why doesnt anyone talk about how all these tokens are basically ponzi schemes, they add no value, the whole goal is to get big enough to hold its value and the benificiaries are the ones who holded most during initial offering at cheap price.
“I did not know there was an improper use of customer funds” 😂😂😂😂 Hilarious. That’s on the same level as Bill Clinton’s “l did not have sex with that woman” 😂😂
18:38 “there were no adults in the room” These were not kids doing these crimes they are adults defrauding billions from people. We should not be referring to them as kids. They are highly educated late 20 year olds. They are not kids and should be held accountable for their crimes
Yeah, the double standards are ridiculous here. SBF makes a million bucks through arbitrage: "OMG this curly haired dude is a genius!" SBF scams people out of billions and billions: "OMG he's only a child! Who amongst us..."
Exactly! He gave bribes to the democrats. This was an intentional heist, with paying off the most powerful political figures in the US. I get the impression FT have also been payed for a bleeding heart coverage.
It also adds to the disservice like somehow older people can't do horrible scams. For example, John Madoff in the traditional finance markets. Or Trump with all of his fundraising that only goes into his pockets and never to any of the actual stuff he promises. Age is no boundary for hucksters.
The phrase " expert on crypto" only makes sense to people ruled by emotions. There's no dry numbers and statistics that can prove something with no true value, that only goes up or down based on sentiment alone, have any expertise required at all. All individuals who convince themselves otherwise are a danger to themselves and others exposed to them.
I agree with Warren Buffet, who refers to crypto as "rat poison." I get putting maybe 5% in crypto just for fun, but people that have their retirements riding on this stuff are seriously misguided.
"The message is absolutely consistent"...No is not. The RUclipsr and crypto researcher Cofeezilla got SBF to admit in a Twitter Spaces call that there was commingling of funds between Alameda and FTX. And I think that less than a week before, he was arrested. Cofeezilla played a role, In my opinion, because to admit that point was for sure a great help for SBF's prosecution.
If only a few thousand more people had told me not to invest. When I hear that the CEO plays video games while on calls to investors, I think how could this be a scam? When I hear that one of the chief developers was high all of the time, I think that this is the sure thing. I know that they moved to another country to get more lax regulations, but only chumps need a financial system to follow the rules. Now I only invest in artisanal lotory tickets.
26:05 this hits hard. These big crypto firms are mixing together multiple financial industries into single firms that we *know from centuries of experience* have to be separated for the health of the whole system. The regulation will come down hard on them, but it will take a long time.
The whole point of crypto is that they don't want regulatory oversight. Oh, apart from when they lose money, then they want lots of regulation after all. Privatise gains, socialise losses - it's the American Way, isn't it?
This case also shows how easy it is to manipulate media even the reputed one. If you say what media houses want to hear which is pretty much a standard script, they will make you a hero in no time. If you deviate from the script a bit, nothing can stop them from canceling you.
Ole Sam here was also donating money to media outlets. I can’t seem to find which ones but he says it in his 72 minute segment with Andrew Sorkin at whatever conference that was after he was outed
I do not understand why people still believe "there are no Adults in the room". EVERYONE involved in this FRAUD was over the age of 18 and closer to 30 years of age. They all knew what they were doing. They are ADULTS who lacked a moral compass.
even if they were in their sixties, if they were carrying on like idiots we say "there were no adults in the room" because that's a saying we have in english. glad i could help.
Sam Bankman-Fried’s said during an interview well prior to FTX collapse, his best advice when buying into the krypton market is don’t put in more money than you are ok with losing. Turns out, that was best financial advice that ever came out of his mouth. I wonder if that was his conscience speaking?
I think it’s fairly well accepted that it wasn’t so much that Sam was considered a legend, just that there happened at the time to be a ridiculous amount of free QE money sloshing around looking for any, any, asset to buy.
QUOTE I think it’s fairly well accepted that it wasn’t so much that Sam was considered a legend UNQUOTE in hindsight you are correct but at the time he was the worlds richest man under 30 and was on the front cover of Forbes and on and on if that's not considered a `legend` what is?
@@krazythedomm of course he was a scammer and do you 🤔 think he did that by either 1. Convincing people he was a legendary crypto genius or 2. That he was a scammer.. Eh?.. At the time without hindsite bias people thought him LEGENDARY that was the bloody scam, people claiming 'everybody' knew he was not are bloody idiots
The current interest rate is 4.75%. (8th rate hike since March last year) With inflation at 7% and mortgage rates above 7.5%, the minimum wage remains unchanged, and my retirement portfolio has suffered greatly in recent years, my question is how do senior citizens retire and live in such an unstable economy. The long game is clearly not for me at this time.
To me, the most important lesson of 2022 in the stock market is that no one knows what will happen next, so practise some humility and stick to a long-term strategy.
@@husseinhodrob You must develop your own procedures, control risks, and adhere to your strategy no matter what; you must also constantly learn from your errors and strive to become better.
@@jessicalandon8973 It took me five years to stop attempting to forecast future market events based on chart analysis because you can never be certain. Without a mentor, it took me five years of agony to learn to follow the market and keep things simple while maintaining discipline.
@@ethanxavier4507 I agree, my profit has been consistent regardless of market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser recommended by a popular economist on a subreddit, long story short, its been 2 years now and I've gained over $850k following guidance from my investment adviser.
I am from The Netherlands and we had the Tulip Mania back in the 17th century. FTX and Crypto is just Tulip Mania with the word Crypto spraypainted over it.
Thank you for the very detailed documentary. I had never heard of him until 45 minutes ago. His name should have been a warning. Sam BANK-MAN FRIED (not pronounced freed). He banked it all and fried all of the investors.
Detailed? Notice how it dosnt cover his democrat party ties, his ties to the Biden campaign or his media ties, or how he spend billions of $ on media and buying politicians. Thats the real scandal. This "documentary" is another political cover up, he was second biggest Biden donor, he also spend 1,5$ billion on buying positive coverage in media, yet not once this joke of a video name those media sites by name, why?
