.
When that old man stops making money ripping people off. Clearly
This isn't an issue with crypto tech. This is an issue of human-driven decisions leading to over-leveraged markets.
Charles Ponzi: "Human-nature never changes"
As such, the desire of people to engage in wild speculation, will always exist forever.
@@ericv4189 I don't see those shit happening with this same sort of near-weekly regularity in any other investment sector bucko.
@@tjenadonn6158 Absolutely, crypto is more volatile over shorter term scales. Now take a look at how assets have performed over the past 10 years and show me a single thing that has performed better than bitcoin.
Your investigatory and explanation skills are second to none coffee!! Your a good man.
Well Dr. Since you have atleast one PHD and I have atleast two. You are, you're a good man.
Negative energy, man. Do better @@jiml4987
Voyager: "Deposit YOUR crypto."
*deposits crypto*
*Voyager pulls out Soviet Bugs Bunny meme*
Voyager: "OUR CRYPTO."
Everyone is socialist when they control the money
It's like The Simpsons lawyer joke. Deposit, y? Our crypto!
Voyager has the same business strategy as a bank but claims 10,000% better returns.
Cryptogoons: Seems legit
The cognitive dissonance among the people who invest in these scams is off the charts.
"It's the blockchain, bro, you just dont get it."
Voyager was just a medium to invest in crypto. You could just put your cash into USDC and gain 9% interest. Why blame the ppl rather than the company?
Because the people are gullible morons who do not understand what they are getting into.
@@Kolby.with.a.K Do you hear yourself.
Blockchains have nothing to do with it. Voyager was an exchange and lending platform.
Coffee should make a video calculating all the money people lost in all these defi companies and how much promoters made total. It would surely blow people's minds if they saw the total figure.
... that's not defi, but yeah there were a lot of "losses" that ended up in someone else's pocket..
How many people got rich in the last decade of crypto and defi, Same number of people lost money because it’s a zero sum game
@@ShorlanTanzo DeFi is just a buzzword. And a contradiction. Finance without centralisation is just scammer heaven. Which is, predictably, what happened with crypto.
@@minnesnowda2510 Not same number of people, just same amount of dollars. I'm pretty sure the ones who made money are a minority earning money from a lot of people's small losses.
That'd be difficult, think of the thousands of wallets you'd have to track down and the tens of thousands (if not more) of transactions you'd have to cross reference. Wouldn't really be worth the effort imo.
*"Our customer's assets are safe and we're processing everything as normal..."*
Translation: *RUN*
Also valid if Mark Cuban tells you about a project.
also "their cfo showed me proof everything is okay" followed by "I'm not a victim".
The fact that their lawyer doing legal shenanigans is named Sussberg is the definition of a Freudian slip.
*I don’t know Sussberg, you’ve been seeming kinda sus lately..*
After seeing everything with the FTX collapse. I sat here thinking “hmm, this seems familiar”.
Keep hearing the same story "somewhere in this 20 page terms and conditions document is a sentence that says all your money is gone". Are we enjoying being our own bank yet?
You don't understand what private keys are I take it lol
@@xx4248 But if you keep your coins in a private wallet how can you get those delicious 20%APY ponzi scheme rewards?
@@ChinaExpatsRC , Nice. That’s what cryptos are/ a ponzi, and a fad.
@@xx4248 Wtf
@@xx4248 what does that matter?
I lost 20k on their stock. I followed this company closely and you got everything right. Steve definitely lied to us.
Keep up the good work
If you're just giving away money I could use 5k$.
Dam sorry to hear that.. Trying to send u some luck so u can triple that!🤞🏽
@Mighty Nooblet Damn what a shame man, i could use 10k of those to buy some real education, what a waste of money.
@Hyperion I was a stockholder. If anything the high yields were a burden to the balance sheet. That’s why their “marketing budget “ was so high. They used it to pay some of the yield. They justified it by saying it was to acquire new customers.
I was in it because of the promise of a debit card, being able to buy stocks with crypto, and expanding into Canada and Europe.
You’re right though. You live and you learn.
@@V-187 thanks man. Really appreciate it!
