Episode
Why the FTX Crypto Scam Is a Tale As Old As Time
1:00:38
Published: Wed Dec 07 2022
Description
“Whatever fun name you wanna put on it, it’s the same damn thing we’ve seen over and over again.” David Dayen, executive editor of The American Prospect, joins us to discuss the spectacular rise and fall of crypto exchange FTX and its disgraced leader, Sam Bankman-Fried. We dive into the ways its collapse mirrors the worst failures of more mainstream markets, how SBF was able to use effective altruism as cover for garden-variety political influence, and why it’s a mess that the House Agriculture Committee ended up regulating exchanges like FTX. Plus, writers Henrik Blix and Jay Jurden stop by to talk about living in a golden age of grifts and teach Jon about the Liver King’s dirty secret. Season 2 is now streaming on Apple TV+.CREDITS Hosted by: Jon Stewart Featuring, in order of appearance: Henrik Blix, Jay Jurden, David Dayen Executive Produced by Jon Stewart, Brinda Adhikari, James Dixon, Chris McShane, and Richard Plepler.Lead Producer: Sophie EricksonProducers: Zach Goldbaum, Caity GrayAssoc. Producer: Andrea Betanzos Sound Engineer & Editor: Miguel CarrascalSenior Digital Producer: Freddie MorganDigital Producer: Cassie MurdochDigital Coordinator: Norma HernandezSupervising Producer: Lorrie BaranekHead Writer: Kris Acimovic Elements: Kenneth Hull, Daniella PhilipsonTalent: Brittany Mehmedovic, Marjorie McCurry, Lukas Thimm Research: Susan Helvenston, Andy Crystal, Harjyot Ron Singh, Deniz ÇamTheme Music by: Gary Clark Jr. The Problem With Jon Stewart podcast is an Apple TV+ podcast, produced by Busboy Productions. https://apple.co/-JonStewart
Chapters
The internet and social media have allowed people to become scammers without any real medical expertise or celebrity status, such as the infamous "Liver King".
00:00 - 02:38 (02:38)
Summary
The internet and social media have allowed people to become scammers without any real medical expertise or celebrity status, such as the infamous "Liver King".
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
The "Liver King" advocates eating animal testicles, being in the sun, and having a liver queen to achieve his physique, but ultimately sells pills as the solution.
02:38 - 08:01 (05:23)
Summary
The "Liver King" advocates eating animal testicles, being in the sun, and having a liver queen to achieve his physique, but ultimately sells pills as the solution.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
Cryptocurrency exchanges and supplement marketing rely on packaging the same ingredients in different ways.
08:01 - 14:17 (06:15)
Summary
Cryptocurrency exchanges and supplement marketing rely on packaging the same ingredients in different ways. While these industries may seem flashy and exciting, the reality is that they're often just the same old grift.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
Summary
I think that's a good thing.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
This episode discusses the recent bill that has been proposed to shift the oversight of certain types of digital assets from SEC to CFTC, and the potential implications of such a shift.
21:45 - 26:49 (05:04)
Summary
This episode discusses the recent bill that has been proposed to shift the oversight of certain types of digital assets from SEC to CFTC, and the potential implications of such a shift. The corruption between the government, markets and big players like Ken Griffin at Citadel is also touched upon.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
The crypto bubble had a public relations problem, with the promotion of innovation and accessibility overshadowing the fact that it was just another tool for fleecing people of their money.
26:49 - 33:43 (06:54)
Summary
The crypto bubble had a public relations problem, with the promotion of innovation and accessibility overshadowing the fact that it was just another tool for fleecing people of their money. The affinity of media professionals towards the idea of 'effective altruism' further perpetuated this problem and promoted access to an individual with a lot of power and money.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
The speaker discusses the parallels between the current corrupt and monopolistic regulated markets and the risks of adopting a grandiloquent regulatory regime for cryptocurrency, highlighting the need to focus on policing fraud rather than facilitating bailouts.
33:43 - 38:37 (04:53)
Summary
The speaker discusses the parallels between the current corrupt and monopolistic regulated markets and the risks of adopting a grandiloquent regulatory regime for cryptocurrency, highlighting the need to focus on policing fraud rather than facilitating bailouts.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
An individual made a lot of money by doing cryptocurrency transactions with a timing difference between regions, specifically Japanese trades, which resulted in him earning a significant yield in X token.
38:37 - 42:56 (04:19)
Summary
An individual made a lot of money by doing cryptocurrency transactions with a timing difference between regions, specifically Japanese trades, which resulted in him earning a significant yield in X token.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
A discussion on the feasibility and legality of creating autonomous communities in international waters with a comparison to an old Monty Python bit about a conjurer.
42:56 - 48:01 (05:04)
Summary
A discussion on the feasibility and legality of creating autonomous communities in international waters with a comparison to an old Monty Python bit about a conjurer. The speaker suggests that these communities could become a reality in a few years, despite the regulatory challenges.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
The need to do a better job of policing crypto advertising and ensuring that people understand the risks was highlighted in a discussion about the views of certain senators on the topic.
48:01 - 53:00 (04:59)
Summary
The need to do a better job of policing crypto advertising and ensuring that people understand the risks was highlighted in a discussion about the views of certain senators on the topic.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
The financial industry often uses fake altruism to disguise their scams, which are essentially the same thing repeated with different ways of getting money.
53:00 - 56:39 (03:38)
Summary
The financial industry often uses fake altruism to disguise their scams, which are essentially the same thing repeated with different ways of getting money. The lack of transparency in this industry highlights the need for better regulation and oversight.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
The speaker discusses his process for getting tickets to Madison Square Garden games and reflects on the Knicks' unfortunate luck in the NBA draft lottery.
56:39 - 59:45 (03:06)
Summary
The speaker discusses his process for getting tickets to Madison Square Garden games and reflects on the Knicks' unfortunate luck in the NBA draft lottery.
EpisodeWhy the FTX Crypto Scam Is a Tale As Old As Time
PodcastThe Problem With Jon Stewart
The hosts thank their guests and promote their upcoming year-end wrap-up podcast with special guests.
59:45 - 1:00:19 (00:33)
Summary
The hosts thank their guests and promote their upcoming year-end wrap-up podcast with special guests.