Sam and the rest of the ftx/ar crew are in their late 20s, they are not kids, but using language that paints them as kids only helps seem more naive than they actually are
But that's the thing, they do. If you hear them talk about Sam, he is often described in terms of youth; not only that, white collar crimes are scams the only wealthier people, which in reality the poorest among Sam's victims are going to get the least. These two things combined, ignore the most hurt and soften the punishment
Due diligence is literally to avoid investing in frauds, so yes it was a failure of due diligence 100%. Their accounting system was Excel…. Basic DD would have revealed all of this.
It was absolutely a failure of DD. Yes it was a fraud but the most minimal of DD of their operations would have revealed the issues. FTX was using quick books for their accounting. Quick books is a system for a small business not for a fund valued at $32B and managing $1B+ of funds. His pitch documents to raise funds presented the financials to investors were disorganized excel spreadsheets that were poorly labeled. They had no in house accounting department, no formal record keeping, we’re exchanging invoices on a work chat app, we’re transferring funds through signal, and the list goes on. Any sophisticated investor who did any kind of digging to see these things would immediately know it was a bad investment at minimum. The lack of audited financials when you’re raising money at billion dollar valuations would tip off any sophisticated investor who gave a damn about DD. Or even the fact they had no corporate governance process etc. Sure it was fraud but there was genuinely no possibility a sophisticated investor would have seen the way they ran their shop and not had concerns about things. At least frauds like Enron actually had bookkeeping that you could understand someone not seeing the fraud in - especially with a big four accounting firm signing off on their books. With FTX it genuinely wouldn’t be possible to have not been concerned if you saw their process if you were truly conducting DD.
@@ZazzriWhose due diligence? mine as a FTX customer? there was no way to know any of this. FTX investors? again, without a fly on the wall at FTX headquarters, there would be no way to know how bad their private accounts were. I mean... investors probably should've taken one look at SBF and thought "this dude is not suitable to run a multi-billion dollar company", but the financial accounting stuff was all obscured from investors and the public, that's why it's a fraud and nothing to do with due dilligence.
Excellent video as always but here is my problem I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do
At this moment, it is crucial for individuals to prioritize investing in alternative streams of income that are not reliant on the government, particularly with the existing worldwide economic crisis. Investing in stocks, gold, silver, and digital currencies can still be profitable during this period. Therefore, it is advisable to explore these investment options to secure one's financial future.
Hammer on the nail mate, I barely made anything from the market, always FUD at every little dip until a friend that works at Charles Schwab corporation recommended a F.A that improved my portfolio from $98k to $547k in 5 months.
🤣😂 20:35 direct quote : "If you're a nerd & you're working with a bunch of other nerds, & you're changing The World through sheer nerdery.. you feel pretty powerful.." Well said !!👏👏
How could anyone be mesmerized by someone who dressed like someone who just got out of bed with a CEO polyamorous girlfriend who looked like an extra from Men in Black, and had headquarters in the Bahamas? He fooled some of the most brilliant and successful people in the world.
His HQ should have been hidden under a volcano in the Caribbean And defended by hundreds of guards in boiler suits. ". Good Evening Mr Bond . So...we meet at last "
The most random, cliche laden 'documentary' yet. Literally in every aspect of this thing, a template for the most general way to create a totally random looking docu like the one you've seen a million times. You can literally predict the next audio cue.
The captions refer to people who had money in SBF's exchange as "investors". Nothing could be further from the truth. Holding currency, or (worse) sham-currency, is not investing. Furthermore, all crypto"currency" is sham currency. The concept of money has been useful in avoiding bartering, but it is the 0th law of economics that currency doesn't work if anyone is free to make his own, and indeed SBF made three of his own new cryptocurrency types and manage to sell a lot of one of them to willing patsies. The most embarrassing part of this whole affair is that despite being able to mint his own crypto"currency" and sell it to people, he still had to resort to old-fashioned embezzlement.
This video gave me a big smile since I was told “good luck staying poor” for not putting my cash into FTX and Voyager digital to get a risk free 10% APY through the power of cryptocurrency LMAO
11:40 “my name is Carol Alexander and I’m a Crypro expert. I teach students what’s happening on exchanges. I then placed my money in FTX after it was recommended to me”
This video is disappointing in not even sketching the nature of the fraud. Is it just a question of false solvency based on backing FTX with illiquid FTT closely held by Alameda? Or is it custody fraud where client funds went out the door? Or is it both?
He probably was only an average trader before Alameda and FTX and discovered a hack like any gamer does, but eventually the game is patched and your hack no longer works. Since he was average at best, people like him and Elizabeth Holmes feel they are too smart to follow conventional rules. If either of them had really been smart, they would have just let the company go under and admit failure without allegedly committing crimes. Alas, this doesn’t happen with people who have egos much bigger than the door frames they try to walk through.
He really never had a track record of strong trading. His profitable trades weren’t too trade picks he was just using the kinks in the system to profit and once that strategy died off his hedge fund started bleeding. All his acquisitions were pumped by the inflated values of his coin. He may have been smart but all his success was either taking advantage of system inefficiency or smoke and mirrors.
I didn't fall for SBF for one second. Elon is just the same. FT will be doing a piece just like this one on Musk in 2 years......mark my words. Bubbles go POP.
sounds like you've been listening to whitney webb friend? nice to hear someone else aware that there's a lottttt of evidence on the public record against these people, if only we had a branch of investigation to look at this evidence and present it to the public......... still waiting for you journalism, the public record is looking pretty ready to be investigated.... yep, any decade now....
I agree 100%. Hes the biggest conman this planet has ever seen. The semi trucks may as well have a matter tranfer beam, time machine and a tardis all built in. The physics are the same. Dont get me started on his tunnels under the cities for cars to go round on little trains. Who falls for this stuff?