So basically their genius plan was take the assets from their customers, stake them into Luna, cash in the 20% interest of Luna and give back 10% to their customers.
Lmao, perfectly said
but why use 3ac?
That was what 3AC was doing, yes. Voyager lent 3AC their customer's money at high interest. 3AC became unable to pay. RIP
So basically the customers were just cashing into Luna, with just a middle man taking half of the interest. A Ponzi scheme on top of a Ponzi scheme. Ponzi Supreme
Checks out 🧐
8:08 , Wow 😂, ‘’not the helpful kind, its the lecturing kind.’’ 😂😂
My favorite part is that a quarter of their loans were also in Alameda… nice job guys
At this point when I hear Mark Cuban I just expect a new scam.
Lol the cuban effect
Jews will jew
i never liked him
I bet mark lost none of his own money! They never do!
@@billh.1940 billionaire scums never do
Honestly the fact that 'billion' is being thrown around on this channel, shows just how much it has grown
more like how big scams have become...and how common big scams have become.
shows how big ponzi schemes are currently, not so much the channel
Pump the stock!
$ZILLA to the moon!
@@ScorpionXXXVII You think bitcoin is a scam?
@@ericv4189 it is
"Like all ponzi schemes, this one was different!" Is now my favorite quote from you ever lol
Lent to Alameda Research? Making connections in your videos is literally mind-blowing. The dominoes fall one by one.
4:47 "their CFO showed me a whole lot of evidence that things are fine" he said, shifting uncomfortably in his chair while he said it.
Their lawyer's name is Sussberg, I'm guessing he was the 2nd choice since Crookstein was on vacation
He was on vacation with Scamowitz.
Edit: "The law offices of Sussberg, Crookstein, and Scamowitz". It's got a nice ring to it. Lol.
The whole "it's not your asset" very much reminds me of buying digital games in the current state of the industry
It's just a license to play the game.
with how many games that are selling nfts right now, i wonder how long it will be before you need to buy nfts to get access to a game
@@arifhossain9751 those are all shit games though.
@@moshunit96
agreed
Why i got gamepass. Rather pay a flat fee every month than have the illusion i own any of my games
What unalloyed idiots Voyager were. When investing - diversify. What did they do? Hand over 50% of their assets to a hedge fund to …… invest back into a crypto. Crazy. Like making money as a horse trainer and then taking your winnings and betting against a rank outsider.
Perfect analogy lol
No sir, it seems you don't fully understand the scam. When these things "crash" how do you think these scam "ceos" get their cut? THROUGH ALL THESE UNSECURED LOANS AND INVESTMENTS THEY CLAIM THEY MADE! and if you believe Mark Cuban lost any money then you're just as naive as coffeezilla. He might have good intentions but he's a shill too! Just a honest shill! If the story came out that Mark Cuban made money from a rug pull what would that do to his reputation as well as his wealth from potential law suits and criminal investigations?
Risk free loan to Alameda research LMAO
7:03 What a devious loophole😮
"trustworthy" borrowers don't pay more than 9% interest, which they would have to charge a ton in order to pay so much
Yeah... people should really start to ask themselves where the money comes from. It seems that people forget everything when it comes to crypto. I think it's because crypto is complicated enough that a lot of people don't bother second guessing it.
Crypto is showing what really happens when you have a market completely devoid of regulation.
These things happen in dark pools of regular markets all the time. You just don't hear about it cause its behind closed doors. With crypto you can see it all. In fact, the issue here was backdoor deals between Voyager/BlockFi and other entities (3AC). Actual decentralized lending protocols like Aave and Compound are working just fine even through the huge crash across asset classes, because code doesn't lie, people do
centralized companies built around crypto ≠ crypto
@@andrewg.. LMAOOO
What's happening in crypto happens in the regulated market as well. The difference is that in regulated markets, those in charge are held accountable and get jail time in situations like this.
