RUIN: Money, Ego and Deception at FTX
RUIN is a feature documentary about Sam Bankman-Fried and the stunning collapse of his cryptocurrency exchange, FTX, as narrated by Bloomberg journalists and some of the central players in the rise of digital assets.
On Nov. 2, 2023, Sam Bankman-Fried was found guilty in Manhattan federal court of seven counts of fraud and conspiracy.
On March 28, 2024, Bankman-Fried was sentenced to 25 years in prison. He plans to appeal.
#crypto #crime #ftx
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Before anyone gives Bloomberg too much credit, remember that they were told about FTX's insolvency months before the collapse, and elected not to report on it, because it might hurt their ad rev.
I wonder if this isn't in anticipation of that becoming a bigger story after his conviction. They were more concerned with having an invitation to the corrupt party than e posing the truth of it as journalists. That's the difference between media that helps maintain entrenched interests and media that exposes the truth in a way that requires resources.
@@johnl5350 no that's what they literally said. They explicitly told the person who gave them that story that it might turn off advertisers.
@@johnl5350 I have always despised Chuck Todd for this very reason. He always seemed too cozy with some of his guests on MEET THE PRESS both on the Democratic and Republican sides of the ledger. He wanted to be their friend because they ran in the same elite social circles, so he could only be so tough on them with his interview questions because he would see them at their parties on the weekend. Don't bite the hand that feeds you. It's just annoying and a conflict of interest really.
They are using kevin o leary as a voice of reason…..? Hearing that garbage speak in this documentary is a discredits to the entire documentary.
Bet 💯
I love how Bloomberg reporters don’t mention they turned down the story in June 2022 because it would “limit access” and alienate their advertisers- they’re covering for their own complicity and conflict of interest.
The "You had one job" challenge
They were just promoting FTX 😂😂😂😂
Yep, I can't remember who tried to give them the story, but Coffeezilla interviewed him around Nov '22. Shameful. Bloomberg specifically turned down the story for fear of losing access to FTX. People need to never forget the media sources, big and small, that helped sell this guy to them. He was a fraud all along and they flat didn't want to know.
Tysm
It's because the Democratic party benefits greatly from this corruption. The scumbags care more about the Democratic party being in power than they do about our own citizens
Motion designer: so how much AI-generated B-roll would you like? Bloomberg: yes.
Everybody's a critic.
Modern doc makers love to fill their films with b-roll.
I think the idea was to pause long enough for the viewer's thoughts to settle on the content before proceding.@@gordons-alive4940
it's cheaper than hiring someone to cosplay young SBF or whatever. All you need is a decent GPU, like some recent NVidia RTX card, even a gamer GPU, and a bit of experience with safetensors, workflows and whatnoy
HAHAHAHAHAA LITERALLY
Sam Bankman Fried can't even form a coherent sentence in an interview. The idea he could speak coherently while most of his smooth brain was focusing on League of Legends is extremely absurd.
yea, he probably lost that MMR :)
"the downfall of Scam Bankman" brought to you by the people who idolised him and convinced millions he was a genius. This is so immoral it's crazy.
This vid could be 20 min long if they cut out all the ambient/backround scene/music nonsense. Im halfway through and checking out. It's unusual, i typically like Bloomberg. Oh well
Morality or immorality have, I believe, little or nothing to do with this whole thing. Anyone with any brains whatsoever could see SBF was a scam artist right from the very start. Anyone who depended on articles and writing which "idolized" SBF ignored common sense (to put it mildly). Why would anyone with any sense trust this guy or his sandbox friends in the first place?
They were part of the power plant for the Ponzi pump. If I could recognize it, there's no excuse for professionals. They not only didn't inform anyone, they helped hide the ticking time bomb. A lot of these finance media places presented SBF as a wunderkind, parents above reproach, all that kind of thing. Even when he went on podcasts and literally explained his business in the same terms you'd describe a Ponzi scheme, they never even hinted that this might be a scam.
@@ctdieselnut Agreed. The style-to-content ratio is pretty grim
Bet 💯
O'leary should NOT have been given such a prominent role at the end of this doc. He is NOT objective and had only invested $850K while he was compensated $14M as an FTX spokesperson. He is NOT honest!
