FTX Bankruptcy Explained!

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  • Опубликовано: 10 ноя 2022
  • Sign up for The Daily Upside using this link: bit.ly/3G6QKpE
    FTX, the cryptocurrency exchange recently valued at $32 billion dollars, has filed for bankruptcy protection in the US.
    The filing in Delaware federal court on Friday included the main FTX international exchange, FTX US a US crypto marketplace, Sam Bankman-Fried’s proprietary trading group Alameda Research and about 130 affiliated companies.
    In today's video we discuss what went wrong at FTX, and discuss the influencers who pitched FTX to their audiences.
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    Join this channel to support making this content:
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Комментарии • 4,5 тыс.

  • @PBoyle
    @PBoyle  Год назад +349

    Sign up for The Daily Upside using this link: bit.ly/3G6QKpE

    • @badluck5647
      @badluck5647 Год назад +13

      We know the Daily Upside won't lose all our money.
      Great Sponsor, Patrick 👍

    • @GCOCommander
      @GCOCommander Год назад +10

      That shade you threw at content creators in the beginning was hilarious!

    • @antonbelyaev8295
      @antonbelyaev8295 Год назад +16

      But does it have articles about sultry wood nymphs?

    • @uydagcusdgfughfgsfggsifg753
      @uydagcusdgfughfgsfggsifg753 Год назад +11

      The humour in this video has no right to be this good ⚰️⚰️⚰️

    • @SkunkMonk
      @SkunkMonk Год назад +12

      "420.69 million from, wait for it, 69 investors" ..... You're responsible for the cramps I got laughing my ass off while watching this episode. Please make more videos like this. Thank you. ❤️❤️

  • @KNByam
    @KNByam 3 месяца назад +132

    I'm never playing poker against this guy.

  • @lastempire7302
    @lastempire7302 Год назад +2679

    The fact that Patrick can tell spectacular jokes with an absolute poker face is gold.

    • @vanekirk
      @vanekirk Год назад +49

      He is British so…

    • @thegrumpydeveloper
      @thegrumpydeveloper Год назад +89

      “And you can’t make this up, their risk manager used to work for credit Swiss. I’m not trying to make jokes about this I’m just reading out the news.” Just perfect delivery. Hats off to you sir😂

    • @mikespotts182
      @mikespotts182 Год назад +15

      Lol, and he's not joking is the best part. I'm sure he's aware it's funny, but he says it in a Jadon Bateman, or Dwight Schrute sort of way.

    • @psychtank8681
      @psychtank8681 Год назад +17

      The poker face is him holding back his tears for so many people falling for it.

    • @fademan77
      @fademan77 Год назад +10

      And you have to listen carefully or you'd miss it

  • @jaybraithwaite6839
    @jaybraithwaite6839 Год назад +1014

    The heartfelt apology regarding the sneakers really shows Patrick is sorry for such a poor decision. I really applaud him for owning up and not just brushing it aside.

    • @joedellamora378
      @joedellamora378 Год назад +70

      I dont know...theres a rumor of a second pair of new balances that have mysteriously disappeared. Are we sure Patrick didnt launder those new balances so he can wear them in another country? Im just asking questions here

    • @loismiller2830
      @loismiller2830 Год назад +62

      After hearing that Patrick dumped his New Balance I am definitely selling my wood nymph costume.

    • @luiul1
      @luiul1 Год назад +21

      i suppose this is where i admit to wearing those for over 40 years.

    • @mrdemokrative8018
      @mrdemokrative8018 Год назад +4

      please can you provide vid link of Patricks video where he talks about this? He is really funny and a great presenter

    • @Heyu7her3
      @Heyu7her3 Год назад +5

      @@mrdemokrative8018 he talks about it in this video around the 1- min mark

  • @notthedroidsyourelookingfo4026
    @notthedroidsyourelookingfo4026 8 месяцев назад +197

    This feels like a very labour-intensive format. Not only do you have to make a finance story digestible, but also create jokes with throughlines and callbacks, like a stand-up routine. Very impressive.

  • @Alister22ful
    @Alister22ful Год назад +2125

    A whole entire generation is re-learning why we have banking regulations in the first place.

    • @idleishde6124
      @idleishde6124 Год назад +218

      The young always think they are smarter than previous generations. Sometimes yes, no one would argue a plane is less effective than a horse and cart. But sometimes no, if there are rules there is usually a reason why rules exist.

    • @xman666soad
      @xman666soad Год назад +1

      @@idleishde6124 came here to say the same thing.
      These young punks think they can create a better mouse trap while at the same time refusing to understand how and why the mouse trap was built that way in the first place.
      It’s fucking annoying and I’ve been telling people this over 10 years since I was in my 20’s.
      These assholes don’t even know how infrastructure is run or maintained but they all want to change the entire economy at the cost of human life.
      If anyone thinks they can simply change the energy infrastructure from gas/coal/oil to wind/solar using the power of legislature or executive force they’ll just be responsible for more death than Genghis Khan, and for much longer.

    • @mandisaw
      @mandisaw Год назад +1

      They don't really teach the 19th century at all these days, or much about the 20th century, besides WWII, and barely that. Have had to explain to grown adults, age 20s-40s, what FDIC-insured means, how checking & savings accounts work, and really just the basics of US banking & household finance.
      No wonder then that folks keep falling for these schemes that are ripped straight out of a history textbook.

