The Collapse Of FTX: Insiders Tell All | CNBC Documentary
Former billionaire, Sam Bankman-Fried, saw a meteoric rise as crypto's golden boy and an even more spectacular fall from grace as his $32 billion cryptocurrency exchange, FTX, collapsed in a matter of days. FTX customers and investors around the world watched in shock as a single tweet ignited a series of events that ended with the former crypto titan facing a dozen federal charges and waiting for trial behind bars. FTX customers, investors and employees were devastated to learn that $8.9 billion dollars in customer’s funds went missing from the exchange.
In this documentary, CNBC’s Kate Rooney speaks to the people most impacted by the fall of Bankman-Fried’s crypto empire. The in-depth documentary includes a candid interview with former President of FTX US who reveals what it was like to work directly for Bankman-Fried and what red flags concerned him most about the company. FTX investor, Anthony Scaramucci, tells all about his front-row seat to the collapse and what it was like to visit SBF while his empire was crumbling around him.
Rooney’s reporting also uncovers first-hand accounts from FTX customers who share the impact of their catastrophic losses, and pull no punches when discussing what lured them into SBF’s house of cards. And far beyond SBF’s rise and fall, the documentary explores the battle that lies ahead over the missing billions, and whether customers will ever get any of their money back.
Chapters:
00:00 - Introduction
02:43 - The rise of SBF
07:40 - FTX implodes
16:01 - Bahamian hideaway
25:37 - The missing billions
31:46 - Recovering the cash
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The Collapse Of FTX: Insiders Tell All | CNBC Documentary
He didn't even have an accountant yet all the finance magazines featured him. Gross negligence on their part.
Sam Bankman-Fried was diagnosed with autism at a young age. Autism, a neurological condition, affects individuals in various ways, often influencing social interactions and communication skills. Growing up with autism presented challenges for Sam, but it also shaped his perspective on the world, fostering his unique way of thinking and problem-solving.
@@Group_Anonymousthat has nothing to do with his business being pushed without verification.
He's nothing but a fall guy, chosen by the Agency to front run FTX
Dig deeper
Greed is the key to this saga
When celebrities say it safe,we have to go the opposite way
by..."we" you mean, you and your friends?
Treasury rates are rising quickly, the markets are collapsing, inflation is skyrocketing, and the Fed is imposing a significant interest rate hike-all of which will result in further losses for portfolios this quarter. How can I take advantage of the present market volatility? I'm still undecided about whether to sell my $125,000 worth of bonds and stocks.
For the average citizen, the tactics are rather demanding. In actuality, most of them are effectively completed by experts who possess the necessary knowledge and skill set to carry out such occupations.
Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.
in as much as my knowledge of the business is limited, it seems that this is the ideal time to enter the market based on my understanding of supply and demand in the economy. The consistent price variations, which shouldn't be an issue, are the only thing stopping me. But I really need a counselor; could you please assist me?
@@MorganGarner-bk One of the fiduciaries I deal with is Alicia Ann Jordan. Just check the name. There would be a letter with the necessary information to set up an appointment.
@@MorganGarner-bk One of the fiduciaries I deal with is Alicia Ann Jordan. Just check the name. There would be a letter with the necessary information to set up an appointment.
What side are you on as Blcktken300 divides the wealthy from the poor?
Yes
I’m on whatever the bots decide
SBF looks so shifty in interviews. He had all the signs of a liar.
💯 absolutely no truth in his eyes
SBF: "I want to save the World." Translation: "I want to steal people's money."
Scam Bankman Fraud 😂
It’s so obvious that he is a conman. So many like him roaming this rock.
just like his pal Gary Gensler head of the SEC who is not doing his job both of the (( big nose tribe ))
its not a complex story, he broke contract language, stole depositor money, gambled it on alt-coin, spending untold millions on celebrity marketing and lobbyist influence peddling, all while skimming off the top for himself and his family... exactly zero about this is revelatory or unique when it comes to fraud and scams, he lied to customers and stole their money.
That's it! Period!
Yea, but the thing is he is a leftist though. Who had good intentions, because he is a leftist. So it’s really not a big deal what he did. It’s only a crime to steal if you are a right winger.
correct, this doesn’t even have to do with crypto, it’s just a plain old scam with crypto as the cover
And he probably got high on stimulant research chemicals while getting his gooch grabbed by Caroline “low-mid” Ellison in a multi million dollar Bahamas penthouse..
Bravo, u are correct!
In my opinion Blcktken300 has great Potential to Pump due to all the ai craze...
very strange place for bots to post about a crypto scam
free sbf!
Crypto stock to consider doubling down on duo to halving four weeks away. 🤑 DONT wait invest today ! You won't regret it. 🌃Double up time.🌃 Also these stock are below 10 cent Market. 🤪 A chance at making MILLIONS with a sizable investment . ACS: is up 24% this month
wen moon wen lambo
Do you know Jesus Christ can set you free from sins and save you from hell today Jesus Christ is the only hope in this world no other gods will lead you to heaven There is no security or hope with out Jesus Christ in this world come and repent of all sins today Today is the day of salvation come to the loving savior Today repent and do not go to hell Come to Jesus Christ today Jesus Christ is only way to heaven Repent and follow him today seek his heart Jesus Christ can fill the emptiness he can fill the void Heaven and hell is real cone to the loving savior today Today is the day of salvation tomorrow might be to late come to the loving savior today Romans 6.23 For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord. John 3:16-21 16 For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. 17 For God sent not his Son into the world to condemn the world; but that the world through him might be saved. 18 He that believeth on him is not condemned: but he that believeth not is condemned already, because he hath not believed in the name of the only begotten Son of God. 19 And this is the condemnation, that light is come into the world, and men loved darkness rather than light, because their deeds were evil. 20 For every one that doeth evil hateth the light, neither cometh to the light, lest his deeds should be reproved. 21 But he that doeth truth cometh to the light, that his deeds may be made manifest, that they are wrought in God. Mark 1.15 15 And saying, The time is fulfilled, and the kingdom of God is at hand: repent ye, and believe the gospel. 2 Peter 3:9 The Lord is not slack concerning his promise, as some men count slackness; but is longsuffering to us-ward, not willing that any should perish, but that all should come to repentance. Hebrews 11:6 6 But without faith it is impossible to please him: for he that cometh to God must believe that he is, and that he is a rewarder of them that diligently seek him. Jesus
Wasn't Alex Becker a private investor for Project Blcktken300 . It's been killing it lately. Do you think it's still got room to move.