Who is honest? Especially in that world.
Having Mister Scam O'Leary in your video shows this video is cobbled together. There is no vision behind this video. Don't worry. There are a lot of youtubers that make much higher quality material you can trust.
Scam O’Leary has NO credibility except what the NBC/CNBC/MSNBC gives him. Seems like they feel invested in him due to Shark Tank and other prominence so they cannot just drop him. He goes from a huge crypto skeptic to an unabashed supporter and the only reason is his FTX compensation for endorsement. When will the NBC team realize they are undermining their own credibility?
He's an Irishman, no?
The bankruptcy court will claw back much of that.
It kills me when SBF said him and a few of his colleagues bought an apartment together instead of letting it be known it was a 30 to 40 millions dollars penthouse in an exclusive area of the Bahamas 😅
funny how they didn't talk about Sam's parties, in office origies, drug abuse, etc. there's an entire otherside to this story that Bloomberg put their blinders on for
I love how they put people like Kevin O'leary in this piece. As if he's one of the "victims" while having made 4.3 million on the exchange, also paid 15 million to be "an official spokesperson for FTX" by SBF
That's the facade !!!!!!! Dont you think many Celebrities and Media houses like Bloomberg themselves did not make Dirty money ?? Hope the US laws had more Teeth like ones in Middle East, where people like O'leary would have been given 1000001 Lashes in public, or worst sent to "Chop Chop Square " !!
That's ridiculous. There were many people in this documentary that weren't victims of FTX fraud.
Yeah. As soon as he popped up I literally said out loud “what the f*ck is HE doing in this show?”
yeah was somewhat enraged seeing him in this. he was an SBF schemester.
O'leary saying "this is the nature of capitalism, get over it" means "I made money"
“Borrowing” from customer funds without their consent is called stealing whether they intended to pay it back or not.
Go tell that to a bank!
@@TheAed38your bank also lends your money to other people. Your online stock broker or your ETF also lends your shares to other people. The difference is that SBF knew that alameda research will not pay the money back nor tracked it, so he is committing fraud together with his little girlfriend. If you are purchasing a multimillion penthouse in the Bahamas or gifting several millions to your parents even though you company doesn’t OWN any cash because you are insolvent, than you are stealing.
Hahaha spot on @TheAed38.. @renpilak6048 what do you think how commercial banks work? Didn't the notion of fractional reserve banking became well known after 2008 crisis? Try to get all depositors of any american bank and tell them to withdraw their money at once and see what happens 😂 You can't even get 10% of it.. but don't worry, they're borrowing it temporarily, they'll give it back 😊 and there's this digital alternative to this system, but it's used by criminals only of course, why would we have commodity money or full reserve banking, that's for suckers
@@IVIagicful , FTX was not a bank, it was an exchange 1:1 relationship! It was even stated on its service level agreement that they cannot borrow customer funds! On the other hand, bank customers are aware of how banking works! Traditional brokerage accounts also has 1:1. They make money from transactions fees and from internal trading, not taking funds from customers! Imagine if your broker “borrow” your funds and bet it for his own trading account! That is embezzlement! But, hey! People like you who support Scam Sam must need to check your morals!
Actually the definition of theft/stealing is taking it with the intention to not return it.
HEX is the 0.1%
Wasn't it an obvious scam that's dead now?
Haha not rly
uyes there is much happyness
Hex is a disaster
I was watching another documentary on FTX and i read in the comments how his/her uncle worked 3 jobs, put his entire life savings, lost it, and committed su1c1de....i dont feel bad at all for the tech bros or the rich people who lost millions of dollars and convinced others to invest, but for the little guys, is both devastating and heartbreaking.
Oops, he didn't care that he was getting his money back?
@@NickKautz when? Really when?
The 2nd quarter of 2024. They've had the money and announced it months ago. This is why media and lack of objectivity are dangerous. Media painted the story way worse than it actually was, because that's what makes them money. Because they made Sam out to be this horrible person, people like this guy thought he actually stole their money and it was gone. In reality , his attorney's at the time told him he was allowed to use for company-related means. The same attorneys also advised him to file bankruptcy and then became the lead counsel for the bankruptcy effort .....and are trying to get $1 billion of customer money as payment. @@allie_hart
@@NickKautz22 comments on this one piece. Are you sams mom disguised as an auto bot 🤖
No , I've never met the guy but I see things that most people can't see, which sucks.@@pjg_77
Could've done with 50% less AI hallucinations and 100% less Kevin O'Leary
was thinking the same thing
Yeah. The meaningless ai stuff didn’t add any value at all.
