The FTX Collapse - Bad News For 11/14/2022 - Transcripts

November 15, 2022

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If you’ve not been living in a cave this past week, you’re aware of the massive scandal surrounding FTX and Alameda research. The name Sam Bankman-Fried is the talk of crypto Twitter. And his cryptic tweets make for even more interesting conversation. Billions of dollars in crypto are now gone as centralized exchange continue to fall, and people are angry… as they should be. The info that is turning up as people dig into the story is making for one heck of a Netflix movie.

We’re going to share the most relevant and current information, along with our irrelevant thoughts and opinions, on this SBF What? A H Bad news episode #649 of the Bad Crypto Podcast. 

FULL SHOW NOTES: badco.in/649

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Transcript

if you've not been living in a cave this past week and you may be a cave man cave woman or cave person I don't know you're aware of the massive scandal surrounding F. T. acts and Alameda research the name Sam bank man freed is the talk of crypto Twitter and his cryptic tweets make for even more interesting conversation and speculation billions of dollars in crypto are now gone as centralized exchanges continue to fall and people are pissed as they should be the info that's turning up as people dig into the story is making for one heck of a Netflix movie we're going to share the most relevant and current information along with are irrelevant thoughts and opinions on this SPF what eight H. bad news episode number six hundred and forty eight of the bad crypto podcast are welcome to the bad crypto podcast the show for the crypto curious in the crypto serious I'm Joel comm that's Travis right and I was wrong this is not up so six forty eight it's absurd six forty nine so when we unlike many journalistic endeavors out there when we make an error we correct it front page correct that not back page in point six font print

there you go and here's the deal I'm wearing my Darth Vader shirt because who's more corrupt than Darth Vader right and so we're talking about S. B. F. and F. T. ads WTF we talked about it last time we did a show earlier last week when the things were happening I was traveling and here we are actually I said I was I had some F. T. X. wagon look I just F. T. acts alas is right here and wow you know empty except you know with the neighbor national ones not available in America so there's F. T.

X. U. S. numbers the main F. T. X. Y. I've never actually put money in an empty acts I'm glad about that I've never really trusted him especially after we chatted with Dominic Williams of defended the an internet computer protocol and he was saying some of these things that this due to don the kind of tank his project they will get him back on the show in the future and this is a complete **** show in the crypto world right now because when we last time we were talking a bit coin was kind of moving up it was a twenty almost twenty two thousand Ethereum was at sixteen thousand and then all of a sudden the Bear Stearns of crypto has happened and now trust in crypto it's almost like crypto is a bad word to people know you're good but all my god I never get an answer you can't just let you know big point is never been hacked right it's only user errors and so we we said did this seven hundred million fourteen times if it's not your keys it's not your crypto keep your crypto off the exchanges because here's what happens when you don't do that right so

here we got we got some really interesting guests are going to be coming up including Dominic hopefully soon Brad mills who was the one who was sounding the alert on lunar before Luna happened and came on this show in the spring and said be careful of Celsius which caused me to remove my funds from Celsius two weeks before their scan and pop he's got a lot to say about this and other centralized exchanges and Christina brew Honda of continual market who is watching all the data points of this market right now and has some interesting things to say about this the collapses in crypto where it's going and how we fix that the time stamp for today is the fourteenth of November twenty twenty two it is two forty two PM Atlantic standard time that's Porter Rico time and Quinn gecko dot com says the total crypto market cap is eight hundred and sixty seven billion dollars bit coin six sixteen six forty five Ethereum at twelve forty five in the B. and B. at two seventy seven and Travis being not a financial adviser and taking for ever to capitulate that we were indeed in a bear market a very wrong about that I don't think we're done yet that's just my personal opinion I think that the I think maximum pain is yet to come in we can talk a little bit about why that is I think we should go ahead though and get into the news

Friday I agree and I would say this take that with a grain of salt because when Joe says it's a bull market it's going into a bear market when Joe says it's going into a bear market it might be a bull market we don't know to let you know

