1 00:00:00,160 --> 00:00:02,960 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,960 --> 00:00:06,400 Speaker 1: where we talk about the decentralized revolution. We are talking 3 00:00:06,400 --> 00:00:09,160 Speaker 1: about how the world is changing, of course, right before 4 00:00:09,160 --> 00:00:10,600 Speaker 1: our very eyes, and of course we look at it 5 00:00:10,640 --> 00:00:15,400 Speaker 1: through the lens of politics, finance, and technology, politics, finance, 6 00:00:15,400 --> 00:00:19,520 Speaker 1: and technology. And today, man, we are going to talk 7 00:00:19,560 --> 00:00:24,160 Speaker 1: about the biggest news in all three of those areas, politics, finance, 8 00:00:24,160 --> 00:00:26,920 Speaker 1: and technology. Of course, those three things are interconnected, and 9 00:00:26,960 --> 00:00:29,120 Speaker 1: that's where I like to focus, and so I got 10 00:00:29,160 --> 00:00:32,040 Speaker 1: a big, big, big, big, big show to talk about. Today. 11 00:00:32,159 --> 00:00:36,520 Speaker 1: We are going to talk about the second largest cryptocurrency 12 00:00:36,560 --> 00:00:42,559 Speaker 1: exchange blowing up and taking down everything in its wake. 13 00:00:42,680 --> 00:00:45,320 Speaker 1: Let's just say everything. It's taking down the cryptocurrency industry, 14 00:00:45,360 --> 00:00:49,200 Speaker 1: it's taking down the political industry, it's disrupting the finance industry. 15 00:00:49,560 --> 00:00:52,240 Speaker 1: I mean, this is really, really, really big news, and 16 00:00:52,240 --> 00:00:54,000 Speaker 1: I want to look at it from a couple of ways. 17 00:00:54,600 --> 00:00:57,360 Speaker 1: I've already done two videos on my YouTube channel, digging 18 00:00:57,520 --> 00:01:01,560 Speaker 1: deep into this, where I've shown on on the you 19 00:01:01,600 --> 00:01:04,600 Speaker 1: know here on the here what I'm just talking to you. 20 00:01:04,640 --> 00:01:06,559 Speaker 1: I just have to kind of talk to you verbally 21 00:01:06,560 --> 00:01:08,120 Speaker 1: and you kind of have to take my word for it. 22 00:01:08,600 --> 00:01:11,080 Speaker 1: On YouTube. I'd like to bring what I call the receipts, 23 00:01:11,160 --> 00:01:14,000 Speaker 1: and this is I want the graphs, the headlines, the facts, 24 00:01:14,000 --> 00:01:17,160 Speaker 1: the figures to show you, because man, some of this 25 00:01:17,240 --> 00:01:19,360 Speaker 1: stuff is unbelievable. But I want to talk to you 26 00:01:19,360 --> 00:01:20,720 Speaker 1: today and I want to dig in a little bit 27 00:01:20,760 --> 00:01:22,920 Speaker 1: more in some way and discuss some things that I 28 00:01:23,000 --> 00:01:25,760 Speaker 1: haven't put out anywhere else. And so I want to 29 00:01:25,840 --> 00:01:27,840 Speaker 1: run through, first of all, I want to explain to 30 00:01:27,880 --> 00:01:32,520 Speaker 1: you how this all works. And it's super important that 31 00:01:32,600 --> 00:01:35,880 Speaker 1: you understand this part because I've said some things on 32 00:01:35,920 --> 00:01:39,520 Speaker 1: Twitter that have made a lot of people angry. And 33 00:01:39,600 --> 00:01:44,960 Speaker 1: I said that this might have been the last cryptocurrency 34 00:01:45,080 --> 00:01:48,760 Speaker 1: bull run that we'll see again. And I said that 35 00:01:48,880 --> 00:01:52,160 Speaker 1: because of regulations that will come. And people are like, oh, Mark, 36 00:01:52,880 --> 00:01:55,800 Speaker 1: you don't know, like they'll just go off shore and 37 00:01:55,880 --> 00:01:59,600 Speaker 1: regulators can't stop it. And I would agree with both 38 00:01:59,600 --> 00:02:04,080 Speaker 1: of those things. However, if you don't understand how the 39 00:02:04,120 --> 00:02:09,000 Speaker 1: market works, then you won't understand why regulations will put 40 00:02:09,040 --> 00:02:11,520 Speaker 1: a let's say, put the brakes on this thing. Now. 41 00:02:11,560 --> 00:02:12,919 Speaker 1: I'm not saying it's gonna go away. I'm not saying 42 00:02:12,919 --> 00:02:16,119 Speaker 1: it's gonna kill You can't stop innovation. I'm all for that, 43 00:02:16,480 --> 00:02:19,079 Speaker 1: but if you don't understand how this works, then you 44 00:02:19,120 --> 00:02:21,760 Speaker 1: won't understand the impact that it has. So anyway, I'm 45 00:02:21,760 --> 00:02:24,840 Speaker 1: gonna explain how this all works, how this got built up? 46 00:02:25,760 --> 00:02:28,640 Speaker 1: All right, Then we're gonna talk about, um, you know 47 00:02:28,760 --> 00:02:31,440 Speaker 1: what they did, what ft X, what Sam Bankman fried, 48 00:02:31,520 --> 00:02:36,919 Speaker 1: what Alameda did, um in in in ties with the regulators, 49 00:02:36,919 --> 00:02:40,440 Speaker 1: the SEC, the CFTC, with the Democratic Party. Uh, we're 50 00:02:40,440 --> 00:02:43,280 Speaker 1: gonna talk about the ties they have with the globalist um. 51 00:02:43,480 --> 00:02:46,519 Speaker 1: Then I want to go into um this massive backlash 52 00:02:46,560 --> 00:02:49,120 Speaker 1: that's happening, what potentially these regulators may or may not 53 00:02:49,240 --> 00:02:52,320 Speaker 1: do after it? Um, And then what's gonna happen next, 54 00:02:52,360 --> 00:02:55,520 Speaker 1: What other companies are at risk at danger, what happens 55 00:02:55,560 --> 00:02:58,919 Speaker 1: with the overall industry after this? And so much more? 56 00:02:59,160 --> 00:03:02,680 Speaker 1: Um Man the big It's a big, ambitious goal to 57 00:03:02,680 --> 00:03:04,080 Speaker 1: get through all this in the show. So I'm gonna 58 00:03:04,080 --> 00:03:05,720 Speaker 1: have to talk really fast that you're gonna have stick 59 00:03:05,760 --> 00:03:08,200 Speaker 1: with me, and you are not going to want to 60 00:03:08,240 --> 00:03:10,919 Speaker 1: miss any of this. So let's just dig in. So UM, 61 00:03:10,960 --> 00:03:13,799 Speaker 1: I want to explain to you first how this works, because, 62 00:03:14,000 --> 00:03:15,560 Speaker 1: like I said, all these people on Twitter, they're all 63 00:03:15,600 --> 00:03:17,200 Speaker 1: mad at me today because I said that we may 64 00:03:17,200 --> 00:03:20,120 Speaker 1: see the last crypto bul run. So first off, let 65 00:03:20,120 --> 00:03:23,840 Speaker 1: me just say right off the bat, I and if you, 66 00:03:24,080 --> 00:03:25,840 Speaker 1: if you, if you tune into my shows regularly, you 67 00:03:25,840 --> 00:03:27,680 Speaker 1: should already know this, but I'm gonna tell you anyway. 68 00:03:27,720 --> 00:03:31,959 Speaker 1: As a disclaimer, I am a freedom maximalist. I don't 69 00:03:31,960 --> 00:03:34,120 Speaker 1: know what political party I'm in. I'm a freedom maximist. 70 00:03:34,120 --> 00:03:36,480 Speaker 1: I'm for the party that gives me more freedom and 71 00:03:36,680 --> 00:03:42,120 Speaker 1: less government. I believe, as an American everything is free. 72 00:03:42,280 --> 00:03:44,280 Speaker 1: I believe that we are in the land of the free. 73 00:03:44,720 --> 00:03:47,160 Speaker 1: I believe in the country that my grandfather went to 74 00:03:47,200 --> 00:03:50,560 Speaker 1: war defending, my father went to war defending. I believe 75 00:03:50,560 --> 00:03:53,640 Speaker 1: every we are free people and everything is free. The 76 00:03:53,720 --> 00:03:57,200 Speaker 1: government does not give us freedoms, nor do they tell 77 00:03:57,280 --> 00:04:01,080 Speaker 1: us what we're allowed to do. The government does make 78 00:04:01,240 --> 00:04:06,480 Speaker 1: laws which takes away our freedoms, but unless there's already 79 00:04:06,480 --> 00:04:10,720 Speaker 1: a law there, then we are free. I am not 80 00:04:10,800 --> 00:04:15,400 Speaker 1: for regulations, um. I believe that we should have uh 81 00:04:15,520 --> 00:04:19,680 Speaker 1: as little as regulations as possible. So don't take this 82 00:04:19,760 --> 00:04:23,840 Speaker 1: episode as I am asking for or I want regulations 83 00:04:23,880 --> 00:04:28,000 Speaker 1: to happen. But as an investor, I believe that we 84 00:04:28,120 --> 00:04:32,200 Speaker 1: invest in the world as it is, not as we 85 00:04:32,279 --> 00:04:35,200 Speaker 1: want it to be, not as we think it should be, 86 00:04:35,560 --> 00:04:38,680 Speaker 1: but as it is. So I'm not for regulations, I'm 87 00:04:38,720 --> 00:04:41,040 Speaker 1: not for big government. I don't want this to happen, 88 00:04:41,360 --> 00:04:43,400 Speaker 1: but this is what I see happening. Okay, So let 89 00:04:43,440 --> 00:04:45,480 Speaker 1: me just let me just let me just preface that. Okay, 90 00:04:46,000 --> 00:04:48,880 Speaker 1: Now that being said, let's dig into this story. By 91 00:04:48,880 --> 00:04:51,400 Speaker 1: the by this point, you had to have seen it 92 00:04:51,600 --> 00:04:54,440 Speaker 1: all over the internet. It's the largest story because it's 93 00:04:54,440 --> 00:04:58,200 Speaker 1: the largest cryptocurrency exchange. We're talking about over ten billion 94 00:04:58,640 --> 00:05:02,640 Speaker 1: or really the company was I had at thirty two billion, 95 00:05:02,800 --> 00:05:05,760 Speaker 1: thirty two billion dollars and it basically got viscerated overnight. 