🤣
This easily could've been a 40 min documentary.
Absolutely . That guy is massively overrated
This is a puff piece. It shows Bankman-Fried in a better light than he deserves.
True - But Crypto is here to stay - nothing will change this
@@Erich560 ANOTHER WHITE BOY WITH A PODCAST!
@@Erich560lmao 😂
Bro you think this is bad didn't you see they got someone to write a whole book to paint this guy in a positive light.
@@ibeenstephcurrywiththeglock tiny hats all sticking together...
WHY weren't Sam Bankman Fried's parents also charged? Why was there no second trial for those politicians who received that stolen money. They should be named and they should be charged with receipt of stolen property. Where oh where is our Department of Justice?
Didn't Bloomberg turn down the option to write about this back before this whole scandal became more widely known, when they were presented with evidence?
Kevin O'Leary doesn't deserve to have his voice heard by masses of people after what he has done and said. Period.
Dude... he spoke in spanish saying "¿qué pasó, hombre?"... that's all I wanted to hear.
Neither do you.
@@NickKautz luckily I'm not in the video 😂
Kevin O'Leary, "Mr. Wonderful" was an FTX shill. He sold out for money!
At least he's halfway believable.
Matt Miller says he feels sorry for SBF. I feel sorry for the millions of victims who lost their life savings.
Greedy mercenaries got trimmed...boo hoo.
They left their bitcoin on the exchange rather than taking custody. That goes entirely against the ethos of bitcoin
I do not. This is what happens when you own too much money and do not take any responsibility. In this respect, someone like Soros may be truly considered a benefactor... (sic).
That poor poor thief. All the money people forced him to steal.
@@northwestcoast I feel like
An interesting story but there isn't a single word about how deep his parents were into the money. They both have the age, experience and backgrounds to know that there was something very wrong going on with the multiple companies and the book keeping. The tip off to me was their comment "We don't know how the place in the Bahamas ended up in our names." I would have liked a little more balance to the story that included a bit of the family affair that there appears to have existed.
I am so looking forward to the eventual trial of his parents, the more I read about it the more I am sure that they weren't just the wholesome supportive parents the media told us they were
They are being sued for the $32 millions that SBF gave them. They are a POS for not returning the stolen money. The way SBF answered his question, indicate that he had media training. Sounds exactly like a politician giving answers that doesn't answer the question.
@@IGoByAlllexia look at the seed investors. It's all his parents friends. Now go look at who got out at exactly the right time. Same list. This was a very well organized ponzi scheme. They even kept 90% available just in case they got caught. They just modified Madoff's scheme to crypto.
They likely bankrolled the entire scam, and madeoff with the cash.
Why do they keep saying he was so smart? He wasn’t at all he is just manipulative
He was both
this is another documentary trying to paint SBF fairly, they didn't borrow customers assets, they stole customers assets, and CZ wasn't in anyway the cause of their downfall
SBF was an insider… insiders get media propaganda protection
Yeah, he just sounds like a shrewd business person. He invested in something upcoming and then got out just in time. I bet CZ pocketed a lot selling the 20% even when the FTT became worthless.
CZ was the cause, he's a narcissist, dumping FTT at bottom of bear market. Even with borrowed assets Sam could've sold FTT to pay back. CZ prevented that
They make that abundantly clear here.
O’Leary focusing on Binance’s chess move and not the fraud tells you everything.
Totally. Finance are frauds too.
Steal from rich people and collapse, go to prison. Steal from poor people and collapse, get a bailout.
This would be a lot better without all the awful AI imagery
Kevin O'leary should be cell mates with SBF. Dude was part of it all.
Agreed
Part of it all and plenty of other things besides...