    • @VitaSineLibertatenih
      @VitaSineLibertatenih Год назад +72

      Or learning to use crypto onchain, like it's supposed to be used )))

    • @PapaCharlie9
      @PapaCharlie9 Год назад +24

      Damn, I was going to give you a thumbs up, but it's at 69 right now and I just can't ...

  • @lowkeybeams5663
    @lowkeybeams5663 Год назад +3556

    Patrick is so much more fun to listen to when he's talking about people losing it all.

    • @Drakshl
      @Drakshl Год назад +192

      You can just tell how much he enjoys talking about people who make terrible desisicons

    • @dman1511
      @dman1511 Год назад +116

      lmao, he really is a pretty funny dude. I'd imagine most of us would enjoy grabbing a drink with him.

    • @aredub1847
      @aredub1847 Год назад +20

      losing it all isnt enough. the good life needs to be clawed back.

    • @HamishMacEwan
      @HamishMacEwan Год назад +7

      About other people losing it, most of all.

    • @SteveJonesOwnsDSP
      @SteveJonesOwnsDSP Год назад +31

      I need another Elon video from him

  • @toddly76
    @toddly76 Год назад +94

    Literally broke out in uncontrolled laughter at the pictures of SBF used here. Pure gold.

    • @JakeWitmer
      @JakeWitmer Год назад +5

      Yes. Even the comedians who've been having a field day with FTX haven't done this good a job with it...

  • @michaelderyder426
    @michaelderyder426 Год назад +96

    The minute he went with the sultry wood nymph, I subscribed immediately. 😆

  • @MC-lx1dl
    @MC-lx1dl Год назад +785

    To be honest, Patrick has a very good chance of being a stand-up. His dry and sarcastic humor is so unique and very hard to copy/impersonate. The way he delivers his content is comedy gold.

    • @hardystein114
      @hardystein114 Год назад +7

      I would have to agree 💯

    • @Meitti
      @Meitti Год назад +17

      Not really but he inserts enough sarcasm in his stuff that he's an interesting teacher to listen to. Probably was a good teacher in whatever university he used to teach.

    • @Studeb
      @Studeb Год назад +6

      He sure has a Jack Dee quality, although I suspect that he would be helped if he had a power point next to him on stage.

    • @MattCasters
      @MattCasters Год назад +8

      Yeah, this one was a masterpiece.

    • @kylefoster6795
      @kylefoster6795 Год назад +5

      That’s how British ppl do comedy wym. Everyone in Britain is like that.

  • @SirEmrik
    @SirEmrik Год назад +629

    I love how Jason Statham turned from action hero into this chill youtuber teaching us about economics. Good video as well!

    • @sebfox2194
      @sebfox2194 Год назад +28

      I love how some people think that every bald dude looks the same 😂

    • @tmyersf4
      @tmyersf4 Год назад +12

      Nah... Patrick is more like a Heisenberg. Statham is just a kicking mule.

    • @Swavvy116Xrs
      @Swavvy116Xrs Год назад +13

      You mean johnny sins!

    • @NathanHedglin
      @NathanHedglin Год назад +2

      @@sebfox2194 We do? I wish!

    • @SirEmrik
      @SirEmrik Год назад +1

      @@sebfox2194 every bald brit*

  • @NoName-kg5rv
    @NoName-kg5rv Год назад +387

    I am a finance PhD student, and I gotta say you give some of the clearest and most precise explanations of financial terms and concepts to viewers, much better than most professors even. Excellent!

    • @quixomega
      @quixomega Год назад +41

      Patrick Boyle IS a professor, and probably one of the better ones at explaining finance concepts to us plebs.

    • @thunderb00m
      @thunderb00m Год назад +34

      I'm too smooth brained to understand everything but my biggest takeaway is avoid credit suisse and it's current or former employees at all costs .

    • @PugetSoundSpearo
      @PugetSoundSpearo Год назад +18

      @@thunderb00m this comment aged like wine

    • @JimmyBriggs
      @JimmyBriggs Год назад +2

      @@PugetSoundSpearo yeah it did

    • @tuskedwings7453
      @tuskedwings7453 Год назад +2

      @@thunderb00myooooooo this comment lol nostrodamas is that you

  • @dredgewalker
    @dredgewalker Год назад +220

    I have never seen a youtuber or financial teacher who has a PERFECT deadpan delivery that is also so smart and funny like this guy.

    • @coyotelong4349
      @coyotelong4349 8 месяцев назад +4

      And he also speaks so slowly as well, makes him very easy to understand

  • @kaya051285
    @kaya051285 Год назад +402

    Who would have imagined a business allowing its customers to trade magic beans could go pop

    • @andershaggbom2721
      @andershaggbom2721 Год назад +15

      Yes I agree The technical evolution is very scary for Amish people....

    • @philmckay9973
      @philmckay9973 Год назад +5

      😂😂😂😂😂😂

    • @jamesmeow3039
      @jamesmeow3039 Год назад +17

      The Harry Potter fan should probably have been aware of Magic Beans and Leprechaun Gold she was investing in.

    • @badluck5647
      @badluck5647 Год назад +16

      To be fair, Jack was right about the beans being magic even though everyone ridiculed him. Somehow people keep making money on cryptocurrency even though it is useless as a currency and has zero intrinsic value.
      Long story short: Nothing makes sense anymore.

