"He literally Said Go ... Yourself" - Chamath Palihapitiya Tells Crazy FTX Story

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영상 결론: FTX 붕괴는 개별 CEO 사기를 넘어선 업계 구조 문제이며, 중앙화 거래소는 규제가 필요하고 토큰 발행은 증권으로 규제 등록해야 한다는 취지의 논의. FTX 사태 개요: 샘 뱅크먼프리드(SBF)는 Coinbase 측 투자 제안 과정에서 기이한 자금 흐름(Alameda의 자금 조달, Robinhood 지분 9% 매입, 정치권 기부 등)에 의문이 있었으나 그때 문제 제기를 하지 못했다고 함. 파산 절차: 미국 파산법원에서 자산(토큰, 벤처 포트폴리오, Robinhood 지분 등)을 찾아 경매 후 고객에게 배분하는 방식이 예상됨. 래리 서머스는 이를 Enron에 가깝다고 평가. 규제 논의: Armstrong은 중앙화 거래소는 기존 금융처럼 규제하고, 탈중앙 프로토콜(셀프커스터디 지갑, DeFi, Web3)은 별도 접근이 필요하다고 주장. 미국은 상품(CFTC)과 증권(SEC) 구분이 불명확해 역외 거래가 95%에 달한다고 언급. 토큰 문제: FTT 같은 거래소 토큰의 실용성 의문. 자금 조달용 토큰은 증권으로 등록해야 하며, 투표·보상용 토큰은 다른 규제가 적절하다는 입장. 벤처캐피털 비판: Chamath는 일부 벤처사가 실사 없이 투자하고 토큰 발행을 교육·설계했으며, 이는 미등록 증권 판매에 해당할 수 있다고 주장. 시장 구조(페이먼트 포 오더 플로우, 다크풀)도 불공정하다고 지적. 개인 경험: Chamath 본인은 비트코인(2011년 매수) 외 다수 토큰에서 큰 손실을 입었다고 언급. 자산 전망: 영상에서 개별 자산(삼성전자, 비트코인 등)의 1~3개월 가격 방향에 대한 구체 예측 발언은 확인되지 않음. 비트코인은 언급되었으나 방향성 예측 없음.

