Episode
E104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
1:25:17
Published: Sat Nov 12 2022
Description
(0:00) New bestie game show! (6:20) Election recap: Red wave falls flat, Republican party flips from Trump to DeSantis, a rebuke of extremism (20:47) Coinbase CEO Brian Armstrong joins to break down the FTX collapse, further contagion risk, regulation, and more! (43:32) Red flags exhibited by Sam Bankman-Fried and FTX, lack of governance/diligence (1:06:00) Macroeconomic picture, lower than expected CPI print catalyzes market tear, advice for founders Follow the besties: https://twitter.com/chamath https://linktr.ee/calacanis https://twitter.com/DavidSacks https://twitter.com/friedberg Follow the pod: https://twitter.com/theallinpod https://linktr.ee/allinpodcast Intro Music Credit: https://rb.gy/tppkzl https://twitter.com/yung_spielburg Intro Video Credit: https://twitter.com/TheZachEffect Referenced in the show: https://www.nytimes.com/2022/11/10/us/politics/biden-ukraine-russia-diplomacy.html https://www.wsj.com/articles/ftx-files-for-chapter-11-bankruptcy-11668176869 https://www.bloomberg.com/news/articles/2022-11-11/summers-says-ftx-meltdown-has-whiffs-of-enron-like-scandal https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-biden-democratic-party-second-biggest-donor https://web.archive.org/web/20221109230422/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight https://twitter.com/GordonJohnson19/status/1591062535586848768
Chapters
The speaker emphasizes the importance of diplomacy in the Russia-Ukraine conflict, stating that pushing for total defeat of Russia could lead to a higher risk of nuclear war.
00:00 - 01:18 (01:18)
Summary
The speaker emphasizes the importance of diplomacy in the Russia-Ukraine conflict, stating that pushing for total defeat of Russia could lead to a higher risk of nuclear war.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
A game of guessing who said what between General Mark A. Milley and Jeffrey D. Sachs, discussing the lessons of World War One, the need for a mutual recognition of military victory, and the utilization of bluffing.
01:18 - 02:55 (01:36)
Summary
A game of guessing who said what between General Mark A. Milley and Jeffrey D. Sachs, discussing the lessons of World War One, the need for a mutual recognition of military victory, and the utilization of bluffing.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The speaker discusses the creation of comfortable sleeper seats and the benefits they offer.
02:55 - 06:19 (03:23)
Summary
The speaker discusses the creation of comfortable sleeper seats and the benefits they offer.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Despite a double-digit victory for DeSantis in Florida, other high-profile Republican candidates endorsed by Trump, such as Dr. Oz and Dan Cox, lost their races.
06:19 - 10:15 (03:56)
Summary
Despite a double-digit victory for DeSantis in Florida, other high-profile Republican candidates endorsed by Trump, such as Dr. Oz and Dan Cox, lost their races. With RCP polling adding a Republican advantage, incorrect estimates on predicted Red Wave's results must be addressed to improve future outcomes.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Losing a single seat and the runoff to the Democrat Party has allowed for loose behavior over the last two years, emphasizing the importance of a balance of power in the US government.
10:16 - 18:13 (07:57)
Summary
Losing a single seat and the runoff to the Democrat Party has allowed for loose behavior over the last two years, emphasizing the importance of a balance of power in the US government.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The podcast discusses the downfall of Sam, a once successful tech entrepreneur, who allegedly participated in illegal and unethical behavior.
18:13 - 22:11 (03:58)
Summary
The podcast discusses the downfall of Sam, a once successful tech entrepreneur, who allegedly participated in illegal and unethical behavior. The episode also touches on unpopular progressive policies introduced during the last election.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Sam: I think the problem is that we don't have clarity about the crypto specific regulations like what's a commodity, what's a security and that lack of regulatory clarity has pushed a lot of this business offshore to these less regulated exchanges.
