Episode
#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
3:51:30
Published: Fri Dec 09 2022
Description
Coffeezilla is a journalist and investigator on YouTube who exposes financial frauds, scams, and fake gurus. Please support this podcast by checking out our sponsors: - Rocket Money: https://rocketmoney.com/lex - Eight Sleep: https://www.eightsleep.com/lex to get special savings - BetterHelp: https://betterhelp.com/lex to get 10% off - MasterClass: https://masterclass.com/lex to get 15% off EPISODE LINKS: Coffeezilla's YouTube: https://www.youtube.com/Coffeezilla Coffeezilla's Twitter: https://twitter.com/coffeebreak_YT Coffeezilla's Instagram: https://www.instagram.com/coffeebreak_yt PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ YouTube Full Episodes: https://youtube.com/lexfridman YouTube Clips: https://youtube.com/lexclips SUPPORT & CONNECT: - Check out the sponsors above, it's the best way to support this podcast - Support on Patreon: https://www.patreon.com/lexfridman - Twitter: https://twitter.com/lexfridman - Instagram: https://www.instagram.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/lexfridman - Medium: https://medium.com/@lexfridman OUTLINE: Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time. (00:00) - Introduction (06:04) - Coffee (08:13) - SBF and FTX (22:54) - $8 billion (32:01) - Evil vs incompetence (41:57) - Key lessons from FTX collapse (55:15) - Should SBF go to jail? (1:03:02) - Role of influencers and celebrities (1:07:30) - How FTX covered up fraud (1:11:26) - Interview with SBF (1:26:29) - SafeMoon fraud (1:32:41) - Bitcoin (1:43:20) - Psychology of investigating fraud (1:52:26) - Investigating politics and corruption (1:59:39) - Coffeezilla origin story (2:04:19) - MLM marketing scams (2:11:58) - Andrew Tate and Hustlers University (2:29:40) - Save the Kids crypto scandal (2:36:59) - Money and fame (2:44:03) - MrBeast (2:50:26) - Fake gurus and Get-Rich-Quick schemes (3:09:45) - Process of investigation (3:22:31) - Twitter Files release (3:31:36) - Time management and productivity (3:43:36) - Advice for young people
Chapters
The speaker emphasizes the importance of power naps and how therapy can be valuable for anyone.
00:00 - 03:53 (03:53)
Summary
The speaker emphasizes the importance of power naps and how therapy can be valuable for anyone. An advertisement for Rocket Money and a hypothetical collaboration with Ate Sleep is mentioned.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker emphasizes the importance of getting to the root cause of issues and not letting people in positions of power off the hook.
03:53 - 08:23 (04:29)
Summary
The speaker emphasizes the importance of getting to the root cause of issues and not letting people in positions of power off the hook. They also share their personal preference for drinking coffee and how they limit their intake.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
CZ, the CEO of FTX, adds fuel to the ongoing speculation of FTX acquiring a SPAC by retweeting rumors and stating that he will be taking the FTT that he got.
08:22 - 15:58 (07:35)
Summary
CZ, the CEO of FTX, adds fuel to the ongoing speculation of FTX acquiring a SPAC by retweeting rumors and stating that he will be taking the FTT that he got. FTX is one of the few companies seemingly doing well alongside Binance and Coinbase.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The way to think about risk in investing is that if an investor invests in a person and also invests in a product they produce, the performance of those two things will be pretty correlated.
15:58 - 24:22 (08:23)
Summary
The way to think about risk in investing is that if an investor invests in a person and also invests in a product they produce, the performance of those two things will be pretty correlated. The risk involved in investing increases if an investor finds out that the person has lied about their investments.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
SPF had designed a complex scheme of obfuscation and misinformation to an extent that no one could understand.
24:22 - 32:00 (07:38)
Summary
SPF had designed a complex scheme of obfuscation and misinformation to an extent that no one could understand. The scheme was purposely designed to mislead the investors and conceal the illegitimate activities of the firm.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The podcast speaker analyzes Elon Musk's image crafting strategy, highlighting the importance of image in his success, but also pointing out the skepticism that now surrounds him.
32:00 - 37:00 (04:59)
Summary
The podcast speaker analyzes Elon Musk's image crafting strategy, highlighting the importance of image in his success, but also pointing out the skepticism that now surrounds him. It's hard to know if his behavior is due to calculated strategy or genuine self-delusion.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
This podcast discusses the importance of trust in crypto leaders with reference to Jeff Bezos and CZ, and the impact of their actions on the credibility of the entire industry.
37:00 - 44:14 (07:14)
Summary
This podcast discusses the importance of trust in crypto leaders with reference to Jeff Bezos and CZ, and the impact of their actions on the credibility of the entire industry.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
Despite the warning signs, many influential and smart people believed in the success of the hedge-fund firm, SPF.
44:14 - 48:55 (04:41)
Summary
Despite the warning signs, many influential and smart people believed in the success of the hedge-fund firm, SPF. This collapse illustrates the blind spots in our society's heuristics, where assumptions about intelligence based on factors like attending an Ivy League school can lead to misjudgments.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The podcast host discusses how no system can save you from the individual, even if a certain ideology sounds nice in its belief that workers should have power.