Jim Cramer has been a good indicator of that and he's saying by bit coin now so there you go in a way he agrees with me it's very outing by

that I mean

it's going down so you know in order to kick this off what I'd like to do is Travis found a great video by a guy whose account is J. G. underscore nuke on Twitter go follow this guy rather than us try to summarize what's happened with F. T. X. he's put together in ninety nine second video and we're gonna let you guys take a look at that and listen to it a what he's got to say right now to kind of set the table

this is embankment free people column SPF is the founder of FTX you also control the crypto hedge fund called Alameda research but that's all gone it once you think he's a sweet guy even brought in a famous youtuber who called him the most generous man in the world yep that happened this stand back with freed the liar and crook is personal crypto FTS token was basically a Ponzi scheme hidden below layers of mon bro jargon even when I'm Bloomberg's podcast and bragged about it yep that happened he used his Ponzi token as collateral to borrow billions of real dollars that he couldn't pay back you can use those real dollars to build an empire out of dying companies like Voyager and block fight this let Jim Cramer to call him the new JP Morgan that's weird it's not like Jim Cramer to promote a billionaire con artist SPF sold people cryptos like bitcoin or so they thought what they really bought from S. B. F. was an I. O. U. but as long as everyone didn't cash in there are you at the same time the scheme worked until it didn't this other A. hole who hates SPF came along an engineer to bank one with some passive aggressive tweets it worked S. B. F. didn't have enough money to repay everyone at once and now his customers have lost everything he'll be happy to know that this is exactly how every bank in the world operates so where does the money go he misappropriated four billion dollars trying to save his failing hedge fund works that's a felony he spent twenty one million dollars on Superbowl commercials five million for the big guy forty million dollars in campaign donations I wonder what he wanted in return and everyone was pointing at the story and saying

this is exactly why we need to regulate crypto

remember that SPF stole billions that's already a crime and he spent a lot of it on bribing politicians also a crime in order to create a crypto monopoly for M. self government regulations don't protect the customers they protect the crooks that's exactly what SPF was trying to do

this guy did a great job of summarizing it was a lot that he couldn't put in there because there's so much happening here but where to go JG new car we've got links to your Twitter and your video in the show notes and you guys should go subscribe to the work he's doing over there there's there's a few others Travis said I've been doing amazing work one of them is bit boy Ben Armstrong he there is a video on YouTube that he posted two weeks before F. T. X. went down and he said he was saying get your money out this thing is bad here's why he was on the alarm and people were ribbing him and called him out called him names and he's been proven right and now he has been busting his **** to to get data and frankly I think he's probably putting his life at risk a little bit Ben Armstrong did not

do a side himself while we'll talk a little bit more of that at the end of the episode because there are some conspiratorial type of stuff that you know I could rant about but I don't I don't know that this is all tied to the MakerDao guys who died recently importer Rico but we're gonna cover why it could be connected and not about I don't know it's all it's all conjecture

so the the the the long story short on this is that they were playing with essentially fake money right they made their token and they loaned out far more than they had in reserves and when it came time to pay the Piper they were way short on the in the reserves and some of the centralized exchanges have been lending to each other block fi was impacted by this they stopped withdrawals others are wondering you know who is the next one to fall is crypto dot com in trouble there people there people say no that that they're showing full disclosure on what they have in reserves but do they really that you don't know who to trust anymore and like Travis said the key is not your keys not your crypto get off exchanges even binance you know with the C. Z. comes out being the good guy here but I'm not completely sold that he is are you

well I mean if you don't think about this it's called an exchange which means Hey you upload your crypto U. exchanger to what you want then you pull your crypto backed out but people are conditioned to be like a bank right I need a bank account and you do they're thinking that like people like F. T. acts like let's store my money there well you don't store your money on exchange ever you would only put a little bit in the exchange that you maybe want to trade right and so the fact is is that you know it's hard to trust some of these and it's gonna take awhile to build some of the stress back especially when you're when you're talking about how F. T. acts and how you know Sam Bateman fraud how they actually had a back door built in to the system so they could move around customer funds from out from F. T. acts to our meet up without triggering any sort of compliance or legal and they had that bill ten intentionally and this is this is the thing that I think it's interesting somebody I was gonna I'll find the article I actually it's a tweet thread where somebody said this imagine your McDonald's and you want to go ahead and create your own clown point hi yes my clam calling and what they started to do is leveraging a clown corn that they created using that clown pointed then get loans you know from that clown corn and saying alright this is collateral for real money and then people realizing that your clown corn is a ship corn not worth anything and that your whole business is propped up with this fictitious corn that you created in so since that happened the whole thing is as it completely tanked well you see in this if you look at crypto at all you're going oh my god what has happened the bottom has fallen out this is the Bear Stearns moment for crypto right now I think this is mountain rocks beyond way beyond because here we are a lot of people come in a lot of adopters are coming in you know Joe even Mr wonderful was talking about how great FTX is and how you know Sam Bateman Freeads parents you know backed bank man I am free Barbara Friedman whatever bank one's name is and they are both you know in compliance and you know they work at Stanford mall is that it it's so it's interesting to see like when you look at his parents and I think we talked about this on the episode we did last week where his mom literally was creating a pack you know and what mind the gap Democrat pack and then there's a whole lot of this money stuff that's being filtered around that we found out and it's going back to a certain political party it's it's it's really bizarre yeah