“Something about,” Elizabeth Holmes “just took them in”. “Something about Sam just took them in”. “Something about” Bernie Madoff “just took them in” “Something about” Enron “just took them in.” Stop listening to “them”? Trading in funny money. Don’t.
Feel sorry for the retail investor. The whole experience has zapped his brain. Win some. Lose some. But then he says he only started getting suspicious when FTX stopped withdrawals?? Maybe his brain was zapped way before the collapse.
One of the other pillars for FTX and Sam was crypto-philanthropy. The Most Moral Man and most influential living philosopher Peter Singer was a big proponent, as he could potentially use billions of dollars to direct to his favourite charities and the ones run by the ingroup utilitarian clique of Effective Altruists. Singer has his own NFTs, helped onboard charities with crypto donations, and appeared alongside SBF and Caroline Ellison to promote their joint ventures. SBF, Gary Wang, Nishad Singh and Caroline Ellison were all Effective Altruists, perhaps all of them prior to the founding of Alameda. The FTX Foundation was run by prominent EAs, and overseen by FTX EAs. Not only putting their own funds into EA expansion, but also manipulating funds from elsewhere with effectiveness claims and celebrity.
20:54 i'd say you forgot the importance of having your keys in possesion. Would you give SBF the keys to your home or car, deed to your house or the title to your car?
They’re not interested in putting that concept forward. This documentary is pro trad-fi. Many within that world are happy that FTX collapsed as it provides a handy weapon with which to beat “crypto” This story is primarily about a corrupt individual. The fact he was involved in a “crypto” exchange is secondary, but the conflation of the two is very convenient for those banging the anti crypto drum
Finally! A truly intelligent synopsis of the whole FTX/Alameda story from beginning to end. This could be the start of an eventual Hollywood blockbuster movie - but two things will need to be integrated for general public understanding... 1) The difference between a token coin like FTT and the original BitCoin. In other words, how does the blockchain give credible value to a digital currency to make it appear like a traditional fiat currency backed by governments? Most people still do not understand that concept. 2) The difference between trading on an exchange vs acquiring crypto directly into a digital wallet, which somehow is at the heart of avoiding fraudulent activity where the initial investment is handled. Or is government regulation the only answer?
An important difference indeed. One is totally valueless except to people who give it an imaginary value whereas the other is totally valueless except to people who give it an imaginary value.
I don't feel one bit bad for rich investors who didn't do due diligence...in fact, sue and charge those people who acted as spokespeople without sue diligence. I only feel bad for their customers
A long time ago I saw a story about a dude who wanted to give huge donations everywhere to help end poverty. He drove an old car and lived in a big house with other people. And he gave away so much money it made me say how long can this last and is this even real? How does he really get his money to do this? Is this guy real? That was this dude right here.
Something about Sam really drew in intelligent People and then continues to name politicians... . Politicians are not and never have been the most intelligent people. And what drew them all in was his money that he threw around.
So is Mr Bankman Fried going to be paid any money for his part in this film so that way he can at least have some cash to compensate those people who lost the shirts off their back? It's quite amazing how when nobody was chasing him for money he was worth $24 billion but as soon as people started chasing him for their money he didn't have a dime to his name.
Armanino needs to be prosecuted like Arthur andersen was. No real CPA firm would have ever signed off on that audit. Numbers aside, we test internal contols and risks and would have never signed off on quickbooks statements with just five people.
14:19 this is a Financial Times program and this is a Financial Times Editor and she is saying the exact opposite of what happened at not only the 7 previous major failed Crypto Exchanges but what happens in every failed financial services business whether by fraud or mismanagement. When people want their money back and the business doesn't have it it's over. Her statement is mind-boggling.
FT are creating some very cool videos. I remember them as a broadsheet that bwankers would read on the tube. It's good to see new energy and talent creating these, keeping relevant in these fast changing times
@@michael-4k4000 I'm gonna go with yes. Repeat after me: I don't like being lied to. Now erase that. B/c Truth is,nobody actually enjoys being lied to. & this sam guy lied about all knowledge of his involvement & is still lying b/c he actually believes he's getting away with it b/c he'll always have his parents blessing. & isn't that nice. I'm just embracing these libra ♎️ new moon eclipse vibes & what I've learned from blind lady justice holding the scales ⚖️ is that number one people on these comments don't understand the full meaning of legend, yes this case is going down in history thus making him alegend..& two.. people who study psychology & the calculated actions of "bad men" can see there's only a textbook criminal here. There's nothing "new", nothing "different" about him but you can't tell him that! &He thinks by talking to the press & apologizing he's gaining folks sympathy. But really he's probably making money (his Achilles heel) from those innerviews& he's just recycling the same jargon on each one & never being honest. Just likea kil er that never admits the horrible things either.. I mean it's completely left 2 u, to not ask other ppL the beliefs you conclude to believe (Halloween month= everyone loves a bad guy) but I'm just here to say it's pretty obvious he's never taken a lesson from that altruism class that he didn't try to manipulate though iDont consider him a terrible person in the long scheme of things, as iView him more of an example to refer to in the future. This is a timely "legend" people in finance can & ultimately WILL learn from & build better foundations on if they so choose to invest their sympathy for the victims & compassion for justice in this. But my bet would be a light slap on the wrist although it feels slightly plutonian //groundbreaking)seeing as there's no quote gov 't involvement yet here it could surprise us & that's why I'll keep my 👀 on this .!
FT allowing some woman to introduce herself as a “crypto expert” who name drops then mentions she went to a “crypto convention” rather seems to feed the whole bubble. I can’t wait for the whole thing to collapse so we can get back to some sort of reality.
Of course hindsight is 20/20, but the principles of risk management stipulate that going all-in on one platform is not smart to say the least. I do feel sorry for the People who lost their life savings with FTX and I hope they recoup their losses over time. The main lesson is to do proper due diligence for yourself and never jump on the bandwagon. #dontbealemming
When I hear that financial institutions, the experts in finance, got on FTX and thought it was great... I think, "No, you're the dumbest MF'ers on the planet, and/or criminals, and I wouldn't go near you if I ever got in the game." Their were plenty of people that knew FTX was at least too fishy if not outright sure FTX was a scam, those are the people I'd work with.
