SBF Explains Losses!

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Marc De Mesel, Paul Rohrbaugh, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Pavle Obradovic, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, P H, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, HalfwitHam, Mark Brophy, Patrick T, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Daniel Talero, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Yazan Qaraqish, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. 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Christie, lazypikachu23, Olivia Ney, Steven, Adam Pomerenke, Jordan Millar, Reagan Glazier, Viki Rebic, Adrian, Adam Kobus, Ryan Law, KoolJBlack, Deborah R. Moore, Alonso Ibarra, sam, Dru Hill, Kirill B, Dean Maurer, Tim Jamison, gavin, Ultramagic, HEWHOSHALLNOTBENAMED, Nigel Knight, Hector Quintanilla, Asen Popstefanov, Daniel Winroth, Paul Niekamp, Nikhil Nachappa I K and Yoshinao Kumagai

[@od9694]

Someone trying to scam people using an account with your profile picture, you should put out a warning. It seems so obvious that nobody could be stupid enough to fall for it but then I remember many people where stupid enough to give a saltry wood nymph money

[@Robyn-Hood]

Well done!

[@BubuH-cq6km]

🤷🏼‍♂ what about laundering Ukrainian Nazi $ and mommy a bigshot organizer and donor to the DNC❓ Scam and Fraud at the highest level

[@thebetunit]

Patrick, I make over 15% Profit Per Month in Sports Betting. I'm coming up quick. Keep a look out for me. I always knew Crypto was a scam. I will also be roasting on the Crypto Bros. Just trying to find a right spot at this point.

[@utubewatcher806]

So refreshing to find high-brow satire and analysis of current financial events. Thanks!

[@Parietal-Polymath]

His explaination is "yes, i was trading with customer funds but i didnt expect a market crash"...30 year old super genius.

[@zorkwork3841]

Disgusting..Dumb like a fox

[@vikramkrishnan6414]

Man printed his own currency, owned the exchange and the largest crypto hedge fund and still lost money

[@Lonovavir]

He's old enough to have some memory of 2008, he should've anticipated a market correction at some point.

[@speteydog2260]

They are 2 of the most disgusting people in my opinion, SBF and Caroline. Disgusting 🤢

[@rnt45t1]

Don’t throw other 30 year olds under the bus 😂

[@samsonsoturian6013]

Treat Sam's statements with care as he is very biased in favor of not going to prison.

[@rtqii]

He is destroying his defense with these public statements.

[@valipunctro]

😂 understate much?

[@GeorgeSmileyOBE]

@@rtqii yes. Clearly thinks he is smarter than any lawyer he could have hired.

[@Yourmumsrectum]

I'm pretty sure everyone with half a brain isn't taking his statements seriously.

[@PithyBikes]

He most likely does have a lawyer. And they likely are telling him to do this. Cases like this are influenced by public sentiment. These people work on a completely different rule set and that applies to how they manipulate laws and courts.

[@TiffanyFong]

Hi Patrick you rule!!👋 Posted my full interview with SBF on my channel

[@ApolloVIIIYouAreGoForTLI]

Did you ask him about Wood Nymphs?

[@THEweelaful]

Saw a bit of that in coffeezilla, it was diamond! 😂💪

[@raymondcaylor6292]

Hi Tiffany

[@YUNGDRAYK]

Thank you Tiffany! Great job with the interview.

[@misterbacon4933]

Hi Tiffany, good job to put those charlatans on the block! 👍

[@chehab8763]

I have been following Patrick since he had barely 2k subscribers. I said it then and will say it again, he is the most underrated financial person on youtube.

[@tylerm2676]

I agree but I don't like his hate for musk 😆

[@johndawson6057]

Clicking on gour profile.. you only have two comments on this channel🙄🤦‍♂️

[@friendly0]

@@tylerm2676 musk is a deadbeat

[@chehab8763]

@@johndawson6057 I don't like to comment much. I enjoy the content and hit like. Not everyone has spare time to sit and comment on each video.

[@chehab8763]

@@tylerm2676 Musk has completely lost his mind and is slowly bleeding tesla.

[@letsburn00]

I once heard the FTX case as "a bunch of mathletes form a bank." It seems like crypto people just seem to accept that all regulation and governance rules are just stupid rules for stupid companies. In reality , almost all regulation of finance is if anything too lax.

[@johnfoster9582]

SBF seems to have missed the hyper correlation between using customer funds for trading and stealing.