well again being a political conspiracy realist accord telling us doing a good job of tracking everything as it's happening in the most recent information we have is that it crack and they have frozen the accounts of F. T. X. group allow me to research and their executives to protect their creditors now look the odds are that way if you had money in this exchange odds are it's gone now if this I would say especially bitcoin purists that this is not as bad as mount **** because mount **** at that time it accounted for a much grew a huge percentage of bit coin was stolen from mount cogs in the time however this rabbit hole goes much deeper into the conspiracy realist realm because we're talking big money and there's a really interesting association loop that takes place between FTX money for Ukraine and the Democrat party and this is not a conspiracy theorist at all this is all identifiable proven factual which you're not gonna hear about on the mainstream news ask yourself why you're not and then you can really begin to go down the rabbit hole

you know what's so crazy is this all this stuff came to light right around the time the U. S. was having mid term elections and we could go into some conspiracies around that but I do notice this Joel is that every time I think it's ninety eight ninety nine percent of the time whenever they delay the counting of a vote it always turns out for the Democrats

I don't know why

this is such a wild mysteries and dance I don't know how that is wow magical I think it's like how many votes do we need okay well give us a week and here we are but you know I'm talking about what was going on here so we mentioned last week that CZ was like Hey it does look like you have liquidity we have X. amount of millions and millions hundreds of millions worth of F. T. T. so we're gonna start liquidating this that created this bank robber and then once is bankrupt and so they didn't have enough liquidity because they've been moving stuff back and forth and then the value of F. T. T. just collapses right I mean it was around twenty two and you know it was really tough it was very it was almost like a stable going for a while just like a little bit up a little bit little bit a little bit

the old the the holes in the system is basically what it dead and that that runs like okay house of cards which by the way as it is our friend the JG nukes said in his video this is the exact same system that the US banking financial system runs on if everybody was to go to the banks to say I want my money guess what you're not gonna get it it's not really there it's a house of cards button since the government has you know basically deputized itself to be in in the business of fraud then they get away with it but this exchange clearly is not and I don't think

I think you're right on that because as an aside you know what you're talking about there the Federal Reserve Bank has never been audited we don't know how much money there is how much money there is and how much paper money there is how much digital money there is and then they're leveraging it and then if I take a million dollars and put it in the bank account well then that bank can then loan out ten million dollars because of fractional reserve banking in so what was happening if you look at the asset sheet for F. TX they say they have a billion plus dollars worth of bitcoin you know vulnerability that there that the customer's own and then on their sponsors have said she they own zero bit court right so that's a complete that's that's worse than fractional reserve banking because you would think they would have at least a hundred million dollars worth of bitcoin if they have a billion dollars worth of liquidity out there so they were basically trading and selling fake big point essentially it seems like

so when all this happened Sam bank Winfried fled to the Bahamas where his office and his forty million dollar is state is and Bahamian

shared with his ten roommates that all happen to work for M. T. X. in Alameda and they will do a search on this because this is crazy they were having some Fleetwood Mac nineteen seventies sort of partner swapping crazy stuff going on while he was sitting there on his bean bag and I don't know do you that is just so bizarre and he goes oh he only made himself he was only taken a very small percentage of the revenue he was only making a hundred thousand dollars a year from F. T. acts while he was living in a massive penthouse suite you know in the Bahamas and you know partnered up with the C. E. O. of Alameda research

whatever you think of Solana

is

the case can now be made that Sam bank Winfried pumped it to the moon and they have the sole collateral hold also wrap something like fifteen thousand bit coins on soul which can not be unwrapped now so that's another fifteen thousand big points that are removed from the the supply