    • @lavs8696
      @lavs8696 Год назад +10

      ​@@badluck5647 except this is the same tale in any financial sector that's unregulated and has repeated itself throughout history.

  • @thefoolishhiker3103
    @thefoolishhiker3103 Год назад +211

    If only more RUclipsrs would make high quality wood nymph financial content. You, good sir are a scholar and a gentleman.

  • @davewatson3833
    @davewatson3833 7 месяцев назад +24

    Never expected I'd find myself binging finance videos?

    • @cheezemonkeyeater
      @cheezemonkeyeater Месяц назад +2

      And I think to myself, "what a wonderful world."

  • @paulalwayslearning8573
    @paulalwayslearning8573 Год назад +178

    I have been a chartered accountant for 30 years and it’s not often you come across someone with an extraordinary ability to unravel the complex in such a succinct way. Bravo.

  • @jackdavenport4303
    @jackdavenport4303 Год назад +475

    Its so frustrating to think the influencers that promoted this are going to get away totally without consequence.

    • @Chris-ey7zy
      @Chris-ey7zy Год назад +37

      This is like that party at that island where it was pump and dump

    • @benjamindover4337
      @benjamindover4337 Год назад +10

      Sam has stepped down as CEO, so it's not his problem anymore.

    • @XYZ-bi9eb
      @XYZ-bi9eb Год назад +47

      those influencers have stashed away their money, ripped off from stupid FTX investors, and are hiding in exotic places around the world. 😄

    • @doodlebug1820
      @doodlebug1820 Год назад +35

      the CEO of Alameda has a father who is head of economics at MIT and used to be Gary Gensler's boss

    • @sebfox2194
      @sebfox2194 Год назад +35

      I don't blame the influencers this time, because SBF and FTX were thought to be legitimate by plenty of big name mainstream players. SBF was on the Cover of Forbes magazine, and was chatting with senators and testifying in Congress. And companies like Blackrock and Sequoia Capital were investing hundreds of millions into FTX. So, I don't see how you can be angry at some young RUclipsrs who also thought that he was legit.
      I agree that influencers should face consequences for promoting obvious scams, but this wasn't particularly obvious.

  • @geekinasuit8333
    @geekinasuit8333 Год назад +378

    As a wood nymph myself, I could easily understand the entire explanation of why FTX had gone to zero, it had everything to do with the definition of what a fantasy is.

    • @slappy8941
      @slappy8941 Год назад

      Yes, but are you _S U L T R Y ?_

    • @robrod8962
      @robrod8962 Год назад +24

      @@slappy8941 Unfortunately no, I'm a dude that self identifies as a wood nymph, it makes about as much sense as when Samuel Bankman-Fried self identified as a competent CEO.

    • @johndawson6057
      @johndawson6057 Год назад +6

      Bruhhhhhh😂😂😂😂😂😂😂😂😂😂😂😂😂

    • @erikrungemadsen2081
      @erikrungemadsen2081 Год назад +2

      😆

    • @tedchandran
      @tedchandran Год назад

      Jai Hinduja. New Babylon are now filled by wood nymphs who had enchanted even experienced financiers to drop their trousers so to speak or to do the due diligence due to unfettered greed.

  • @doorhinge2039
    @doorhinge2039 Год назад +165

    I genuinely feel bad for those affected by that Canadian teacher's pension fund getting tied up in all this. I mean who allowed a pension fund to gamble away with crypto in the first place?

    • @RottieGuy1980
      @RottieGuy1980 Год назад +16

      It was less than 1% of their holdings. They used to own the maple leafs and raptors.

    • @roc7880
      @roc7880 Год назад +3

      I thought it was illegal under basel II for pension funds to own crypto

    • @RottieGuy1980
      @RottieGuy1980 Год назад +18

      @@roc7880 they owned actual equity in the company.

    • @luisasterioquerubin6829
      @luisasterioquerubin6829 Год назад

      Will it be recovered?

    • @RottieGuy1980
      @RottieGuy1980 Год назад +16

      @@BizznessBox that teachers plan is worth over 240 billion. It was less than 1% of their holdings. They aren’t worried.

  • @annakopacova2353
    @annakopacova2353 8 месяцев назад +11

    I am a lawyer in financial sector and I must say that your delivery is exquisite. It is exactly the dry humour, sarcasm and poker face that got me subscribed.

  • @jlocke3482
    @jlocke3482 Год назад +187

    The way patrick delivered "children's book...it's for children..." is comedic killer

    • @earthwormscrawl
      @earthwormscrawl Год назад +13

      Followed quickly by the "Sultry Wood Nymph" line. He's a master!

    • @elcookiemonsteru
      @elcookiemonsteru Год назад

      A single tear came from my eye..i like harry potter.... lol But hey, i invest in stocks ;)

    • @larzkruber822
      @larzkruber822 Год назад

      Could you imagine a interview with him and Philomena Cunk?
      I wonder who would crack first

    • @AvoidTheCadaver
      @AvoidTheCadaver Год назад +2

      The amount of shade thrown in this video was blinding

  • @thegrumpydeveloper
    @thegrumpydeveloper Год назад +78

    Showing up to the office dressed as a wood nymph is a firing offence. Pure gold.