I love how this documentary infers that only stupid retailers were suckered. That's just plain wrong. The government and all of these funds that got involved knew exactly how much of a scam this was, but they were hoping to not be the ones caught holding the bag.
Sam will do federal custody time and the over-and-under bet line is eighteen years. The under is tempting but there are a lot of angry people and the sentencing judge may lay twenty on Fat Sam.
@jonathanchester5916 I second this. The whole point of crypto is to work outside the bounds of government regulations. If you understand crypto use understand it's a ponzi gambling scheme and nothing more.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Mrs Maria Reyes.
![Stromae, Pomme - “Ma Meilleure Ennemie” (from Arcane Season 2) [Official Visualizer]](http://i.ytimg.com/vi/1F3OGIFnW1k/mqdefault.jpg)
'Legend' is not quite the word I would use to describe this chap.
Bingo! Scam Bull$hit Fraudster = SBF
Should be myth instead of legend.
Sam Bankman Fraud
Забавно что в современном обществе возвышают мошенников.
Fraudster. MSM calling him a legend is a joke.
why doesnt anyone talk about how all these tokens are basically ponzi schemes, they add no value, the whole goal is to get big enough to hold its value and the benificiaries are the ones who holded most during initial offering at cheap price.
Idk what media you digest because in my experience most traditional finance leaders explicitly call alt coins a scam
@@user-yl8mj8gd9j there have been literally hundreds of rug pulls in this industry.
@@user-yl8mj8gd9j i made it. your bias is evident
@@user-yl8mj8gd9j or: 3 times as many schemes that are still yet to collapse
Because its a system how to get everyones money 😂
“I did not know there was an improper use of customer funds” 😂😂😂😂 Hilarious. That’s on the same level as Bill Clinton’s “l did not have sex with that woman” 😂😂
18:38 “there were no adults in the room”
These were not kids doing these crimes they are adults defrauding billions from people. We should not be referring to them as kids. They are highly educated late 20 year olds.
They are not kids and should be held accountable for their crimes
Yeah, the double standards are ridiculous here.
SBF makes a million bucks through arbitrage: "OMG this curly haired dude is a genius!"
SBF scams people out of billions and billions: "OMG he's only a child! Who amongst us..."
Exactly! He gave bribes to the democrats. This was an intentional heist, with paying off the most powerful political figures in the US. I get the impression FT have also been payed for a bleeding heart coverage.
Jewish kids, I may add.
Had it been a bunch of equally aged young blacks or even Eastern-Europeans, that would have been another matter.
It also adds to the disservice like somehow older people can't do horrible scams. For example, John Madoff in the traditional finance markets. Or Trump with all of his fundraising that only goes into his pockets and never to any of the actual stuff he promises. Age is no boundary for hucksters.
They are not kids, but they sure are bafflingly immature. They certainly behave like kids. I think that's what was meant by 'no adults in the room'.
‘I’m an expert on Crypto…..it took us all by surprise’
ROFLMFAO
😂😂
Dunning Kruger effect . And I asunder she teaches some sort of course overpriced university course SMH.
The phrase " expert on crypto" only makes sense to people ruled by emotions. There's no dry numbers and statistics that can prove something with no true value, that only goes up or down based on sentiment alone, have any expertise required at all. All individuals who convince themselves otherwise are a danger to themselves and others exposed to them.
He's a legend in his own mind. No thinking person thinks this gifted is a legend. Not everyone fell for it. I still won't touch crypto.
I didn't type gifted. I typed grifter.
I agree with Warren Buffet, who refers to crypto as "rat poison." I get putting maybe 5% in crypto just for fun, but people that have their retirements riding on this stuff are seriously misguided.
alot of his shills think he is a legend like Kevin O'Leary
the whole point was to scare average person away from crypto. You fell for it
Same. Its like buying a lottery ticket to me.
"The message is absolutely consistent"...No is not. The RUclipsr and crypto researcher Cofeezilla got SBF to admit in a Twitter Spaces call that there was commingling of funds between Alameda and FTX. And I think that less than a week before, he was arrested. Cofeezilla played a role, In my opinion, because to admit that point was for sure a great help for SBF's prosecution.
💯
he was arrested before the twitter spaces yet the twitter spaces is why he got arrested?
If only a few thousand more people had told me not to invest.
When I hear that the CEO plays video games while on calls to investors, I think how could this be a scam?
When I hear that one of the chief developers was high all of the time, I think that this is the sure thing.
I know that they moved to another country to get more lax regulations, but only chumps need a financial system to follow the rules.
Now I only invest in artisanal lotory tickets.
😂😂😂
You should stop listening to what people tell you to do and do your own homework. Greed makes us LAZY!
@@linesided You may have missed the joke.
Lost a few bucks there bud ?
let me correct title for you:
FTX: the scam of Sam Bankman-Fried | FT Film
The next one will be:
FTX: Life Behind Bars - Bankman-Fried marries his cell mate Bubba |
@@rockscousteau☠☠☠
26:05 this hits hard. These big crypto firms are mixing together multiple financial industries into single firms that we *know from centuries of experience* have to be separated for the health of the whole system. The regulation will come down hard on them, but it will take a long time.
Yet another example just now... Silicon Valley and Silvergate.
let them lose money, greed meets greed so what?
The whole point of crypto is that they don't want regulatory oversight. Oh, apart from when they lose money, then they want lots of regulation after all. Privatise gains, socialise losses - it's the American Way, isn't it?
This case also shows how easy it is to manipulate media even the reputed one.
If you say what media houses want to hear which is pretty much a standard script, they will make you a hero in no time. If you deviate from the script a bit, nothing can stop them from canceling you.