Yes…..bot
Bot squad
CNBC had a direct hand in propping this guy up and putting it in his head that he's a god. Funny how they only get critical about him and FTX now that's it's 6 months after the collapse.
Exactly...by the same person, Kate Rooney!😂😂😂
A "they fooled us too" notice would've been nice. Although, to its credit, CNBC is just a parroting broadcasting network, it doesn't do investigative journalism on the level that other outlets do.
All CNBC ever does is prop up con men to steal money from retail investors. If you watch this crap channel to try to figure out how to get rich you are going to be taken advantage of.
It's our fault though. We stopped paying for media. They post anything that will generate clicks
Cnbc should be sued also! They chilled the scam
The guy with the chain, Versace shirt and BAPE pants is personification of crypto bro
You forgot his richard mille
Evan luthra is a scammer that squanders daddy's money. look him up. coffeezilla made a video on him a while back
CNBC certainly could've picked more sypathetic FTX customers to interview
@@PKB55nope, they all look like that... (at least the ones that aren't too embarrassed to admit the trade snake oil)
LMFAO ! He looks like someone who would loose money exactly the way he did
to many scams here , what's the best bitcoin way to invest your bitcoins and gain Good returns
well you should a bitcoin cloud mining service
Kevin, i was gonna say that too , using the a cloud mining service has changed my life , making 15grand monthly
i am a newbie too looking for ways to invest my bitcoins , are you saying that cloud mining service right now is the best?
yes right now because of the booming market cloud mining on crypto has been booming
pual can i ask what cloud Bitcoin services you using to make $15k monthly, I am very interested.
As a newbie about to invest, you must have these three things in mind 1. Have a long term mindset. 2. Be willing to take risk. 3. Be careful on money usage, if you're not spending to earn back, then stop spending. 4. Never claim to know - Ask questions and it's best you work with a financial advisor.
I’m new to cryptocurrency and I don’t understand how it really works.Can someone guide me on the right approach to investing and making profit from cryptocurrency investment?
Honestly I really need help learning to trade. Seeing my portfolio low makes me very sad.
Telegram and He's verified
@Johnsonnikontrader THAT IS HIS USER NAME
Now that there have been big corrections in the crypto market, NFT and BITCOIN has been growing in all aspects, I strongly believe that the digital crypto asset BITCOIN and NFTs will take over the market in no time
I cannot believe how few people are being charged over FTX .
Corruption......
You know why.
Scratch the surface and this is not only believable… it’s expected 😕
There wasn't that many people involved...
Lol...
Let's discuss the Blcktken300 guys. This is failproof and barely any asset can be labelled failproof at all.
My Blcktken300 shorts are doing pretty well and I plan to hold much longer.
To be fair, when I heard that interview when SBF said his goal was to donate all his money… I instantly thought this guy was not trustworthy. No one starts a trading firm for charitable purposes…
Yeah that’s kind of a red flag. The people who have pledged their wealth to charity are usually people who spent their career building companies, products, and services they wanted, and later on in life thought about what to do with all the personal wealth they’ve accumulated as a result. Someone saying they’ll spend their career accumulating as much wealth as possible with the sole purpose of giving it all away at the end would immediately raise a red flag to me.
@@arun279 exactly… if he’s as old as warren buffet then yeah I might believe him (obviously will need to judge more on his actions throughout the years)… but people often just lost any sense of sensibility when they see the big dollar sign in front of them
Bill gates has just given half his wealth away…….to himself
They call it “effective altruism”, but it’s about as effective as communism.
He’s Jewish. Call me whatever names you want, but you should start paying attention to what they’re doing, and what they’ve been doing for a long time. Don’t be scared
Hope they seize his parents house paid entirely by FTX ....16million!
They should go to jail too.
A KZheadr I follow broke down the civil cases against his parents. At the end he said they're either very incompetent or knew exactly what SBF was doing and are co-conspirators, but there is enough evidence to criminally charge them. Unless SBF flipped on his parents I don't think they'll find enough to press charges.
@@torijones5194 Incompetent Stanford Law professors lol. Why are we even giving them the benefit of the doubt? They are complicit, and all of Sam’s connections stem from them…
@@torijones5194 incompetent? university professors? they were in on it. For example his father was the one that hired some of the employees. That includes the lawyer that was in center of other business scandal. Don't remember his name right now.
His uncle is this guy: "Consumer watchdog groups are applauding President Biden's pick of Gary Gensler to run the Securities and Exchange Commission. They say that there is much to do to protect everyday Americans who invest their retirement or other savings in the market and that Gensler has proved he can get that done. " [NPR, Published January 27, 2021]
We are currently in the jaws of the worst bear markets I have seen, the average stock has been cut in half, and the only way to make money this year has been to either short or to trade long in very short time frames. I'm still at a crossroads deciding if to liquidate my dipping $117k stock portfolio, what’s the best way to take advantage of this bear market?
Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around.I recommend you seek the guidance a broker or financial advisor.
The uncertainties accompanying this present market is more reasons I have my daily investment decisions guided by a portfolio-coach seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive analysis, it's quite impossible not to outperform. Netted over $550k in return on investment, since using a coach for about 2years.
@@ElizabethGalvin1 Do yo mind if I ask you recommend this particular coach you use their service? I have trouble knowing when to buy or sell.
Sure, the investment-advisor that guides me is Laura Marie Ray , she popular and has quite a following, so it shouldn't be a hassle to find her, just search her
Thanks, I merely looked her up on Google and was highly impressed by her credentials; I got in touch with her because I need all the help I can get. I just set up a phone call.
I've been involved in stocks and crypto investments for some time now, but I haven't seen the positive results I was hoping for. What could I be doing wrong? Please, any help would be greatly appreciated 🙏🙏
Staying current with market updates and keeping up with news sources such as CNBC could help out
Consider getting advice from someone who knows their way around, if you're not familiar with the market. Look for a financial advisor.. Their services have greatly contributed to the success of my investments for years.
@@ManbyHamilton I totally agree with you
Yeah! I always recommend Mrs Jody Norman
She's the most reliable one I've worked with. I highly recommend her if you want excellent collaboration.
Remember when they called him a “Genius” or humanity’s “Savior”?
Definitely a genius nonetheless 😅
In the 1930's, they were calling Hitler the same thing.
Yes
He should have run for president. It is a lot harder to catch a con artist in that field.
They=media
His parents' involvement is telling... They both extracted actual capital and social capital from their son's business, whilst doing their best to stay just on the right side of legal... At no point did they tell their son to stop; the cash and status corrupted them... The father's determination to feature in the FTX advert starring Larry David is also telling...
I hope his parents are prosecuted. They are certainly guilty of illegal acts.
No, they didn't tell him to stop. They made sure to get their bag before it all fell apart, though. Not all that surprising from people who made a big show of being altruistic and ethical.
@@peredaviI highly doubt it.
@@gordons-alive4940most certainly someone has to always win before the fall.
Let's not forget the most concerning part about this entire ordeal.... Anthony Scarramuci's shoes @13:44 always do the opposite of what anyone wearing those does
What is the best way to profit from the current market,? I'm seeking to invest $900K across markets but don't know where to start.
I will say Bitcoin is still pumping everyday and I also believe Bitcoin is the future
Due to the ongoing war between Israel and Palestine, the stock market is a huge mess right now, I will suggest you invest in cryptocurrency for a successful long-term strategy and most importantly you have to seek guidance from a broker or financial advisor.
How do i go about contacting a broker that will help me invest?
My consultant is NICOLE DESIREE SIMON She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
I keep loosing in real trade but win in Demo. Should I give up on Trade? What should I do? How may I do better? What I'm I doing incorrectly?
here is my problem I have been making losses trying to make trade. I thought to trade demo is just like the real..can anyone help me out or at least tell me on what to do.
I always advice new members to have an orientation on how it works before getting involved. Trade offers more benefits than just holding.
Kate Floretta in stagram
Kate Floretta Face book
Google "katefxfloretta" anywhere take classes and learn to trade.
It’s funny they are only focusing on Sam. You have his parents, his brother, politicians, famous celebrities, famous investors, lawyers, and new publications and tons of other interested parties that should be investigated and tried.
100% there were so many others colluding on this. Maybe not the celebrities so much but someone like Shark tank guy should be fined.
it's called a scapegoat
@@andyy6481 No he's not . Your brain is not really working , change it ....:). He organized the thing and took decisions the important in the whole scheme . Go watch cartoons , stay at something more appropriate :)
They are suing the celebrity endorsers.
He was in charge . He took the important decisions . The rest of those involved are discovered now , and it's all verrrrry public . There's no mistery . And you can't press charges untill exact accusations are formulated . Which needs a bit of time , etc . Again , it's all out there . His parents will be also part of the process for their share of implication . It's just that you don;t get it . Nothing funny here . Maybe it would be better to just don't worry at this point . Some professional see to it :))). Chill. Organize your own life etc ...
My sister, who has an MBA, told me 2 things. First, diversify. Second, don't completely trust anyone with your money.
Facts
@@peoplelikefrank😂😂😂😂 I came here to say that
Literally anyone could tell you that wtf..
lol, MBA 😂🤦♂
Even Suze Ornan could have told you that.
Love it when journalist never ask hard questions.
These journalist are wishy washing 🙄 No real deep truths or discovery. We know all this. They dont hold others accountable who promoted ftx and lie to investors. They dont place pressure on his family or Gary gainsler or shark tank guy
Modern 'journalism' is a total joke performed by clowns.
Then keep doing puff pieces after the fact
100% correct
Then pretend it's not a bid deal..
The one glaring thing these ponzi schemes have in common is greed. Greed on the scammer's side, but worse, on the scammed side. You can't scam people who aren't greedy.
Just what I was thinking. Greed
i feel proud being the only person who never found SBF to be intelligent, credible, or trustworthy and even told friends in crypto not to use FTX, although they did and now lost a lot of money. FTX was always too good to be true but most people are insanely greedy and just saw the promise of fast money and high leverage ignoring all risks.
Including his own parents
I saw the fact that he gave millions of dollars to the Biden campaign as a huge red flag… I was right. I’m glad I stayed away.
The "ONLY" person huh!!! Interesting.