All O'Leary did was attach his name to FTX for money and he didn't do his research on it because they offered him a deal he couldn't refuse ($15 Million dollars). I think they offered the same deal to others like Robert Kiyosaki (Rich Dad, Poor Dad author) but Robert was wise enough to refuse.
@@twinturbo3461 That may not be prosecutable, but it is scummy.
I like that his final quote was "[fraud and scams and wide-reaching financial catastrophe] are part of Capitalism; get over it!" Pretty poor endorsement of capitalism, bud.
What kind of AI you want? Bloomberg- Yes
has AI generated content in every minute of the video including audio...VCs really trying to push for their AI investments not to fail
@@anselmkulet8112 🤣 they are juicing all the money they are paying to the AI guy. And he's just using the publically available AI apps for the content. He's not even a dev. Boomerg
Exactly. Funny how they note "AI generated" for photos but not GAN videos. This 1h47 film could've been 30 mins. Ended with little added insight. An article would've been quicker and more informative.
this AI animation will not age well, like Photoshop lens flares will seem super cheesy in just a few years.
@@unkopower7899 It's moving too fast in the latent space. They should aim for less distance and more interpolating steps
This is basically all the people that could have prevented FTX from happening why it wasn't their fault and that it was basically impossible to know beforehand even though it was just with crypto as a hole. Great
Looking at the documentary from this point it absolutely shows why the whole thing happened: all the people who could have stopped it just thought they themselves can profit from it. Nobody looked at it and asked critical questions. And why should they now. They don't want to protect anybody, they just want to make money.
From the moment, more media is spent on how the CEO lives than what the company is doing, don't walk, run! I don't care if the CEO drives a Toyota or a Ferrari, but if they start talking about that, likely they try to divert attention.
He used stolen customer money for bail. $10 million gifted to his parents via customer money.
B A I L ? ? J A I L !!
Do we all deserve to be conned for trusting without due-diligence?
This is a shallow documentary with a lot of silent filler sections. Moreover it does not provide any insight over what we know so far. There are 30 minute videos on youtube by the Financial Times (titled FTX the legend of Sam Bankman Fried) and from independent youtubers like Patrick Boyle explaining the financial side and the complementary videos on the legal aspect of the trial by Legal Eagle that do a much better job at explaining the entire mess from start to finish without fillers than this 1 hour + video. Pure disappointment especially when one considers that Matt Levine called out Sam Bankman Fried over the FTT token months before the collapse in a Bloomberg podcast - Odd Lots with Joe Weisenthal. Thumbs down.
I am so glad you said that about fillers!! This had great information but they could trim it by 35 minutes just taking out the “ artistic “ fillers!!
fillers are not a bad thing. Its arty. Nothing wrong with this really. You can DYOR with other info also so yeah credit due where its due - this is well made.
Unfortunately American documentaries have a tendency to be like this.
This is something we can start to expect from now on. AI generated motion graphics for fillers that take almost 30 minutes and add absolutely no value to the entire documentary. A nice scam to artificially lengthen the entire thing. FTX wanted to waste your money by using crypto. Bloomberg wants to waste your time by using AI.
@@karelairapetjan9095Right on target!!
He’s like a narcissist, still talks as if he has a providential role to play in the world. These are kids with unbelievably inflated egos, who can’t string together a sentence without saying the word “like” three times.
only 18 minutes into this and I've already lost count of the number of times I've hit the 10 second skip button to get past the long stretches of ominous music and warped clips of buildings and neighborhoods, to get to actual dialogue
I love the way they are portraiting him as the main villain but he had his back covered by a lot of important and influent politicians that wanted a piece of the pie. Those people in the shadows will never be brought into discussion.
How did they protect him? He went from Hk to Bahamas? And then arrested by the US? Huh?
THIS!!!!
Why should they he was the one looking for ways to bypass political donations. He was the one who wanted to purchase influence. He was the one who started using money not his to make these things possible. We already know what politicians are like, all of them, not your pet politician that you look the other way no matter what they do. That is the real problem, citizens who are just as corrupt as the politicians. Everything is lost.