Michele Obama comes into mind
Ole Sam here was also donating money to media outlets. I can’t seem to find which ones but he says it in his 72 minute segment with Andrew Sorkin at whatever conference that was after he was outed
sounds like you're using hate speech to be anti-white
I do not understand why people still believe "there are no Adults in the room". EVERYONE involved in this FRAUD was over the age of 18 and closer to 30 years of age. They all knew what they were doing. They are ADULTS who lacked a moral compass.
point on
The entire show was produced to help sbf case.
I think they mean maturity-wise. These adults sure behaved like stupid babies.
Their attorneys are trying to paint them as goofy kids and and society was negligent for letting them have so much power.
even if they were in their sixties, if they were carrying on like idiots we say "there were no adults in the room" because that's a saying we have in english. glad i could help.
"Changing the world thru sheer nerdery" is now my favorite quote ever.
I didn't catch that one! It is excellent. Nerds are so attractive!!
😂😂😂😂
I caught that as well 😂😂😂
It should be defrauding the world thru sheet nerdery...😊
Proof that MIT doesn't always graduate geniuses.
In the end, Sam Bankman *Fried* lived up to his name.
Bernie Madoff. Bernie Cornfeld
'' sheer nerdery'' - the quote of an excellent report.
Sam Bankman-Fried’s said during an interview well prior to FTX collapse, his best advice when buying into the krypton market is don’t put in more money than you are ok with losing. Turns out, that was best financial advice that ever came out of his mouth. I wonder if that was his conscience speaking?
Krypton market?
That’s literally every advisors advice or if you ask anyone that deals in markets, crypto or the regular stock market.
I think it’s fairly well accepted that it wasn’t so much that Sam was considered a legend, just that there happened at the time to be a ridiculous amount of free QE money sloshing around looking for any, any, asset to buy.
so very true
QUOTE I think it’s fairly well accepted that it wasn’t so much that Sam was considered a legend UNQUOTE
in hindsight you are correct but at the time he was the worlds richest man under 30 and was on the front cover of Forbes and on and on if that's not considered a `legend` what is?
@@steve.k4735 yup!
@@steve.k4735 he was a scammer... lol are u people nuts? He scammed people out of billions of dollars
@@krazythedomm of course he was a scammer and do you 🤔 think he did that by either 1. Convincing people he was a legendary crypto genius or 2. That he was a scammer.. Eh?.. At the time without hindsite bias people thought him LEGENDARY that was the bloody scam, people claiming 'everybody' knew he was not are bloody idiots
The current interest rate is 4.75%. (8th rate hike since March last year) With inflation at 7% and mortgage rates above 7.5%, the minimum wage remains unchanged, and my retirement portfolio has suffered greatly in recent years, my question is how do senior citizens retire and live in such an unstable economy. The long game is clearly not for me at this time.
To me, the most important lesson of 2022 in the stock market is that no one knows what will happen next, so practise some humility and stick to a long-term strategy.
@@husseinhodrob You must develop your own procedures, control risks, and adhere to your strategy no matter what; you must also constantly learn from your errors and strive to become better.
@@jessicalandon8973 It took me five years to stop attempting to forecast future market events based on chart analysis because you can never be certain. Without a mentor, it took me five years of agony to learn to follow the market and keep things simple while maintaining discipline.
@@ethanxavier4507 I agree, my profit has been consistent regardless of market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser recommended by a popular economist on a subreddit, long story short, its been 2 years now and I've gained over $850k following guidance from my investment adviser.
Fake bot scammer thread
Changing the world through sheer nerdery
There will be another Sam that will rise from the ashes as long as people will not learn their lesson.
Right!
and another and another...
You are so right.
Always shocking to hear retail investors that have $5m+ etc. on these types of exchanges. That would scare the hell out of me.
I am from The Netherlands and we had the Tulip Mania back in the 17th century. FTX and Crypto is just Tulip Mania with the word Crypto spraypainted over it.
Oh absolutely, I watched a video on the Tulip Mania🌷
Mostly yes
I hope he gets the full 115 year sentence he's facing.
Agree. Scam Bankman Fraud need to go to prison Loooong time😂
Is this a curse or a blessing 😂
Cause nothing says “effective altruism” quite like paying over a 100 million dollars to put your name on a stadium
This kid grew up watching his parents get people off the hook for similar things - it must have appeared easy, so he tried it.
🤣🤣🤣 so true....🤣ha ha hahahahahahah
Who drew that picture of Caroline 💀
Thank you for the very detailed documentary. I had never heard of him until 45 minutes ago. His name should have been a warning. Sam BANK-MAN FRIED (not pronounced freed). He banked it all and fried all of the investors.
Detailed?
Notice how it dosnt cover his democrat party ties, his ties to the Biden campaign or his media ties, or how he spend billions of $ on media and buying politicians. Thats the real scandal.
This "documentary" is another political cover up, he was second biggest Biden donor, he also spend 1,5$ billion on buying positive coverage in media, yet not once this joke of a video name those media sites by name, why?
Love this kind of video! We want more
This kid's sentencing will be comedic gold.
these megalomaniac kidz will have their big surprise.............
Sam and the rest of the ftx/ar crew are in their late 20s, they are not kids, but using language that paints them as kids only helps seem more naive than they actually are
@@jorgebenavente9872 yeah, nobody literally thinks he's a kid, but, do go on.
Hopefully he is locked up so long he farts dust
But that's the thing, they do. If you hear them talk about Sam, he is often described in terms of youth; not only that, white collar crimes are scams the only wealthier people, which in reality the poorest among Sam's victims are going to get the least. These two things combined, ignore the most hurt and soften the punishment
Loved the piece. You won't find many in crypto that trust ANY exchange atm. Ever heard "Not your keys, not your coins?"
Exactly. Put your crypto in a cold wallet.
Bought my first hardware wallet the day ftx collapsed, didn't have any money on it but well better safe than sorry
The only reason FTX wanted to save Celcius, 3 AC and others because Alemeda borrowed heavily from these firms
He's still got his Maserati. I'm sure he's doing well enough. I don't anticipate a food bank being in his future. :/
Snap! Crying in his Maserati 😁
But his wife is still very supportive.....