[@fadesola2002]

😂

[@timisaac8121]

TY for good laugh!! Those licking their wounds won't see the humor any time soon!

[@3m5r56]

His parents are lawyers.

[@patienceobongo]

He is following the Talm,ud

[@OffGridInvestor]

Nah. Caroline kept dipping in for more cosplay costumes. Usually sultry wood nymph ones.

[@RhythmicEye]

Sam is an inspiration to the next generation of snake oil salesman everywhere. It’s fascinating how he uses word salad to explain one of the biggest corporate crimes in human history without a hint of genuine remorse of fear of the consequences.

[@raul0ca]

AlTuRisTic EmBeZzLeMeNt

[@kingduckford]

@@raul0ca Did he give the money to cancer charities, or to starving orphans? Don't tell me he just gave the money to political machines or other corrupt non altruistic practices?

[@razadaza9651]

All you need to be is ‘woke’

[@NathanHedglin]

Crypto bros are the dumbest group on the planet so I'm not surprised.

[@Charless_Martel]

He is Jewish.

[@davidmurphy563]

Very impressive how he had that conversation while rowing a boat.

[@michaelderyder426]

Picking up some kimchi for dinner... across the pond.

[@khoaanhnguyen1420]

Rowing a boat while playing League of Legends. He will be remembered as a legendary scammer

[@VenturiLife]

Rowing to Cuba

[@rosesacks7430]

"rowing a boat" ---- super funny

[@PsRohrbaugh]

shredding paper

[@commonsensetrading4103]

Your channel is more informative than most financial news agencies. Keep up the good work.

[@ian_b]

The good news is that SBF has been able to afford to buy a Lairdship from Established Titles, and is now immune from prosecution under an ancient Scottish law.

[@tcm81]

Nice of Sam to agree to do this interview via short wave radio.

[@VernaSelander]

Sounds like a paper shredder in the background 😂😂😂

[@manonamission2000]

Subtle manipulation tactic. Some folks in corporate try to pull it off on Zoom meetings.

[@Thelango99]

@@manonamission2000 How does lower quality audio manipulate people?

[@lasalle9657]

@@VernaSelander that’s too damn funny

[@captainotto]

@@Thelango99 Spend all day arguing about the sound quality or what he said and you've spent a day not arguing about the crimes he's committed?

[@01sevensix]

A soldier gets court martialed. A doctor gets struck off. A lawyer gets disbarred....finance blames someone else and goes on holiday until recap.

[@OffGridInvestor]

You mean goes on a holiday until the taxpayer bailout is put thru congress.

[@tonywilson4713]

Mark Blyth had this line about the 2008 GFC that basically went. _"It used to go bail, fail, go to jail. Now its bail, bail, nobody goes to jail."_ If you go and look up the PBS Frontline on the prosecution of the Wall St. CEOs who caused the GFC there's a point when Lanny Breuer the Assistant AG under Eric Holder tasked with prosecuting Wall St. says that he had to stop going after them for economic reasons. Its a staggering admission of law enforcement that it wasn't a legal decision to NOT prosecute the top people at places like Goldman Sachs. *WHY* is anyone surprised we are now where we are?

[@stormryder4305]

Or gets shot in the head by accident.

[@stormryder4305]

@@01sevensix Suicide? No no no. More likely homicide. He piss off so many wealthy investors. So...

[@neshirst-ashuach1881]

He got 25 years in jail.

[@NathanHedglin]

SBF: "I'm a genius give me your money" Also SBF: "I'm an idiot, give me a break"

[@VenturiLife]

🤣

[@baked921]

Not understanding the law is not a excuse for breaking it that holds up in court. He can try to claim he is stupid (we all know that it's true as how easy would it have been to hire the right people to help with the company when they had money) but it's really no excuse to screw everyone so raw that pornhub is trying to get the rights to make his movie sbf Fucks everyone...

[@icedteagames]

It won’t work. It’s easy to prove it was a scam and the only thing that’s prolonging his arrest is the US and Bahamas legal fight.

[@NathanHedglin]

@@baked921 agreed.

[@DjmMik]

And he is also an MIT physics major that cannot code. Yeah I’m buying it.

[@trishawallor]

SBF should be in jail man. Shocking thing is people won't still learn from this, they'll still keep buying these coins. Since I lost almost all my money in the Luna crash, I have always known and maintained that anything Crypto is just a tool to fleece people and this has always played out to be true. The sooner everyone realizes this, the better for us all.