I wonder why the what why can they not on rapid because this is so wanna so low in price or something or is they've always had some chain problems I mean once upon a time I was thinking of launching a project on Selanne but then they got hacked they were D. das they have that double spending thing so what you know about all of that stuff all the problems that Solanas had and then you tie it back up chain the F. T. X. who really pumped it it goes back to me that Dominique Williams story when he said man right whenever they lost I see Pete the price got bumped up to four hundred dollars through F. TX and then they put a short on it and the price tanks and they use that money to pump up Solana so I think that they use a lot of that money from I. C. P. which is truly a decentralized platform that was one of the things that Dominique Williams was talking about Hey you know what we were Therion Hey let's let's go ahead and build ourselves the most decentralized internet protocol let's increase the crypt around that and then a lot of those scantily in errors in a fury among these other ones they prefer to have control and power over the scenario in so they did their best to tank I see Pete now my mind I think I. C. P. when it's all said and done if it is what we think it is then it could be a phenomenal project long term not wait Angela vice

we've been talking about it for a year now and a bit boy is finally latched onto it and he is he understands ICP has been talking about it so this is the the C. E. O. of Alameda researcher name is Caroline something or I wasn't L. Ellison this is a video that has surfaced of her being interviewed and surely you can tell from what she has to say here she knows a lot about financial markets and how they work give a listen to this yeah absolutely could pull it off without my math degree is very little mouth use a lot of like elementary school math being comfortable with risk is very important we tend not to have things like stop losses I think those aren't necessarily great risk management tool training a good example of a treed whereas lost a ton of money well I don't I don't I don't wanna go into specifics to make

what gaps I mean nobody wants stop losses

what

what seriously I want to ask you this Joel

ask me this

when I first heard Alameda research to me that sounds like a name that's been around for a long time like yeah I didn't even go in and diving research into because I'm thinking that thing's been around twenty plus years at sea I would need to research that yeah that's some about that was ringing a bell in my brain that just sounds like it's been around forever I didn't know that it was created in two thousand seventeen I thought that thing's been around since the nineteen nineties it my brain somehow

in that brain of yours well you got to see this so Sam bank Winfried has been tweeting first of all he came on to to Twitter let's see a few days ago and he said you're that before he he said that there were filed for bankruptcy he basically said he screwed up like if he had a lawyer there I don't know what they were telling him but he's not college Ising is basically encourage

that I **** up twice

the dude running the jail but he has to I don't associate way around but look at look at these tweets that have been coming out starting with this one fifteen hours ago

hi

Ellen what happened yeah he spelled why he spelling what happened he just he treats us this is last night just what and then a couple hours later just the letter H. in just a couple hours ago today like he let his sleep slept on that all night now it's H. A. P. P. E. Y. yes what what game like what this guy posted right here this is WTF what what we're seeing play out in front of us and real time billions of dollars lost tanking the crypto market killing trust for so many people in cryptocurrency when obviously we and many others have warned against centralized exchanges for so long this this shouldn't be a surprise that it's come to this but the drama that we're seeing here is surprising

it could be more notorious than that this could literally be set up to our eventually take the crypto fall to kind of help usher in C. B. DC's right when you look at the whole ecosystem of this and when you tap in and you can kind of see how what was going on with the funding and then S. B. F. the end up investing forty million dollars in the second largest donor in the Joe Biden's campaign originally there's some money laundering stuff that's going on that we don't even fully understand

what you won't hear about if you're watching CNN if you're watching M. S. P. MSNBC if you're watching C. N. B. C.

M. S. thirty ninth Avenue

your times or that whatever the Los Angeles or Chicago Tribune or any of those papers this is a great time to question if you're being duped if you're not really hearing the news because the news is out there and this is being the biggest scandal since Enron without a doubt the biggest financial scandal in America since Enron and if you're not hearing about it if you're just hearing how bad crypto is an F. T. exas crumble if you're not hearing the flow of money where they can track where the money came from and where it went then you'll know you're being lied to and that's going to be a real hard pill to swallow for some of you that thinks that you're trusting the the news networks and sources that you rely on

yeah well I mean when you start diving into this thing deeply and you start seeing the connections between Gary Gensler of the SEC and his parents S. B. F.'s parents how things are sort of tied in SPF was working with the SEC and Gary Gensler to write crypto regulation right in so when you're tired all that stuff together and then you and then they're still talking about going forward with the stuff that S. B. F. was recommended and I look at that and I say wow how can this be so corrupt it why give

people

and

this is not the link to this and everything else we're talking about is in the show notes it bad co dot I. N. forward slash six forty nine this is the tweet that kind of kicked it all off from CZ that you can take a look at you know I mentioned that the Ben Armstrong bit boy group does been doing a lot of work and what his work is turned up is who the real villainous in all this it is the legal counsel for F. T. X. Dan Friedberg and there is a a story that's linked on this guy's Facebook post that you're gonna have a hard time finding the evidence that this guy is it because all of a sudden the very existence of him is being scrubbed from the internet in real time people are having the screen shot bios social pages that are being taken down posts that are disappearing references on websites to this guy all disappearing why why would that happen well apparently Sam Bateman freed is according to this theory the fall guy in Dan Friedberg up may be the one who is responsible for what just took place

and I'm an imagine being so well respected in the space like you literally having conferences in you're having people like Bill Clinton coming in speaking at your conference right with Tom Brady and Giselle bar