@@davidjma7226 😂
It explains his financial decisions.
Might not be a food bank in his future but i see potato mash gruel on his breakfast tray for several years. If bubba lets him eat it.
This was not a failure of due diligence, this was an epic fraud.
Due diligence is literally to avoid investing in frauds, so yes it was a failure of due diligence 100%. Their accounting system was Excel…. Basic DD would have revealed all of this.
Same thing is occurring right now with tether stable coin
It was absolutely a failure of DD. Yes it was a fraud but the most minimal of DD of their operations would have revealed the issues. FTX was using quick books for their accounting. Quick books is a system for a small business not for a fund valued at $32B and managing $1B+ of funds. His pitch documents to raise funds presented the financials to investors were disorganized excel spreadsheets that were poorly labeled. They had no in house accounting department, no formal record keeping, we’re exchanging invoices on a work chat app, we’re transferring funds through signal, and the list goes on.
Any sophisticated investor who did any kind of digging to see these things would immediately know it was a bad investment at minimum. The lack of audited financials when you’re raising money at billion dollar valuations would tip off any sophisticated investor who gave a damn about DD. Or even the fact they had no corporate governance process etc. Sure it was fraud but there was genuinely no possibility a sophisticated investor would have seen the way they ran their shop and not had concerns about things. At least frauds like Enron actually had bookkeeping that you could understand someone not seeing the fraud in - especially with a big four accounting firm signing off on their books. With FTX it genuinely wouldn’t be possible to have not been concerned if you saw their process if you were truly conducting DD.
those words dont mean what you think they mean but go off i guess
@@ZazzriWhose due diligence? mine as a FTX customer? there was no way to know any of this.
FTX investors? again, without a fly on the wall at FTX headquarters, there would be no way to know how bad their private accounts were.
I mean... investors probably should've taken one look at SBF and thought "this dude is not suitable to run a multi-billion dollar company", but the financial accounting stuff was all obscured from investors and the public, that's why it's a fraud and nothing to do with due dilligence.
Excellent video as always but here is my problem I have been making losses trying to make profit trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do
@ryanjaxon4177Thanks, I'll most definitely ensure to do that.
Her management team is quite impressive so far.. with my $4,000
deposit i've made over $28,000 with just 20% charges.
@huongcarmel1240these people are promoting a scam, do not contact anyone from RUclips contacts
At this moment, it is crucial for individuals to prioritize investing in alternative streams of income that are not reliant on the government, particularly with the existing worldwide economic crisis. Investing in stocks, gold, silver, and digital currencies can still be profitable during this period. Therefore, it is advisable to explore these investment options to secure one's financial future.
You're correct!! I make a lot of money without relying on the government. Investing in stocks and digital currencies is beneficial at this moment.
Hammer on the nail mate, I barely made anything from the market, always FUD at every little dip until a friend that works at Charles Schwab corporation recommended a F.A that improved my portfolio from $98k to $547k in 5 months.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
Google his name⤵
Yuval Eric Brokman✅
SBF's story just shows how blinding greed is.
FTX was a Tulip Bulb Investing Busines Model; the performing artist previously known as Pump and Dump was promoted by the Tribe.
Crypto generally
🤣😂 20:35 direct quote : "If you're a nerd & you're working with a bunch of other nerds, & you're changing The World through sheer nerdery.. you feel pretty powerful.." Well said !!👏👏
How could anyone be mesmerized by someone who dressed like someone who just got out of bed with a CEO polyamorous girlfriend who looked like an extra from Men in Black, and had headquarters in the Bahamas? He fooled some of the most brilliant and successful people in the world.
His HQ should have been hidden under a volcano in the Caribbean
And defended by hundreds of guards in boiler suits.
". Good Evening Mr Bond . So...we meet at last "
The most random, cliche laden 'documentary' yet. Literally in every aspect of this thing, a template for the most general way to create a totally random looking docu like the one you've seen a million times. You can literally predict the next audio cue.
Not to.mention the parade of
financial " experts " who suddenly
realised that FTX was a scam.
Funny they never mentioned it before ??
The captions refer to people who had money in SBF's exchange as "investors". Nothing could be further from the truth. Holding currency, or (worse) sham-currency, is not investing. Furthermore, all crypto"currency" is sham currency. The concept of money has been useful in avoiding bartering, but it is the 0th law of economics that currency doesn't work if anyone is free to make his own, and indeed SBF made three of his own new cryptocurrency types and manage to sell a lot of one of them to willing patsies. The most embarrassing part of this whole affair is that despite being able to mint his own crypto"currency" and sell it to people, he still had to resort to old-fashioned embezzlement.
Nice summary, thanks from Germany, Land of Wirecard
This video gave me a big smile since I was told “good luck staying poor” for not putting my cash into FTX and Voyager digital to get a risk free 10% APY through the power of cryptocurrency LMAO
Hahahaha! Good for you! Hmm - it turned out FTX and getting free money *was* too good to be true. Who knew?
11:40 “my name is Carol Alexander and I’m a Crypro expert. I teach students what’s happening on exchanges. I then placed my money in FTX after it was recommended to me”
This video is disappointing in not even sketching the nature of the fraud. Is it just a question of false solvency based on backing FTX with illiquid FTT closely held by Alameda? Or is it custody fraud where client funds went out the door? Or is it both?
He probably was only an average trader before Alameda and FTX and discovered a hack like any gamer does, but eventually the game is patched and your hack no longer works. Since he was average at best, people like him and Elizabeth Holmes feel they are too smart to follow conventional rules. If either of them had really been smart, they would have just let the company go under and admit failure without allegedly committing crimes. Alas, this doesn’t happen with people who have egos much bigger than the door frames they try to walk through.