Cz is also a scammer
@@MrSIDEKICKER5 At least his exchange is actually functional. Again though, Cz did NOT cause the Alameda collapse. What caused the pull-out was the fact that official FTX books got sent to one of their investors, and despite being HEAVILY altered it still looked really, really bad. They couldn't make good on a $400 million dollar loan and paid the price
I hate to be the one to say it, but just by looking at him I wouldnt have trusted him with $5 let alone $5 million. 🥴
🤣
Also when he speaks, you can tell he's a lying sociopath.
He’s a slob, obese and doesn’t care about his hygiene. Popping pills and clinging to mom and dad. I agree, based on his appearance alone - I wouldn’t have invested a penny.
He looks very Jewish. We’ve evolved to correlate Jewish characteristics with being untrustworthy. But we’re so collectively afraid of Jews or criticizing them that their schemes are allowed to work.
Cool it with the antisemitic remarks
Theranos did the same thing! The due diligence these investing companies go through is a joke!
Whose here after he was found GUILTY of all 7 charges put against him? He now faces up to 150 years in prison.
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Amelia Lane Eaton you're such a life saver.
I am grateful to her as well though I started with as low as $1,500 actually because it was my first time and it was successful, she’s a great personality in the state
That woman has changed my life for good. I attended her investment class couple of weeks last year and she’s the best when it comes for Guidance.
please how can I reach her? i really need to get involved.
That woman totally changed my life for good. I have come across individuals but none is as honest as Amelia Lane. So surprised you know her too.
I was skeptical at first till I decided to try. It's huge returns is awesome. I can't say much
Cnbc is still being friendly and speaking nice about binance It wont suprise me that after binance crashes we would see a similar documentary
Interestingly, it was the binance sell-off of FTTs that started the crash for FTX. Now it looks as though the FTX crash might feed into a binance crash. I wonder if binance is regretting the sell-off right now? I guess it had to happen sometime; perhaps in the scheme of things it makes no difference and binance was always unsound.
They are all unsound... Bitcoin NOT crypto. Not your keys not your 🌽.
It's concerning how many people are investing money they don't have and/or can't stand to lose
Those fooled were mostly exchanged their fiat to hold FTT and SOL! 🚩🚩🚩
Gamble, not invest, just gamble.
mostly broke and desperate people are in crypto... whales only have a small portion of their assets in crypto.
@@agnieszkamajer1088yep if what they did is not gambling I don’t know what is.
I think it's commonly known as "gambling"
The guy who lost 60% of his portfolio and accepted 6% of it back to reinvest in crypto will have a shocked Pikachu face when he loses it again the next time.
You can’t pull this off unless you have cooperation at all levels. SBF undoubtedly understood this and seized the opportunity
Freed’s body language in every interview speaks volumes, the leg shaking, putting head down when answering questions. Very telling
Not really if you take into consideration that he has always acted like that.
I love internet body/facial/hand gesture experts.
He is very expressive with his body language.
he's autistic
that's just normal nerd autism
It’s weird that Kate makes no apologies for her own lapses in journalism. Just a quick gloss over like, “I guess we got duped too, whoops!” Then right back into the story.
How so? She didn’t encouraged investors. She simply reported on his ‘work’ and how it’s impacting the investors.
Lol yeah just like women and gold diggers. They don't care where the money comes from
She didn't do any actual research. It was just a puff piece for SBF @@candyjamaican
Amen many "journalists" dropped the ball!
Not just journalists, hedge funds
Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June 2022
How please? Am a newbie in crypto investment, please can you guide me through on how you made
Mrs Diane Walter service is a talk of the town in North Holland Netherlands , I started with a little amount of 14k ETH, and she made huge returns, and I have been constantly investing with her
Please educate me, l've come across this name before and Now I'm interested, how can I connect with her?
she often interacts on Telegrams, using the user below
@DIANEWFX
Thanks for this news and offering your insight on how to navigate during unfortunate times/events like this. I think the stock and crypto market will go sideways or down just slightly over the next 6 months. I'm hopeful there won't be anymore interest rate increases. We probably could have avoided a lot of the inflation that has occurred over that time. It may have even been "transient" inflation as many were calling it back then. Early/mid 2024, interest rates should start dropping and the stock market will head to the moon. when news gets bearish start buying. "Keep it simple" that bear/ correction was the best thing that happened me.
Simple step-by-step process, excellent communication and response times. The service was extremely streamlined and friendly throughout. Would recommend them to anyone give him a reply
His Strategy minimizes risk and maximizes profits. Trading with him has been incredible throughout the last few months, and I would recommend his strategy to any one..
What's his Telegram Asking ?
kuciajacob
Thanks for dropping this information, I just sent him a detailed message on tele
Halfway into the video, and not a word about how Coffeezilla exposed FTX. Is CNBC afraid to acknowledge that a KZheadr did what it couldn't?
CNBC provided free advertising for FTX
Agree, Coffeezilla did more journalism than all the others.
Got a link?
Great comment, coffezilla great content
@@zacharythomas8617 kzhead.info/sun/Z9OYmrSyeYyJfKc/bejne.html
My jaw actually fell open when dude said he would take 11 cents on the dollar in bankruptcy recovery and put it back into crypto. I've rarely in my life yelled at my computer before...
It’s a cult, basically, how can you convince someone in a cult that they’re wrong, these people are too far gone and can not be saved. Not even when reality is punching them in the face are they gonna budge in their deranged beliefs, truly remarkable.
