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I just want to say the second uncomfortable thing out loud which is there was a lot of venture firms in Silicon Valley in this period of both not doing any work or diligence who also took the extra step and actually created classes and would teach teams how to create these tokens okay and those artifacts those video links and artifacts are sometimes on their website they're still on YouTube they're inside of Twitter and what these folks would do when we talked about this the game that they played was they would get a team they would create a token they would also buy Equity at some crazy valuation the equity was locked up but the tokens were not and then they would put him on an exchange and sell them to unsuspecting people and they would be able to dump these tokens and if you look inside of that Trend what you're going to see and Brian just mentioned this those were the sale of Securities except it was done in a completely unregulated way so if the SEC is really and the doj is really going to take this ftt token issue seriously and what happened to FTX they're going to start to look at a bunch of other tokens and token sales and you're going to end up looking at some very well-known Venture firms inside of Silicon Valley [ his reaction to the recent crash with Bitcoin plus we'll hear details on what happened with the collapse of FTX and where the crypto Market is headed next Jamal says there were warning signs as well as a massive amount of negligence going on that most weren't aware of he talks about the Silicon Valley venture firms that were involved and how unsuspecting investors were the ones left holding the bag when the crypto tokens were dumped he believes that the SEC is going to be taking a very close look at many token and token sales taking place around this time that have the same framework as FTX with the enormous capital and lack of governance that is taking place it's no wonder people are just looking the other way let's listen to this interview with chamoth as he gives his reaction to the crash in Bitcoin as well as the current state of the crypto market and what we can the whole point of crypto in some ways was you know trust nobody and decentralization is the key but here what we see is a lot of people were tricked into trusting FTX and having their deposits there and it was a centralized exchange which caused all these problems so it's like it almost violates the principles of what the whole product Market fit was supposed to be so what what should sort of the Observer expect and what do you expect as a business in terms of how governments now react to all of this I think the problem is bigger than FTX and I'll say the uncomfortable part out loud and nobody needs to necessarily comment if you don't want to but there were an enormous number of venture firms that talk their their way into just completely doing zero work here I mean and the the tip of the spear is this thing who's the guy that works at Founders on bulgar bulgar is zebul Jared thank you yeah yeah yeah that tweet that he had where he basically took the snapshot of the Sequoia transcript was one of the funniest things that I've ever seen I mean this was a 215 million dollar decision and Sequoia documented it and put it on their own website and I think that's an example of something that was happening which is people just looked the other way and didn't even want to do the layer of work come on let me just string together a couple of things we've talked about over the past few episodes and I think you'll agree with this point but generally speaking there seems to be a very heavy lack of governance in investing given the amount of capital and the velocity of capital in Silicon Valley particularly in private markets of late and a lot of the stuff that's been talked about where last week we talked about super voting shares and the founder does whatever they want and there's no governance and there's no board and there's no oversight and particularly with this FTX situation where clearly there wasn't a board uh that that was you know getting the necessary information that had necessary influence that have the necessary controls the meta conversation but all of these threads tie together the concept that maybe there's not a lot of governance and not a lot of diligence going on and the amount of money that's flowed into Silicon Valley has allowed a lot of this losing people savior the problem here is that this is totally wild west unregulated wild wild west so who knows what's going on really shhh and we're pushing the business acts off of the shores of the United States as you said 95 of this happening offshore what do you think should happen regulatory wise sacs in terms of America and competitiveness or do we not to be need to be competitive in this no I think we should be I mean what is what if crypto and Defy is the future of Finance I mean it's an important technology that I think we should enable through some sort of constructive regulatory framework I think the regular should listen to Brian and help come with a appropriate framework but to be clear look what Sam did is way worse than people going on an exchange and speculating I mean look I I think that people who speculated in the buying and selling these tokens they were using it like a casino okay like that's different than a customer putting their money on FTX and having their money gets stolen that's a big difference so I think there's levels here now jamas to your point about who's minting these tokens you're right maybe that's like another category but I do think that the reason why this is on a different level is because it wasn't Sam's money to give away I agree with you on that point but I think don't underplay when there's an organized process to create an illegal security with special rules for them that allows the liquidity for one class of asset and not liquidity yeah you're right so that's a separate bucket I don't think it's the same as what Sam did and I don't think no I agree I agree no I'm saying yeah that's something that needs to be looked at and we need a constructive regulatory framework for that this is we're just peeling back the onion on this I have a feeling that this is going to be the turning point and all that token guys let's be honest is not the only token that has been engineered by Silicon Valley venture firms and it is also not the only token that's gone to zero that was engineered by Silicon Valley venture firms my biggest purchase ever was Bitcoin in 2011.
I've bought a bunch of these tokens that have massively depreciated in value I think lots of investors have I kind of fell into it as well like I thought wow this is incredible I get to buy these tokens they do all of this cool stuff they represent all this value and my experience has been the opposite of that I've lost a lot of money in these things and so you know I really hope that Regulators not just obviously I hope that Regulators do their do the best they can to get investors money back in FTX but I really also hope they figure out all these other tokens as well because you can just rank them in terms of market cap start at the top and work your way down and you will see that these were unregulated Securities Jason that were manufactured and sold by our Brethren people who understand the law around accredited investors and the stuff very well yeah do you guys think crypto investing is dead or what do you think how do you think people think about that risk profile now inside of I think investing in the tokens is going to end investing in the corporation is going to begin and any of the tokens are going to be super regulated building on what you said chamoth about the ultimate bet is it possible that Alameda the trading hedge fund was looking at the FTX data which they had insights into and essentially that's the same as seeing the whole cards in the ultimate bet and so they're making their trades based on what they see the consumers are making their trades front running their trades or otherwise that's not illegal you know Citadel does this in the regulated market that's what payment for order flow is it's right it's the ability to front run retail volume in dark pools that is legal by the law in the United States and that's what allows Citadel and you know I think Jane Street and Susquehanna you know all these folks basically run these dark pool exchanges jamasas that is largest purchase ever was Bitcoin in 2011.
Bitcoin is currently down nearly one and a half percent as a result of the FTX bankruptcy which has caused Market chaos and risk-off sentiment major cryptocurrencies are trading in the negative as the global crypto market cap fell two percent on the previous day to 855 billion over the last 24 hours total crypto Market volume fell 33 to 96.7 billion one thing is clear the collateral damage from this recent crash in cryptocurrency will be felt for weeks and months to come many analysts believe that Bitcoin will be reaching the bottom soon at 12 to 13 000 which is a likely scenario given that there's so much panic in the crypto market right now what do you guys think about chamoth sentiment on the current state of the crypto market and where we're headed next ]
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