I Read Everything About Sam Bankman-Fried So You Don't Have To | The Class Room Ft.  

just watch coffee instead??

And beer ; )

i made a bit of money getting in on doge early and then getting out before it imploded. which puts me well ahead of most cryptobros

Such a shame that the way out system is set up means that in order to make roundabout bribery illegal it'd have to be approved by the people who directly profit off it

that’s because it’s genuinely a mystery how he did it. from what i could find, it’s possible he used one of his connections gained from the effective altruism movement who was a Japanese citizen to do some shady deals there to get the money out of the country. but nothing concrete

My understanding is he did a lot of crypto exchanges in the US and sold at a higher price in the Japanese market. Arbitrage if you will.

He was one of the first to notice that there was a differential in different markets, and that you could sell cryto from one country to a different exchange with a different rate, and pocket the profit. AFAIK, He was kinda quiet about it for a time. Then he started Alameda etc… I don’t know if that was necessarily his seed money, but it gave him a head start. (And lots of stupid ideas)

His parents are wealthy and more than likely implicit.

@@roguegargoyle914 complicit, but yes agree

I give that top marx

Yes please!

Blockchain is dumb, that's why no one uses it for anything except cryptocurrency scams. Some libertarian had a wet dream and forgot that energy costs money.

If existing laws against Ponzi schemes were enforced to eliminate speculative cryptocurrencies them blockchain technology would become more attractive. Until then, not worth the downside.

Only 6 years?!

"But if any of those coins go 'to the moon,' then I win." Only if you can get someone foolish enough to purchase it up there on the moon... Sadly you probably could.

@@lavishmangomelinda8633 That's not difficult at all, a few clicks on Coinbase and BOOM, Internet funny money becomes real US dollars

A lot of people in the finance area are now starting to say to put 5-10% into Bitcoin (or I guess your preferred coin). It's certainly not a terrible idea.

A place to hide money easily.

The CIA has their own crypto. Crypto is a tool for evil.

At least the defense industry produces better and more effective ways to kill people. Crypto doesn’t produce anything except fraud.

@@ianshaver8954 Hey now that's not true. Crypto also produces a ton of extra E waste and a bunch of carbon emissions.

This was its purpose, sort of peer to peer as to not be under the thumb of the same old banks. And greasy mfs like BF only give it momentum. They have to protect him. Until another tool is created. And on and on and on. So perfect because the carcasses in gov't can't even describe what crypto is.

😂😂 dang, didn’t even know this. I have to spread the word

Next you'll tell me industry lobbying against regulations has direct negative consequences on real people. Hi from Ohio.

bloop, Praise, y'all seem like savvy people and I have an investment opportunity for you. You know how fine art is super valuable well I'm selling digital art. HMU if you want to become a billionaire with little to no up front cost and in as little as a half hour. [not financial advice. Results may vary wildy.]

@@Praisethesunson Nothing bad ever happens to the Ohioans!

@@crazycomments2082 the fiat currency I use is backed by the world's largest military power. Sam BankRun Frauds fiat was backed by a few dozen Adderall popping millennials.

@@Praisethesunson Neither one is actually backed by something of value (Eg. Gold or Cacao beans). Bartering actually focused on value. The USD has inflation involved. Just like how coins are just blockchain tokens, USD is essentially paper only backed by tons of agencies saying "TRUST US", a military that prides on being the strongest even though it was a long time since we actually won a war, and a country that had the best credit score(I think we got lower), a debt ceiling that is approaching, etc. One advice on both USD and Crypto: Keep both on local wallets. Get ready for both to be ruined.

My best friend put is entire inheritance in to bitcoin £90k😕

There ya go!!!! 🌋🤖

@@burner9147 I put my entire inheritance into the edges of active volcanos. :(

@@theultimatereductionist7592 I put my active volcano collection next to my credit union. 🤦‍♂️

Sorry, active volcano is more trustworthy.

Lol yep. No crypto Superbowl commercials this year

Unfortunately he also showed how much opportunity there is for someone whose good at math and has no scruples

It's a little bit like the OG gold rush: people in at the inception might have made a lot of money, but pretty soon the only ones making money are those selling shovels

Not necessarily a scam or joke, but it's not something you should be getting into with money that can't stand that amount of risk, such as pension savings. It's about as bad of an idea as taking your pension savings to Vegas and hoping for the best. SBF bribed otherwise sensible financial advisors into recommending his company and then lied more than Boris Johnson.

SBF: Scam, Bankrupt, Fraud (Credit: LegalEagle)

So, Crypto is an unexpected pest that cannot do any real harm to the business being done but man, isn't it just too cute of a little creature to kill? Look at it! It's making noises like it owns the place even though it has absolutely zero mental capacity to understand what is going on here at all!

@@Galanthos uh. more like a wild animal that had been released into an environment it doesn't belong, poking holes in things that ends up costing people unexpected debt for years to come.

@@chrisgenovese8188 Oooooooooh! That is a much better explanation. I am so used to seeing weird defenses of Crypto that I thought you were arguing that the Porcupine would shut down the factory. Sorry! I think we're on the same page now.

Is that why financial institutions are adopting it's technology?? If you don't believe me, look into what's replacing SWIFT. If you don't know what SWIFT Is I wouldn't be talking about knowledge on financial institutions

@@Ryan-wx1bi yeah, and then crypto will fail, and all the banks that invested heavily in it will be bailed out by tax payer dollars. you were probably shitting in diapers in 2008, but i remember.

My thoughts exactly. This is just boring run of the mill financial fraud that has been going on ever since money was created.

