Episode
Reaction To The Collapse of FTX and Sam Bankman-Fried
43:58
Published: Tue Nov 15 2022
Description
Episode 385: Shaan Puri (@ShaanVP) and Sam Parr (@TheSamParr) react to the failure of the cryptocurrency trading firm FTX and the taking down of its CEO, Sam Bankman-Fried. ----- Links: * @AutismCapital * @TechEmails * Do you love MFM and want to see Sam and Shaan's smiling faces? Subscribe to our Youtube channel. * Want more insights like MFM? Check out Shaan's newsletter. ------ Show Notes: (02:30) - What happened (12:15) - Alameda (17:55) - Elon and SBF (31:55) - Prison ----- Past guests on My First Million include Rob Dyrdek, Hasan Minhaj, Balaji Srinivasan, Jake Paul, Dr. Andrew Huberman, Gary Vee, Lance Armstrong, Sophia Amoruso, Ariel Helwani, Ramit Sethi, Stanley Druckenmiller, Peter Diamandis, Dharmesh Shah, Brian Halligan, Marc Lore, Jason Calacanis, Andrew Wilkinson, Julian Shapiro, Kat Cole, Codie Sanchez, Nader Al-Naji, Steph Smith, Trung Phan, Nick Huber, Anthony Pompliano, Ben Askren, Ramon Van Meer, Brianne Kimmel, Andrew Gazdecki, Scott Belsky, Moiz Ali, Dan Held, Elaine Zelby, Michael Saylor, Ryan Begelman, Jack Butcher, Reed Duchscher, Tai Lopez, Harley Finkelstein, Alexa von Tobel, Noah Kagan, Nick Bare, Greg Isenberg, James Altucher, Randy Hetrick and more. ----- Additional episodes you might enjoy: • #224 Rob Dyrdek - How Tracking Every Second of His Life Took Rob Drydek from 0 to $405M in Exits • #209 Gary Vaynerchuk - Why NFTS Are the Future • #178 Balaji Srinivasan - Balaji on How to Fix the Media, Cloud Cities & Crypto * #169 - How One Man Started 5, Billion Dollar Companies, Dan Gilbert's Empire, & Talking With Warren Buffett • #218 - Why You Should Take a Think Week Like Bill Gates • Dave Portnoy vs The World, Extreme Body Monitoring, The Future of Apparel Retail, "How Much is Anthony Pompliano Worth?", and More • How Mr Beast Got 100M Views in Less Than 4 Days, The $25M Chrome Extension, and More
Chapters
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00:00 - 01:00 (01:00)
Summary
An ad is being played for HubSpot, a platform for automating business tasks and managing customer interactions, with over 150,000 companies already using it.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The preeminent VC firm, Sequoia, along with 50 other top investors, have invested in a firm that has lost $10 billion worth of customer funds.
01:00 - 06:34 (05:34)
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The preeminent VC firm, Sequoia, along with 50 other top investors, have invested in a firm that has lost $10 billion worth of customer funds. Although the facts can be discussed, the unconventional practices of the person in charge are coming under scrutiny.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The speaker emphasizes the importance of providing a balanced story in crypto by mentioning concerns and influential people in control of societies and governments.
06:34 - 11:54 (05:19)
Summary
The speaker emphasizes the importance of providing a balanced story in crypto by mentioning concerns and influential people in control of societies and governments. They believe that stories about crypto should not always be rosy.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The speaker reflects on the questionable behavior of Sam Bankman-Fried and the Alameda Research team, including drug use, intentional lying, and promiscuity.
11:54 - 15:19 (03:25)
Summary
The speaker reflects on the questionable behavior of Sam Bankman-Fried and the Alameda Research team, including drug use, intentional lying, and promiscuity. Despite red flags, they found success in trading with borrowed Bitcoin.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The idea of billionaires knowing each other and the inner workings of their investments may not be entirely accurate.
15:19 - 19:30 (04:11)
Summary
The idea of billionaires knowing each other and the inner workings of their investments may not be entirely accurate. In a podcast, an investor revealed that he noticed self-dealing among billionaires, even among those requiring a financial background for admission to their club.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The episode discusses the idea of effective altruism, which means making as much money as possible to give to charity, and how it can cause positive change for society.
19:30 - 22:36 (03:05)
Summary
The episode discusses the idea of effective altruism, which means making as much money as possible to give to charity, and how it can cause positive change for society. The guest provides a real-life example of an effective altruist who made millions to donate it all to charity, and shares how he tries to convince others to be more charitable through maximizing their earnings.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The biggest cryptocurrency exchange, FTX, is facing insolvency, adding to the constant stream of bad news and decreasing trust in the industry.
22:36 - 25:43 (03:06)
Summary
The biggest cryptocurrency exchange, FTX, is facing insolvency, adding to the constant stream of bad news and decreasing trust in the industry.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The speaker reflects on the early excitement and hype around the cryptocurrency scene in Ukraine, and how it has faded over time due to fraud, reckless risk-taking and exchange hacks.
25:43 - 29:57 (04:13)
Summary
The speaker reflects on the early excitement and hype around the cryptocurrency scene in Ukraine, and how it has faded over time due to fraud, reckless risk-taking and exchange hacks.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
Martin Shkreli, a former finance guy, went to jail for scamming his pharmaceutical company.
29:57 - 36:31 (06:34)
Summary
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.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The speaker discusses allegations of collusion between executives to profit from a financial scam.
36:31 - 41:20 (04:48)
Summary
The speaker discusses allegations of collusion between executives to profit from a financial scam. The comparison is made to the Theranos scandal, wherein a noble intention is said to have been buried under personal gain.
EpisodeReaction To The Collapse of FTX and Sam Bankman-Fried
PodcastMy First Million
The speaker predicts that Web 3 startups that relied on cryptocurrency are heading towards failure due to investors losing belief in the technology.
41:19 - 42:54 (01:34)
Summary
The speaker predicts that Web 3 startups that relied on cryptocurrency are heading towards failure due to investors losing belief in the technology. However, he emphasizes that the crypto industry as a whole is not going away and will eventually thrive.