    • @jimjackson4256
      @jimjackson4256 Год назад +1

      Except if you are a teacher in Ontario

  • @herokillerinc
    @herokillerinc Год назад +26

    The Phil Spector as SBF photoshop is bloody epic!!!😆😆😆

    • @ricktaylor4real
      @ricktaylor4real Год назад +5

      I don’t think enough people caught that one, it was absolutely spot on!! Comedic gold really.

  • @hanniss9
    @hanniss9 Год назад +21

    My favorite "a sultry wood nymph", around minute 24:30. Very well researched in all respects.

  • @CrocodileWhispers
    @CrocodileWhispers Год назад +321

    Thank you for doing this with minimal cuts. It really shows you put effort into your script and your presentation. Also I appreciate you never promoting these scams. Newsletter are almost entirely harmless lol

    • @xdman20005
      @xdman20005 Год назад +7

      How does a newsletter make money anyway?

    • @thomas.02
      @thomas.02 Год назад +22

      @@xdman20005 why ads, of course

    • @xdman20005
      @xdman20005 Год назад +10

      @@thomas.02 makes sense, ty

    • @jtgd
      @jtgd Год назад +5

      Almost 😅

    • @MSportsEngineering
      @MSportsEngineering Год назад

      Newsletters get paid big bucks to pump stocks. Very harmful but I think most people know their stories are highly biased.

  • @davidobembe5302
    @davidobembe5302 Год назад +167

    Found your video when I was trying to understand this FTX saga. I feel like a PhD student in Finance after 26 minutes. Thanks for the clear and humorous explanation.

    • @hamyncheese
      @hamyncheese Год назад +12

      just don't go around thinking that you can start your own crypto exchange because you are so smart now! :)

    • @ramyagarapati8084
      @ramyagarapati8084 Год назад +1

      ha ha, literally.

  • @peterdo5047
    @peterdo5047 Год назад +19

    "We all have crosses to bear" 🤣 bro's jokes are so on point today, I didnt fast-forward through the commercial part out of respect

  • @ricktaylor4real
    @ricktaylor4real Год назад +80

    The comedic side of this is simply GOLDEN!! I loved the “even saying 420 or coming to work dressed as a wood nymph is valid for firing” comment… just perfect!!
    Never watched one of your videos, but I’m hooked now. 🤣☮️

  • @tomcads1604
    @tomcads1604 Год назад +374

    Patrick is getting funnier with every single one of these commentary videos. I already knew the full story, but I sure wasn't gonna pass up on how Patrick would roast the FTX crew.
    Keep doing what you do, you absolute legend

    • @MikeLyons2011
      @MikeLyons2011 Год назад +16

      I disagree. I think the world is getting funnier, Patrick is simply a reliable narratator.

    • @denisewildfortune4058
      @denisewildfortune4058 Год назад +2

      Agree! He is a freaking legend!

    • @luddity
      @luddity Год назад +9

      That stack of books on his desk indicates he did his due diligence on sultry wood nymphs in preparation for this video.

    • @BillClinton228
      @BillClinton228 Год назад +4

      "Harry potter is a children's book" - I'm so glad I'm not the only person on this planet that thinks this.

    • @j.calvert3361
      @j.calvert3361 Год назад +2

      Very informative and enlightening. I love the deadpan way Patrick delivers his scathingly funny sarcasm

  • @teatowel11
    @teatowel11 Год назад +288

    This is such a quality, no bs presentation.
    A simple explaination without insulting our inteligence.

    • @ripvanrevs
      @ripvanrevs Год назад +6

      22:27 is the highlight!!!

    • @hamyncheese
      @hamyncheese Год назад +1

      Agreed. Nearly Everything else in the world is an insult to everyone's intelligence. It's nice to have some relief from that here.

    • @thomasracer56
      @thomasracer56 Год назад +3

      On the other hand, he may or may not have insulted someone's taste in literature and fashion.

    • @alexleung842
      @alexleung842 Год назад +2

      I feel pretty insulted but I should feel that way after investing in sultry nymphs and 420 69

    • @DJ_POOP_IT_OUT_FEAT_LIL_WiiWii
      @DJ_POOP_IT_OUT_FEAT_LIL_WiiWii Год назад

      i like how he reminds the operation was run by man child

  • @alessandrolodi8951
    @alessandrolodi8951 Год назад +39

    this video is the perfect combination of detailed explanation about a sultry wood nymph and their abilies to trade fairytales. Patrick legendary as usual. Très bien.

  • @TJsW28
    @TJsW28 Год назад +25

    I listen to these like a podcast while at work, and the jokes always make me stop for a hot second then chuckle once I realize what has actually been said. Love it

  • @gregtomamichel973
    @gregtomamichel973 Год назад +154

    As a crypto exchange falls over, Patrick, Plain Bagel and Coffeezilla do a wonderful job of explaining the nonsense.

    • @fathippo6805
      @fathippo6805 Год назад +6

      They all gonna fall over. There is a big big domino incoming

    • @buckfiden1776
      @buckfiden1776 Год назад

      @@fathippo6805 So ready to stop working for a while 😩

    • @stemcareers8844
      @stemcareers8844 Год назад

      Also money and macro

  • @mrmilkshake9824
    @mrmilkshake9824 Год назад +122

    This channel really balances the fine line bitween cringe, comedy and informative. Learning a lot but am not bored and actually getting a chuckle out of the jokes

    • @savage1267
      @savage1267 Год назад +2

      Totally agree. Well put. 👍

    • @HonoredMule
      @HonoredMule Год назад

      I'd normally agree, but the balance is pretty heavy on cringe this time around. So much mocking of people for how they dress and spend their free time. It's like trying to watch Revenge of the Nerds in 2018.