That's all it ever has been. Crypto relies on general tech illiteracy, so they can sell you the same tired arguments about how it's the future, how it's going to be currency, how it's a breakthrough. It's none of those things. It's just an extremely volatile investment product. That means you can make money very quick, or lose money very quick. It's based on an almost useless technology more than a decade old that hasn't found a use case, because a trustless ledger just really isn't that useful, and is an enormously inefficient way of doing nearly any task you'd use it for, the only advantage is the "trustless" part, which people don't understand, it's just a decentralised way of creating an account of transactions through a consensus process instead of centralisation.... but because that's actually not desirable, none of the commonly traded coins actually are decentralised, as can be shown by their forks. It has zero protection against fraud without removing decentralisation, and "trustless" means that every transaction is publicly viewable forever. It will never be a currency, for the same reason you can't buy a car with shares-the value fluctuates too much for that. It's like the money of a country experiencing hyperinflation, from hour to hour day to day that money has very different values. They'll keep comparing it to social media, but in under a decade MySpace peaked in users, and went out of business, and Facebook became the huge thing it is, Twitter became what it is, all of these things very quickly, because Web 2.0 and the Internet to begin with were obvious technological developments with immediate business and personal uses. Email was a gamechanger in the time of couriers, mail and phones. Social media was obviously useful. Whereas "Web 3" proponents can't decide whether Web 3 is VR, whether it needs a blockchain, or whether it's creating second life knockoffs and selling land in them for bitcoin (embarrassing). The reason they have to spend all this money on advertising is simple, they need more people in the ecosystem, buying in, so that they can actually cash out sometimes. They need to convince you it's going to blow up big because it's a big future tech, so that you'll invest a lot. If people want to buy in, that's fine, but they should think of it as gambling because that's all it is. You might win big, you might lose it all, make sure to limit your losses. Those chips aren't worth anything outside of the casino. You can't pay with your arcade tickets outside of the arcade.

It's not a new scam. It's just digital.

considering the frequency of her previous uploads I didn't consider anything to be unusual

she's been recently doing livestreams on Twitch and posting hilarious highlights on her RU-vid Moar Munecat channel every week - here's the latest one from about a day ago, featuring her taking on some AI bots: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-fZ1raDA4MCM.html

And you know this how?

Total market it already halfway to zero from the top. Hoping a brutal SBF trial will keep things going in the right direction. Regulators could end the whole shitshow right now using current laws.

Same guys who will be crying at the next pump

BTC is clearly a commodity.

You know that commodity refers, typically, to THINGS. Stuff with intrinsic value, like food, or minerals. Not something like money, stocks, or bonds. There is nothing "clearly" about asserting it being a commodity.

@@jsrodman A lot of things that had been done typically turned out to be wrong, so that part of your argument is invalid. Intrinsic value argument is better. Thing is, even the value of mineral is not intrinsic, it's the matter of what it can be used for and how valuable it can be at the time. BTC offers us neutral money, no middle-man, no central big daddy to take it away, you are in full control of your own funds from anywhere in the world, it's scarce and has consistent monetary policy. What else offers you all that? Nothing.

@@scarftv7983 Your empty talking points would apply to all securities. Since you add a bunch of other false claims, we can discuss them. Bitcoin is not a workable money because the transation frictions are far too high. Bitcoin has middle men and big daddies, see all the ongoing centralization of exchanges, see the already accomplished intentional reality forks. Bitcoin lacks full control - see all the people who hvae had their funds removed from them outside their control via various methods that are unsolved. Scarcity is fundamentally incompatable with a medium of exchange. Nothing else (except every other of thousands of crypto coins) offers this because it's terrible.

​@@jsrodman Oh, and your hateful farts are rock solid, aren't they? Bitcoin is workable money, the transaction fees problem is more or less fixed with the Lightening Network. Bitcoin doesn't have middle man - you still can buy it anywhere from anyone and even run your own node for further decentralization. Crypto exchanges are a total antithesis to BTC philosophy - it's essentially central banking. Also, I don't know of a single person WHO HOLDS THEIR BTC IN SELF-CUSTODY AND NEVER EXPOSED THEIR PRIVATE KEYS AS THEY'VE BEEN REPEATEDLY TOLD TO that would have their funds removed, and you know why? Well, mostly because it's impossible. Prove me wrong. Scarcity is necessary for fighting inflation, and there's no reason for it to be "fundamentally incompatible with a medium of exchange". Also, no, no other crypto offers that (apart from Monero probably), because 99% of them are pre-mined, pre-sold, and controlled by a small group of well-known individuals.

you are so damn wrong. And what is the alternative to Cryptocurrency?

It's impossible to scam with BTC (although it can be attacked, but it takes a lot). Also, when you use your credit card to pay - where do your money go? Do you know the answer to that?

It's all a ledger. You make a transaction, that is written in the ledger. Easy to change right? Just change what you just wrote down. Now, the second transaction is encrypted with the first entry. Now, to change the first entry you must also change the second first. Next a third transaction is written. The previous two are used as "salts" for the third message. As you add to the ledger, each requires the previous entries to encrypt it. Now that we have millions of transactions, it is nearly impossible to go back and change any record. Mining helps solve these complex mathematical problems to harden the encryption. So in the end you have a blockchain, which is that ledger, where any entry is encrypted by the previous entries to create an almost unchangeable thing. At least, if any part is modified, the whole thing becomes invalid and unreadable. This is why it is so secure. It's also very complex if you're not a mathematician. Don't even try to understand more than the high level I just regurgitated. The blockchain with its guarantee of consistency can then be used to create other applications that require ledgers. Think websites hosting poker games, or in-app purchases etc. Cryptocurrency is here to stay. Not because it will replace money, but because of its mathematical properties that make it useful in so many other applications.

@@zoocraft_official I don't own a car, but guess what: You already pay taxes for cars and gasoline

Why are people talking about crypto as an investment and not a currency?