22:11 - 27:54 (05:42)
Summary
Sam: I think the problem is that we don't have clarity about the crypto specific regulations like what's a commodity, what's a security and that lack of regulatory clarity has pushed a lot of this business offshore to these less regulated exchanges.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
FTX US, a cryptocurrency platform, has been facing questions about its business practices and governance after revelations about its parent company, FTX International.
27:54 - 35:05 (07:11)
Summary
FTX US, a cryptocurrency platform, has been facing questions about its business practices and governance after revelations about its parent company, FTX International. The brand may be tainted due to the lack of separation between the entities, as well as potential connections to a poker site that ran a cheating scheme.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
In the absence of clear regulations, the challenges of cryptocurrencies like losing passwords and phone leading to loss of money, and the turf battle between the SEC and CFTC present difficulties.
35:05 - 44:55 (09:49)
Summary
In the absence of clear regulations, the challenges of cryptocurrencies like losing passwords and phone leading to loss of money, and the turf battle between the SEC and CFTC present difficulties. There is a need for joint efforts from the regulatory bodies, putting out a clear list of what each should be responsible for regulating.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Venture firms may not be practicing enough diligence while creating tokens and also taught teams the process of creating tokens without performing any work or due diligence, which led to a lack of governance in the creation process.
44:55 - 52:49 (07:53)
Summary
Venture firms may not be practicing enough diligence while creating tokens and also taught teams the process of creating tokens without performing any work or due diligence, which led to a lack of governance in the creation process.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The risks of investing in tokens engineered by Silicon Valley venture firms are being scrutinized, and investing in corporations is expected to replace investing in tokens, while the tokens will likely be subject to more regulations.
52:49 - 59:50 (07:01)
Summary
The risks of investing in tokens engineered by Silicon Valley venture firms are being scrutinized, and investing in corporations is expected to replace investing in tokens, while the tokens will likely be subject to more regulations. The decentralization of networks through cryptographic verification system may not come to fruition as entities like Citadel and Jane Street operate dark pool exchanges for regulated securities without centralized control or manipulation.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
A suggested solution for proper governance, insurance, and education to empower Americans to become sophisticated investors and participate intelligently in the cryptocurrency space.
59:50 - 1:04:00 (04:10)
Summary
A suggested solution for proper governance, insurance, and education to empower Americans to become sophisticated investors and participate intelligently in the cryptocurrency space. This can prevent financial risks and protect people's investments.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The podcast highlights the importance of educating people on risk capital to prevent them from getting scammed and taken advantage of when making investments, whether it's VC or SPF, and calls for a need to clean up the current framework to ensure America's competitiveness.
1:04:00 - 1:09:01 (05:00)
Summary
The podcast highlights the importance of educating people on risk capital to prevent them from getting scammed and taken advantage of when making investments, whether it's VC or SPF, and calls for a need to clean up the current framework to ensure America's competitiveness.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
Due to a shift in sentiment, the Fed may have less of a desire to raise interest rates.
1:09:02 - 1:17:33 (08:31)
Summary
Due to a shift in sentiment, the Fed may have less of a desire to raise interest rates. However, this shift may cause capital loss totaling around $500 billion and the potential destruction of up to a trillion dollars from 2018 to 2022.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
With forecasts of a double-dip recession and the possibility of inflation, investors are opting for long healthcare stocks, industrial defense companies, and oil companies instead of risky startups in Silicon Valley.
1:17:33 - 1:23:36 (06:03)
Summary
With forecasts of a double-dip recession and the possibility of inflation, investors are opting for long healthcare stocks, industrial defense companies, and oil companies instead of risky startups in Silicon Valley. Startups may struggle with obtaining funding as VCs become more defensive.
EpisodeE104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more
PodcastAll-In with Chamath, Jason, Sacks & Friedberg
The speaker compliments David's work as an executive in software while also calling him an asshole, and they discuss the success of open sourcing projects to fans.
1:23:36 - 1:25:05 (01:29)
Summary
The speaker compliments David's work as an executive in software while also calling him an asshole, and they discuss the success of open sourcing projects to fans.