I think more over it shows the effect of the greed of people superceding their responsibility to actually investigate what they are investing in. You can't regulate human greed, people will always find ways around the system. If you're going to invest you need to get educated
oh man I always love it when they hit you with the bombshell argument of "it works because you can trust us more than the other guys"
I have to say again...... this is a great channel. Your work and presentation is awesome.
these videos are so pleasant to throw on and binge over and over. playin some zombs, throw coffee on in the background
“Like all Ponzi schemes, this one was ‘different’”.
I’m done. 😂😩
Side note, Coffee's production is so over-the-top good. The light from the blinds on the left matching up with the light in the $10M studio!? Get outta here, this is amazing. Great video as always.
Curious if he pays some external marketing agency and just says hey make the back ground look cool as hell
Watching the crypto meltdown is my guilty pleasure.
People like you will get bad karma.
Too real
My pleasure, no guilt. No money invested. I dodge bullets baby
@@infosneakr and your also not rich cause if you bought btc or eth a few years ago you would be
Oh yeah man, I left crypto once the gurus migrated towards NFTs and other bullshit. Just fun to watch from the sidelines. It’s like a slow-motion car crash
My guy coffee coming thru with the suspenders. Great content man.
Love the techno noir design of the room. Coffee is a mighty fine reporter as well.
"Crypto will replace cash in the future!"
"ok, so how do I get started?"
"Give me your cash!"
"so why do you want my cash if it'll be worthless in the future?"
...
(end of call)
thats what i never understood cypto such a scam
Crypto is a scam. It's Bitcoin self-custody only.
I learned more about investment from your videos than from most investment experts teaching about it.
Crypto newbies are finally learning the age old lesson of
NOT YO KEYS, NOT YO COIN!
Amazing how many in this comment section fail to understand this
coming back to this one to find alameda... Oooff
The one thing I'm learning from these videos: the more a crypto CEO says "the money is all there" or "everything is fine", the more worried you should be.
Pumped the stock! I really appreciate the stories you cover. My possible favorite story arc is the early vids with the shark tank people ripping apart scams, to now come full circle and show how basically every shark is a massive scammer.
“We knew the risks” except when you said months ago that there aren’t really any risks and it’s the safest crypto bank out there, lmao. Let’s be real - If you REALLY knew what they were doing with your coins, you would’ve never gone within 100 feet of their app to begin with.
Tbf nothing about crypto is safe so saying that it was the "safest" also should mean nothing
I quoted Warren Buffett a couple of months ago where he warned people to stay away from crypto but people said he was an old guy who just didn’t understand crypto…..
@@SuperiRix4 nOtHING is safe regarding AnYthing, but its safer to hold whatever coins you have, on your own cold wallet, rather than on an app.
A financial influencer is only good as their last "tip."
@@joliecide Honestly though most influences at least tell newbies to not make the mistake of putting all their fkn eggs in one basket and diversify their portfolio…and it seems that was something that multi billion dollar Crypto bank Voyager didn’t even know how to do. They lent over a billion dollars of customer funds to 3AC 🤯
It boggles my mind that things like this gain this much steam before they inevitably crash.
Influencers bruh
It boggles my mind that people invest in crypto(with any other intention but to scam bigger fools) when all owners minted themselves a hefty 20-80% of it and keep it in their wallets. With fiat at least government can't crash it's value to zero by "cashing out" 20-80% of it at any second.
@@Toralian89 Exactly. It's a scam made out of a scheme.
5:35 - Screen Shot - The top three companies on this list are all bankrupted.
Heh, that Alemeda Research was the first thing I saw as well 😅
Yeah I was searching of someone noticed that
Seeing that Voyager had Alameda Research on their top 2 in the books means that this bankruptcy is going to last quite a while.
Fool me once, shame on you.
Fool me twice, shame on me.
Fool me thrice, I’m a crypto bro.
You never disappoint Coffeezilla, your investigative research is off the charts as usual, well done mate!
"It's like hearing someone is a doctor, but then you realize it's not the helpful kind... it's the lecturing kind". lol
Watching this after FTX - as soon as I saw Alameda next to Three Arrows I was like NOPE NOPe NOpe Nope nopee
I have a friend that lost about 90% of his liquid net worth in Voyager. I told him probably about 10 times to only go with a US based company that's FDIC insured, even if theres more fees and less functionality. He could not be saved, still blames everyone but himself to this day.