Bro had a BTC USD chart in his background rocking a offbrand apple mouse no mousepad combo with a keyboard that uses pictures as letters. Wait till you find out how much hes holding in GME :laugh
@@devonwilliams2423 I'm dead😂
@@devonwilliams2423bro is the face of wsb subreddit lool
@@davesmith3023 11% is what he hopes to get back of his original investment. It's not referring to a commission. The commission would be 89%.
I checked the Ftx platform while I had 5 other exchanges I used. After looking at the website and seeing how bad the site itself was I sent Bitcoin to a different exchange with higher fees avoiding this garbage! My first viewing of SBF interview with him taking about still driving a honda and was thinking what a BS is this guy trying to sell everyone.
Why isn’t his case and trial being televised? Who is being protected??
To gamble 174k, down to 19k , & then put the 19k back on the SAME table to roll the dice again is MENTAL ILLNESS! He looked insane saying it…..😔
That man is a degenerate crypto gambler 😂
THANK YOU. Nice to know someone elses brain works correctly
Exactly what I was thinking, no lessons learned. Roll the dice again in this crooked casino, this time it’ll be different! (Hint: dice is weighted, table isn’t level. He will lose again)
My thoughts as well. Obviously he hasn't learned his lesson yet.
If you think it’s the same table you didn’t watch the whole 39 minute video. Crypto can be stored on independent wallets and/or publicly owned companies. This was a instance where a privately owned company committed a TON of fraud and didn’t invest the customers deposits in crypto.
I have to say I do not trust that Brett Harrison didn't know what was going on at FTX. He was the president of the company. He had been in the industry for over a decade at other financial services firms. He knows the checks and balances that exist at those companies and the accounting that is required in order to make sure everything is tracked appropriately. Just doesn't smell right.
Oh he knew
Exactly!
He wasn't the president of the company. Get your fact straight. He was the president of a small part of the company; FTX US. And he did not work in the same location as Sam and his inner circle in Bahama.
Everyone knew. Everyone at FTX knew, and everyone at Alameda knew. In their arrogance, they somehow believed they were inoculated from the criminal and civil penalties for their behavior because Bahamas.
He also bought a 2.5M yacht right before bouncing from FTX..
No matter the knowledge or experience you have, emotions (fear and greed) still play a role in our decisions.
👏👏👏
Speak for yourself, some of us make smart decisions because we leave emotions out of it. Go read Ben Grahams book, "The Intelligent Investor". It specifically talks about emotions and how they cause you to make poor decisions.
Hey guys I'm looking to invest. But I don't know anything about the market, any help? As well who can I reach out to?
I would advise you seek professional assistance because creating a strong financial portfolio is more difficult if you have no experience.
Making touch with financial advisors like Margaret Burwell who can assist you restructure your portfolio would be a very creative option.
I agree with you! With her help, I diversified my 25k portfolio among different markets during this bearish market period.
She's extremely knowledgeable about the market and has made a lot of profitable trades.
Please could someone kindly leave the details of this investment analyst here?
Sep 16, 2022 #CNBC... He’s one of the most powerful people in the young but fast-growing crypto industry. Bankman-Fried, who has been touted by some as the next Warren Buffett, still drives his Toyota Corolla, and he tells CNBC that he plans to give 99% of his fortune away to charity. CNBC’s Kate Rooney travels to FTX headquarters in the Bahamas for an in-depth interview. 1 year later...
Hahahahahahah...sure. 🦖☄️
So what's CNBC's advice a year later... Sell your bankruptcy claims now so you can invest what you have left in more Fugazzis and not miss out on being the next Warren Buffet :D@@starcrib
... one year later, smart folks are investing in Cabbage Coin. It's totally secure because it's backed by real cabbages: 1 coin = 1 cabbage.
This world is illusion. News medias controlled by somebodies that control the world
As she said, it didn’t age well.
when he said that FTX has no direct market exposure, he clearly knew what he was doing, he clearly knew what he was not supposed to be doing, using customers assets
in every crisis there's an opportunity -jackie chan and the lawyers are smiling
I’ve had majority of my holdings in tech stocks and irrespective of market changes, I’ve done pretty well especially with apple’s P/E(price to earnings ratio) gaining over 30% this past decade, now my questions is what stocks do you think will be the next apple in terms of growth for the next decade.
I concur; based on my own interactions with investment advisors Lisa Ann Moberly, I now have $675k invested in a diverse portfolio that is expected to increase exponentially. Since Apple has outperformed the others in the tech stock market, it might be challenging to locate the next Apple there. You might want to consider investing in other equities.
I've come across several positive endorsements of Lisa Ann Moberly on various platforms, including KZhead channels, seminars, and more.
Thanks for sharing, I just looked her up online and I would say she really does have an impressive background on investing
This same thing happened to millions of Americans in 2008. I woke up and a third of my retirement was just gone. The difference is I didn't invest in a crypto scheme and I was forced to give more money to the same people that lost my retirement.
Only if you realized those losses. If you panic sold like an idiot you missed out on a 10 year bull run.
What this whole ducumentary doesnt tell you is the Giant Rug Pull the banks did to these exchanges, crypto banks, and Crypto Investors. I'm not saying what SBF did was okay. But watch at the 22:30 minute mark. The hearing says that he had terrible record keeping. Then Ex Goldman Sach's Anthony Scaramucci comes in and says his books were remarkable.
This just keeps getting better. Immediately after the contradiction. The former president of FTX (Brett HArrison) Former Jane Street / Citadel Employee (We all know are for the banks.) comes on and just denies everything. Saying he didnt think he has to ask about the companies financials. Dude youre the president of the companies U.S. Division. Youre taking a job on one persons trust? Brett even talks about SBF like they barely had a relationship.