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01. he pitched Us in that 17 billion dollar round and I did a zoom with him and after the zoom I'm like this doesn't make much sense but I'll have my team do some work we did some work and we sent him a two-page deck and we said here are our recommendations for taking the next step one was the formation of a board the second was the creation of dual class doc the third was some reps and warranties around Affiliated transactions and related party transactions and the person that worked there called us back in literally I'm not I'm not kidding you said [ __ ] yourself in an interview with coinbase CEO Brian Armstrong the billionaire Canadian American venture capitalist chamat palia Patia shared his thoughts regarding the FTX collapse crypto Twitter has alleged that Sam bankmanfrid was on a run and tried to flee to South America others believed he tried to flee to Dubai coin Telegraph reported that Bohemian authorities have bankplane freed and two other Executives under supervision Reuters reported that they reach out to SPF to ask him via text if he left the Bahamas he said no after lying to his followers constantly on Twitter about anything relevant to FTX it would be very hard to imagine him replying yes I'm on the run more and more eye level people are sharing their experiences with SPF and looking back for any red flags in what they might have missed Elon Musk confirms on Twitter a story about SPF investing 3 billion dollars into Twitter Elon said that SPF set off is BS detector as a guest on the all-in podcast Brian Armstrong also suggested something was off when he compare coinbases revenues to that of FDX but for whatever reason SBF had substantially more cash for donations corporate buyouts Etc being heralded by CNBC as the white night of crypto chamat palia Patia also shared his own experience with bankman free but instead of focusing on SBF chamat went deeper into the subject and he believes there's a systemic issue at end that needs to be dealt with immediately but before we listen to chamat if you are new to the channel or not subscribed make sure to subscribe so you don't miss any videos there is an article that appeared that said that the head of compliance at FTX was also the head of compliance at a poker site called ultimate bet which in the 2010s did this exact thing apparently some version of this where they went in and they looked at hole cards of poker players and then a few employees inside the business would basically play against these folks knowing what the whole cards were ran this cheat stole millions of dollars somehow that person found going to be out of compliance at FTX yeah 10 years later which is incredible but back to this question so so now what happens now is you have the international business and the US business and Alameda research all rolled up into this one Frozen entity right with now Regulators having to so do you know what happens in a process like this like is it that the the doj and the SEC get priority or is there some international monetary like who who's who unwinds all of this how how do people get their money back if at all yeah so I'm not an expert at this but my high level understanding is that the bankruptcy courts will essentially and I believe they filed bankruptcy in the U.S which is an interesting thing I didn't know why they did that versus Bahamas but anyway the bankruptcy court will basically go through and try to find any assets of value so I mean they must they still have some tokens and value they have a venture portfolio they you know I think Sam owns nine percent of Robin Hood there's various things that they may own and then they'll kind of auction those off to various bidders on distressed assets and then try to distribute those funds to the customers I I don't know the exact process beyond that though there was an interesting thing that Larry Summers did I think for Bloomberg where he was asked whether this was Lehman or Enron and he said it seems more like an Enron than it is a Lehman and Brian I'm just curious how you think about it like is this sort of a fraud perpetuated by a group of Executives to essentially take advantage of a situation or do you think that this is more like a Lehman situation which is a well-run business I guess that just you know got caught in a liquidity trap I think it's my guess is it's a little more like Enron in the sense that I mean yes they were over levered and that kind of thing but the minute that they moved customer funds in some way shape or form to backstop the hedge fund that that was in my mind fraud and you know that's more like Enron do you think now that we have to open the gates on regulation like the whole point of crypto in some ways was you know trust nobody and you know 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 yeah well I think it's really important to distinguish between the centralized players in crypto which are custodians exchanges Etc coinbase has a big business there and the decentralized players which are you know self-custodial wallets D5 protocols web 3 that whole world so the centralized players um should be regulated and today they're regulated already like like kind of traditional Financial Service businesses but they don't have the regulation clear when it comes to the crypto aspects so for instance in the US we we actually don't still have clarity about what is a commodity what's a security should which one should cftc regulator versus SEC that kind of thing and that lack of regulatory Clarity and frankly the the climate of Regulation by enforcement the negative rhetoric from you know chair ganzar in particular has created this sort of chilling effect in the U.S that has pushed a lot of that centralized actors activity offshore in fact 95 of the trading volume in crypto is now outside the United States and it's come down a lot since the beginning of this year even now the decentralized players self-custodial wallets D5 web 3 this is where crypto really has an opportunity to make a more fair and free and transparent system because you can go look at any smart contract to see exactly what it's doing anybody can audit the code if you have a self-custodial wallet you you can just trust yourself you don't have to trust any other intermediary out there and um that's where you get true decentralization and I think that's actually uh you know those areas still have a couple of their own challenges you know sometimes people will lose their password or their phone and they'll lose their own money so if you're if you're trusting yourself you still have the you have to trust you know that you're going to do that piece correctly but there's a lot of good things we can do there around making social recovery mechanisms and MPC wallets and things like that but to me it seems the whole issue if you come back like what is the first string that you pulled that unraveled the sweater was the fact that these tokens were created out of thin air they had no meaningful value somebody prescribed the value and all of a sudden everybody else in the economy all of a sudden said yeah I'll take that as collateral look you cannot do that in the regular world I can't call JP Morgan and say I've invented this thing it's called a share in XYZ and I'd like you to margin loan you know give me a loan against it so Brian explain like there's a ton of these tokens that have been engineered right and there's been a ton of these tokens that have been sold so what should people do that own these things thinking that there was going to be some safety or value or you know like how do you think about all of these tokens that are that that could be as basically as as fragile and shitty and worthless as ftt yeah well there there is this concept of like an exchange token and there's a couple other firms out there that have them and that's something we haven't done and I do I think I think you're right like the the actual utility of those things is a little questionable and so if someone's gonna sort of Mark those up on a low Supply and then a low float and then somehow leverage that that that's going to get yourself into trouble but look I don't want to throw out the entire concept of people creating tokens I think there's actually a lot of good stuff there and it comes down to this idea of if if you're trying to raise money for your company and a through a token that's fine that should be a security and there should be a regulated way to do that in the US like go register it with the SEC you know let it trade on broker dealers that's that's what we've been wanting to do for a long time and the SEC is taking their time getting there they don't you know against her to be honest he doesn't seem that um excited about the idea of this whole industry existing and so anyway but it should it should exist and it should be happening in regulated ways so if people want to issue a token that's right raising money for a company let's regulate it as a security if they want to issue a token that's truly on a decentralized protocol or has some other purpose like voting in a dow or Rewards or something like that then that's probably not a security and let's be honest about that and allow those things to trade in a different environment a different regulator under the cftc we're probably running out of time with you because you said you had a hard stop so let's ask the million dollar question tell us about SPF like what's who is this character so again I'm speculating here I mean I've spent time with I've met him a bunch of times and I have to say I did not see this coming like he he appeared to me to be a very bright credible competent person perhaps a bit young perhaps you know a bit Reckless at times but not unethical and not not committing fraud I definitely did not see that you know if I look back to see were there any warning signs that I should have thought twice about it you know one of the things I noticed was that in 2021 you know coinbase had a good year we we did seven billion in Revenue four billion of positive ebitda we went we became public as a company at that time FTX did about 1 billion in revenue and I knew how much money we had for our Venture budget and just like different Investments we wanted to make and I knew their revenue and I had to scratch my head a bunch of times and I was like where is this guy getting all this liquidity because he was like buying nine percent of Robin Hood he was putting like a billion dollars into this he was donating to all these politicians and I was like I it did not make sense to me where he was getting all this cash people just kept telling me Oh his Market maker Alameda is just printing cash like it's like okay I guess you know it seems like a conflict of interest to own an exchange to Market maker that's why we haven't done it but more power to him I guess and so I was surprised I didn't speak up I cannot I can't explain explain the psychology of it at this point whether he's a pathological liar or if he's started off good and somehow under the pressure of this whole thing went bad but the minute you can you can go watch the interviews he's he's lying to people about why he's he's bare you know bailing out Voyager and blockfi and he's and he he knew at that time that most likely he knew at that at that time that they were not solvent Alameda was not solvent and so that's where he crossed a major line in my book I think the problem is bigger than FTX uh 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 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 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 them 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 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 Jason there's videos today on some of the most well-known Venture firm sites on how to do this you know I my my biggest purchase ever was Bitcoin in 2011.

02. you know I've bought a bunch of these tokens at a massively depreciated in value I think lots of investors have you know 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 um 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 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 and so you know 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 for regulated Securities like options and bonds and and stocks and they get this order flow and they frontrun it by a millisecond and they they just take small bits they just think that there is there's there's these really uh strict walls and segregation as you heard Brian talk about when you have those businesses in these regulated markets the problem here is that this is totally wild west unregulated wild wild west so who knows what's going on really to watch the full interview check out the link in the description what do you think of shamat's thoughts here do you agree that this is a deeper issue than SBF leave a comment if you are new to the channel or not subscribed make sure to subscribe so you don't miss any videos