    • @BigJohn6060
      @BigJohn6060 Год назад

      same

  • @foolishus
    @foolishus Год назад +26

    I tried buying your book: Trading and Pricing Financial Derivatives: A Guide to Futures, Options, and Swaps but the only copy available is over $100. Would be great if you re-released this as an e-book. Keep up the great work.

  • @danh9002
    @danh9002 Год назад +43

    You sir, are awesome. Best financial commentary, ever!

  • @glassmuxxic
    @glassmuxxic Год назад +43

    It’s insane to me that there are a huge number of start-ups in the current market that are struggling to find capital on anything like fair terms, but magic bean salesmen are apparently being handed hundreds of millions to burn at warp speed.

    • @handler8838
      @handler8838 Год назад +2

      wut!? the capital borrowing environment in both Europe and the US is still at historically amazingly easy-to-achieve levels compared to any other point in human history.

    • @Lawofimprobability
      @Lawofimprobability Год назад

      @@handler8838 As compared to what time period? While capital is more available now compared to 1900, it is less available than 2019.

    • @handler8838
      @handler8838 Год назад

      @@Lawofimprobability Big Bang-Present Day.
      Historically amazing still.

  • @kestertroy
    @kestertroy Год назад +204

    I've never commented on Patrick's videos, not once, because they're all so well thought, insightful and my limited knowledge could not fault him. But this one video has been an extraordinarily humorous to watch.
    Love the not so subtle jabs at kids running a company. I think people over emphasized SBF's contribution, when in fact what he did was merely buying Blockfolio and repackage it into FTX. Kinda like what Dorsey did to Twitter, and what Musk did to Twitter.

    • @sebfox2194
      @sebfox2194 Год назад +6

      You don't have to find fault to comment.

    • @stephstephatron2887
      @stephstephatron2887 Год назад +1

      I am chuckling....it is good humour

    • @iMightyElephant
      @iMightyElephant Год назад +2

      to be fair, what elon is doing to twitter is a far quicker and spectacular failure that SBF

    • @besomewheredosomething
      @besomewheredosomething Год назад +6

      And what good ole Magical Tux did with Mt. Gox which was a repurposed Magic: The Gathering card trading exchange. The reality is this isn't new in Crypto and has been running since at least 2013.

    • @NooneStaar
      @NooneStaar Год назад +1

      Who did Dorsey buy twitter from?

  • @mcashnv
    @mcashnv Год назад +36

    This FTX affair indicates that the highest echelons of wealth in our society are not only corrupt but frighteningly deranged and disconnected from reality.

  • @jakobpettigrew700
    @jakobpettigrew700 Год назад +5

    Gotta give this video a like just for the fact that he kept a straight face while saying “sultry wood nymph”

  • @kostadin_ristovski
    @kostadin_ristovski Год назад +345

    Patrick, in the past, your videos were mainly informative, now they're also entertaining. Compliments to everyone involved in the production of these videos, keep up the good job!

    • @SiisKolkytEuroo
      @SiisKolkytEuroo Год назад +9

      The guy is so good at talking to the camera that he barely needs to make edits :)

  • @PulpFreePress
    @PulpFreePress Год назад +190

    Haven’t laughed so hard listening to financial analysis ever. You, sir, are a comedic genius!

    • @MikeLyons2011
      @MikeLyons2011 Год назад +1

      His dead-pan is nuclear blast proof.

    • @abes.4040
      @abes.4040 Год назад +7

      I'm laughing as I m writing this.
      "I don't know if this is a children's video game"
      Hahahaha

  • @JavierBonillaC
    @JavierBonillaC Год назад +51

    I am an Economist and when people asked me about the crypto currencies I'd draw a blank face and nothing would come to my mind except Deutch Tulips. I couldn't for the life of me explain how the heck they created value. It's a relief to know they didn't.

    • @stellviahohenheim
      @stellviahohenheim 8 месяцев назад +3

      Crypto is psyop

    • @dimitrifake53
      @dimitrifake53 8 месяцев назад

      To be honest. Most argue they are worth it because they believe US dollar is about to collapse tomorrow.

    • @cedoniapeterson9239
      @cedoniapeterson9239 8 месяцев назад +9

      Similar for me, I was a college student double majoring in computer science and economics so everyone thought I could explain bitcoin. I could not.

    • @rykehuss3435
      @rykehuss3435 7 месяцев назад +4

      They create value the same way anything has value as a currency. If people believe that it has value, it has value. Cryptocoins can be valuable if enough people believe that by investing in them they can make a profit by selling that crypto later on.

    • @JavierBonillaC
      @JavierBonillaC 7 месяцев назад +4

      @rykehuss3435 so we can start giving value to our intestinal gassy exulsions?. Well no because that has not enough mystique to fool buyers. But it's the same thing.

