Chapter
Martin Shkreli's Financial Scandal
29:57 - 36:31 (06:34)
Martin Shkreli, a former finance guy, went to jail for scamming his pharmaceutical company. However, there is uncertainty regarding the authenticity of evidence against him, similar to Madoff's case.
Clips
The recent downfall of the cryptocurrency exchange site, Milk Road, reminds us how disasters cost a lot of money and shake people's trust.
29:57 - 31:25 (01:28)
Summary
The recent downfall of the cryptocurrency exchange site, Milk Road, reminds us how disasters cost a lot of money and shake people's trust. As disasters like this happen, with Mt. Gox and some Canadian exchanges before, the entire industry is negatively impacted despite the spike on engagement.
ChapterMartin Shkreli's Financial Scandal
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The downfall of Martin Shkreli and the failure of startups and cryptocurrencies both stems from the idea of dying of starvation, rather than competition.
31:25 - 32:35 (01:09)
Summary
The downfall of Martin Shkreli and the failure of startups and cryptocurrencies both stems from the idea of dying of starvation, rather than competition. If the use case isn't strong enough, the venture won't survive.
ChapterMartin Shkreli's Financial Scandal
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The hosts discuss Ponzi schemes and reflect on the lengthy prison sentences that perpetrators can receive, even for non-violent crimes.
32:35 - 34:03 (01:28)
Summary
The hosts discuss Ponzi schemes and reflect on the lengthy prison sentences that perpetrators can receive, even for non-violent crimes.
ChapterMartin Shkreli's Financial Scandal
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
Discussion about the former head of the SEC and his involvement with Bernie Madoff, including the possibility that he believed Madoff's Ponzi scheme was legitimate.
34:03 - 36:31 (02:28)
Summary
Discussion about the former head of the SEC and his involvement with Bernie Madoff, including the possibility that he believed Madoff's Ponzi scheme was legitimate.