I did not I did not buy any of that if TX I did not get any donations for I yeah I did have sexual intercourse with that woman though I did

it's just it's just when you tie everything together you can see that there is a big big problem with all of this it when you hear these post hoc and then you know they have no liquidity and then you you you go through the whole system and you're gone wow this thing right here I can this damn Friedberg guy nobody's really talking about this guy and for somebody to be able who is powerful enough to screw up someone from the internet not only from the internet but from archives and the Wayback machine right we do know I know I read this Taylor Lorenz who is a I guess a Washington post or New York times a journalist her uncle runs the way back machine and so anytime that she wants to get anything scrubs you just talk to her uncle he scrubs all that stuff so you don't know that you know one of these prolific quote unquote journalist comes from a very very wealthy family well this dude right here Dan Friedberg he is basically getting stuff wiped out somehow and this guy right here you never see this guy

he's got he's got some super epic Google on that lead to sprays it on the internet and everything

wow

disappears at crazy so this is a rabbit hole definitely worth going down and congratulations to us a bit boy fora for uncovering also Mario not full who's a friend of the show was on this show a few months ago he has been doing these Twitter spaces round tables almost daily and he's growing the staying at United both been on them as guests before speakers he's grown it from thousands to tens of thousands of people and now he's doing these marathon sessions where he is having people come on from exchanges he's inviting exchange CEOs to come on and be transparent about their funds and and their holdings Ilan musk even popped in to an end said something about DOJ going going to the moon which of course pumps DOJ and I stand by the theory that he will be integrating doge coin for payment on Twitter before bit coin is integrate now probably mistake but I didn't do it

I think for these exchanges to regain trust they have to do some sort of proof of visibility into their liquidity right because you can't have this fractional reserve crypto going on you have to have insights into that and I think the best ones and now my friend demar boot runs hacking out of Ukraine has been talking about this saying Hey we got to have proof of visibility into the assets these people that we should know exactly what is in the reserves at any time there should not be any arbitrage going on where they're actually making the amounts that they have and then getting the rug pulled out it's crazy

well in in what we have happening now is that other exchanges are being you know saying Hey what's your what's your deal so tether circle and coin base say they have zero exposure to FDA acts and Alameda we don't necessarily have the proof of that that's what they're saying that there is no exposure which exchanges do have exposure so the ones that are being rumored out there to have exposure our crypto dot com group dot com is denying it point haven't heard anything from ku point about it they have come out and said the whole holdings that they have a but they could be leave some out they do say that we have this much big goin this much Ethereum ball blood this much Casey S. you've got binance saying that they're not exposed anymore you've got that gate DOT Ohio is a name that's being put on the table then there's a

yeah that's a that's an interesting point right there I want to I want to touch base on this group dot com their their token is tanking as we speak it's down forty some percent this week but the CEO Chris I don't know his last name so we're last name but they accidentally sent four hundred million dollars to the wrong address the Senate to get not I gate dot I had the ethics to send it back to them but when the C. E. O. is accidentally or whoever's doing that's actually sending four hundred million dollars in eat if they didn't get that back at night what my my my yes money off of exchanges

real interesting so Selanne is now down to fourteen dollars and this story right here says that but I guess this just happened right it would have happened the story was from November ninth here it is the fourteenth nearly one billion of salon is set to be on stage that's a lot of supply that that is being on staked