He really never had a track record of strong trading. His profitable trades weren’t too trade picks he was just using the kinks in the system to profit and once that strategy died off his hedge fund started bleeding. All his acquisitions were pumped by the inflated values of his coin. He may have been smart but all his success was either taking advantage of system inefficiency or smoke and mirrors.
FT, Can u change the title to " Biggest fraudster in history."
Thumbs up to push this up.
I didn't fall for SBF for one second. Elon is just the same. FT will be doing a piece just like this one on Musk in 2 years......mark my words. Bubbles go POP.
Inshallah
sounds like you've been listening to whitney webb friend? nice to hear someone else aware that there's a lottttt of evidence on the public record against these people, if only we had a branch of investigation to look at this evidence and present it to the public......... still waiting for you journalism, the public record is looking pretty ready to be investigated.... yep, any decade now....
I agree 100%. Hes the biggest conman this planet has ever seen. The semi trucks may as well have a matter tranfer beam, time machine and a tardis all built in. The physics are the same. Dont get me started on his tunnels under the cities for cars to go round on little trains. Who falls for this stuff?
Elon is not a con… he has tangible results and products that can’t be faked. Tesla is the Apple of EVs.
Sam was an outright fraud.
Turns out old Larry was right
“Something about,” Elizabeth Holmes “just took them in”.
“Something about Sam just took them in”.
“Something about” Bernie Madoff “just took them in”
“Something about” Enron “just took them in.”
Stop listening to “them”?
Trading in funny money. Don’t.
Financial Times: Thank You
The investors in ftx in this docu, seem like heart broken lovers of SBF.
Feel sorry for the retail investor. The whole experience has zapped his brain. Win some. Lose some. But then he says he only started getting suspicious when FTX stopped withdrawals?? Maybe his brain was zapped way before the collapse.
Bruh hes got enough, you didnt need to roast him ☠
Loved this piece. Fascinating
I have 0 sympathy for the people who lost money, essentially they are gamblers who gambled too much.
I'm afraid that's not right. Not only traders lost Money. Also, ordinary people who were buying crypto for long-term hold lost money.
One of the other pillars for FTX and Sam was crypto-philanthropy. The Most Moral Man and most influential living philosopher Peter Singer was a big proponent, as he could potentially use billions of dollars to direct to his favourite charities and the ones run by the ingroup utilitarian clique of Effective Altruists. Singer has his own NFTs, helped onboard charities with crypto donations, and appeared alongside SBF and Caroline Ellison to promote their joint ventures. SBF, Gary Wang, Nishad Singh and Caroline Ellison were all Effective Altruists, perhaps all of them prior to the founding of Alameda. The FTX Foundation was run by prominent EAs, and overseen by FTX EAs. Not only putting their own funds into EA expansion, but also manipulating funds from elsewhere with effectiveness claims and celebrity.
Peter Singer is in no way shape or or orm the most influential living philosopher. He's a wacko.
All prosecutable.
*Being scams is none of my portion since I met this man I invest $7,000 and make $25,850 dollars every 11 days my life changed since I met this man😃😃*
"safe as house, it cannot come down" yeah right exactly what happen in 2008
The real hero of this story is Nicola White, and her straight forward explanation of organizational governance
How is she a “crypto expert “ and didn’t see this coming 11:38
People who don t do self custody....literally deserve to be rekt....come to Pulsechain - real DeFi
20:54 i'd say you forgot the importance of having your keys in possesion. Would you give SBF the keys to your home or car, deed to your house or the title to your car?
They’re not interested in putting that concept forward. This documentary is pro trad-fi.
Many within that world are happy that FTX collapsed as it provides a handy weapon with which to beat “crypto”
This story is primarily about a corrupt individual. The fact he was involved in a “crypto” exchange is secondary, but the conflation of the two is very convenient for those banging the anti crypto drum
I:m a truck driver. So where did the 8 billion go? Sam & company didn:t spend it.
Finally! A truly intelligent synopsis of the whole FTX/Alameda story from beginning to end. This could be the start of an eventual Hollywood blockbuster movie - but two things will need to be integrated for general public understanding... 1) The difference between a token coin like FTT and the original BitCoin. In other words, how does the blockchain give credible value to a digital currency to make it appear like a traditional fiat currency backed by governments? Most people still do not understand that concept. 2) The difference between trading on an exchange vs acquiring crypto directly into a digital wallet, which somehow is at the heart of avoiding fraudulent activity where the initial investment is handled. Or is government regulation the only answer?
An important difference indeed. One is totally valueless except to people who give it an imaginary value whereas the other is totally valueless except to people who give it an imaginary value.
👍👍 !
I don't feel one bit bad for rich investors who didn't do due diligence...in fact, sue and charge those people who acted as spokespeople without sue diligence. I only feel bad for their customers
Was a good little recap of the madness last year
Good coverage. However, I wonder what FT wrote about SBF when he still was everybody's darling...
He could still have a billion dollars stashed away in crypto. That is 1,000,000,000 dollars
if he was such a genius, then why is he going to prison now...? geniuses get away with their crimes...morons get caught.
This one time.....at maths camp......
😂😂😂😂😂
"The TV told me that crypto is the future, shut up and take my life savings!"
A long time ago I saw a story about a dude who wanted to give huge donations everywhere to help end poverty. He drove an old car and lived in a big house with other people. And he gave away so much money it made me say how long can this last and is this even real? How does he really get his money to do this? Is this guy real?
That was this dude right here.
Other people’s money. That’s socialism.
Bill Clinton attracts the worst type of entrepreneurs, first Elizabeth Holme and now SBF😅😅😅
FT doesn't mention embezzlement.. Penthouse apartments. Self dealing loans.
Something about Sam really drew in intelligent People and then continues to name politicians... . Politicians are not and never have been the most intelligent people. And what drew them all in was his money that he threw around.
So is Mr Bankman Fried going to be paid any money for his part in this film so that way he can at least have some cash to compensate those people who lost the shirts off their back? It's quite amazing how when nobody was chasing him for money he was worth $24 billion but as soon as people started chasing him for their money he didn't have a dime to his name.