96 00:05:06,000 --> 00:05:08,159 Speaker 1: And when I say overnight, over a couple of days, 97 00:05:08,760 --> 00:05:11,240 Speaker 1: um about eight days probably from the time the story 98 00:05:11,279 --> 00:05:12,919 Speaker 1: broke to the time it kind of got wrapped up, 99 00:05:12,920 --> 00:05:15,719 Speaker 1: although of course the story is not wrapped up, and 100 00:05:15,800 --> 00:05:18,839 Speaker 1: it's not a funny story. It's not a story to 101 00:05:18,839 --> 00:05:24,760 Speaker 1: be taken lightly. Ten billion dollars were fraudulently taken away. 102 00:05:25,160 --> 00:05:27,960 Speaker 1: And that's not just some numbers on the screen. That 103 00:05:28,000 --> 00:05:34,240 Speaker 1: represents probably hundreds of thousands of people, hundreds of thousands 104 00:05:34,279 --> 00:05:38,400 Speaker 1: of families who might have had their entire life savings 105 00:05:38,839 --> 00:05:41,400 Speaker 1: wiped out. So this is not funny. I don't take 106 00:05:41,400 --> 00:05:46,280 Speaker 1: this lightly. I take this very seriously. So I might 107 00:05:46,320 --> 00:05:48,880 Speaker 1: be laughing about some of this because it's just so idiotic, 108 00:05:48,920 --> 00:05:51,560 Speaker 1: but I but I don't take this lightly. Uh. And 109 00:05:51,600 --> 00:05:54,600 Speaker 1: I feel bad for anybody caught up in this. However, 110 00:05:55,200 --> 00:05:57,600 Speaker 1: you know the saying I don't lose, either win or 111 00:05:57,640 --> 00:06:01,200 Speaker 1: I learned. So if you've lost, take it as a lesson. 112 00:06:01,440 --> 00:06:04,280 Speaker 1: Learn from this. And if you didn't lose, consider yourself lucky, 113 00:06:04,320 --> 00:06:06,599 Speaker 1: but still learn from this, and hopefully you can learn 114 00:06:06,600 --> 00:06:10,039 Speaker 1: from other people's mistakes. All right, Um, And I'll also 115 00:06:10,160 --> 00:06:13,839 Speaker 1: say just now that I hope, um, Sam Bankman, Freed 116 00:06:13,839 --> 00:06:16,839 Speaker 1: and everybody else involved in this pays for this. Alright. 117 00:06:16,960 --> 00:06:20,080 Speaker 1: I we need real accountability. I'm afraid we may not 118 00:06:20,360 --> 00:06:22,760 Speaker 1: get it. And of course that's the state of the 119 00:06:22,800 --> 00:06:25,200 Speaker 1: United States at this point. But let's talk about this. 120 00:06:25,240 --> 00:06:27,080 Speaker 1: So how did this work? And like I said, this 121 00:06:27,160 --> 00:06:29,640 Speaker 1: is the key piece to understand. First of all, So 122 00:06:29,680 --> 00:06:32,520 Speaker 1: there's two companies now now I'm gonna explain f t 123 00:06:32,800 --> 00:06:36,320 Speaker 1: X and Alameda, but this is the whole industry. Okay, 124 00:06:36,400 --> 00:06:40,000 Speaker 1: So there's two companies f t X, which is an 125 00:06:40,040 --> 00:06:44,120 Speaker 1: exchange and exchange is like a broker So if you 126 00:06:44,120 --> 00:06:46,760 Speaker 1: want to buy stocks of Facebook or Tesla or Google 127 00:06:46,839 --> 00:06:49,040 Speaker 1: or Amazon or whatever, it's not Facebook and More. It's 128 00:06:49,040 --> 00:06:50,200 Speaker 1: met Up. But if you want to buy any of 129 00:06:50,200 --> 00:06:53,200 Speaker 1: those stocks, you would need a brokerage account and that 130 00:06:53,240 --> 00:06:55,640 Speaker 1: would be you know, E Trade or Charles Schwab or 131 00:06:55,640 --> 00:06:58,800 Speaker 1: Interactive Brokers or something like that. Okay, so that's where 132 00:06:58,839 --> 00:07:00,400 Speaker 1: you can go and buy and sells off. You can 133 00:07:00,440 --> 00:07:03,840 Speaker 1: exchange things, all right. Then that so ft X was 134 00:07:03,880 --> 00:07:06,880 Speaker 1: an exchange. Then there was another company, a sister company 135 00:07:06,920 --> 00:07:10,280 Speaker 1: called Alameda, and Alameda is what's known as a market maker. 136 00:07:10,800 --> 00:07:16,200 Speaker 1: That means they make markets. That means that they artificially 137 00:07:16,280 --> 00:07:20,760 Speaker 1: create demand and artificially create a price around that. All right. Now, 138 00:07:21,120 --> 00:07:24,200 Speaker 1: some of you go might go, oh, Mark, that's conspiratorial. 139 00:07:24,240 --> 00:07:27,200 Speaker 1: Market makers just provide liquidity. Yeah, they do. They do 140 00:07:27,240 --> 00:07:31,160 Speaker 1: provide liquidity, but they also create artificial prices in this case, 141 00:07:31,280 --> 00:07:33,440 Speaker 1: and so I'm gonna explain how that works, all right now. 142 00:07:33,480 --> 00:07:35,400 Speaker 1: I do want to point out that in the point 143 00:07:35,440 --> 00:07:40,880 Speaker 1: of stocks, Amazon, Facebook, Tesla, etcetera. Stocks are what we 144 00:07:40,960 --> 00:07:45,280 Speaker 1: consider securities equities, right, So when I buy a stock 145 00:07:45,280 --> 00:07:47,680 Speaker 1: in a company, I'm actually buying equity. I'm actually an 146 00:07:47,680 --> 00:07:53,280 Speaker 1: owner of that company, and that security is is the stock, 147 00:07:53,320 --> 00:07:57,000 Speaker 1: all right. And what that also means is that those companies, 148 00:07:57,040 --> 00:07:59,440 Speaker 1: in order to release that stock into the public that 149 00:07:59,440 --> 00:08:02,400 Speaker 1: I could buy stock certificates are um they're not certificates 150 00:08:02,400 --> 00:08:05,160 Speaker 1: anymore now it's just all digital but their stocks. But 151 00:08:05,160 --> 00:08:06,400 Speaker 1: in order for our company to do that, they have 152 00:08:06,440 --> 00:08:08,440 Speaker 1: to file all types of paperwork, they have to meet 153 00:08:08,480 --> 00:08:11,360 Speaker 1: all types of requirements, they have to spend lots of 154 00:08:11,440 --> 00:08:14,559 Speaker 1: money in lawyers and fees and and things like that, 155 00:08:14,880 --> 00:08:16,400 Speaker 1: Lots of due diligence they have to go through, and 156 00:08:16,400 --> 00:08:19,560 Speaker 1: they have to, you know, basically prove their legitimate and 157 00:08:19,600 --> 00:08:24,120 Speaker 1: they're not full of they're not fraught. Then the exchanges 158 00:08:24,160 --> 00:08:26,840 Speaker 1: where you exchange those the etras, the child schwabs, et cetera. 159 00:08:26,960 --> 00:08:31,000 Speaker 1: Tdum are trades. Those aren't just exchanges. Those are brokerages 160 00:08:31,600 --> 00:08:35,319 Speaker 1: that are licensed to allow you to buy and sell 161 00:08:35,400 --> 00:08:38,560 Speaker 1: these securities. Now, all of that is meant to protect you. 162 00:08:39,240 --> 00:08:41,439 Speaker 1: I'm not for the government imposing that. I think we 163 00:08:41,480 --> 00:08:44,920 Speaker 1: should be able to protect ourselves. But this is the system. Okay, 164 00:08:45,400 --> 00:08:48,679 Speaker 1: the crypto space, what FTX and others are doing is 165 00:08:48,720 --> 00:08:52,000 Speaker 1: completely opposite. F t X runs in exchange that does 166 00:08:52,080 --> 00:08:54,400 Speaker 1: not sell securities. But that's the piece we're going to 167 00:08:54,480 --> 00:08:57,240 Speaker 1: come back to. And because they're not selling licensed securities, 168 00:08:57,280 --> 00:09:01,439 Speaker 1: then they're not licensed either, which is ripe for massive 169 00:09:01,440 --> 00:09:03,360 Speaker 1: amounts of fraud. Now I'm not saying we need government 170 00:09:03,360 --> 00:09:05,199 Speaker 1: regulations for that, but I want to frame that up. 171 00:09:05,559 --> 00:09:07,679 Speaker 1: But more importantly, I want to talk about how all 172 00:09:07,720 --> 00:09:12,080 Speaker 1: this crypto space makes so much money and leads to fraud. 