[@archiemcdougald5466]

I feel for you but this is a wrong stance to take. There are a whole lot of irregularities in every market, Stock, crypto, housing, name it. Investors must realize that the cryptocurrency market just like the stock market comes with lots of risks and you could potentially lose all. Secondly, what works for A must not necessarily work for B. Always make correct inquiries before putting your money somewhere (for instance, from the white paper from Luna, it was clear enough that it wasn't promising long term) or better still, get the services of an expert (that way, you give little room for error and get tailored investments). Made my first million earlier this year this way from stocks though. Don't give up! Good luck!

[@thepotter867]

@@archiemcdougald5466 ...Very sound and realistic. I have been into all of these for sometime now and though I won't say I have lost a fortune, I have squandered quite a lot... You mentioned using pros, if its not a problem. do you mind telling if you used one or recommending a good one? I could definitely use the help of one right now... I look forward to you replying...

[@EmersonFranklin65]

lmao. someone salty. you bought into something very fo0lish you have decided everything is wrong

[@archiemcdougald5466]

@@thepotter867 I can honestly relate and make no mistakes, it's not as easy as it may sound. Yes, I used one, hard to keep up with every development if that's not your primary job.. I don't know if I am permitted to go into details here, but you could look up "Stephen Joseph Kohlhofer". I'm not so sure he takes on new people right now, but you could try.

[@mrmoore2485]

@@archiemcdougald5466 wow I know this smallish man. Once attended a fundraiser he was also in attendance here in Vancouver,, Great speaker with a funny accent,, He's in the States though, I doubt he works with non residents,,,

[@ApolloVIIIYouAreGoForTLI]

Never trust a Wood Nymph with your money is the lesson here...

[@NickanM]

A wood nymph on speed. Don't forget that....

[@samsonsoturian6013]

@@NickanM What I want to know is if the other 8 of them were just as bonkers...

[@NickanM]

@@samsonsoturian6013 Probably. They ALL lived togheter, had "snuggle parties" and polyamourous relationships. And I suspect that the stimulants were used by everyone; _speed makes you hyper s3 x ual...._

[@YouTubeGlobalAdminstrator]

*sultry wood nymph

[@tomgaul9978]

Now if she had been an orc.....

[@CatsMeowPaw]

SBF: 'I am a genius, a captain of industry, a man worthy of billions of dollars' Also SBF: 'Lol! I didn't know what was going on and had no idea, give me a break everyone!'

[@benstr8156]

Also SBF: I thought life was a (video) game. I lose and been waiting to respawn, to do over.

[@laowai2000]

Disgusting human being!

[@bfg1836]

A bunch of spoiled and irresponsible children were given a credit card with a $10B limit, that they took to a casino and withdrew it all in cash advances and then gambled away. Then they hid the bills from the parents (investors and customers) as long as they could.

[@vincentkosik403]

Spot on

[@NathanHedglin]

But forgive them bro. It's crypto bro. 😂

[@davidburke2697]

Thanks for the analogy that I can understand.

[@Lonovavir]

Not children, University educated adults with some financial experience who intentionally scammed people.

[@r3dr4te963]

@@Lonovavir they're old, yes. But they're mentally children who pretend to be adult, just look how this guy avoid responsibilities and act like he didn't do anything wrong

[@bitcoinski]

The way that you explained that the FTX/Alameda incestuous relationship is akin to a casino/whale gambler relationship is GENIUS! FTX were using FTT as casino chips...but when it was time to cashout at the cashier cage...FTX gamblers couldn't redeem their FTT casino chips for cash.

[@LurchLures]

If I told my wife I lost our house and all our life savings because of a "series of unforeseeable hyper correlated events" at the racetrack I would expect to be buried under the patio one dark night. That's where Sam deserves to be.

[@rapier1954]

Maybe he could be stoned to death like in the good old days.

[@albanselami]

The fact that the guy is doing the interview by the sea shows how much he cares about all of this.

[@OffGridInvestor]

Well it's either that or in international waters on the boat of those guys who had that Singapore crypto exchange. You know the one with the house in his 3 year olds name and then went missing.

[@barrybrindle6959]

He was also playing League of Legends lol

[@dlions9068]

Shows how little the government cares that he's not in jail.

[@stormryder4305]

Well, it is better than him playing league of legends while discussing million dollars deal.

[@MephiticMiasma]

aw but he's "had a bad month"!