He's a cryptard.
coffeezillas videos are so good, i have less than zero interest in most of the topics he covers, like crypto, yet i watch them all to the end.
Very much the same.. I just love to see scammers busted & morons scammed 😅
I love that you took the time to explain the bankruptcy types. As consumers, we should know these risks and consider them as we make decisions
I'm just happy I can finally buy a reasonably priced video card.
Underrated
Have prices dropped yet?
@@BrentWalker999 yeah they're back to market value
5:37 this vid hits differently today when you see this list lol
5:37 When you see Alameda Research on top of the list of hedge funds Voyager lent to lol
10:10 I have never seen that camera angle on coffeezilla's million dollar studio videos. Amazing camera blocking/planning, man!
I always make sure to like, and try to comment on coffeezilla videos because he puts a ton of effort and has a unique style of videos.
Thanks buddy, keep it up.
these crypto companies getting a little to brave
The closest to risk free as possible in the crypto market is like saying the safest back alley plastic surgeon
Coffeezilla: "Marc Cuban is a terrible crypto investor!"
Kevin O'Leary: "Hold my FTX shares!"
Omg 🤣🤣🤣🤣😭😭😭
Voyager kept sending emails out too, 2 weeks before they froze withdrawals, saying that your money not your crypto, was fdic insured up too 250,000……..
Netflix give this guy a show already 📈
I still wouldnt buy a netflicks account lol
It’s alllllmost like there needs to be regulations to keep these companies from doing whatever tf they want.
No bro! Defi!
Believe it or not a lot of people in crypto think the same thing. Of course there are those that want it as unregulated as possible but that's pretty stupid and maybe it benefits them in what they're doing with their crypto.
Yeah. If there's no regulation on something, everything (even illegal ones) are fair game. This is an example of irresponsible freedom
Turns out that the Securities and Exchange Commission should have been putting more energy into going after the 'E' rather than the 'S'.
@@donm2067 a lot of people in crypto want the actual currency to be decentralised, but the companies offering services/using the currency (like voyager) to be regulated
It’s so funny going back and watching this now and seeing one of the biggest people Voyager loaned to was Alameda
I knew the risk of investing when it pertains to the market value fluctuating. Never would have expected to have essentially robbed. I certainly did not consider my self a unsecured investor. My understand is the crypto I bought is the crypto I own, including the interest accrued
Some said, and I should repeat here, "if you don't know where the yield of your investment comes from, you are the yield."
I mean caring about others is probably not the key to become a billionaire.
Not your keys not your crypto. Never fails.
All of their "investments" went to paying Mark Cuban 🤣
A year ago all of these people were piling into these crypto "brokerages" because they didnt want to be a part of the traditional banking system and all its regulations. Lol now they lost everything and want regulation. If they lose it all, they lose it all... lol
I lost a lot too but I don't want regulations they're still a small amount of people I imagine that are like myself.
I think this is part of the plan they're going after the crypto first and then they're going to go after the big Banks because the monetary system is actually collapsing unlike what happened 10+ years ago
I came so close to transferring all my crypto to voyager...but stopped myself when news broke that they needed to take a loan from Alameda/ftx. Really dodged a bullet with that one.
☝🏽Let’s chat now:.d
My advice is there is no such thing as near risk free investment that give u a 9+% interest per yr
“Crypto brainrot at its finest”
What a fine expression, proud to witness its its birth.
You the only RUclipsr that is exposing, these ponzi, crypto scam industry.
The whole month prior to this happening I got at least 10 notifications on my phone say your money is safe and fdic insured, that with the ceo claiming they were good had me hooked
LOL! The fdic didn't insure them since they were not a bank and didn't want to be regulated. They Lied To You! You can verify who is fdic insured on the website setup by the federal gov't. guess what they weren't listed
Lol, voyager pushing the FDIC thing pretty hard. In the customer email they sent me 2 days ago announcing their chapter 11 bankruptcy, there is a section that clearly says USD is FDIC insured...glad I only created an account and never made any deposits.