Tom Brady et al?
they always make phony ass documentaries like this where they vaguely tell everyone what happened but they NEVER point the finger at the true culprits
Blaming Binance for FTX collapse is like me blaming KZhead for me getting injured. Leary is a crook. This was all planned with a few puppets being used
I didn't read it as 'blaming binance'. I heard it as 'binance was the canary in the colemine'. They were the one that discovered what was wrong and then everyone paid attention. If FTX wasn't in such a bad shape as it was, binance wouldn't have been able to discover FTX' bad financials/
mines more basic or simple - I’d love to blame listening to Pink Floyd or Hawkwind in my formative years for my necessitating self medication into old age. these old artists whom encouraged illicit drug use whom now boast about their healthy life choices are such old bores .
FTX got played for fools. They might have gotten away with their loading of Alameda with tokens if they didnt swallow the Binance poison pill
@@sjoerdglaser2794 So, what you are saying is - 'FTX would've gotten away with it - if not the bad situation and binance discovering what was wrong'? Yea, that is the textbook definition of 'blaming binance'.
Binance is just as shady as FTX. CZ is just smart enough to keep his head down and not antagonize the FTC too much.
Being born and raised in Silicon Valley does not automatically infuse you with wisdom. Having parents who are academic teachers does not automatically make you a genius or scientist.
Basically, every person interviewed on this should be ashamed of themselves.
“Mr. Wonderful” saying “Get over it” is easy to say when you’re still a multimillionaire. But those poor people who lost everything? He doesn’t care. 1:42:30
O"leary should be sharing a jail cell with SBF!
100%
facts
Should be pinned
💯 💯 💯 - And Bitboy as well.
He shouldn’t be allowed to “teach” at Harvard or at MIT anymore! He’s just as immoral as Scam Sam and the rest of them! I wonder how much fees he demanded from Bloomberg.
I remember being in a small Chinese restaurant and opening my fortune cookie and it was an FTX ad. Insanity
wait there’s no way 😭
This documentary would have been far better without all the headache inducing flashing graphics.
I'm halfway through the movie and it's the longest FTX ad I've ever seen
You are right. It’s a pyramid scheme, pretty simple. Billions of dollars lost, Millions of victims, Devastating social consequences but SBF was a charming scamp is the focus. SBF was an evil, manipulative man that bought off selfish, greedy, corrupt politicians and celebrities to make more victims. Shame, shame and more shame.
calling a bank run on an exchange made it look like they want to shift the blame to Binance and CZ. It is an exchange, not a bank, it shouldn't use clients' funds.
Banks arent suppose to use other depositors funds either. And banks dont loan money anyway. They are in the business of buying securities.
@@jl3268 I worked in FP&A on a NYC Commercial Bank, there are definitely lending businesses that sits on the asset side of the balance sheet whose funding come from loans incurred from the streets. These lending businesses are funded by loans derived from savings,deposits,CDs, etc. They are required by the FED to have liquidity threshold to avoid a liquidity issue but Banks are definitely loaning depositors money and gaining interest on it. That's how they make money.
Exactly, normal customer assets they should have had available. A parking operator is also not allowed to sell your car.
@@jl3268 ??Banks aren't suppose to use other depositors funds either. And banks dont loan money anyway ?? What banks are You talking about ?? Have You not heard of leverage ?? Of course banks "lend out deposited funds"... That's big part of how they "work" (Please look up "Fractional Reserve Banking") !! Best regards
'Fractional reserve' applied to an exchange, works until they have a big payments to make with a lack of liquid cah.
The Binance portion of the documentary is not aging well.
Missed opportunity, Bankman could have had his headquarters at Wework.😂
1:41:26 "I would say somewhere between 95 to 98% of everything in crypto is garbage, 1 to 4% is valuable and 0.1% is revolutionary" This guy summed it up pretty well
i dont think theres a single valuable thing about crypto based intrinsically on what it is - just gambling. every last one of them. and a way to launder money more easily.
Same for all investments...@@vannyblutea
@@vannybluteaand to buy human body parts and drugs
Though I'm still not clear on the 'revolutionary' part. And if it is, if the revolution will bring anything positive.
@@vannyblutea "launder money more easily" Thats something valuable to some people isnt it?