This isn't a "crypto scheme", it's an exchange where the CEO literally stole billions of dollars of customer's funds. You wouldn't call Enron a "US Dollar scheme".
The problem is a lot of pension funds invested in FTX. So some people didn’t choose to invest in this and lost chunks of their retirement.
“Hasnt shaken my faith in the underlying asset”. Famous last words. 😅
🤡🤡🤡 At this point! 😂
Gamblers going to gamble
They don’t seem to grasp that the lack of value of the asset is what exposed SBF. If the asset had actual value there wouldn’t have been a run of the bank to tank its value the minute it was shown that basically the entire value was through tokens. Yes the primary issue was theft but it’s fascinating how it doesn’t bother them that the value of the token and the reason they had no time to recover any of their positions due to the speed of the collapse was because once it came time to actually trust run the value of token as the standalone asset backing the value of the enterprise the majority of everyone invested panicked and ran the exchange. The operation would’ve eventually fallen because of the theft but if there had been belief in the value of the tokens it wouldn’t have crashed immediately like it did
Exactly this.
Gambling addicts literally can't learn
"His answers seemed plausible" The answer: *Sam starts having seizures*
Only the actual cash that either investors paid to invest in FTX or customers used to buy coins or place onto the FTX Exchange were actually lost to them. Much of what they claimed they lost was merely the 'new value' of crypto as that 'value' grew over time. But on the same hand, that value could have gone and still does go up or down at any given time along the way. I mean, I do get that had they not put their cash there, they would have had that to play with and whatever potential interest they could have gained in other investments, but anything over the original cash you put in, is always just value 'on paper' ~ unless you cash in when the going is good.
so glad i was smart enough to not fall for this ridiculous scam.
its not being smart, it's just not being stupid
I'm so glad I'm too lazy to bother 🤣
Me too! I've had countless friends try to get me into this and that MLM type schemes and someone tried to guilt trip me on getting into FTX. However, my personal morals are about earning through real hardwork and I don't believe in get rich quick schemes. I've learned this the hardway back in my early 20's when I tried to become a stock trader. I lost $10K on the market and remember back then was glued to screen watching charts and TV. Was really stress full and bad for my health. Glad I got out of the rat race.
I would rephrase - not being dumb does not make you smart…. So at least you weren’t dumb enough to fall for it.
He was 40 pounds overweight, his leg was shaking due to an illicit drug problem, and he was constantly lying. Who would have thought the guy was out of control and a fraud? Also, it seems people invested much more than they were prepared to lose. Why? Greed.
That was the first thing I noticed about SBF, his shaking leg, which told me he was a tweaker. That and dressing like Beavis & Butthead and Olive Oil for a girlfriend....hey, what could go wrong?!
Noticed the twitching, shaking leg and evasive eye movement especially when asked about the relationship between FTX and Alameda, didn’t suspect drugs but I’d definitely suspect something is off with this chap. I guess when you’re greedy and want to believe the narrative of a quirky geek
to be fair i shake my leg similarily when im out of my comfort zone which he would of been, it has nothing to do with drugs and is more a symptom of aspergus.
@@spud2063 sorry if I offended you. In his case it was drugs though…
I shake my leg all the time, even in my comfort zone. Omg don’t tell my mom I do drugs and lie all the time.
Larry David's old Superbowl commercial aged well 😂
I really appreciate the dedication in each video you post. Despite the dip in crypto, I still thank you for the level-headed financial advice. I started crypto investment with $4,345 and since following you for few weeks now, I’ve gotten $18,539 in my portfolio. Thanks so much Mrs Maria Reyes
I'm surprised you know her. I've been making a lot of profits investing with her for a few months now.
Mrs Reyes changed my life because of the high profits I got from investing with her.
You invest with Mrs Reyes too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can't say much
I wonder WHY Sam father is NOT in jail yet if he was on FTX payroll and former FTX US president
As an accountant, people in the finance department should have been doing/reviewing the bank recs/investments and financials on a monthly basis and the CFO should have been signing off on them. The auditors should have detected this when doing the annual audit. Of course, just like Madoff and Enron before that, when people want to steal they will find employees and auditors willing to help.
There were no auditors, nor an accounting department. His whole scheme was light years away from the sofistication of Enron.
FTX didn't have accountants, a finance department, or a CFO
@@willmichael4033 then they shouldn’t have been in business and/or taking peoples money.
@@willmichael4033Which is pretty amazing looking back on how long they got away with it.
Accountants? Finance Department? They don't seem to have even had a stack of IOUs on a spike!
Should have listened to Larry. He’s never wrong about these things.
CZ knew what he was doing. FTX was his competitor and he played them when he had the chance. If behind closed doors Sam were forced/given time to fix FTX and Alameda I think the damage wouldn't be so big for FTX users.
I am still baffled people describe Sam as some sort of modern genius, given how much that description clashes with how he actually acts and talks
you forgot..😇 he is an MIT graduate.
For newbies, the best advice I can give is only invest what you are prepared to lose. All markets are manipulated in some form or another. Some for the better, some not so. In the words of Albert Einstein “Three great forces rule the world: stupidity, fear and greed" Great efforts on the story Kate, all the very best. Cheers
Another great and informative video. Been watching you for about 4 years. I did ok last cycle with Zilliqa as I bought in really cheap, but could have done a lot better had I been better informed as i held on too long, believed the noise saying it would go to a dollar and ultimately lost about 40% of my gains. Hoping this time will be different 👍
The final question should not have been What would you ask SBF but what advice would you offer people today based on your experience with FTX. This would have been far more helpful. Mine would have been NEVER leave your money on an exchange. I know it is a pain in the ass to keep moving it around but if you have it and you lose it, You only have yourself to blame.