48:55 - 55:08 (06:13)
Summary
The podcast host discusses how no system can save you from the individual, even if a certain ideology sounds nice in its belief that workers should have power. Democracies are successful because they decentralize power across different groups and interests.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
This podcast discusses how an expert's credibility may be impacted by the sponsor's reputation, and the importance of researching before endorsing a product.
55:08 - 1:09:26 (14:17)
Summary
This podcast discusses how an expert's credibility may be impacted by the sponsor's reputation, and the importance of researching before endorsing a product. The discussion also highlights the need for journalists to hold powerful individuals accountable and fight for the little person.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The optics of Sam Bankman-Fried's appearance as the only non-business figure at the Dealbook summit were negative, although it was a revealing display of his complex character and positive ambition.
1:09:26 - 1:17:33 (08:07)
Summary
The optics of Sam Bankman-Fried's appearance as the only non-business figure at the Dealbook summit were negative, although it was a revealing display of his complex character and positive ambition. A speculated reason for his reluctance to take FTX US public was to avoid further regulatory scrutiny.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The ability for humans to rationalize their decisions and actions can perpetuate corruption and fraud, as individuals believe their intentions are good and therefore absolve themselves of responsibility.
1:17:33 - 1:26:36 (09:03)
Summary
The ability for humans to rationalize their decisions and actions can perpetuate corruption and fraud, as individuals believe their intentions are good and therefore absolve themselves of responsibility. This can lead to a sense of entitlement amongst those who make a lot of money and believe they are superior to others.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The growth of cryptocurrency has ushered in new financial communities, where criticism is often downplayed or attacked.
1:26:36 - 1:43:47 (17:10)
Summary
The growth of cryptocurrency has ushered in new financial communities, where criticism is often downplayed or attacked. Cryptocurrency has the potential to revolutionize international payments and finance, and it's important for those in the industry to continue learning and evolving with new tools and technologies.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker discusses how the current state of journalism makes it difficult for reporters to do great work without facing partisan attacks and physical dangers.
1:43:48 - 2:00:33 (16:44)
Summary
The speaker discusses how the current state of journalism makes it difficult for reporters to do great work without facing partisan attacks and physical dangers. They also emphasize the need for society to create a better environment for journalists including protecting whistleblowers to de-risk the work for them.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker shares his experience about get rich quick schemes like Tai Lopez's and talks about how human civilization seems like an interesting pyramid scheme.
2:00:33 - 2:05:42 (05:09)
Summary
The speaker shares his experience about get rich quick schemes like Tai Lopez's and talks about how human civilization seems like an interesting pyramid scheme.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
Multi-Level Marketing schemes often focus more on recruiting new members rather than selling a product, leaving the majority of people who join at a financial loss while only benefiting those at the top.
2:05:42 - 2:10:10 (04:27)
Summary
Multi-Level Marketing schemes often focus more on recruiting new members rather than selling a product, leaving the majority of people who join at a financial loss while only benefiting those at the top. These schemes are marketed through a social network of individuals looking to improve their financial situation.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The allure of get rich quick schemes is driven by the desire for wealth with no work, education, or skills required, but they often lead to disappointment and financial loss.
2:10:10 - 2:13:26 (03:16)
Summary
The allure of get rich quick schemes is driven by the desire for wealth with no work, education, or skills required, but they often lead to disappointment and financial loss. Those who promote these schemes are often cruel and deserve to be exposed for preying on people's dreams of riches.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The podcast discusses how multi-level marketing schemes work and the questionable value they provide to their customers, specifically referencing an affiliate program from Hustlers University.
2:13:26 - 2:16:22 (02:56)
Summary
The podcast discusses how multi-level marketing schemes work and the questionable value they provide to their customers, specifically referencing an affiliate program from Hustlers University.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker acknowledges the confidence and valuable lessons Hustlers University may provide to young people, such as incentivizing them to explore new opportunities like fulfillment by Amazon, but ultimately disagrees with the values of materialism and opulence being advocated.
2:16:22 - 2:22:48 (06:26)
Summary
The speaker acknowledges the confidence and valuable lessons Hustlers University may provide to young people, such as incentivizing them to explore new opportunities like fulfillment by Amazon, but ultimately disagrees with the values of materialism and opulence being advocated.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The message being propagated is flawed, and there is a need for inspiring institutions or influencers that provide a better learning experience as compared to grifters.
2:22:48 - 2:28:11 (05:22)
Summary
The message being propagated is flawed, and there is a need for inspiring institutions or influencers that provide a better learning experience as compared to grifters. The issue with educational products is that it is difficult to distinguish true feedback from vaporware.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
BitClout, a social media platform that allows people to buy and sell tokens of celebrity influencers, has faced backlash for what many consider to be a scam.
2:28:11 - 2:34:06 (05:54)
Summary
BitClout, a social media platform that allows people to buy and sell tokens of celebrity influencers, has faced backlash for what many consider to be a scam. The platform's creators allegedly designed the system to prey on their followers and take their money through a cynical attempt.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
Focusing on views, likes, and money can have a negative impact on creativity and productivity.