I wonder if his radical-left parents give him an allowance.
This man was a legend 💯💯🤘
Always listen to Larry.
the "legend"? It's really weird how writers , even at well known publications, don't have a grasp on the English language anymore. Thanks teachers!!
LEGEND meaning: 1 : a story from the past that is believed by many people but cannot be proved to be true
'How Sheer Nerdery led to Sheer Stupidity' could be an alternative video title = )
Yeah whatever. Buy Bitcoin, put it in cold storage, anything that is centralized is probably compromised.
This isn’t “something about Sam”. He was created for a purpose. He served his purpose.
the cartoonist really didn't hold back when drawing these guys
Armanino needs to be prosecuted like Arthur andersen was. No real CPA firm would have ever signed off on that audit. Numbers aside, we test internal contols and risks and would have never signed off on quickbooks statements with just five people.
14:19 this is a Financial Times program and this is a Financial Times Editor and she is saying the exact opposite of what happened at not only the 7 previous major failed Crypto Exchanges but what happens in every failed financial services business whether by fraud or mismanagement. When people want their money back and the business doesn't have it it's over. Her statement is mind-boggling.
FT are creating some very cool videos. I remember them as a broadsheet that bwankers would read on the tube. It's good to see new energy and talent creating these, keeping relevant in these fast changing times
True... The German porn bank that 'disappeared' 20 billion euros right before lockdown video was top notch investigative journalism too.
The FT has been cool for a longtime now it’s just cooler.
So Sam is a bad man?
They want that RUclips money.
@@michael-4k4000 I'm gonna go with yes. Repeat after me: I don't like being lied to. Now erase that. B/c Truth is,nobody actually enjoys being lied to. & this sam guy lied about all knowledge of his involvement & is still lying b/c he actually believes he's getting away with it b/c he'll always have his parents blessing. & isn't that nice. I'm just embracing these libra ♎️ new moon eclipse vibes & what I've learned from blind lady justice holding the scales ⚖️ is that number one people on these comments don't understand the full meaning of legend, yes this case is going down in history thus making him alegend..& two.. people who study psychology & the calculated actions of "bad men" can see there's only a textbook criminal here. There's nothing "new", nothing "different" about him but you can't tell him that! &He thinks by talking to the press & apologizing he's gaining folks sympathy. But really he's probably making money (his Achilles heel) from those innerviews& he's just recycling the same jargon on each one & never being honest. Just likea kil er that never admits the horrible things either.. I mean it's completely left 2 u, to not ask other ppL the beliefs you conclude to believe (Halloween month= everyone loves a bad guy) but I'm just here to say it's pretty obvious he's never taken a lesson from that altruism class that he didn't try to manipulate though iDont consider him a terrible person in the long scheme of things, as iView him more of an example to refer to in the future. This is a timely "legend" people in finance can & ultimately WILL learn from & build better foundations on if they so choose to invest their sympathy for the victims & compassion for justice in this. But my bet would be a light slap on the wrist although it feels slightly plutonian //groundbreaking)seeing as there's no quote gov 't involvement yet here it could surprise us & that's why I'll keep my 👀 on this .!
It’s easy to be SBF when you tick all the right box. Nothing will deter the SBF 2.0 of tomorrow 🙄
Love FT. Been subscribing for four years. What a great job on this video.
I dont think theyre saying Sam himself is a legend. I think they mean "legend" as in "myth" or "story"
We want to keep a centralized financial system!
FT allowing some woman to introduce herself as a “crypto expert” who name drops then mentions she went to a “crypto convention” rather seems to feed the whole bubble. I can’t wait for the whole thing to collapse so we can get back to some sort of reality.
Of course hindsight is 20/20, but the principles of risk management stipulate that going all-in on one platform is not smart to say the least. I do feel sorry for the People who lost their life savings with FTX and I hope they recoup their losses over time. The main lesson is to do proper due diligence for yourself and never jump on the bandwagon. #dontbealemming
When I hear that financial institutions, the experts in finance, got on FTX and thought it was great... I think, "No, you're the dumbest MF'ers on the planet, and/or criminals, and I wouldn't go near you if I ever got in the game." Their were plenty of people that knew FTX was at least too fishy if not outright sure FTX was a scam, those are the people I'd work with.
I love how this documentary infers that only stupid retailers were suckered. That's just plain wrong. The government and all of these funds that got involved knew exactly how much of a scam this was, but they were hoping to not be the ones caught holding the bag.
I disagree. Most people barely understand crypto let alone an exchange like FTX. It's gobbeldygook for fools and their money to be parted over.
Sam will do federal custody time and the over-and-under bet line is eighteen years. The under is tempting but there are a lot of angry people and the sentencing judge may lay twenty on Fat Sam.
@jonathanchester5916 I second this. The whole point of crypto is to work outside the bounds of government regulations. If you understand crypto use understand it's a ponzi gambling scheme and nothing more.
Far from a LEGEND!
Keith Gill is a LEGEND!
This kid is a piece of $hit. He gave BILLIONS to the democrats.
The stock market is one of the toughest mental games in the world, What’s is the earliest way to make money from the stock market?
@Giovanni Nolan Please, How can i get in touch with a financial coach for guidance?
@Giovanni Nolan Thanks for sharing, I found his details on his web page online
I just read Michael Lewis’s book. My favorite part of the book is the ending when the tungsten cube was found in a shack in Bahamas. What fraud…
The legend of bankman fried? Why not the heroism of bankman fried? You shills
Legend? Noticed the FTX ad during the Superbowl but never heard the name Sam until it blew up.
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I'm surprised you know her. I've been making a lot of profits investing with her for a few months now
Mrs Reyes changed my life because of the high profits I got from investing with her.
You invest with Mrs Reyes too? Wow that woman has been a blessing to me and my family.
Please how can I contact this woman Maria Reyes? I will also like to invest with her
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much