  • @tfa8
    @tfa8 Год назад +16

    13:28 "In many ways you would think that this record keeping problem [talks about regular corporate accouting practices] is kind the sort of thing that blockchain could solve, but anyhow..." 😂

  • @pfeilspitze
    @pfeilspitze Год назад +9

    You having "A Treasury of Irish Myth, Legend, and Folklore" on your desk while being confused about wood nymphs is the kind of detail I'm here for.

  • @RBReads170
    @RBReads170 Год назад +14

    I learnt a lot from this channel, not only finance, I now knew what sultry wood nymph might look like

  • @femmepunk9716
    @femmepunk9716 Год назад +12

    Happened to click on this video just out of curiosity involving FTX, holy shit you are hilarious 😂 love it, keep it up legend
    And genuinely informative

  • @jameskwon7617
    @jameskwon7617 Год назад +81

    This is Patrick at his best. Financial satirist. The pictures of Phil Spector as SBF is killer. I bow to you Sir Boyle.

    • @Angelstar7774
      @Angelstar7774 Год назад +3

      That was hilarious and so called for 😂

    • @jameshowell5365
      @jameshowell5365 Год назад +2

      Agreed. Started strong with that one.

  • @fryone
    @fryone Год назад +135

    I am absolutely honored to have witnessed your come up as one of the sharpests economic teachers this platform has had the dignity to post. You are a true inspiration Patrick, congrats on the 362K subscribers, your ''recent'' history lessons involving Carlo Ponzi, or other financial big names are absolute gold. Respect from a fan residing in Spain :)

    • @ironmantooltime
      @ironmantooltime Год назад +2

      Get a room

    • @fryone
      @fryone Год назад

      @@ironmantooltime now what will i do with 4 rooms my friend?

    • @TremereTT
      @TremereTT Год назад

      @@fryone is the room thing an insider?
      I love Spain. Especially Roses and Empuriabrava.

    • @fryone
      @fryone Год назад

      @@TremereTT a person of taste who ALSO watches Mr Boyle's works? IS THIS A CROSSOVER EPISODE? 😁

  • @extremelyhappysimmer
    @extremelyhappysimmer Год назад +2

    the way you deliver snark with both a completely straight face and an unblinking gaze that stares deep into my financial soul is both unsettling and intriguing. subscribed.

  • @Christiangrey999
    @Christiangrey999 Год назад +45

    Patrick’s jokes always hit

  • @jjtimmins1203
    @jjtimmins1203 Год назад +109

    Man, you had me in tears. Thankfully not because I'm invested in ftx. Thanks a million

  • @andrewrovers2078
    @andrewrovers2078 Год назад +8

    First time I have a seen one of your videos, absolutely fantastic! So sad it took me so long to find you!

  • @ri3m4nn
    @ri3m4nn 7 месяцев назад +1

    You're dry humor is absolutely outstanding

  • @davidlewis2122
    @davidlewis2122 Год назад +11

    An action is earning money. Money management is a behaviour. Increasing wealth is learning. This is the principle.

    • @jaydenkennedy2457
      @jaydenkennedy2457 Год назад

      With inflation running at a four-decade high, a recession is now the most likely outcome of the economy. How can i grow my portfolio to outpace inflation and maintain a successful long-term strategy. I have been reading of investors making about $250k in the current crashing market, i need ideas on how to achieve similar profits vc

    • @a.k5675
      @a.k5675 Год назад

      The market is volatile at this time , hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the share/ETF you focus on.

    • @fernandorico595
      @fernandorico595 Год назад

      Who is this individual guiding you!? I lost $9k just last week, so im dire need of a financial planner

    • @josephineshina8196
      @josephineshina8196 Год назад

      Credits to expert Margaret, you can reach out to him if you want

    • @robertmesic8181
      @robertmesic8181 Год назад

      How do i reach out to him?

  • @universalmeditation8631
    @universalmeditation8631 Год назад +23

    Warren and Charlie are probably watching this unfold and saying, “Well we tried to warn them but stupidity has no bounds.”😂

    • @minyaksayur
      @minyaksayur Год назад +1

      tell that to Tom brady and his ex wife.

  • @antoniovillanueva308
    @antoniovillanueva308 Год назад +4

    I was a bit down when I started watching these videos. But now, I am thinking that all my problems are with other people. I put pen to paper and I have started a list of names. Also, I have done some more work on the manifesto. I will mention your RUclips channel and credit you with my newfound mental clarity.
    Thanks

  • @alexandremeunier366
    @alexandremeunier366 Год назад +5

    Definitely your best video so far, you're just getting better and better. British humour at its finest!

  • @mikestanmore2614
    @mikestanmore2614 Год назад +55

    Hat's off to you Patrick, you delivered this dead pan. Well done.
    BTW The Phil Spector shot for Bankman Fried was hilarious.

    • @dprfail
      @dprfail Год назад

      it was not funny, it was anti-semitic

    • @mikestanmore2614
      @mikestanmore2614 Год назад

      @@dprfail Hahaha!

    • @dprfail
      @dprfail Год назад +1

      @@mikestanmore2614 🤣

  • @avisnubia
    @avisnubia Год назад +35

    I am dying here with this commentary 🤣 😂. Brilliant! I'm not even a financial person and this is hysterical! Wood nymph!