173 00:09:12,280 --> 00:09:13,800 Speaker 1: So we're gonna talk about that. Like I said, I've 174 00:09:13,840 --> 00:09:15,960 Speaker 1: got a lot of big ambitius show to go through. 175 00:09:16,240 --> 00:09:17,800 Speaker 1: You do not want to miss it. If you're just 176 00:09:17,840 --> 00:09:20,120 Speaker 1: tuning in right now, you're listening to the Mark Moa show. 177 00:09:20,120 --> 00:09:22,679 Speaker 1: We're talking about this ft X blow up and what 178 00:09:22,760 --> 00:09:25,480 Speaker 1: that means. I got a lot to cover. You don't 179 00:09:25,480 --> 00:09:27,560 Speaker 1: want to miss it, so don't go away, all right, 180 00:09:27,600 --> 00:09:29,679 Speaker 1: Welcome back. If you just tune it in. You are 181 00:09:29,720 --> 00:09:32,160 Speaker 1: listening to the Mark mass show. We're talking about the 182 00:09:32,200 --> 00:09:34,640 Speaker 1: ft X blow up. This is something I've been I've 183 00:09:34,640 --> 00:09:39,320 Speaker 1: been covering extensively. Um I've done too really really deep 184 00:09:39,320 --> 00:09:41,400 Speaker 1: dive like forty five minute videos on my main YouTube 185 00:09:41,440 --> 00:09:46,160 Speaker 1: channel Mark Moss, very very deep investigative journalism, so to speak, 186 00:09:46,320 --> 00:09:47,920 Speaker 1: even though I wouldn't consider myself that. If you want 187 00:09:47,920 --> 00:09:49,679 Speaker 1: to watch those super deep dives, you can go check 188 00:09:49,679 --> 00:09:52,160 Speaker 1: it out. Just search Mark Moss on YouTube. Also, if 189 00:09:52,160 --> 00:09:53,760 Speaker 1: you miss any part of the show, don't where I 190 00:09:53,800 --> 00:09:55,240 Speaker 1: got your back. You can catch it on your favorite 191 00:09:55,240 --> 00:09:58,959 Speaker 1: podcast player. Just search Mark Moss Show or check me 192 00:09:59,000 --> 00:10:02,240 Speaker 1: out on YouTube. Um on the Market Disruptor channel, you 193 00:10:02,280 --> 00:10:05,079 Speaker 1: can watch and listen there. Um And I've been putting 194 00:10:05,080 --> 00:10:07,840 Speaker 1: out the playboo, but this story is going so fast. 195 00:10:08,240 --> 00:10:10,120 Speaker 1: I've been putting this on the play by play on Twitter. 196 00:10:10,320 --> 00:10:11,800 Speaker 1: So if you're not following me on Twitter, check that 197 00:10:11,840 --> 00:10:14,360 Speaker 1: out at one, just the number one, Mark Moss at 198 00:10:14,360 --> 00:10:16,440 Speaker 1: one Mark Moss. So anyway, getting back to this, so 199 00:10:16,440 --> 00:10:19,360 Speaker 1: there's two companies, Alameda and ft X, and so here's 200 00:10:19,400 --> 00:10:22,000 Speaker 1: how it works. As a matter of fact, I'm gonna 201 00:10:22,080 --> 00:10:26,480 Speaker 1: tell you, I'm gonna redo directly from Sam Bankman Freed SPF. 202 00:10:26,600 --> 00:10:28,800 Speaker 1: He's the founder of f t X and Alameda, and 203 00:10:28,880 --> 00:10:32,839 Speaker 1: he actually explained exactly how it works in an interview 204 00:10:33,080 --> 00:10:36,360 Speaker 1: on April two thousand two. Now, if you've been listening 205 00:10:36,400 --> 00:10:39,160 Speaker 1: to the podcast for a long time since April. I 206 00:10:39,280 --> 00:10:41,240 Speaker 1: originally read this to you back then, but I'm gonna 207 00:10:41,240 --> 00:10:43,120 Speaker 1: read it to you again here. So this is directly 208 00:10:43,200 --> 00:10:48,280 Speaker 1: from his own mouth. Okay, he says, uh, okay. The 209 00:10:48,320 --> 00:10:50,440 Speaker 1: cryptocurrency world is split into two. This is not from 210 00:10:50,520 --> 00:10:52,640 Speaker 1: him yet, but the cryptocurrency world is split into two 211 00:10:52,640 --> 00:10:57,160 Speaker 1: different visions. One group of fundamentalists seeing some coins like 212 00:10:57,200 --> 00:11:01,760 Speaker 1: Bitcoin as unchanging, static line of code that can active 213 00:11:01,760 --> 00:11:04,439 Speaker 1: stores with vious. So that's bitcoin, Bitcoin's over here. And 214 00:11:04,480 --> 00:11:09,200 Speaker 1: then there's another group experimenting at an increasingly frantic pace 215 00:11:09,440 --> 00:11:12,800 Speaker 1: with new ways to create money. Right, Bitcoin and crypto, 216 00:11:12,880 --> 00:11:15,320 Speaker 1: they're not the same. Bitcoin is a static line of 217 00:11:15,360 --> 00:11:17,240 Speaker 1: code that's the store value. The other one is frantically 218 00:11:17,600 --> 00:11:20,080 Speaker 1: trying to create money out of thin air. Okay, So 219 00:11:20,120 --> 00:11:22,319 Speaker 1: now let's talk about this interview, and I'm gonna read 220 00:11:22,320 --> 00:11:25,079 Speaker 1: directly quote and stand bankman freed. So here's how it works. 221 00:11:25,559 --> 00:11:28,600 Speaker 1: You start with a company that builds a box and 222 00:11:28,640 --> 00:11:32,200 Speaker 1: then practice this box. They probably dress it up to 223 00:11:32,280 --> 00:11:35,840 Speaker 1: look like it's a life changing, you know, world altering protocol. 224 00:11:35,960 --> 00:11:37,720 Speaker 1: So what he's saying is you start with a box. 225 00:11:37,720 --> 00:11:41,280 Speaker 1: So a company that's a key piece a company. Remember 226 00:11:41,320 --> 00:11:44,679 Speaker 1: that a company builds a box and they dress it 227 00:11:44,760 --> 00:11:47,120 Speaker 1: up to look like it's a life changing, world altering 228 00:11:47,160 --> 00:11:51,280 Speaker 1: protocol to all these cryptocurrencies, their protocols, right, their software, 229 00:11:51,480 --> 00:11:54,160 Speaker 1: They're gonna change the world, which is exactly what he's saying. 230 00:11:54,240 --> 00:11:57,440 Speaker 1: So they a company builds a box and they dress 231 00:11:57,440 --> 00:11:58,960 Speaker 1: it up to look like it's a life changing, world 232 00:11:59,000 --> 00:12:03,440 Speaker 1: altering protocol. Then it says what it does, or it 233 00:12:03,520 --> 00:12:07,160 Speaker 1: pretend it does literally nothing. It's just a box. I'm 234 00:12:07,200 --> 00:12:10,160 Speaker 1: reading directly from him. So they create a company. Uh, 235 00:12:10,200 --> 00:12:12,640 Speaker 1: they create a box. They say it's a world changing protocol. 236 00:12:12,800 --> 00:12:15,520 Speaker 1: But the box does nothing. It's just a box. So 237 00:12:15,559 --> 00:12:18,640 Speaker 1: what this protocol is, It's called protocol X. It's a box. 238 00:12:19,080 --> 00:12:22,480 Speaker 1: Now you take a token, all right, and you can 239 00:12:22,520 --> 00:12:24,800 Speaker 1: take ethereum. You can put it in the box and 240 00:12:24,800 --> 00:12:26,680 Speaker 1: then you take it back out of the box. So 241 00:12:26,760 --> 00:12:29,440 Speaker 1: you put money in and you take money out. You 242 00:12:30,080 --> 00:12:33,080 Speaker 1: start doing this to create activity. That's me ad living 243 00:12:33,160 --> 00:12:35,480 Speaker 1: here um. Now I'm gonna go back to quoteing him 244 00:12:35,559 --> 00:12:38,280 Speaker 1: quote It doesn't do anything but let you put things 245 00:12:38,360 --> 00:12:41,680 Speaker 1: in it if you so choose. Then this protocol issues 246 00:12:41,720 --> 00:12:45,200 Speaker 1: a token. We call it whatever, call it X token, 247 00:12:45,559 --> 00:12:48,480 Speaker 1: and X token promises that anything cool that happens because 248 00:12:48,480 --> 00:12:51,160 Speaker 1: of this box is going to ultimately be usable. So 249 00:12:51,840 --> 00:12:54,240 Speaker 1: now on the ad lib again here. So you created, 250 00:12:54,360 --> 00:12:56,680 Speaker 1: you create a box. A company creates a box and 251 00:12:56,679 --> 00:12:58,719 Speaker 1: they say it's going to change the world. Then they 252 00:12:58,720 --> 00:13:00,760 Speaker 1: start putting tokens in and out of the box, like 253 00:13:00,760 --> 00:13:03,120 Speaker 1: a theory. In and out the box. There's like some activity. 254 00:13:03,200 --> 00:13:06,000 Speaker 1: And then they create a token for this box, and 255 00:13:06,040 --> 00:13:09,640 Speaker 1: this token promises that anything that happens that's cool with 256 00:13:09,679 --> 00:13:11,800 Speaker 1: the box is gonna be usable. Now we don't know 257 00:13:11,840 --> 00:13:14,000 Speaker 1: what that is. It's gonna have utility, though, we promise. 258 00:13:14,040 --> 00:13:15,559 Speaker 1: We don't know what utility is, but don't worry, it's 259 00:13:15,559 --> 00:13:18,640 Speaker 1: gonna have utility. Okay, this is how it works. Quote. 