I remember a saying: If your neighbors all start making money from doing the same new thing, stay far away from it.
It’s greed that makes one lose money….. you won’t see Warren Buffett or Charlie Munger losing a dime on crypto
thats not always true, not everyone in crypto is greedy
@@Lewdacris916 But they're all dumb. If they weren't, they'd be doing something else.
He was not really greedy he did zero security management and those around him took advantage of that He is like a child They froze everything so he could not get payments in or out or study further what went so wrong A set up a frame up
the fact that most of this happened on twitter is insane
The fact that people still trust a Company because of a “good commercial” with “big - time celebrities” just blows my mind! 🤯 especially with everything we know about “celebrities “ today along with how crappy & shady they really are.
I cannot BELIEVE that customer who lost so much, sold his bankruptcy for 11 cents on the dollar to a third party who will now try to get his money back, and he's going to go right back to crypto. It's times like this I want to tell these poor guys that the old methods still work, though you need patience - buy low, sell high, diversify - but I'd have to share my own track record, and some rando on the internet could be making it all up anyway. But seriously. I have been investing since the 80s, and done quite well, and despite being moderately aggressive (I had a good run on media & telecomms in the 80s and 90s and bailed out just before the bubble burst) I am still not convinced crypto is much sounder than tulip bulbs. And THEY were at least physical, and there was some rational behind them- they thrived and multiplied during a cold century ehrn many plants were duting. Now I'm going to get off this rectangle and get back to my non fungible oil painting which not ape artist or AI can duplicate.
It's all fine, he drives a Corolla
In early 2022, investors valued FTX and its U.S. operations at a combined $40 billion.
Despite speculation, there is no official diagnosis of autism for Sam Bankman-Fried. 0:07 [Discovery ABA]
Samuel Benjamin Bankman-Fried, also known as SBF, is an American entrepreneur who founded the FTX cryptocurrency exchange.
Bitcoin gets all the headlines when people talk about cryptocurrencies, but there are literally thousands of other options when it comes to these digital currencies. In fact, cryptos that aren’t Bitcoin are usually considered an “also ran” - what are called “altcoins,” or alternatives to Bitcoin. [Yahoo! Finance]
Crypto is still a relatively new and burgeoning industry. 0:17
This might also make an interesting case study on why currencies that run on fiat need some level of backing. You know, like a government with a solid army, an economy and a tax base?
Reef chain integrates the best aspects of the most commonly used blockchains while maintaining full smart contract compatibility.
I never understood how people gave SBF so much credit. Putting him on the covers of magazines, having stadiums with the FTX name on it etc. I've been in the crypto space since 2013/14 and after seeing just a few interviews and interactions with SBF I was like, does no one else see how obvious it is that this guy and this company are a complete sham? People treated him and his penchant for playing League of Legends during investor calls like it put him on par with Steve Jobs. To me, it was clearly fake and hallow. Although I will admit, there was a period of time where I though I might have been wrong, especially after credible institutions started investing sizable amounts into it and nothing was collapsing. But in the end, intuition won. Intuition always wins. Never forget that, listen to your gut.
Stuff like stadium names companies pay money to have a right to put their name on. It's basically paid for advertising
"I never understood how people gave SBF so much credit." Same mantra heard about ENRON, HealthSouth, WorldCom, Tyco, Madoff and others. Jeffrey Skilling is out of jail after his ENRON sentencing and prison sentence and people are investing in his new company. Same story over and over again. Would you invest with a criminal and ex-con?
You are so right.
The real question is 5how any rational person would invest in crypto at all.
@@georgehollingsworth2428 How about the people who bought BTC prior to 2013 or ETH prior to 2017? They might not be rational, but they are millionaires.
The first interview I watched got me looking into FTX and the first question I asked myself was How do they make money? Obviously I knew right away that it was a scam.
00:41 how about those lifts?
>>> *Great video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally.What’s your take on this approach?*
This is not the first time i am hearing of this woman and her exploit trading world but i have no idea on how to reach her?
I'm a beginner. How can i reach out Adalynn Taylor?
Another important point is the involvement of SBF parent's in all of this, especially their advice on setting all up with their legal expertise
And all of the support that the Jewish community provides. Endless financial, professional and networking advice.
Do more research on the parents and the house they were “gifted”
@@davesmith3023 Of course, but given their level of expertise in law and tax, their close relationship with their son, the house they were given, the dad wanting to be in a ad with Larry David, the lawyer they recommended for the firm. I'm not saying the're guilty, just that their involvement must be investigated as well.
@@davesmith3023 and Joe Biden had no idea of Hunter's overseas business dealings... right.... Same concept, different people. SBF worked for the Democrat Party through his mom and her organization. Even left wing propaganda site Wikipedia says it.
I thought timestamps might be useful, so have fun: 00:30 📈 SBF's rise led to FTX's $8.9B loss. 01:26 💔 Trust in FTX resulted in major losses. 03:29 💼 FTX grew to a massive exchange. 08:00 🚩 FTT misuse triggered FTX's downfall. 11:52 📉 Binance's tweet caused FTX's collapse. 23:21 💰 Some insiders believed FTX was profitable. 25:46 🛬 SBF faced charges; associates pleaded guilty. 27:43 📉 Caroline admitted fund misuse at Alameda. 30:11 💸 Only Japan customers withdrew funds. 35:54 🤔 Some still trust crypto, blame SBF, not the industry.
😅 the emojis are a 🤌🏽 touch
Thank you!
13:31 😳 The Mooch sporting his off road elevator shoes.