[@TheWTZ1983]

Speaking about hacks, I just want to point out that it is theorized among the IT security community, that many of those alleged _"hacks"_ has been conducted by the creators of those crypto markets themselves, who were purposely leaving backdoors in the code to make the assets be able to _"dissapear."_

[@eddyrose8596]

Wtf? Not realistic at all.

[@bizzzzzzle]

@@eddyrose8596 you do realize that they are open source, you can read the blockchain, they can’t get away with a back door in the coin itself. Now, the exchange could have back doors, but you can track where it goes.

[@LunaticTheCat]

Absolutely, and imo the reports of the app being Malware seems like an over thought out lie. The idea of both hundreds of millions being stolen and then the app suddenly being malware jusr doesn't add up.

[@eddyrose8596]

@@bizzzzzzlemy bad. yea, makes sense. Was thinking the creators of the coins.

[@encinobalboa]

One "s" in "dissapear" should disappear. One "p" has disappeared.

[@johnphamlore8073]

Isn't one irony that from one of your videos on Charles Ponzi that Ponzi also started his investment strategy as basically arbitrage to business in another country far way, this time with postage stamps?

[@saralotti7174]

History repeats. And a sucker is no longer being born every minute. Gonna be hard times ahead for Ponzi Purveyors.

[@kevinkral4568]

@@saralotti7174 Sadly, they're now born mere nanoseconds apart, It seems. Regards, Kev

[@raymondcolison4501]

I saw another similarity in that ponzi maybe did believe his own lie that the business would be able to make everyone whole if he had more time before it blew. Sam bf almost seems to suffer the same delusion that he really wasn’t trying to fraud people

[@artsmith103]

Reliable arbitrage in an era of free money has limitless profitability. Works until it doesn't.

[@seneca983]

But there's a big difference in that SBF actually did make money with arbitrage whereas Charles Ponzi never got around to even properly trying his proposed scheme.

[@Doo_Doo_Patrol]

I worked in the warehouse and operations at a Guitar Center from 2000 to 2005, and I can tell you that the place lost tons of money to theft. Also, musicians generally make shotty employees. Many of them cut deals with friends or made shady deals to make money on the side. I knew pretty quickly that the place was going to be short lived.

[@sml2238]

This is the best and only description that actually made clear simple sense. I know feel I actually understand what was happening between Alameda and FTX. Listening to Sam and other analysts or commentators give their 2c, just wasn't making sense. I really appreciate your break down. Subbed.

[@chicanohek]

It sounds like SBF is just reading a dictionary that was put through a blender

[@primesister2756]

Word salad, anyone?

[@nickallan2522]

His mum is a Law professor at Stanford… he / they knew exactly what they were doing.

[@theultimatereductionist7592]

Problem is: legal expertise is not genetic. (That was just a dumb joke. That's all.)

[@benstr8156]

Yup. Hence the lack of corporate controls. Void of risk management department. They knew what they were doing. I'm beginning to wonder how much did Sam listen to his parents on how to setup a successful scam operation?

[@fraac]

dan davies observed that the only other time he heard of traders not recording their p&l was a postal reply coupons arbitrage scheme from the 1920s

[@Chauzuvoy]

Wasn't run by a guy named Charles, was it? Sounds like a heck of a scheme.

[@ResidentWeevil2077]

@@Chauzuvoy yes, the namesake of the "Ponzi scheme".

[@maxmorehead1569]

If you give him 45 days, sam will return all customer funds, with 50% interest. He just needs a capital infusion (or to be allowed to infuse the $4B he already has).

[@ericstewart0921]

@@ResidentWeevil2077 thanks captain obvious

[@ResidentWeevil2077]

@@ericstewart0921 thanks for that sarcasm, which isn't needed.

[@gregvinson1]

I am so glad I found your channel. Listening to someone knowledgeable with an epic ability delivering deadpan humor is about as good as it gets.

[@academictrailers3010]

Patrick is a genius. So perceptive and great financial analysis. Keep up the work Patrick!

[@snowlockk3464]

Don't you just hate it when you trip and accidentally create a backdoor into your crypto exchange?

[@saralotti7174]

There’s always money in the banana stand 😉

[@VenturiLife]

Hopefully Gary Wang the CTO can clear that one up...

[@moneyobsessed]

he cant code 🤷‍♂

[@benstr8156]

I love Sam's response about the question of back door. Sam: I didn't know how to code.