“I’m gonna give a billion dollars.” Of money that’s not mine. 😂😂😂
Enron,Madoff,Elizabeth Holmes, Jordan Belfort,Lehman Brothers,WorldCom,Charles Ponzi,Freddie Mac,Aig...And so on ...and so on
What Lehman Brothers did was not illegal, it was just very very risky…
Being very very risky and hiding the truth for acting very very risky is morally wrong. Legal and moral is two diff concept
@@philthechiller7026..if wht lehman did ws legal how then they wr fined for billions of dollars
Seriously speaking Larry was not wrong this time 😂
This is the watered down G-rated telling of the facts.
Yeah, I can only imagine the kind of outright debauchery that was going on down in the Bahamas.
@@edgarcayce2.02😅😅😅
Well down technically. But it starts to sour the moment they build the scenario that FTX was “forced into survival mode” dipping into FTX budget as Alameda was getting pressed - as we know now they decided to use FYX customer funds well earlier (including 10M for his dad let alone all the millions for political donations and personal gains) It also leaves out how he put out directives to build in the back door to drain FTX consumer funds according to Garry Wang (which is now on the record) as well as other people in his inner circle to make use of customers money for his deals, personal investments … and his connections to SEC’s Gary Gensler - but then how you can end the film with his quote “I just wanted to make the world a better place” is just beyond me. There have been suicides over this! And you portray him as if he just stumbled into his own misery. This is one of the largest frauds in financial history and you offer him the soft exit? Jesus … not a good look.
Well said. This doc feels incomplete, almost if it's a part one.
Stanford University is going to give back the $5.5 million Daddy Bankrupt gave them.
Part 2 is when all of crypto goes down....
@@ytsmSeems to me like Bloomberg is more concerned about preserving their ability to raise up the next Sam Bankman-Fried.
@@antondovydaitis2261 Tell us about your Qanon theory.
Unbelievable how much almost everyone in this overuse the word "like" so much in each sentence. All I heard is like, like, like.
As a day trader , I know there is no one more genius than markets itself.
That O'Leary guy is just disgusting: first he endorses FTX with big fanfare, then (after thousands of people followed his ill advice), he portrays himself as the super savvy investor. If I were him, I'd be ashamed of even showing my face.
What's his original last name again?
O'Goldberg. @@KGraceSpeaksKea1335
@@KGraceSpeaksKea1335 if you were him, would you have done the same things he did? think about it.
@@johnny7121 be a greedy hungry.... no. Sorry can't put myself in his shoes nor would I ever want to.
@@johnny7121 Dude killed someone had his wife take the rap for him too. Swell guy! Can't WAIT to see what his judgement day will look like with the road hes currently on.
The credibility of this content went down the toilet as soon as K. O'leary spoke. This is a puff piece.
I'm an Economist and the thing that shocks me the most in Economics (Finance) is that a lot of people in this industry think they are superior and smarter than the mere mortals, but fall prey to scams that an average person with some reason and moral could easily spot the crash that is about to happen. It's like everybody knows that is a lie but they want it to be true so they continue on that path knowing that it's just a matter of time for it to explode.
Bloomberg hyped him incredibly.
Anyone taking financial cues from a celebrity in any commercial has much, bigger issues to worry about than they realize.
Yeah. They ought to have their heads checked!
Exactly
Technically this was a self indulgent piece with grossly excessive flash and micro edits constituting at least 30 minutes of wasted time. Substantively, it lacked outside critics outside the Bloomberg organization and outside industry. Note in the first five minutes there was no mention of cryptocurrency as a conduit for terrorists and drug cartels.
Drug cartels and terrorists also primarily use the dollar, what's your point?
Exactly...I kept waiting for them to comment on how much crypto is used by criminals and the crypto mining farms, like the controversial stuff, but all we got was a humdrum "it's a way for people to do transactions without banks looking at it."
Impressed by Xeventy's commitment to user control and privacy! The decentralized KYC and personal data vault set a new standard for security.
This documentary is so slow that it made me 3 years younger
Super well made, but lost points for featuring O'Leary (Biggest shill ever) and Bitboy (Top notch scammer). 7/10.
real grifters indeed, was a bit appalled that Bloomberg wanted them on this programme
@@Teo95sero 💯 💯 💯
lol I stopped when I saw Kevin. Glad I didn't stay for Bitboy.