  • @stylebybbm6759
    @stylebybbm6759 Год назад +8

    His dry sense of humour is everything ☺️

    • @JakeWitmer
      @JakeWitmer Год назад +1

      the "it's for children" line got me...I'd watch this guy do stand-up in a comedy club any day of the week...hope Rogan invites him on

  • @theSly1
    @theSly1 Год назад +10

    OMG I laughed my ASS off during the first few minutes. Never seen his videos before but that New Balance joke had me dying here.

  • @matija8592
    @matija8592 Год назад +201

    Fun fact for the audience, Lehman's bankruptcy proceedings are still going on 15 years later (EDIT: took nearly 15 years to resolve before wrapping up in September 2022). Wondering how long it will take for this to get unwound.
    Edit: Sorry everyone, I was wrong. It finished in September 2022 per Reuters. But 111,000 customers got paid out over 100 billion dollars. Hopefully FTX customers can get their money back.

    • @trainskitsetc
      @trainskitsetc Год назад +3

      A long time... least there seems, maybe, to be no missing crypto or such to consider just an insolvent business

    • @MrAsteba
      @MrAsteba Год назад +4

      Why is it taking so long? Because of the legal process?

    • @raymondcaylor6292
      @raymondcaylor6292 Год назад +19

      Lehman's Stock continues to have value even today. 0.0002 - 0.0026 depending on the trust share owned. For $200 you can own a million shares. If you buy a million shares of the cheapest and it gets back to a penny you'd have $10K. ( not financial advice) well ( not very good financial advice anyway)

    • @trainskitsetc
      @trainskitsetc Год назад +6

      @@MrAsteba yup pretty much just size creating complexity... along with added complexity of involvement in god knows how many products, schemes, scams etc etc

    • @briantep458
      @briantep458 Год назад +2

      where are they (FTX) going to get the money from?

  • @conspiracyman8353
    @conspiracyman8353 Год назад +149

    Nymphs are actually from Greek mythology, although I notice you also have a book of Greek myths there as well.
    Your research on sultry wood nymphs seems a lot more thorough than the research people who invested in SBF did.

    • @zen1647
      @zen1647 Год назад +3

      Classic!

    • @nanucit
      @nanucit Год назад +6

      Probably just a sultry water nymph after all

    • @Nixitur
      @Nixitur Год назад +20

      @@nanucit Listen -- strange women lying in ponds is no basis for financial advice.

    • @erikrungemadsen2081
      @erikrungemadsen2081 Год назад

      @@Nixitur As long as they dont start distributing swords as a system of governance.
      Sultry nymphs have no place in modern management.

    • @denisewildfortune4058
      @denisewildfortune4058 Год назад

      I'm crying! 🤣

  • @bulletbeatboxer
    @bulletbeatboxer Год назад +8

    13:28 best part of the whole video... this is almost what crypto was designed for, to be a transparent blockchain driven financial system. When a crypto-anything says, "idk where the money went woops" --it's fraud.

  • @vicaria119
    @vicaria119 Год назад +12

    I recently read harry potter because my 8 year old was reading the series and i wanted to be able to share the experience with him. I can confirm that it is an excellent series to explain how money works....the bad guys are the rich ones.

    • @dizzylilthing
      @dizzylilthing 7 месяцев назад

      Harry inherited a fortune from his family and lives off of a store of wealth he had no hand in generating. He has friends who live in fifth hand clothing and support themselves financially but he never does more than offer them treats on the train or in Hogsmeade. Neville, the other Chosen One, was left with nothing but his parents in hospice care with incurable magical dementia. He never gets special treatment from the reckless old man, there are no punishments for people hexing him, and he's a broke ass baby.
      Harry Potter handles money exactly how a rich, entitled liberal sees it and it blows my mind how much I loved it when I was little lol.

  • @alejandroabad-pablo7813
    @alejandroabad-pablo7813 Год назад +179

    Patrick, I am a junior in univeristy studying financial technology and I just want to thank you for all the hard work and great content you put out on RUclips so students like me can learn. This is one of the best RUclips channels around and I hope you continue do educate the masses. Thanks again Patrick, Ive been subscribed , like your videos , and am even going to purchase your books when I get a job lol just been studying but would love to read what you have produced. Keep striving and being great.

    • @__thebadger
      @__thebadger Год назад +10

      Sorry to hear you're wasting money on a finance degree the way did. Glad to see that you are hear getting an ACTUAL education that will help you succeed.

  • @hughmead4165
    @hughmead4165 Год назад +18

    Patrick has so little chill when he's roasting financial idiots. the driest sense of humour on youtube, love it.

  • @johnfarmer4099
    @johnfarmer4099 Год назад +5

    Fun game would be, while watching this, would be to do a shot every time Patrick says “sultry wood nymph”

  • @rabidbigdog
    @rabidbigdog Год назад +14

    I still find it absolutely staggering the Canadian Teacher's Pension Fund was 'investing' (gambling). Did they learn nothing from 2008?

  • @snook.1
    @snook.1 Год назад +110

    I really loved this stand up special. Great work Patrick!

    • @RetselisitsoeA
      @RetselisitsoeA Год назад +1

      Um laughing hard 🤣😅🤣😅

    • @joshsuperstevens
      @joshsuperstevens Год назад

      I don't know how he keeps a straight face. I imagine he must have to do several takes.

  • @Alister22ful
    @Alister22ful Год назад +11

    Holy crap. I didn't know that Patrick could be this funny roast these people. I'm laughing all throughout the video.