I knows if you look at be the pie chart of who owns Solana the community owns like a small amount a lot of it is the team the advisors the founders those types of people and then the people who early body end right and so Selanne's solo tied to F. T. acts that I don't know salon is going to be able to make it through the crypto winter and that's that's just me just go on my how the hell is he got a billion dollar set to be on state well guess what last week out of bend two three five billion

the

how much would it have been back when it was two hundred and twenty dollars a ton okay

this is a developing story gang all of this is developing the contagion of what's happened with F. T. acts is still spreading it is like a virus and we don't know everything that it's going to impact it but I tell you this what this is proven and demonstrated is that centralized exchanges as bitcoin purists have said for some time a really bad idea their banks two point no banks in their current form are a bad idea and centralized exchanges are basically saying Hey let's take this crypto concept and let's do to what your crypto what we did to fiat currency and it and it's a good thing that this is happening when it is like it's time for this shenanigans to stop decentralized exchanges are the way to go and I'm afraid what's going to happen as a result of this Travis is the regulation that they're going to want to implement is not going to affect the it's not going to be about the centralized exchanges they're going after decentralization because then then they don't have control of the money and they're going to bring about the central bank digital currencies currencies and that's the whole point

that's the whole point of this whole thing like I don't think that MTX was prepared to collapse yet I in my mind I don't it doesn't seem like you know all it took was a couple of tweets behave by role that one release of the coin desk and then CZ tweeting about it and then boom I don't think they were ready to pull the Round Rock they were not prepared for this so especially how how close S. B. F. is with gains learn how they're working together to create the crypto regulation so it seems to me that MTX was primed and set up to be the de facto exchange and it collapsed before they were quite ready and so I think they've been scrambling a little bit they don't necessarily know what to do and I would say you know I know Sam Bregman freed's not listening to this because I'm sure that he's freaking out because the people are yeah how do you lose that much respect and appreciation like that like that who easily cancel himself but it's like there's so much going went on to this behind the scenes that will I think there's some the far as players aside from that damn Friedberg guy or whatever there's who's who's who's pumping him up and when we tie it all together later on we'll we'll kind of sure that

so you know you said that he's probably freaking out look at all of the investments that SPF head here this is actually on the server Travis is linked in you go take a close look at all of these organizations that have exposure best men's not only this all down

yeah yeah scroll down here and then there's another one right there and the other one right there's like all of them so I'm I'm gonna hand in this here's how they were all sort of connected and what I read is a hundred and thirty four companies that that S. that S. B. half and the and the group has an Alameda an empty axe's invested in or part of is now filing for bankruptcy a hundred thirty four of these right now including blocks five you have money on that that's sucks there's a whole lot of stuff that's going on that that is still yet to be revealed and so man great

but you know you're saying that he doesn't care here's what's really interesting and I'm looking for the link of to find this but apparently here we go I've I've found it Sam has been playing league of legends like this is happening this is now he was caught in a game while all of this is going on he's playing video games and then between at all he's tweeting

or no worse than that he was playing league of legends when he had that investor meeting with liquid capital

and they gave they gave them money like what what

yeah just can not only this not only this job they gave them money but the World Economic Forum was talking about how great F. T. exes as an exchange to me that's a huge red like they've since deleted that so Korea capital was talking about what a great altruistic amazing person S. B. F. is an empty acts and they deleted the app from their websites so they're trying to clean up the steps Dan free birds being deleted from the internet so there's some powerful people at work behind this to probably try to bring down crypto as much as they can because they want to bring in as Joe said the central bank digital currencies that is the end goal how do you get there you kill crypto as much as you can your ruin the trust for crypto then you usher in the solution

when that

happens create a problem yep wait for the reaction offered a solution that happens problem reaction solution it happens all the time with these government players look look what's happened here

look who they're bringing in to to resolve the problem that is left by Sam bank when freed a Wall Street to turnaround Titan John J. ray the third is taking over and it's going to guide the company through the chapter eleven process and who's this guy trapped

do that when I saw this I said okay yeah there there's clearly some shenanigans going on because the dude is John ray John J. ray the third he became the CEO of Enron after Enron got caught with their hand in the cookie jar right in a collapsed this dude was the dude who wrote it down to the ashes who they bring all John J. ray the third to become CEO of FTX who is connected to this guy to bring him in and why would he even be willing to do it if this was not a sort of deep state operation in some way no no there's no other reason for this to happen also the other piece of news is you know who's been following around SPF for the last six months

who's that

did the dude who wrote the big short Michael Lewis has been following around SPF for the last six months and he's going to write a book about this saying he just got his from alley he just got his finishing final chapter in this thing

well it's not it's not over I mean because there's still a lot more to come like what's going to happen the Sam and to to Dan and and the others that are involved

probably nothing probably nothing if there's if they're one of the largest donors to the Democratic Party probably nothing will happen to them if so it'll be a little baby slap on the hand it will be anything like Russ all break the creator of Silk Road you sitting in there for life thing like that it's going to be probably have a monetary fine of some sort just like what happened in the global crash in two thousand eight how many of those Wall Street executives went to jail zero ask