260 00:13:18,760 --> 00:13:21,280 Speaker 1: And of course so far we haven't exactly given a 261 00:13:21,280 --> 00:13:24,840 Speaker 1: compelling reason for why there would ever be any proceeds 262 00:13:24,840 --> 00:13:28,280 Speaker 1: from this box, but I don't know, you know, maybe 263 00:13:28,440 --> 00:13:32,840 Speaker 1: there will be end quote. Okay quote. And then you say, 264 00:13:32,880 --> 00:13:35,440 Speaker 1: all right, well you've got this box and you've got 265 00:13:35,480 --> 00:13:39,120 Speaker 1: ex token. They're going to give them away for free 266 00:13:39,360 --> 00:13:43,480 Speaker 1: to whoever uses the box. End quote. So basically, you've 267 00:13:43,480 --> 00:13:46,400 Speaker 1: created this token. You create a company, you create a box, 268 00:13:46,440 --> 00:13:48,679 Speaker 1: create a token, you pretend that there's some stuff going 269 00:13:48,760 --> 00:13:50,080 Speaker 1: in and out of the box. You're putting money in 270 00:13:50,080 --> 00:13:51,760 Speaker 1: and out of the box to pretend there's something there. 271 00:13:52,120 --> 00:13:53,720 Speaker 1: And then you create this token and you say, hey, 272 00:13:53,720 --> 00:13:56,200 Speaker 1: anybody else that puts money in this box will give 273 00:13:56,240 --> 00:13:58,719 Speaker 1: you this token that we created out of thin air, 274 00:13:59,080 --> 00:14:02,520 Speaker 1: and we're gonna give it to you. All right, Um, 275 00:14:02,559 --> 00:14:05,040 Speaker 1: if you use the box, quote X token has some 276 00:14:05,120 --> 00:14:09,880 Speaker 1: market cap, right, it's probably not zero. Let's say you 277 00:14:09,920 --> 00:14:14,280 Speaker 1: know it's twenty million market At this point, the interviewer 278 00:14:14,360 --> 00:14:17,440 Speaker 1: Matt says, wait, wait, wait, wait, wait, from like first principles, 279 00:14:17,520 --> 00:14:21,360 Speaker 1: it should be zero. Sam Bankman Freed says, uh, sure, okay, 280 00:14:21,440 --> 00:14:25,760 Speaker 1: completely reasonable comments. The interviewer Matt says, when you describe it, 281 00:14:25,760 --> 00:14:30,000 Speaker 1: it sounds like it should be zero. Sam Bankman Freed says, quote, 282 00:14:30,200 --> 00:14:33,000 Speaker 1: you might think that in like five minutes, with the 283 00:14:33,080 --> 00:14:35,760 Speaker 1: Internet connection, you could create such a box and such 284 00:14:35,760 --> 00:14:38,680 Speaker 1: a token. So Sam Bankman Freed says, yeah, you might 285 00:14:38,680 --> 00:14:40,800 Speaker 1: think it should be zero, and actually it probably should 286 00:14:40,800 --> 00:14:42,520 Speaker 1: be because I could create this in five minutes. If 287 00:14:42,520 --> 00:14:45,320 Speaker 1: I had an Internet connection, within five minutes, I could 288 00:14:45,440 --> 00:14:49,720 Speaker 1: quote create such a box and such a token. It 289 00:14:49,840 --> 00:14:54,440 Speaker 1: should be worth like one hundred and eighty dollars. You 290 00:14:54,480 --> 00:14:56,960 Speaker 1: know that effort that you put into it. In the 291 00:14:57,040 --> 00:14:59,560 Speaker 1: world that we're in, if you do this, everyone's going 292 00:14:59,600 --> 00:15:03,040 Speaker 1: to be like, oh, box token, maybe it's cool. If 293 00:15:03,040 --> 00:15:05,920 Speaker 1: you buy in box token, you know that's gonna appear 294 00:15:05,960 --> 00:15:08,400 Speaker 1: on Twitter and it will have a twenty million market cap. 295 00:15:09,120 --> 00:15:10,680 Speaker 1: One thing that you could do is you could like 296 00:15:11,120 --> 00:15:15,400 Speaker 1: make the float very low. There haven't been twenty million 297 00:15:15,400 --> 00:15:17,760 Speaker 1: dollars that have flowed into it yet end quote. So 298 00:15:18,800 --> 00:15:21,000 Speaker 1: he's saying, yeah, it should be worth nothing because all 299 00:15:21,000 --> 00:15:22,560 Speaker 1: you need is an Internet connection and I could make 300 00:15:22,560 --> 00:15:26,680 Speaker 1: this in five minutes, That's what he said. But because 301 00:15:26,880 --> 00:15:29,600 Speaker 1: you tell the world, oh, if you buy this box token, 302 00:15:29,640 --> 00:15:32,680 Speaker 1: it's gonna be worth so much money. And then he says, uh, 303 00:15:32,720 --> 00:15:34,760 Speaker 1: there would be a very low float. So what does 304 00:15:34,760 --> 00:15:37,080 Speaker 1: that mean. So a low float meaning you create, let's 305 00:15:37,080 --> 00:15:40,440 Speaker 1: say a hundred million tokens and of the hundred million, 306 00:15:40,920 --> 00:15:44,440 Speaker 1: only a very small percentage you're actually available to trade. 307 00:15:44,480 --> 00:15:46,520 Speaker 1: So out of a hundred million tokens, you take I 308 00:15:46,520 --> 00:15:49,960 Speaker 1: don't know, five thousand of them, like almost nothing. The 309 00:15:50,000 --> 00:15:52,440 Speaker 1: rest get locked up. Of the five thousand, you start 310 00:15:52,480 --> 00:15:55,920 Speaker 1: trading and through wash trading that means I trade in 311 00:15:56,000 --> 00:15:58,840 Speaker 1: and out by myself. So I sell it to my buddy, 312 00:15:58,880 --> 00:16:00,360 Speaker 1: and they sell it to their buddy and Eyboddy and 313 00:16:00,400 --> 00:16:01,960 Speaker 1: I buy it back and then it goes round and 314 00:16:02,040 --> 00:16:04,760 Speaker 1: round and round. And because it's such a very thin amount, 315 00:16:05,040 --> 00:16:07,120 Speaker 1: it's very easy for me to push the market cap 316 00:16:07,200 --> 00:16:11,400 Speaker 1: or the valuation of a token that's very thinly traded up. Now, 317 00:16:11,440 --> 00:16:14,680 Speaker 1: the interviewer says, quote, it shouldn't have any market cap 318 00:16:14,720 --> 00:16:18,360 Speaker 1: in theory, and Sam Bankman Freed says, quote, that's right. 319 00:16:20,960 --> 00:16:22,440 Speaker 1: So it shouldn't have any value because they just made 320 00:16:22,480 --> 00:16:23,680 Speaker 1: it up and it didn't cost any money, and all 321 00:16:23,680 --> 00:16:25,240 Speaker 1: that was a computer and internet and they did it 322 00:16:25,720 --> 00:16:27,800 Speaker 1: and we've artificially created and it it shouldn't have any value. 323 00:16:27,800 --> 00:16:33,080 Speaker 1: And Sam Bankman Freeze says, quote that's right, continuing quote. 324 00:16:33,120 --> 00:16:36,840 Speaker 1: Obviously already we're sort of hiding some of the magic impact, right, 325 00:16:37,440 --> 00:16:39,640 Speaker 1: some of the magic is in like how do you 326 00:16:39,680 --> 00:16:42,320 Speaker 1: get that market cap to start with? But you know whatever, 327 00:16:42,400 --> 00:16:45,720 Speaker 1: we're gonna move on from that. Ex tokens are being 328 00:16:45,720 --> 00:16:48,160 Speaker 1: of it out each day. All these like sophisticated firms 329 00:16:48,200 --> 00:16:51,480 Speaker 1: are like, huh, that's interesting, Like if the total amount 330 00:16:51,520 --> 00:16:53,720 Speaker 1: of money in the box is a hundred million dollars. 331 00:16:54,000 --> 00:16:56,480 Speaker 1: Then it's going to yield sixteen million this year and 332 00:16:56,600 --> 00:17:00,560 Speaker 1: ex tokens being given out for UH sixty percent return. 333 00:17:00,720 --> 00:17:03,120 Speaker 1: So what he's saying there end quote. So what Sam 334 00:17:03,120 --> 00:17:05,760 Speaker 1: Bankman Free is saying is you're right, it shouldn't have 335 00:17:05,760 --> 00:17:08,720 Speaker 1: any market cap, but we're hiding some of the magic. 336 00:17:09,160 --> 00:17:11,560 Speaker 1: And he says, um X tokens are being get out 337 00:17:11,680 --> 00:17:14,840 Speaker 1: every day and these sophisticated firms are like, that's interesting. 