👊👊👊👊👊👊👊👊👊👊👊
😊😊😊😊😊
Thanks for the rant. Love your rants. Thanks Mack. Cheerz!
6:22 old guy was right.
The fact that the victims are still touting crypto significantly lessens my empathy. They haven’t learned anything and they seem convinced a different emperor will actually have new clothes. Crypto is based on nothing, currency is based on the solvency of a nation. Nation’s collapse, but if that occurs with the big currencies, the world would be plunged into such an economic turmoil, investments would be the last concern.
Crypto relies on new money. If they lose faith crypto collapse's.
The guy asking Sam at 37:50 if he was trying to do good - these people are not smart. They see the answers all around them, yet they refuse to believe their own eyes and want others to tell them. Those people are vulnerable and should not invest, as they cannot evaluate risks.
It’s all fun and games until the dinner bill gets placed on the table
I agree with your picks. But I would add Staxum to top tier potential performers in the 2024.
I have zero sympathy for those who lost on FTX or any other exchange. Everybody has a right to be stupid, but some people abuse the privilege.
Who hurt you?
@@702cesar hes right lol , leaving your coins on a platform is extremy stupid
Greed
@user-gf5si9wd8r for active traders, especially day traders putting coins in private wallet is simply not an option. One shouldn't have to worry about exchange going belly up
should be put on a bumper sticker and patent that sucker great quote.
On one hand folks want the government to stay out of their financial business, but on the other hand, these same folks were screaming/hollering that there should be a crypto-equivalence of the FDIC. On a different note, my heart really goes out to the folks who weren't greedy and just wanted a few extra dollars in their pocket and likely viewed crypto as something promising for a possible miracle. Despite watching tons of crypto explanation videos, I still don't understand anything related to crypto and how it works - I also didn't have money to invest in it anyways lmao
The forever issue with regulation of anything. The existence of regulation stems from prior problems that indicate there needing to be regulation to protect consumers. People love the Wild West of no oversight for the time that things are going well but then get upset about the lack of oversight once the Wild West bites them. The Wild West is attractive when things thrive and people earn huge returns. It’s only once a fraud is exposed that was able to exist due to the lack of oversight that could have stepped in earlier in the process and mitigated the damage that people suddenly want that oversight to exist. But the very sales pitch of cryptocurrencies as a market is the lack of any centralized authority residing over the currencies. But that perceived freedom of the market comes with the trade off of risk that fraud can more easily exist and very well may occur without there being any protective body to catch a fraud. Have to pick your poison in a sense. Government oversight may feel like a burden but it’s the cost of having a defense in place
They just was basic protections. Bottom line is you should be able to get your money back and ftx didn’t have it and couldn’t give it to them.
The basics of Investing 101 will save you every single time. Never put all your eggs in one basket. Massive diversity of investment! Dollar cost averaging! Start very early in life and invest often over a long time.
No, you shouldn't feel sorry for folks that invested in crypto or high risk tradings lol. Its a business or more like a gamble. They know what they are doing, maybe not, or just way too greedy. Especially those that invest their whole saving into it, pure stupidity. Plus, the company wasn't even public to disclose any of type finacial reports. The old one always said " Greed make you blind ".
Greed is part of it. Having a million dollars and putting it all in a high risk venture is risky by definition. I believe these people understood that FTX is not comparable to a savings deposit.
The fact that almost all the investors were not buying crypto to actually use it for its intended purpose....but instead were speculating on it.....shows the weakness of this type of currency. It's not about wanting a better world, nor about sticking it to the man, but about becoming the man themselves....Rich and powerful while not giving a rat's about anyone else.
Scaramucci's a clown if he thought FTX ticked all of the boxes. It didn't have a finance director, no board oversight etc etc.
The employee saying he wouldnt question his boss is part of the problem. He def knew what was going on, but didnt care as long as he still collected a paycheck. Ive questioned the accounting at every company ive worked for. There are always errors. Not as big as this, but ppl key invoices wrong all the time. It is your job as an employee to double check each others work.
Of 3.000 comments, I love yrs
That face, that voice, that hair! How could he fail? You all deserve each other.
What a great documentary
What's more amazing is that CNBC hasn't become a shill to corporate propagandists like the rest of legacy and cable networks have.
I've watched a few documentaries about FTX and this one is the best so far, particularly amused that the Japanese investors could get the money and the US investor who sold his original investments for litigation plays to re-invest in another crypto. Wow! 😂
😅TV ñka6 18:40 k😅aak7
It's almost like strict government regulation is a good thing?
yeah cause it is!@@dalyand5944
I can never tell if The Mooch is played by an actor. Is he real?
Yes, he is. That’s Samuel L. Jackson.
I started trading Bitcoin months ago, I have already made over $250,000. I wish I knew this sooner, I would have been a millionaire.
I am new to currency trades and have lost a few times by trying to do it myself, but I see people win from it, can you give me a new strategy on how to earn?
I have been trading cryptocurrency for the past few months but never felt like I had the advantage of the traders that I kept hearing about in terms of consistent result and an exact plan to work with, but that all changed when I contacted Mr. Derrick Alan Sands and my win rate catapulted When I look at venturing into any form of educational program, I always ask myself if it's easy, does it work, and most importantly, can I do it? but coming into contact with this man Derrick changed my way of thinking I was really skeptical initially but decided to give him a try and He really proved himself.
What then does he stand to gain in trading for people?
He charges 30% commission on the profits made after each trading session.
That's good enough. I have been trading abroad and I'm yet to earn my first 100 usd. If He can help me I will appreciate it, but I will need more information about his services.
Your trading style is very unique and effective, I'm looking forward to implementing it myself🗾