    • @samuelglover7685
      @samuelglover7685 Год назад

      His video about the Lord of Mars buying Twitter was really good, too.

  • @biggiesmalls3691
    @biggiesmalls3691 5 месяцев назад +1

    Patrick- I just stumbled across your channel and find your intellect, coupled with your acerbic wit to be delightful ! Very much looking forward to binge watching your extensive library of videos.

  • @ozymandias4988
    @ozymandias4988 Год назад +4

    Bankman-Fried was born in 1992 on the campus of Stanford University into a family of academics. Born and raised to an upper-middle-class Jewish family in California, he is the son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School.

  • @professionalgiraffe7181
    @professionalgiraffe7181 Год назад +14

    patrick: "i'm not going to make fun of that"
    Also patrick: *precedes to make fun of it * "its for children"

  • @LegallyBlissed
    @LegallyBlissed Год назад +5

    I am SO happy I found this channel!

  • @Matt-zp4oc
    @Matt-zp4oc Год назад +2

    The Phil Spector image stand-in for Sam Bankman-Fried had me dying lmao

  • @skipdoggy
    @skipdoggy Год назад +51

    I just love this channel... Where else in the world will I find comedy and finance in one nice little package. Thanks Patrick!

  • @cosmo5805
    @cosmo5805 Год назад +16

    This channel is so underrated. Love you, Patrick!

  • @LaddDentalGroup
    @LaddDentalGroup Год назад +6

    Patrick in straight savage mode!! Love to see it

  • @SDSunriser
    @SDSunriser Год назад +2

    Love this guy's deadpan humor! An excellent professional critique. 😉

  • @noahb8099
    @noahb8099 Год назад +62

    Patrick's dry humor is absolute gold. Love it

  • @samrossi2641
    @samrossi2641 Год назад +15

    when comedy meets finance you get this channel, please don't apply brakes on the humor this is gold.

  • @JimmyDeLocke
    @JimmyDeLocke Год назад +5

    You learn a lot on this channel. It's not just finance. Now you know what a sultry wood nymph looks like. 🤣🤣🤣

  • @tdunaj
    @tdunaj Год назад +3

    Excellent, educational and entertaining. Thank you Patrick.

  • @MikeLyons2011
    @MikeLyons2011 Год назад +53

    Someone seriously needs to launch a Wood Nymph coin.

    • @joshhodkinson9677
      @joshhodkinson9677 Год назад +9

      Only if it's sultry.

    • @_derpderp
      @_derpderp Год назад

      Please, no. The insanity need not be any more competitive. Makes poppy seeds look sane smh

  • @luck-somnix-diabloillumina8810
    @luck-somnix-diabloillumina8810 Год назад +10

    A diehard Harry Potter fan. Jesus Christ. Thus guy is a global treasure. Too awesome to be a national treasure.

  • @johnford1043
    @johnford1043 Год назад +2

    "You learn a lot on this channel it's not just finance" 1000% correct and humorous too!

  • @chrislatta6251
    @chrislatta6251 Год назад +6

    Probably Patrick's most hilarious video yet! Great information and brilliant humour. 🤣This is an absolute gem!

    • @WTorrie4
      @WTorrie4 Год назад

      Instant subscriber sir! Well said and explained.

  • @clarkmeyer7871
    @clarkmeyer7871 Год назад +31

    Patrick, Your clarity of the issues and humor related to the nonsense of the FTX debacle is spot on. I absolutely enjoy your take on financial issues in the world today. Keep up the great work.

  • @SxWerks
    @SxWerks Год назад +7

    Patrick’s dry humor proves that financial analysis doesn’t have to be cryptic nor boring.

  • @slappy8941
    @slappy8941 Год назад +125

    Even after having Patrick explain it all so thoroughly, I feel like I know less now than I did before, but only because I better understand the scope and scale of the problem. I can however say that I know significantly more about sultry wood nymphs than before, and I never realized they had such close ties with the murky world of crypto-finance.

  • @dk6024
    @dk6024 Год назад +10

    You can tell this stuff is good because it's still interesting and twice as funny the second go.

  • @ragotmarvel
    @ragotmarvel Год назад +7

    LESSON LEARNED: always judge the book by its cover.... wearing casual clothes doesn't mean a genuine and legit person nor wearing a formal one. Always judge the books, the company legal and audited accounting books prior to investing, the government audited books not by one auditor but multiple auditors including the government one. Or, else you know what will happen.

  • @chloemaxwell2628
    @chloemaxwell2628 Год назад +25

    Patrick, you are the only economist/humourist I know, and I love your videos! Keep them coming!

  • @martinward1234
    @martinward1234 Год назад +39

    Quite possibly the best and funniest breakdowns of this terrible debacle. Keep up the good work!

  • @gregjosiesmith6495
    @gregjosiesmith6495 Год назад +4

    Patrick you are absolutely brilliant in articulating the reality and facts….please keep it coming!!

  • @TyroneMarcell
    @TyroneMarcell Год назад +9

    You have got to post a blooper reel one of these days. There's no way you get through all this without laughing! 😂😂😂

  • @FireFortuna
    @FireFortuna Год назад +11

    Sir Patrick Boyle and Dr Todd Grande are just the most fantastic RUclipsrs