338 00:17:15,080 --> 00:17:18,760 Speaker 1: These sophisticated firms are the venture capitalist firms. And this 339 00:17:18,840 --> 00:17:23,399 Speaker 1: is a key piece. So venture capitalists loves cryptocurrency because 340 00:17:23,440 --> 00:17:28,240 Speaker 1: they can buy these fake imaginary tokens and instantly make 341 00:17:28,480 --> 00:17:31,199 Speaker 1: In this example, Sam Bankman Freed quoted him says they 342 00:17:31,240 --> 00:17:35,119 Speaker 1: could make sixteen million this year. So typically venture capital 343 00:17:35,160 --> 00:17:37,320 Speaker 1: has to lock up money for seven to ten years 344 00:17:37,760 --> 00:17:40,360 Speaker 1: and hopefully if this company really changes the world, will 345 00:17:40,400 --> 00:17:43,280 Speaker 1: make that money back. But with crypto they can put 346 00:17:43,280 --> 00:17:48,080 Speaker 1: it in and instantly make five, ten, twenty thirty times 347 00:17:48,160 --> 00:17:51,159 Speaker 1: on their money. They loved it. If you're just tune in, 348 00:17:51,160 --> 00:17:53,040 Speaker 1: you're listening to the Mark Moa show. We are talking 349 00:17:53,080 --> 00:17:55,560 Speaker 1: about the ft X fiasco, how it's melted down the 350 00:17:55,600 --> 00:17:58,600 Speaker 1: cryptocurrency space, and I'm explained how it works. I gotta 351 00:17:58,640 --> 00:18:00,800 Speaker 1: break all this down for you. Have a very ambitious show. 352 00:18:00,800 --> 00:18:02,600 Speaker 1: I'm gonna try and get through really quickly. Don't go away, 353 00:18:02,800 --> 00:18:05,760 Speaker 1: I'm gonna be right back. All right, welcome back. If 354 00:18:05,800 --> 00:18:08,040 Speaker 1: you're just tuning in, we're talking about the ft X fiasco. 355 00:18:08,240 --> 00:18:12,119 Speaker 1: I'm explaining to you how it worked. It's the key piece. 356 00:18:12,200 --> 00:18:15,000 Speaker 1: You have to understand how it worked to understand where 357 00:18:15,119 --> 00:18:17,680 Speaker 1: this goes. And this is what most people misunderstand. I've 358 00:18:17,680 --> 00:18:19,520 Speaker 1: been putting it out on Twitter, and people don't understand 359 00:18:19,520 --> 00:18:22,639 Speaker 1: because you're going to get you know whatever, whatever tun characters. 360 00:18:22,680 --> 00:18:24,359 Speaker 1: I think it is. Um. If you're not following me 361 00:18:24,359 --> 00:18:26,080 Speaker 1: on Twitter and you want to play by play, you should. 362 00:18:26,119 --> 00:18:28,600 Speaker 1: You can find me on social media, Twitter, Instagram, whatever, 363 00:18:28,800 --> 00:18:33,640 Speaker 1: at one, the number one at number one, Mark Moss. Anyway, So, uh, 364 00:18:33,680 --> 00:18:36,119 Speaker 1: Sam Bankman Fried, I'm reading a quote directly from an 365 00:18:36,119 --> 00:18:39,480 Speaker 1: interview here. He says that, uh, you know, these sophisticated firms, 366 00:18:39,520 --> 00:18:41,960 Speaker 1: these venture capitalists are like, wait, so I can make 367 00:18:42,000 --> 00:18:44,080 Speaker 1: all this money. And so that's the point that I 368 00:18:44,119 --> 00:18:46,840 Speaker 1: want to make. This is how it works. You have 369 00:18:46,880 --> 00:18:49,640 Speaker 1: a company, they artificially create a token. They say it's 370 00:18:49,640 --> 00:18:51,960 Speaker 1: going to change the world, but really it does nothing. 371 00:18:52,359 --> 00:18:55,040 Speaker 1: They start wash trading, they start moving money in and 372 00:18:55,040 --> 00:18:57,880 Speaker 1: out of it to look like it has some activity. 373 00:18:57,680 --> 00:19:00,159 Speaker 1: They thinly trade and they take a small percentage and 374 00:19:00,160 --> 00:19:04,240 Speaker 1: they artificially push the price up. Then when they artificially 375 00:19:04,280 --> 00:19:07,720 Speaker 1: pushed the price up and people artificially think there's actually 376 00:19:07,720 --> 00:19:10,639 Speaker 1: some value there, then those people will want to buy it. 377 00:19:10,920 --> 00:19:13,600 Speaker 1: So then they do that with Alameda, and then they 378 00:19:13,720 --> 00:19:16,560 Speaker 1: list the token on the exchange on ft X, and 379 00:19:16,560 --> 00:19:19,760 Speaker 1: then everybody wants to trade that token because they think 380 00:19:20,000 --> 00:19:24,720 Speaker 1: that token has some value because Alameda faked it. And 381 00:19:24,760 --> 00:19:26,680 Speaker 1: then f t X makes all the money because you're 382 00:19:26,680 --> 00:19:28,640 Speaker 1: buying and selling it, so as you trade it, they 383 00:19:28,680 --> 00:19:31,879 Speaker 1: make money. So everybody's making money and they dump it 384 00:19:32,040 --> 00:19:35,920 Speaker 1: on you. And it's important to understand this key piece here. 385 00:19:36,000 --> 00:19:38,600 Speaker 1: All Right, we're gonna come back to this um towards 386 00:19:38,640 --> 00:19:40,720 Speaker 1: the end when we start talking about the regulations and 387 00:19:40,720 --> 00:19:42,639 Speaker 1: where I think the places of the space is going 388 00:19:42,680 --> 00:19:45,199 Speaker 1: to go and how it's going to affect things. So 389 00:19:45,240 --> 00:19:47,520 Speaker 1: that's kind of how it worked. Alameda would create these 390 00:19:47,520 --> 00:19:50,320 Speaker 1: tokens out of thin air, or they would actually help 391 00:19:50,640 --> 00:19:52,440 Speaker 1: create these tokens out of thin air. They would bring 392 00:19:52,480 --> 00:19:56,160 Speaker 1: on companies, thousands of companies to create these box tokens. 393 00:19:56,160 --> 00:19:59,560 Speaker 1: As Sam n Freed says, Alameda would then artificially create 394 00:19:59,600 --> 00:20:01,600 Speaker 1: a market around it, and then ft X would list 395 00:20:01,640 --> 00:20:02,879 Speaker 1: it so then you could buy and sell it and 396 00:20:02,920 --> 00:20:05,919 Speaker 1: they could all make money off of you. All right, 397 00:20:05,960 --> 00:20:08,600 Speaker 1: So that's how all of this worked, and that's how 398 00:20:08,640 --> 00:20:14,200 Speaker 1: cryptocurrency works overall. Now we can see that it wasn't 399 00:20:14,280 --> 00:20:17,760 Speaker 1: just the venture capitalists that love this. Of course, as 400 00:20:17,800 --> 00:20:21,400 Speaker 1: I said, the venture capitalists do absolutely love it because 401 00:20:21,520 --> 00:20:25,440 Speaker 1: everyone loves it. The company that makes the box token 402 00:20:25,520 --> 00:20:28,359 Speaker 1: loves it because they get cashed out huge. The venture 403 00:20:28,400 --> 00:20:30,480 Speaker 1: capitalists love it because instead of having lock up money 404 00:20:30,480 --> 00:20:34,159 Speaker 1: for seven to ten years, they can instantly get on 405 00:20:34,200 --> 00:20:38,399 Speaker 1: their money. The media loved it because they had something 406 00:20:38,440 --> 00:20:40,880 Speaker 1: to talk about. The media also loved it because they 407 00:20:40,960 --> 00:20:45,920 Speaker 1: got massive amounts of money in terms of advertising dollars. 408 00:20:46,840 --> 00:20:48,679 Speaker 1: This is why you need to learn to manage your 409 00:20:48,720 --> 00:20:53,600 Speaker 1: own money. You cannot trust financial news sources. You can't 410 00:20:53,640 --> 00:20:58,240 Speaker 1: trust the finance magazines. You can't trust the Jim Cramer's 411 00:20:58,280 --> 00:21:01,159 Speaker 1: of the world on TV. You can't trust any of 412 00:21:01,200 --> 00:21:05,320 Speaker 1: them because they're financially incentivized to sell you the stuff 413 00:21:05,359 --> 00:21:09,040 Speaker 1: of their sponsors. Open up any of your financial magazines 414 00:21:09,280 --> 00:21:12,719 Speaker 1: and look who's running ads in there. Those ads are 415 00:21:12,760 --> 00:21:15,040 Speaker 1: going to dictate what that magazine can talk about. If 416 00:21:15,040 --> 00:21:17,040 Speaker 1: the magazine talks about things that ads don't like, the 417 00:21:17,080 --> 00:21:21,560 Speaker 1: advertisers won't advertise their same on TV. If TV talks 418 00:21:21,640 --> 00:21:24,080 Speaker 1: bad about the people writing the checks, the people writing 419 00:21:24,080 --> 00:21:29,280 Speaker 1: the checks won't write the checks. It's a horrible incentive system. Now, 420 00:21:29,320 --> 00:21:31,920 Speaker 1: if you listen to me, I'm not incentivized to sell 421 00:21:31,920 --> 00:21:34,040 Speaker 1: you any products. I'm just going to tell you the truth, 422 00:21:34,359 --> 00:21:37,320 Speaker 1: all right. By the way, I try to do that 423 00:21:37,359 --> 00:21:39,240 Speaker 1: on my YouTube channel. You're not following my YouTube channel. 424 00:21:39,240 --> 00:21:43,040 Speaker 1: You should just search Mark moss On on YouTube all 425 00:21:43,119 --> 00:21:47,760 Speaker 1: right now. Um f t X has been paying lots 426 00:21:47,880 --> 00:21:51,080 Speaker 1: and lots and lots of money to advertise. They don't 427 00:21:51,119 --> 00:21:52,840 Speaker 1: pay me any money, but they pay lots of money 428 00:21:52,880 --> 00:21:55,720 Speaker 1: as a matter of factually, says Cryptocurrency Exchange. F t 429 00:21:55,920 --> 00:21:58,840 Speaker 1: X spent tens of millions of dollars over the past 430 00:21:58,880 --> 00:22:02,680 Speaker 1: couple of years on slick marketing efforts, including sports sponsorship 431 00:22:02,720 --> 00:22:05,840 Speaker 1: deals and celebrity laden TV ads featuring Tom Brady and 432 00:22:06,040 --> 00:22:11,439 Speaker 1: Larry David. Not tens of millions, that's wrong. On national television. 