Everybody on Shark Tank are "scammers". Have you not noticed it?
Where was bitboy?
I see Mr Wonderful I look away, anything that guy says devalues itself
CNN and the mainstream media tried covering for him in the first couple days. Ill remember that forever.
What probably makes Effective Altruism so attractive to people is that the altruism part only happens after you are rich. Beforehand you can just concentrate on getting rich quick - similar to what attracts most people to crypto.
Sounded like the same blag as Marxism. Strangely, everyone ends up in poverty except the usual suspects.
"Siri, make a collage of tiktoks related to SBF in a style of documentary" You can do better than that, Bloomberg.
One of the best documentaries I've ever seen, beautifully shot!!!
Thank you for a great documentary - but please clarify that crypto is NOT something you "invest" in. It generates 0 revenue, it's based solely on the assumption that at a future date you can exchange it for more. It's a store of wealth, a hedge at best. It's a currency. The difference between it and a gov't backed currency? Every person and business paying taxes. Not bashing crypto but please classify the security correctly.
Crazy that something that was obviously a scam turned out to be a scam. Everyone who held water for SBF should be held accountable. Also shoutout to Cas. Crypto Critics Corner is a fantastic podcast.
“Scam”? Tell that the to people who profit from BTC on virtually a daily basis.
How was it obviously a scam? FTX had no public solvency issues before their collapse, no public knowledge of the fractional reserve they were running. No public knowledge of the comingling of funds. Nobody knew the scale of the fraud. You knew before the entire industry knew?
Wasn't obvious to the SEC.
Tether stable coin is a total scam but yet everyone doesn’t see that right now… Monday morning quarterbacking on FTX
@@stachowi How is Tether different than USDC?
The level of delusion of people in the crypto space is of the chart. Sam is just one fish in this ocean of scams.
Couldn't agree more!
its all smoke and mirrors
@@gizmo8304 and yet they claim to be better than the financial system
Delusion is when you mistake one validating event for an axiom.
@@jorgesousa6683 yeah, if there's one notable thing about the FTX collapse is that it was the very first crypto scam
8 billion dollars can disappear if it never existed in the first place
You can't imagine a scenario where 8 billion dollars just disappears?? Seems to happen every other day in the Pentagon, and nobody seems to give it a second thought.
I like how everyone is now an expert and all judgemental towards him. But when he was making them loads of money, the same "journalists" and publishers where calling him a genius. Can we have a documentary about how every commentator here is a hypocrite
Oh yeah. Do you happen to be familiar with the concept of "fraud"? The one where the con artist misleads the public with fake and untrue information, builds a false reputation and persona based on it, and everyone is super impressed? So if you haven't been paying attention, this is a movie about exposing one of the biggest frauds ever, how exactly do you think they should react in a right non-hypocritical way? And whether he made them money or not, it doesn't matter, the fact is that he dragged everyone down. How would you, an unappreciated genius, properly react in such a situation?
Anything negative about crypto is considered FUD. People are encouraged to go all in until it turns in to losses then they'll say you shouldn't have invested what you couldn't afford to lose.
Would be great to see a news outlet take their share of the blame for propping up scams like this but alas they won't/
Woman: "I cannot imagine a scenario where $8B just disappears".. The Government: "Hold my beer..."
Wow. Underrated comment.
it's like she has no clue what basic banking is based upon. It's all fluff if we all want our money today.
Pentagon *deep breath*
Or Banks doing this stuff yearly. How many banks are under water again ? 500 in America alone because they gamble with peoples pension money... oopsy... Banksters cost the world way more each and every year.
I love your analysis, always on the point. And yes, Xeventy is a game changer. Great project!
as O'Leary said at the end, "these things will happen"....and that's why we might very well see another big scandal pretty quickly....so do not dismiss the filming crew too soon, Bloomberg
A one hour documentary padded out to nearly two hours
Agree. There was a lot of fat left in this edit and it would have played better with a leaner cut.
Yeah, those stupid montages that have nothing to do with anything. Guessing they get paid for longer viewings.
The silent parts with the windows 95 screen saver were ridiculous - this doc could have been an hour.