you awake are you awake folks

Joel Joel Joel crypto has nothing to do with politics

mmhm

remember people telling us we will bill opposed to the bill could go well Hey **** guess what it is actually tied together intrinsically yeah

did you just call our listeners ****

once you were **** about us talking about politics or asal Stan was going on yeah a little bit

they don't know you're right you're right in the turn some people off but you know what there's things happening in the world there is serious turned off in your freedom our freedom our liberties are at stake and typically does fix this it really does there are some die hards that say there's better bit coins out there some say ADA is a better bit coin some say ICP is a better change the the the and those are up for debate I'm not going to be a big queen purists but I'm gonna say there are definitely shenanigans afoot and we're here we're gonna keep covering at work we've got some great interviews coming your way that are all going to be relevant to the times we need to get G. Edward Griffin back on the show

yeah I would I would say that if he

will call graph you when he comes back

you can call me whatever you like Rosie comes back but I want to touch base on this because this is something that's a total conspiracy theory and there's a Twitter user by the name of at the lead underscore ship point he was the founder of MakerDao right this guy basically call the hot CIA or Mossad and cut instead while a pet a file elite is running some kind of sex trafficking blackmail wearing out of Porter Rico and the Caribbean islands they're going to frame me with a laptop planted blah blah blah they will torture me to death guess what he's dead he's dead like the next day and and and then so they're saying that there's potentially some tie ins with this big specially if you look at the Alameda research logo that logo looks very suspicious to the boy lover pedal files symbol and then the logo there it's an S. B. S. Twitter profile looks very similar to the girl lover pedal cymbal you can actually go and research those on your own I'm not saying any of that's true I'm not saying anything is connected other than that dude's dead right but if that's tied to the empty axe and an SPF in all this stuff going on and then the money laundering with Ukraine and then so we sent about a hundred billion dollars to Ukraine right and then you crane was investing in the empty acts and then somehow S. B. have an empty X. was donating that back two packs and two democratic candidates and he's been doing that since twenty twenty and so I don't know how that's all related or there's any relation on that at all all right if I die I did not kill myself I am not suicidal it's weird I'm just reporting what people are talking about and take it for what you will

finally it's starting to get some coverage New York Post cryptocurrency billionaire broke the bank for dams where's Gansler don't know Hugh H. against her will not do any interviews that have anything but softball questions he won't he won't answer her questions we look at that face

on that fateful man he's the bank ma'am hello is Sam bank man right the bank man collapsed quicker are you serious aw man

so this is here is the chart right here here you go this is one that was looking for U. S. tax dollars at work I'm gonna put this front and center so everybody can see it so Sam Bateman freed donates money to the Democrat party lots of money millions of dollars to the party to packs to candidates the the pacs and candidates the party then back senile Biden who gives our tax dollars in the form of military humanitarian

nine hundred billion dollars not even including the billions of weapons sent

to Ukraine and then a Ukraine uses our aid to partner with F. T. X.

now that is just that right there is just I mean that's just the picture but go down the rabbit hole on your own and you're gonna be able to find you read our show notes you're gonna be able to find all the things that we've been talking about this is not over by any stretch of the imagination jolt thanks we're gonna get maybe continue to go down are we gonna see the bottom soon I don't know we're sitting at about one eight hundred and seventy billion right now it was it was like almost one point two trillion and now it is not three four hundred billion dollars of come off the market cap like that so what's next

you want to see this this is funny uber has no cars Airbnb has no real estate F. T. X. has no crypto

this

new economy so yes I reference this in the beginning of the show and let me go ahead and follow through on my thoughts again so not a financial adviser neither one of us our have been ever will be these are just our opinions and our observations and I this is my observation after talking to a number of people who I consider to be smart people I don't feel like the bottom is and yet I do not feel that that right now we're at the anger stage maybe maybe trip can you find a link to that the the chart that shows the emotions of investors because at the very bottom of that is despair in yesterday's a lot of people right now that have lost a lot of money and they're despairing personally but as a mark at the market the the crypto market is not fully despairing I think that happens when you have a number of the population saying I never want to hear the word crypto again because they don't see a path back for that right now I don't think we're there I think that there is there is plenty of room for downside couple that with two things and a part of this I got from speaking with Christina and some of my friends local here in importer Rico December is traditionally a tax harvesting month right there's a selloff in December because if you need if you do need to do some losses this is the time to do it right because you got here taxes bought the fed is printed money like crazy the past couple years and the stock market is propped up real estate has been propped up while inflation is crazy right now and the conventional wisdom says this is got to fall down at some point in when the stock market takes a massive fall and I believe it will crypto is not yet decoupled the queen is not the couple from the overall markets when the markets fall people sell all of their holdings right doesn't matter what they're holding the only thing that I've seen and not fall with the markets are precious metals and so that's why I think we've not seen the bottom and what was once predicted Travis that we could see big goin down around four five thousand again that I thought never that's never gonna happen I'm beginning to think that it could touch that bottom again before shooting up could be totally wrong don't know Jim Cramer says this is the bottom and treat treat traditionally that is a signal to do the opposite of what he says because he's just a page shell on on television I don't know what do you think

