저자: 미상 · 외국인
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FTX 붕괴 사태를 개관하며 크립토 산업 전반의 구조적 취약성을 비판하는 영상. 첫째, 사태 경과: FTX CEO 샘 뱅크먼프리드의 레버리지 문제가 드러나며 유동성 위기가 발생했고, 바이낸스 CZ가 보유 FTT를 전량 매도한다고 밝히자 FTT 가격이 약 72% 급락하고 대량 매도가 이어졌다고 설명. 둘째, 구조적 문제: FTX·알라메다리서치 간 자금 순환과 FTT 토큰 담보 구조를 엔론 사례에 비유하며 '근친 금융(inbred financing)'이라고 비판. 가치가 사실상 기대에만 의존한다고 주장. 셋째, 후속 이슈: 파산 신청 후 약 5억 5천만 달러 자금이 해킹 등으로 거래소 밖으로 빠져나간 정황과 관련 인물 해외 이동 의혹을 언급. 넷째, 투자 메시지: 크립토는 실물 자산이나 현금흐름이 없어 변동성이 크고, 특정 자산에 과도하게 투자하지 말라는 경고. 출연자 본인은 자산의 약 0.05%만 크립토에 투자했다고 밝힘. 전망: 영상 내 대상 자산(비트코인 등)의 1~3개월 가격 방향에 대한 명시적 예측은 없음.
다듬은 글
holy crap we have the crypto Enron theranos combination going bankrupt what the hell kind of waves I could create in the crypto Market I'm going to tell you a little bit of a wild story about how the hell we got here and then talk a little bit of shade as some other crypto or financial influencers dogs all right yeah don't forget being crypto guys yeah totally I have like point zero five percent of my net worth in crypto but whatever hey you know if you want to play around with it it's fine but you got your asset allocation this stuff is ridiculous okay um but this really Harkens back to this nice tweet we got Michael Berry coming out and chiming in and saying like hey bro told you so uh this actually he tweeted this uh November 9th and he referenced back and quoted himself from June 2021 uh the guy has got a little bit of autism in case you're not aware uh but he's talking about how if you if you don't understand how much leverage there is in crypto you know nothing about crypto did you happen to know that this FTX Enterprise that went bankrupt was offering up to 10x levered ETFs within their platform no I do know that uh Tom Brady was was touted and he's having a rough time right now just a little bit well he won the game today in Munich you know that's awesome hey yeah so this is this is Sam blakeman uh Freed's Twitter account here and he's talking about this is basically his apology series of tweets but even he didn't understand how much leverage he had he thought he had zero turns out I have 1.7 x and he goes and I you know had enough cash to be 24 times a normal daily withdrawals but I didn't have enough to meet with on Sunday yeah that's that's that's what you call a little bit of a liquidity crunch just a little bit how do you not know that I just I don't like how do you like your whole job is to know that yeah sir yeah yeah yeah I agree this it was such a big kind of Market mover for crypto this is Bitcoin right the granddaddy of bitco of uh cryptocurrencies and look at how much this thing was volatile this week in response to this new story you know just for 20 000 not to sixteen yeah uh wild I do have one uh share of a Bitcoin or whatever it is I don't yeah I don't even know it's called a pushy as the smallest unit of the uh no it's like whatever 150 it's like almost nothing of a Bitcoin I got it from Robin Hood for putting money in a Robin Hood and I can't sell it because it's you know nice so what actually happened right this was kind of a crazy ridiculous thing but basically SPF we're gonna refer to and that's the he's the CEO right yeah okay so he was scrambling to raise money um from Venture capitalists and he went to Finance on Monday night okay they said in the beginning Our Hope was to be able to support ftx's customers to provide liquidity uh they then tweeted the issues are beyond our control or ability to help for people who are not watching this this was a little bit of a roller coaster because initially it came out that they're gonna help they're gonna buy FTX and they just have to do some due diligence first but everything's gonna be fine and then like 24 hours later now we ain't touching it was Advantage it's off just to show you how big of a deal This was um it's hard to show the biggest crypto exchange if you go by volume binance is like 10 times everything else coinbase let's just say is one unit fgx is a little bit lower which is dead um there are other exchanges just to show you how ridiculous crypto is you get different information depending on what site you click on so but that's not great um FTX arena is right here fantastic yeah I know right it was like a 10-year deal or something like that they also sponsored the MLB last year lots of big names chips so what actually happened like why did it crash all right so binance CEO this is the big dude we're gonna call him CZ he's got a long name but it goes by CZ invests in FTX in 2019 but sells the stake in 2021 and was paid 2.1 billion worth of ftt what is ftt Vinnie basically just like McDonald's bucks you know the completely useless uh item in retrospect here that's what they did they printed a currency and then they sold something for their currency ftt is the token that um FTX uses so leak balance sheet shows that SBS crypto trading firm Alameda research is heavily reliant on ftt stability CZ due to recent Revelations on November 6 says I'm gonna liquidate everything I don't want to touch this okay that news comes out everyone sees it and they're like I guess they're invested in a platform and they're like well they won't be able to handle this so why you're invest in the platform in the first place I don't know but everyone sees it they're like well I gotta take my money too so everyone starts Panic selling all right ftt price drops like 72 percent immediately like uh this is the equivalent of taking a loan from your wife just so you understand like how ridiculous it is to have one arm of a company that's owned by this the same person taking uh kind of using ftt token as collateral from one side to the other just completely inbred finances that's what we call that inbred financing if you guys can give us a like And subscribe for inbred financing it's our new business we're gonna start yep so just to show you how how completely asinine evaluations can get into like this crypto realm here um this is ftx's valuation based upon it was a private entity but based upon its funding rounds you're talking about a company that was started in 2019 that you know a year later has a 1.2 billion dollar valuation then two years later has a 32 billion valuation making uh SBF the CEO here worth about 16 billion dollars at the peak now it's worth nothing yeah yeah it's somewhere saying it was worth up to 30 to 50 most were saying 32 crazy dude yeah the the the fine the kind of part that I find hilarious is that you know if you actually smooth out a chart of like a completely crappy like alt coin that's basically what this company is in retrospective yeah no you're right it's definitely pick any failed coin yep exactly uh so this this is just a headline from the actual you know bankruptcy filing