@@meanjean3023wow your win95 screensavers were before their time
@@Andarius i think they were great, i wish it was longer lol
It should be a crime to interview people who self describe themselves as a "crypto influencer" , these people know nothing and only muddy the waters.
Didn’t Bitboy get arrested recently? Was he the guy that tried stalking his business partner at his house?
Agreed. Found that very bizarre.
More like "Snake Oil Salespeople"
lol Tiffany said they added the title for her and she hated it, it wasn't a self description
i was mostly referring to bitboy and that whole crowd, tiffany does great work! @@diethylmalonate
Now make a movie with Jonah Hill playing Sam
59:28 - keep your enemies/competitors closer 1:16:19 - so yeah 1:23:18 - gordon gekko
“Business ethics 101 to a baby.” Very interesting when your mommy is a professor of Ethics in Law at Stanford.
Surprisingly (or is it) little about Caroline, the co-CEO of the key entity in all this.
She seems to be very protected
The funny thing here is that you could make a documentary about the shadiness of O'Leary and the 3AC boys who might as well be considered on the run. The perpetual meltdown and trainwreck that is Ben Armstrong will require a Netflix series...
If you are short on writing skills, flash-up the video with hip-hop music and flashy cuts.
Moral of the story: Intelligence can never be a solution to a spiritual void, only a spiritual one.
Bloomberg this isn't gonna make your previous clear endorsement of SBF disappear.
' I just want to drive my boat fast (enough) over nice water'. That an iconic statement on how fast the stormy weather suprises 'the sailors' in cryptic sea, and then you better put your life vest on and jump out of the boat. For many its not time, far too late to drive the boat (your money) on shore. Haha.
It probably boils down to: if I am very able, where does the best return to the World come from? BUT: 1) most people are not that talented; and 2) "Talent" probably entails more than one or two qualities. "Mathematical Aptitude" is probably the single biggest talent anyone can have. BUT a talent for "Prudence" is probably number two.
Terrible film making. This is a 15-min documentary at most, stretched out with gratuitous AI-graphics, inappropriate music that seems to glorify the subject-matter, BS, and general nonsense. Cut to the chase.
Seriously, I feel like you need to be on 'Shrooms or something to match the whacky energy they were going for LOL
absolutely
Children with zero experience running multi billion dollar businesses, how could that possibly go wrong?
described 90% of funds
does anyone know what the song in the end at 01:43:00? it is so beautiful and shazam doesnt know it and i can not live without this
please help me i cant think ab smth else
also looking for it!
RUIN (Soundtrack from the Bloomberg Originals Film) on youtube. Composer is Andrew Keoghan
It could be that SBF did not have the scienter required for fraud. However, if it was NOT fraud it WAS gross negligence . . . .
Kevin O'leary you should not be talking about anything here. Don't teach us greed, we know greedy people including you.
I really loved the use of AI hallucination art to really portray how the whole FTX fiasco was like a hallucination
Agreed, 👍 to the editor and graphics team.
THE ART OF DISCERNMENT. YOU ARE RIGHT. THIS IS TOO MUCH FLUFF FOR A DOCUMENTARY. WILL IT GET A NOD AT THE EMMYS OR AN OSCAR NOD? LET US HOPE NOT. OR ALL AMERICANS WILL BE ON THE VICTIM MENTALITY BOAT TO SET SAIL. NOV 6 2023.
superb observation and graphic effects for this documentary.......agreed
does anybody know what AI tool was used for those images?
Love the fact that Bitboy is there talking about retail investors losing money.
This could be half the length minus half the creepy music filler
How much acid and shrooms did the graphic artists eat making the visuals in between interviews . It’s trippy AF
It’s AI
Kevin O'Dumbo? For real?
I felt like the only same person when a ton of my friends and acquaintances would not shut up about Crypto, and how "If Shiba Inu only went to a DOLLAR I'd be a billionaire!" I'm 42 and my friends are of similar age, so it's not like they haven't lived through 2 or 3 financial bubbles, scams, and fraud. Religion and Crypto are my biggest urks. Can we please teach actual critical thinking and skepticism at an early age? Didn't think so.
I hope ABC does a documentary on FTX like what they did to Bernie Madoff.
You went full on at using Stable Diffusion for the B-Roll. Interesting.