2:34:06 - 2:42:54 (08:48)
Summary
Focusing on views, likes, and money can have a negative impact on creativity and productivity. Material possessions can shackle and draw individuals into a never-ending race for more, instead of fostering discipline and achieving their desired goals.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
Matt Barnabei talks about the importance of data in YouTube videos, but how to balance it with optimizing for long term viewer happiness and constantly generating new ideas.
2:42:54 - 2:48:59 (06:05)
Summary
Matt Barnabei talks about the importance of data in YouTube videos, but how to balance it with optimizing for long term viewer happiness and constantly generating new ideas.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
Learn how to sell anything effectively by asking the right questions and filtering potential customers efficiently, with a focus on increasing sales without resorting to misleading advertising tactics.
2:49:00 - 2:54:33 (05:33)
Summary
Learn how to sell anything effectively by asking the right questions and filtering potential customers efficiently, with a focus on increasing sales without resorting to misleading advertising tactics.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The cost of online courses has become increasingly exorbitant, despite many of them containing the same content as free resources online.
2:54:33 - 2:58:13 (03:39)
Summary
The cost of online courses has become increasingly exorbitant, despite many of them containing the same content as free resources online.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker discusses the pressure to avoid conflicts of interest and the satisfaction he finds in turning down money to demonstrate integrity, while also mentioning a positive opinion of certain interviews.
2:58:13 - 3:05:35 (07:21)
Summary
The speaker discusses the pressure to avoid conflicts of interest and the satisfaction he finds in turning down money to demonstrate integrity, while also mentioning a positive opinion of certain interviews.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The podcast discusses the issue of grifters on YouTube and how creators try to expose them without resorting to punching down.
3:05:35 - 3:10:34 (04:59)
Summary
The podcast discusses the issue of grifters on YouTube and how creators try to expose them without resorting to punching down. They address the constant requests for money and the negative response towards those who light-vent grifters.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
An investigative journalist shares his advice on how to move beyond just searching through articles and reaching out to people doing the "non-obvious things" for perspectives that go beyond the readily available.
3:10:34 - 3:15:00 (04:25)
Summary
An investigative journalist shares his advice on how to move beyond just searching through articles and reaching out to people doing the "non-obvious things" for perspectives that go beyond the readily available.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
In this podcast, the speakers discuss the importance of open conversations, even when one has done something wrong.
3:15:00 - 3:20:00 (05:00)
Summary
In this podcast, the speakers discuss the importance of open conversations, even when one has done something wrong. They also talk about the ethics of journalists and how to determine if someone is acting in good faith.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
Twitter's low barrier to posting content can make it easy to share unfiltered thoughts, but this poses a challenge for journalists who need to approach topics with nuance and balance, unlike in other mediums like YouTube.
3:20:00 - 3:28:59 (08:58)
Summary
Twitter's low barrier to posting content can make it easy to share unfiltered thoughts, but this poses a challenge for journalists who need to approach topics with nuance and balance, unlike in other mediums like YouTube. Political journalism adds another layer of emotional complexity and potential backlash.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
CoffeeZilla shares his plans to haunt a particular interviewee from interview to interview, hoping to provoke his annoyance.
3:28:59 - 3:32:23 (03:24)
Summary
CoffeeZilla shares his plans to haunt a particular interviewee from interview to interview, hoping to provoke his annoyance. He imagines a hypothetical Twitter space with the two of them in attendance, causing everyone to remember their historic interactions.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
In this podcast, the speaker talks about his experience with time tracking for productivity and how he has found his productivity rhythm of working from 7:30 pm to 2 am, and how some of his videos were shot at 3 am, which appears to be daylight.
3:32:23 - 3:37:12 (04:49)
Summary
In this podcast, the speaker talks about his experience with time tracking for productivity and how he has found his productivity rhythm of working from 7:30 pm to 2 am, and how some of his videos were shot at 3 am, which appears to be daylight.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker emphasizes the importance of taking breaks and re-inputting experiences to produce creative work.
3:37:12 - 3:42:31 (05:18)
Summary
The speaker emphasizes the importance of taking breaks and re-inputting experiences to produce creative work. He also introduces the concept of "enlightened optimism," which involves choosing to be optimistic despite the challenges and problems in the world.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker tries to depersonalize their work and see it as a force of nature rather than focusing on individuals.
3:42:33 - 3:51:29 (08:56)
Summary
The speaker tries to depersonalize their work and see it as a force of nature rather than focusing on individuals. They suggest performing at low stakes open mics to better understand oneself.
Episode#345 – Coffeezilla: SBF, FTX, Fraud, Scams, Fake Gurus, Money, Fame, and Power
PodcastLex Fridman Podcast
The speaker expresses admiration for Coffeezilla's fearlessness in taking on powerful and rich individuals with respect and good faith.
3:51:29 - 3:52:26 (00:56)
Summary
The speaker expresses admiration for Coffeezilla's fearlessness in taking on powerful and rich individuals with respect and good faith. He believes that Coffeezilla's work is important and inspiring.