you know the real kind of question is how exactly do we get here all right uh so this is Sam bikman freed he is the son of two Stanford economists in case you didn't know that he is an MIT graduate bachelor's degree in physics minor in mathematics uh he started at Jane Street as a high frequency Trader you know immediately after college that was his one and only job basically between being the CEO of this you know multi-tended billion dollar company and and college yeah okay you know but perhaps at 30 he was still the most qualified senior person there which kind of makes sense everything everyone else there it's like uh you know a little little speck tadpole um I know this is their corporate structure too does this stream to you um that we really have our stuff figured out and that this is like a well-run organization or is this just like entities trying to sell and trade to other entities this is the most confusing road map I don't even know what I'm looking at here it reminds me of um the the book the smartest guys in the room it is about the Enron story and they talk about how they created all these subsidiary units where they could hide losses and how you know one unit would sell to another unit at a different price in order to generate a paper profit even though they were all held by the same entity that that's what this strikes me as when I look at this I mean obviously I look at this in retrospect I never dug into them before this whole thing but you know now I look at how it's like Jesus Christ was as plain as day um so this this young lady here she is the CEO of Alameda research Alameda research actually predates FTX okay okay so that's the the origin stories that they wanted to trade crypto high frequency trading and that they wanted to create this platform in order to be able to facilitate a little bit better um there's this great interview clip of her from 2018 I want to say or right not 28 I remember the 2018 where they asked her about how complicated the math was wrong she has a math degree from Stanford all right she's 28 By the way at the time at this time and uh they asked her how complicated is the math it takes to run this like quantitative you know you know kind of crypto hedge fund and she was like well Elementary level okay you know how she got the job allegedly have you heard this rumor yet I don't know anything about this yeah she's uh apparently SBS girlfriend okay so nice yeah and then this young lady here is actually in charge of risk management you know she's also in her 20s her first job before this was part of Swiss we know they're really good at risk management over there pillar of bit risk management in society yeah no they uh they they tanked after like um what was that Virgin Galactic it was it one of the it was that thing right what haven't they tanked after it arcadego's capital was um the uh you know they they're just literally involved in every every piece of garbage that there is right if you want to do this takeaway so essentially this just kind of reaffirms the belief of the problem with crypto and nfts by the way people I don't know just forgot that this was a thing like five million dollar apes or like a hundred thousand dollars now still crazy but you know um crypto prices are supported entirely by the belief in their future so there's no fundamental underpinning assets or cash flow with the exception stable coins but basically this means that crypto's value solely depends on what others are willing to pay for it making it subject to erratic price Behavior if you I've gotten in so many arguments with people who are in the crypto and it's not argument if you want to throw your money at it go for it right don't all of it though I mean I mean you're not putting all my money in Baba so I have nothing to say yeah exactly yeah you get wrecked when you put too much into one thing now this this story still isn't over with this is still evolving up to like this minute okay now this is actually a headline from I would say New York Times from yesterday they're talking about after this bankruptcy filing right which happened this week 550 million dollars in funds have now been you know mysteriously vanished and transferred out of the exchange okay and they're saying it was a hack the other scene is a hack and some somehow malware got in there they're not exactly sure they're you know FTX is working with the authorities trying to track down this hack then this other little lovely tidbit here so yeah you've ever been on Flight Radar 24 this website um so it's a website that allows you to like track flights and it's kind of cool and it also will show you what is like the most tracked flight in the world the most tracked flight in the world yesterday was this flight here going from the Nassau Bahamas where FTX is headquartered and where SBF lives uh down to Argentina oh my goodness did this happen after the hack uh I'm not sure exactly the timing the hack he did uh kind of reach out to I figured what news Enterprise and say I'm not on that plane the rumor is other people from his inner circle are on that plane there's the rumors in this they're gonna make a movie out of this at some point allegedly him his girlfriend and like eight other people live in the same building in the Bahamas and it's just like uh how do I put how do I put this in the PG-13 way a a Cadre of um uh roman-esque Behavior you know the you're the Roman orgies famously Roman Orchards you're famous they're famous for I'm an orgies nothing else just the orgies just storages yeah that's allegedly like what sort of lifestyle is being lived here by this Inner Circle of FTX well they're blue billions of dollars I mean we're wrong that that girl is one of them I don't you know smash or passes yeah and give us a like subscribe yeah yeah exactly so the the the uh the best thing about this whole thing is that the memes have been spicy this was actually my favorite one I saw on Twitter yeah yeah yeah yeah I mean it's a pretty realistic uh kind of representation I think I I'm pretty sure I could take those people out of the lineup what do you think yeah this is rough I'm not gonna comment yep yep so uh you know you know I feel bad for the people that lost money in this whole thing but like the the there was more red flags in this field than like you know Dylan's prom dates okay thanks I appreciate that very kind of you all right guys uh let us know if you have been following this or in crypto at all if you're in crypto I would really like for someone just I just don't understand it just seems like such a bad idea so but ever you know I'm investing in Chinese companies so it is what it is next one
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