433 00:22:11,680 --> 00:22:15,960 Speaker 1: Three major crypto companies spent a hundred and fifty three 434 00:22:16,119 --> 00:22:19,560 Speaker 1: million on advertising this year through the end of October, 435 00:22:19,760 --> 00:22:23,560 Speaker 1: So just this year to date, a hundred and fifty 436 00:22:23,600 --> 00:22:27,680 Speaker 1: three million. That's more than triple the forty six million 437 00:22:27,720 --> 00:22:30,520 Speaker 1: the three companies spent during all of last year. So 438 00:22:31,000 --> 00:22:34,400 Speaker 1: just year to date, they've spent triple what they did 439 00:22:34,440 --> 00:22:39,199 Speaker 1: for the entire last year. So the TV companies, the 440 00:22:39,240 --> 00:22:43,720 Speaker 1: media companies, they need this money and so they can't 441 00:22:43,720 --> 00:22:46,000 Speaker 1: say anything critical about this. They can't turn down their 442 00:22:46,000 --> 00:22:51,120 Speaker 1: money they needed. The incentive structure is broken. We can 443 00:22:51,160 --> 00:22:54,000 Speaker 1: see that before the implosion of FTX, crypto brands had 444 00:22:54,040 --> 00:22:57,800 Speaker 1: begun to slow their spending as cryptocurrency valuations declined earlier 445 00:22:57,800 --> 00:23:01,919 Speaker 1: this year and as scrutiny for regulators grew over some 446 00:23:01,960 --> 00:23:06,560 Speaker 1: of the sector's marketing practices. Estimates from ice spots showed 447 00:23:06,560 --> 00:23:09,960 Speaker 1: that crypto brands spent a paltry three point five million 448 00:23:10,000 --> 00:23:13,280 Speaker 1: on TV ads from August through October. By comparison, the 449 00:23:13,320 --> 00:23:17,720 Speaker 1: sector spent eighty four million in February. So since the 450 00:23:17,720 --> 00:23:20,919 Speaker 1: cryptocurrency markets have been crashing down since about May of 451 00:23:20,960 --> 00:23:24,440 Speaker 1: this year. Companies have been spending less and less and less. 452 00:23:24,480 --> 00:23:27,639 Speaker 1: In February they spent eighty four million, but for the 453 00:23:27,680 --> 00:23:30,600 Speaker 1: last three months they've only spent three point five. Now, 454 00:23:30,640 --> 00:23:34,160 Speaker 1: part of that, I'm guessing is because, um, in February, 455 00:23:34,200 --> 00:23:35,920 Speaker 1: it was the Super Bowl, and so of course they 456 00:23:35,920 --> 00:23:38,520 Speaker 1: spent a bunch of money in the super Bowl. Super 457 00:23:38,560 --> 00:23:42,080 Speaker 1: Bowl was held February, and it was lots of these 458 00:23:42,119 --> 00:23:46,520 Speaker 1: crypto companies that were advertising there. UM thirty second add 459 00:23:46,560 --> 00:23:50,240 Speaker 1: time went for as much as seven million dollars, which 460 00:23:50,280 --> 00:23:54,600 Speaker 1: is insane. UM ft X is to Crypto Exchange. The 461 00:23:54,600 --> 00:23:57,240 Speaker 1: Bahamas based ft X Trade Limited and US based ft 462 00:23:57,359 --> 00:24:00,760 Speaker 1: X spent more than two hundred and twenty million on 463 00:24:00,880 --> 00:24:05,320 Speaker 1: sales and marketing last year from six million, So you 464 00:24:05,359 --> 00:24:10,040 Speaker 1: can understand really quickly how misaligned these are. UM. It's 465 00:24:10,040 --> 00:24:11,600 Speaker 1: also gonna be a big problem moving forward because it 466 00:24:11,600 --> 00:24:15,080 Speaker 1: says her crypto companies signed roughly seventy new sports sponsorship 467 00:24:15,119 --> 00:24:18,480 Speaker 1: deals last year, spending an estimated two hundred million on 468 00:24:18,520 --> 00:24:20,720 Speaker 1: the agreements. So what about all these sports companies? What 469 00:24:20,720 --> 00:24:24,600 Speaker 1: about these sponsorships. F t X had committed to spend 470 00:24:24,600 --> 00:24:28,440 Speaker 1: more than nine hundred million on sponsorship as part of 471 00:24:28,520 --> 00:24:31,719 Speaker 1: multi year deals. So they named the nine NBA's Miami 472 00:24:31,760 --> 00:24:37,000 Speaker 1: heat Stadium the ft X Arena, you know, Major League Baseball, UM, 473 00:24:37,240 --> 00:24:40,440 Speaker 1: on and on and on. So what about all those companies, 474 00:24:40,480 --> 00:24:42,080 Speaker 1: what are they going to do moving forward? That's gonna 475 00:24:42,080 --> 00:24:44,960 Speaker 1: be a big problem. It says here AD executive said 476 00:24:44,960 --> 00:24:47,960 Speaker 1: it will be very hard for sports leagues to replace 477 00:24:48,320 --> 00:24:53,800 Speaker 1: the cryptocurrency category. So now you understand why this crypto 478 00:24:53,960 --> 00:24:58,080 Speaker 1: height blue so big. And this is what people aren't understanding. Um, 479 00:24:58,080 --> 00:25:00,680 Speaker 1: when I put this out on Twitter, I said, look, 480 00:25:00,720 --> 00:25:02,960 Speaker 1: I think these regulations are going to probably be the 481 00:25:03,119 --> 00:25:05,440 Speaker 1: end of the crypto bull run. There probably won't be 482 00:25:05,440 --> 00:25:08,360 Speaker 1: another cryptocurrency bull run. And the reason why I say 483 00:25:08,400 --> 00:25:11,760 Speaker 1: that is because of regulations. And people say, oh, but 484 00:25:11,840 --> 00:25:14,440 Speaker 1: you know, they'll just move off shore. Yeah, it probably will. 485 00:25:14,920 --> 00:25:18,679 Speaker 1: But if the media can't advertise it, if the venture 486 00:25:18,720 --> 00:25:22,199 Speaker 1: capitalists can't put money in, there will be no hype. 487 00:25:22,240 --> 00:25:26,720 Speaker 1: There will be no mania hysteria over this. So I'm 488 00:25:26,760 --> 00:25:29,520 Speaker 1: not saying that government regulations are going to stop innovation, 489 00:25:29,680 --> 00:25:33,760 Speaker 1: certainly not. Of course, nothing will ever stop innovation. However, 490 00:25:34,200 --> 00:25:37,280 Speaker 1: it can stop the mania. If you can't advertise it. 491 00:25:37,320 --> 00:25:40,000 Speaker 1: You can't put you know, name, stadiums and all of 492 00:25:40,000 --> 00:25:43,040 Speaker 1: those things. Okay, So let's keep digging into this a 493 00:25:43,080 --> 00:25:47,320 Speaker 1: little bit. Let's talk about, um, how bad this fraud was. 494 00:25:47,720 --> 00:25:52,480 Speaker 1: All right. This is not just some innocent mistake. This 495 00:25:52,680 --> 00:25:57,840 Speaker 1: was perpetrated. This was intentionally done, and it was intentionally 496 00:25:57,920 --> 00:26:02,919 Speaker 1: done and perpetrated with the highest levels of governance and 497 00:26:03,040 --> 00:26:07,080 Speaker 1: security and scrutiny in the world, not just the United States, 498 00:26:07,080 --> 00:26:11,880 Speaker 1: but the world. So let's dig into that now. Uh. 499 00:26:11,880 --> 00:26:15,640 Speaker 1: First of all, so f t X the founder Sam 500 00:26:15,680 --> 00:26:21,480 Speaker 1: Bankman Freed SPF Bankman Freed. So that name is hyphenated 501 00:26:21,640 --> 00:26:24,240 Speaker 1: Bankman and Freed. Why is it hyphenated, Well, that's because 502 00:26:24,280 --> 00:26:30,320 Speaker 1: his parents, one Bankman and one Freed, are both let's say, 503 00:26:30,600 --> 00:26:34,160 Speaker 1: known in their respective fields. So I guess he decided 504 00:26:34,200 --> 00:26:36,240 Speaker 1: to take on both of their names and hyphen it. 505 00:26:36,359 --> 00:26:38,760 Speaker 1: His parents weren't hyphenated, but he wanted to take on 506 00:26:38,840 --> 00:26:40,960 Speaker 1: both of their names, I guess because they're both accomplished, 507 00:26:41,000 --> 00:26:45,720 Speaker 1: and they're both accomplished professors in the legal space his 508 00:26:45,920 --> 00:26:50,280 Speaker 1: father were both of them right policy and guidance on 509 00:26:51,400 --> 00:26:56,200 Speaker 1: things like tax policy. His father has written many influential 510 00:26:56,240 --> 00:26:59,720 Speaker 1: papers on eliminating cash, which is something I'm not a 511 00:26:59,720 --> 00:27:02,080 Speaker 1: fan of Um. So they want to get rid of cash, 512 00:27:02,080 --> 00:27:03,720 Speaker 1: they want to change the financial system, they want to 513 00:27:03,800 --> 00:27:07,560 Speaker 1: enforce tax policy. That's who his parents are. They're also bundlers, 514 00:27:07,560 --> 00:27:10,639 Speaker 1: which means they take in lots of money, large amounts 515 00:27:10,640 --> 00:27:12,920 Speaker 1: of money, and bundle them together and donate them to 516 00:27:13,080 --> 00:27:17,960 Speaker 1: super PACs which donate massive sums of money to political parties, 517 00:27:17,960 --> 00:27:21,840 Speaker 1: in their case the Democratic Political Party. But that's not all. 518 00:27:21,840 --> 00:27:24,719 Speaker 1: We're actually barely scratching the surface of their government global 519 00:27:24,760 --> 00:27:27,159 Speaker 1: government ties. If you're just tuning and listen to the 520 00:27:27,200 --> 00:27:29,520 Speaker 1: Mark Moas Show, we're breaking down the f t X 521 00:27:29,600 --> 00:27:32,840 Speaker 1: story for you. Here, I got a whole lot to go. Um, 522 00:27:32,960 --> 00:27:35,159 Speaker 1: don't go away, I'll right back, all right, Welcome back 523 00:27:35,160 --> 00:27:36,720 Speaker 1: to you. Just tune in. You're listening to the Mark 524 00:27:36,800 --> 00:27:39,720 Speaker 1: Moss Show. We are breaking down the f t X 525 00:27:39,760 --> 00:27:44,480 Speaker 1: story for you. The second largest cryptocurrency exchange going down. 526 00:27:45,800 --> 00:27:50,119 Speaker 1: And it is not a case of ignorance. It is 527 00:27:50,160 --> 00:27:54,159 Speaker 1: not a case of a good guy getting it wrong. 528 00:27:54,680 --> 00:27:58,560 Speaker 1: This is a case of fraud at the highest level, 529 00:27:59,280 --> 00:28:01,640 Speaker 1: and the government level, at the regulatory level, at the 530 00:28:01,680 --> 00:28:04,800 Speaker 1: global governance level. It's a story that big. We're just 531 00:28:04,800 --> 00:28:07,639 Speaker 1: talking about that. So the founder, Sam Bankman Fried, his 532 00:28:07,720 --> 00:28:11,520 Speaker 1: parents are are deep state connected, UM, massive political donors. 533 00:28:11,760 --> 00:28:14,800 Speaker 1: We talked about that. Uh. F t X is also 534 00:28:14,880 --> 00:28:18,920 Speaker 1: a partner with the World Economic Forum, which of course 535 00:28:18,920 --> 00:28:22,280 Speaker 1: I've talked about extensively UM. And that's not just a coincidence. 536 00:28:22,640 --> 00:28:26,840 Speaker 1: His aunt also works for the World Economic Forum, also 537 00:28:26,920 --> 00:28:30,000 Speaker 1: part of John Hopkins, which of course was very instrumental 538 00:28:30,040 --> 00:28:32,680 Speaker 1: in this whole pandemic to a one. You know where 539 00:28:32,680 --> 00:28:35,520 Speaker 1: they did the pandemic test before the pandemic actually happened, 540 00:28:36,400 --> 00:28:39,320 Speaker 1: So massive ties there. And of course it doesn't surprise 541 00:28:39,320 --> 00:28:43,520 Speaker 1: you then that Sam Bankman Freed SPF and his brother 542 00:28:44,000 --> 00:28:47,520 Speaker 1: are also heavily involved in the pandemic space. Will call 543 00:28:47,560 --> 00:28:51,360 Speaker 1: it that UM, both in pushing policy, raising money, and 544 00:28:51,400 --> 00:28:58,680 Speaker 1: trying to enforce rules around pandemic response, including supposedly trying 545 00:28:58,720 --> 00:29:01,960 Speaker 1: to save us saved the world from the next next pandemic. 546 00:29:01,960 --> 00:29:05,640 Speaker 1: F t X founder Sam Bankman Fried said that it's 547 00:29:05,640 --> 00:29:08,200 Speaker 1: such a shame that he lost all his money because 548 00:29:08,240 --> 00:29:10,520 Speaker 1: how are they going to stop the next pandemic? Now, 549 00:29:11,120 --> 00:29:14,959 Speaker 1: that's what he said. Never mind the hundreds of thousands 550 00:29:15,000 --> 00:29:17,760 Speaker 1: of families that you probably condemned to death by stealing 551 00:29:17,800 --> 00:29:21,400 Speaker 1: their life savings. He wants to pretend like his goal 552 00:29:21,440 --> 00:29:24,240 Speaker 1: was to stop the world, save the world from a pandemic. 553 00:29:24,240 --> 00:29:27,640 Speaker 1: I mean, it's just insane anyway. Um. So let's so, 554 00:29:27,560 --> 00:29:31,120 Speaker 1: so we have ties into the government through the Democratic Party, 555 00:29:31,280 --> 00:29:34,320 Speaker 1: We have ties into the World Econmic Forum. We also 556 00:29:34,440 --> 00:29:37,280 Speaker 1: have ties into the Ukrainian government. And so when the 557 00:29:37,320 --> 00:29:41,920 Speaker 1: Russia Ukraine situation broke out, Um, the media, remember the 558 00:29:41,960 --> 00:29:44,560 Speaker 1: media is always at the center of this. The media 559 00:29:44,640 --> 00:29:46,840 Speaker 1: thought that it would be important to get the support 560 00:29:46,880 --> 00:29:48,720 Speaker 1: of the people. So they started running all these stories 561 00:29:48,760 --> 00:29:50,640 Speaker 1: and we have to support the Ukrainian people, and everybody 562 00:29:50,640 --> 00:29:53,640 Speaker 1: put Ukrainian flags up all over the place. Um, and 563 00:29:54,480 --> 00:29:57,800 Speaker 1: let's all donate our money for the Ukrainian people. And 564 00:29:57,800 --> 00:30:02,000 Speaker 1: of course they wanted to do that with cryptocurrencies. Now, 565 00:30:02,200 --> 00:30:07,080 Speaker 1: how do we bundle all of these cryptocurrency donations together 566 00:30:07,160 --> 00:30:12,600 Speaker 1: into one and give this cryptocurrency as money to Ukraine. Well, 567 00:30:13,040 --> 00:30:15,360 Speaker 1: it would probably not surprise you. As I said, his 568 00:30:15,480 --> 00:30:19,160 Speaker 1: parents are in fact bundlers. It's actually what they do. 569 00:30:19,920 --> 00:30:22,840 Speaker 1: So f t X said, Hey, we got a good 570 00:30:22,880 --> 00:30:25,479 Speaker 1: idea of Ukraine. Why don't we partner up will be 571 00:30:25,520 --> 00:30:29,760 Speaker 1: the official cryptocurrency bundler for you. We'll go ahead and 572 00:30:29,760 --> 00:30:32,000 Speaker 1: take all that cryptocurrency for you, and then we'll give 573 00:30:32,040 --> 00:30:34,280 Speaker 1: it to you. So f t X had to get 574 00:30:34,320 --> 00:30:37,400 Speaker 1: in the middle of the Ukraine donations partner with the 575 00:30:37,480 --> 00:30:42,080 Speaker 1: Ukraine government. Now we don't know if there was any 576 00:30:42,080 --> 00:30:47,040 Speaker 1: wrongdoing there. Um. We don't know how much of that 577 00:30:47,080 --> 00:30:49,920 Speaker 1: they took or kept, if at all. UM. So I 578 00:30:49,960 --> 00:30:52,920 Speaker 1: don't want to create allegations that I can't back up. 579 00:30:53,480 --> 00:30:55,720 Speaker 1: But what I do know is that where there's smoke, 580 00:30:55,800 --> 00:31:00,480 Speaker 1: there's fire. Um. What we do know unequivocally is that 581 00:31:00,520 --> 00:31:04,320 Speaker 1: Sam bankman Fried is potentially one of the biggest scammers 582 00:31:04,400 --> 00:31:09,440 Speaker 1: defrauders um that we've seen in decades since Bernie Madoff's time. 583 00:31:09,600 --> 00:31:13,440 Speaker 1: We do know that, and so well, this looks pretty shady, 584 00:31:13,520 --> 00:31:15,360 Speaker 1: and given the fact that he's probably the largest scam 585 00:31:15,440 --> 00:31:18,880 Speaker 1: artist alive right now, it would make sense that there 586 00:31:18,960 --> 00:31:21,720 Speaker 1: was probably some improprietary there, right, I would just guess, 587 00:31:21,760 --> 00:31:23,480 Speaker 1: but I don't have I don't have hard facts about that. 588 00:31:23,520 --> 00:31:25,960 Speaker 1: But we do know that he was involved doing what 589 00:31:26,040 --> 00:31:29,680 Speaker 1: his parents do, which is of course bundling. There's also 590 00:31:29,760 --> 00:31:32,880 Speaker 1: some other weird um coincidences will call him that here 591 00:31:34,880 --> 00:31:37,920 Speaker 1: um which is uh. Let's see f t X just 592 00:31:38,040 --> 00:31:40,720 Speaker 1: happened to be founded right at the time that the 593 00:31:40,720 --> 00:31:43,360 Speaker 1: Biden administration announced that they're going to run for a president. 