well I would say this is that the feminazis would say that fourteen is going to be the absolute low that's what feminazi says but I've also said that the collapse that we could potentially see soon could be historic and if it does happen where fiat fails and they start ushering that C. B. DC's and the economy's gonna sort of collapse in crypto is going to collapse right along with the good people gonna be freaking out so is that gonna happen we don't know but I did find that that chart for you put it in the show notes there for you Joe if you want to pull that up

yes I want to go ahead in I found one as well it's probably the same thing let me go ahead and do a screen share for those of you that have turned on to now realize that we have a video over tion of the show as well you can find it on YouTube as well

as always refer you listen on the podcast because we like the views on the listens I would not views on the podcast but you know

so you know here it is the stealth phase awareness and then you get your bull trap fear capitulation despairs weighed down here

so we're there now is that this

well I don't that I'm saying I don't think so I don't think we're in despair yeah I think we're getting close to what to despair

well I think people are selling a lot of people are selling their get rid of the cryptos right however as as phase begins to as I guess the stabilizer as long as no other big projects fail crypto dot com fails crypto dot com thank if that fails we are we're we're gonna be in for a long dark cold cold so

a lot of people would say that we are the that we could be in the beginning of despair and then to desperation and desperation is I'll never touch shares ever again right so the pixelation takes place you know here during the beginning of the despair cycle and then is when we really hit the bottom now I don't know could I be completely wrong on this absolutely could be have no idea I'm just

guessing point though Joel about how December is naturally the time when people sell off right and then you also have January which is I think in February is the Chinese New Year so then there are typically you know not doing work and so and then we've also seen that the bull runs typically end in December or early January for what we've seen in the past here we are at the end of this other one I don't know to be determined we're gonna keep talking about this and our next episode will be on Wednesday and we will talk about what we know on Wednesday and maybe talk about some other news that's no longer just F. T. acts but we're gonna if there's any new parts of the saga as it continues we'll share for that as well all

of the other interview we've got coming up is with the Alex Cody foster he is the writer that wrote that that tracked with McAfee if you've seen the the video on Netflix a Netflix special yet this is gonna be a real fascinating interview lots of stuff coming up here soon I believe we've also got Brendan Eich from brave is gonna be coming on the show shortly N. F. teams coming your way a lot of you have signed up for the bad crypto nifty club over the past couple weeks if you have not yet received your bad crypto nifty club N. F. T. at something like two dollars and it's only two dollars that bots don't take them for free go to bad crypto dot on kat dot F. M. it's on polygon polygons so there's virtually no gas pick up the membership card it is the Spinney N. F. T. of us and we've got a free drop that's coming out in maybe we'll start doing those even more often now that we got more members in there

yeah we got more members and this is a fun one I got I'm already kind of piecing together either it's the show card for this one or it's an N. F. T. that we give away with that the the fraud acts it's almost as you just name a fraud exambank fraud scam bomb command fraud I don't know there's all kinds of things you can column I like to call in touch

thanks for watching and or listening at the same time we appreciate it tell a friend to subscribe to the bad crypto podcast give us a review five stars always preferable and we will keep you posted on what's happening next until then keep your keys in your session

the bad crypto podcast is a production of bad crypto LLC the content of the show the videos and the website is provided for educational informational and entertainment purposes only it's not intended to be and does not constitute financial investment or trading advice of any kind you shouldn't make any decisions as to finances investing trading or anything else based on this information without undertaking independent due diligence and consultation with a professional financial adviser please understand that the trading of bit coins and alternative crypto currencies have potential risks involved anyone wishing to invest in any of the currency's or token's mentioned on this podcast should first seek their own independent professional financial adviser

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