594 00:31:44,240 --> 00:31:48,840 Speaker 1: Um F t X was also the second largest donor 595 00:31:48,920 --> 00:31:54,160 Speaker 1: for the Biden campaign. Um F t X also or 596 00:31:54,280 --> 00:31:59,600 Speaker 1: Sam Bankman Fried also donated over forty million dollars for 597 00:31:59,640 --> 00:32:04,400 Speaker 1: the Demmocratic Party in the mid terms in elections like 598 00:32:04,520 --> 00:32:10,360 Speaker 1: where John Fetterman beat Dr Oz forty million dollars to 599 00:32:10,400 --> 00:32:13,239 Speaker 1: influence the elections. But it goes even worse than that 600 00:32:13,920 --> 00:32:16,600 Speaker 1: with this money. So there's a walk through this for 601 00:32:16,680 --> 00:32:20,280 Speaker 1: a second. So Sam Bankman freed with his two companies, 602 00:32:20,320 --> 00:32:26,040 Speaker 1: Alameda and FTX. He created a fake token and artificially 603 00:32:26,160 --> 00:32:28,600 Speaker 1: gave it value with his own company by pumping and 604 00:32:28,680 --> 00:32:30,800 Speaker 1: dumping it, by by pretending it had value, by wash 605 00:32:30,840 --> 00:32:34,280 Speaker 1: trading it by himself. Then he created it, made it 606 00:32:34,320 --> 00:32:36,080 Speaker 1: have values. So he created all this money out of 607 00:32:36,080 --> 00:32:40,320 Speaker 1: thin air. Then he took that money that he counterfeited. 608 00:32:40,400 --> 00:32:42,840 Speaker 1: Let's call it that he took this money that he 609 00:32:42,920 --> 00:32:48,880 Speaker 1: counterfeited and then used that money to go influence politics 610 00:32:49,040 --> 00:32:53,920 Speaker 1: by an administration massively influenced the midterm elections and then 611 00:32:54,720 --> 00:33:01,040 Speaker 1: buy off the regulators, the SEC, giving money to the SEC, 612 00:33:01,280 --> 00:33:05,680 Speaker 1: Goovern mention to c FTC, hiring all the people from 613 00:33:05,680 --> 00:33:11,280 Speaker 1: the c FTC to come work for him with money 614 00:33:11,280 --> 00:33:14,280 Speaker 1: he counterfeited. Then he went to go meet at the 615 00:33:14,360 --> 00:33:19,200 Speaker 1: highest levels of government to then create policy, to create laws, 616 00:33:19,240 --> 00:33:23,120 Speaker 1: to create regulations, and of course these regulations that he 617 00:33:23,280 --> 00:33:29,360 Speaker 1: is creating using funds that he stole within benefit who well, 618 00:33:29,400 --> 00:33:31,720 Speaker 1: of course they're going to benefit him. That's the way 619 00:33:31,720 --> 00:33:34,960 Speaker 1: it works. You take this money and you create regulations 620 00:33:35,000 --> 00:33:39,680 Speaker 1: that protect you but prevent anybody else from coming in 621 00:33:40,240 --> 00:33:42,720 Speaker 1: and coming after you and taking away your position. That's 622 00:33:42,720 --> 00:33:46,680 Speaker 1: how it works. Now, there's lots of improprietary Like I said, 623 00:33:47,240 --> 00:33:50,680 Speaker 1: hundreds of thousands of families have lost their life savings 624 00:33:50,680 --> 00:33:53,760 Speaker 1: over this. Probably people will take their lives over this. 625 00:33:54,400 --> 00:33:56,440 Speaker 1: To him, it's a couple of numbers on a keyboard. 626 00:33:57,640 --> 00:34:01,360 Speaker 1: Do you think the Democratic Party might give back any 627 00:34:01,400 --> 00:34:04,520 Speaker 1: of the forty million that they took? Maybe the Democratic 628 00:34:04,560 --> 00:34:09,160 Speaker 1: Party gives back some money to make these Americans whole. 629 00:34:10,560 --> 00:34:15,120 Speaker 1: My guess is probably, Now will there be massive regulations 630 00:34:15,600 --> 00:34:23,000 Speaker 1: coming down against this? Now? We know that again just 631 00:34:23,120 --> 00:34:25,520 Speaker 1: a dot to connect. We don't know. But we we 632 00:34:25,600 --> 00:34:28,000 Speaker 1: do know is that Sam Bakman Fried's girlfriend who ran 633 00:34:28,080 --> 00:34:33,440 Speaker 1: the sister company Alameda, her father, um Gary Ellison, was 634 00:34:34,160 --> 00:34:38,920 Speaker 1: the SEC chiefs boss at M I T. So the 635 00:34:38,960 --> 00:34:42,040 Speaker 1: guy Gary Ginsler, who's the chair of the SEC, which 636 00:34:42,080 --> 00:34:44,120 Speaker 1: is supposed to be the agency in the United States, 637 00:34:44,200 --> 00:34:46,360 Speaker 1: is supposed to keep you safe and make sure that 638 00:34:46,400 --> 00:34:48,880 Speaker 1: you don't lose your money. That's their job. Securities Exchange 639 00:34:48,880 --> 00:34:53,280 Speaker 1: Commission is to protect consumers. That's their job. They didn't 640 00:34:53,280 --> 00:34:55,120 Speaker 1: do a very good job. As a matter of fact, 641 00:34:55,160 --> 00:34:59,279 Speaker 1: they missed potentially the biggest fraud and scam that we 642 00:34:59,360 --> 00:35:03,000 Speaker 1: have seen in most of our lifetimes. They completely missed it. 643 00:35:03,000 --> 00:35:05,520 Speaker 1: They didn't keep you safe, and it just so happens 644 00:35:05,840 --> 00:35:12,080 Speaker 1: that he worked for the girl's dad. Mm hmm. That. 645 00:35:12,960 --> 00:35:16,000 Speaker 1: You know, we we can sit here and talk about 646 00:35:16,040 --> 00:35:18,440 Speaker 1: quinces all day, but sometimes there's just too much of 647 00:35:18,480 --> 00:35:23,080 Speaker 1: a coincidence. And you know, there's such a thing called 648 00:35:23,360 --> 00:35:27,680 Speaker 1: conflict of interests, and typically what happens is in like 649 00:35:27,719 --> 00:35:31,600 Speaker 1: a legal case or something like that, a judge or 650 00:35:31,680 --> 00:35:34,320 Speaker 1: a lawyer or something like that might have to step 651 00:35:34,400 --> 00:35:37,120 Speaker 1: down and they couldn't work on that because of you know, 652 00:35:37,239 --> 00:35:40,760 Speaker 1: supposed conflict of interest, not because they did anything wrong, 653 00:35:41,120 --> 00:35:43,920 Speaker 1: not because they would even do anything wrong, but they 654 00:35:43,960 --> 00:35:48,320 Speaker 1: would do it just so there was no uh no thought, 655 00:35:48,520 --> 00:35:51,600 Speaker 1: no no, no doubt that there could be some imprietary 656 00:35:52,880 --> 00:35:57,840 Speaker 1: So um Tam Magmnfried's girlfriend who ran Alameda, the sister company, 657 00:35:58,400 --> 00:36:02,760 Speaker 1: her father was the head of the SEC's boss. Sounds 658 00:36:02,800 --> 00:36:05,640 Speaker 1: really bad. It sounds really really bad. And then we 659 00:36:05,680 --> 00:36:08,120 Speaker 1: have um Sam bankman Free donating all this money to 660 00:36:08,200 --> 00:36:12,000 Speaker 1: the CFTC, which is the other regulatory body, donating tons 661 00:36:12,080 --> 00:36:15,600 Speaker 1: of money to Maxine Waters, who's supposed to be in 662 00:36:15,719 --> 00:36:20,919 Speaker 1: charge of this whole thing. And Maxine Waters is now 663 00:36:21,440 --> 00:36:27,719 Speaker 1: basically trying to dodge all this. She said, quote, I 664 00:36:27,840 --> 00:36:33,080 Speaker 1: don't want to get into that topic. End quote, avoiding 665 00:36:33,239 --> 00:36:35,160 Speaker 1: questions saying, well, I don't want to get into that. 666 00:36:35,200 --> 00:36:38,040 Speaker 1: As a matter of fact, both sides Democrats received donations. 667 00:36:38,040 --> 00:36:40,040 Speaker 1: She said, thank you, no, no, no, no, no. Forty 668 00:36:40,080 --> 00:36:43,520 Speaker 1: million dollars went to the Democrat party. Now maybe there 669 00:36:43,560 --> 00:36:45,239 Speaker 1: was a few other Republicans in there. We don't know. 670 00:36:45,280 --> 00:36:47,800 Speaker 1: We'll find all this out. If you're just tuning in, 671 00:36:47,840 --> 00:36:49,720 Speaker 1: you're listening to the Mark Moa show, we are talking 672 00:36:49,760 --> 00:36:54,760 Speaker 1: about the f t X blow up, the cryptocurrency market 673 00:36:55,040 --> 00:36:58,640 Speaker 1: melt down, and the fraud that happened because of that. 674 00:36:58,960 --> 00:37:01,840 Speaker 1: So we have just getting into this story. As a 675 00:37:01,840 --> 00:37:04,560 Speaker 1: matter of fact, I'll call this just part one, and 676 00:37:04,719 --> 00:37:06,920 Speaker 1: I am going to continue into this story to talk 677 00:37:06,960 --> 00:37:09,640 Speaker 1: about what's going to happen and where this goes in 678 00:37:09,680 --> 00:37:11,480 Speaker 1: the future on part two. So if you want to 679 00:37:11,520 --> 00:37:13,879 Speaker 1: join me catch me on the podcast, just check out 680 00:37:13,920 --> 00:37:16,759 Speaker 1: Mark Boston your favorite podcast player, check me out on 681 00:37:16,800 --> 00:37:19,960 Speaker 1: YouTube as well, and that's what I got. Thanks for listening.