[@tomservo5007]

20 years for Sam and that woodnymph

[@davidmurphy563]

Much more likely to be 25-30. There's just so much they can throw at him. This is worse than Theranos from a legal standpoint.

[@manonamission2000]

Woodnymph? more like Wojak

[@treyquattro]

she's away with the fairies... looking for jurisdictions with non-extradition treaties with the USA last I heard

[@Cheeseatingjunglista]

@@treyquattro Surely she's in the Gulf for the World Cup? Avoiding responsibilities, heaven forfend, Nymphs love Footy not Fraud

[@VenturiLife]

@@davidmurphy563 Theranos was $4.5 Billion USD marketcap lost. This is $60B? Intent will determine how much time he/they get.

[@PaquiPaqui73]

The casino analogy made me get a better idea of what happened. Thank you Mr. Boyle!

[@sugarly69]

thanks patrick! listening to you is like audting a degree in financial economics. Finance is best learnt from watching real life examples and not in the classroom, and you do a good job by covering relevant and current financial scandals to explain how it works

[@jaybo602]

SBF is directly stating Alameda used FTX depositor accounts as collateral for Alameda margin positions, which imploded. This is the exact point where SBF's long-term horizon colour vista changes from turquoise to orange.

[@jaybo602]

Also, SBF, there's a new polycule coming to fed town, and guess who's pullin' that train?

[@benstr8156]

Even turquoise colored glasses can't filter out.

[@a.w.848]

#1 source of the hard hitting financial journalism my man. Keep on slaying papi

[@jojosthenewblack]

He's explaining what happened as if it was beyond his control

[@maxmeier532]

It was probably under control of his Benjamin Button lookalike girlfriend.

[@TheMarpalm]

@@maxmeier532that is an insult to Benjamin Button!

[@brianpdavis07]

one of my good friends in high school went to MIT. Even in high school, I knew he was brilliant. While I was in college and kept touch with him while he was MIT. He shared how hard his time was at MIT academically. So for me, to hear these MIT grads say they F'd uped over concepts a child can understand is wrong, it is ridiculous.

[@AlexisVolk97]

Your friend wasn't "someone" 's son then, happens all over the world really be it political, economic or even academic status from a surname flattens the bumpiest road.

[@patienceobongo]

Having never invented anything in 3,000 years, suddenly they are all geniuses? We don't regard fraud as genius in my culture.

[@allenthebird]

You think his parents wouldn't know an academic backdoor to skip the admission process entirely and get their offspring in outright, being Stanford law professors themselves?! Keep in mind, that Theranos girl, from Stanford, also knew how to look the part and fake it till someday making it, or not.

[@patienceobongo]

@@allenthebird they cheated on the SATs to get into Harvard decades ago and have ruined it.

[@benstr8156]

MIT turns out brilliant scam artists.

[@letsRegulateSociopaths]

question: "when did user funds end up at Alameda?" SBF (SBS): "uh, it was a risk management issue...." That's like when asked-- where were you? Blue.

[@samuelspencer5047]

Thank you, Patrick Boyle, for this and other financial related content(s). At 14:02 where you are explaining the casino analogy of where Alameda was leveraging more than what they had available - is history repeating itself. This is exactly similar to the GameStop frenzy where institutional investors short more stocks than what was available to offset their position. hence why most lost tremendously because there weren't enough stocks to buy back and close their positions to limit their loses.

[@Kevin_Street]

Thank you Tiffany Fong for doing the interview and thank you Patrick Boyle for providing much needed explanations! I think I get it now. In a way the collapse of FTX is a lesson in the value of regulation, and the very real difference between the crypto space and actual finance. In this last boom a number of crypto operations took on the appearance of sober, sensible financial institutions - but it was just a disguise, because there were no laws to restrain them or protect their customers.

[@iandakariann]

The lessons of regulations were learned within the standard finance market. They exist because the exact thing that happened with crypto occurred on the other markets in the past. Right down to the same arguments. Each time the kids get away from the parents and go"yay no more rules. Things will be better now" each time the kids realize why the rules exists in the first place. And each time the scum abuses the kids, then walk away to wait for the next time the kids try again elsewhere.

[@r-pupz7032]

Exactly. The subprime mortgage crash happened when people were able to skirt regulations and use loopholes - why wouldn't this happen when there are no regulations on the first place? Greed is a powerful, corrosive force and regulations are there to protect people. They are far from perfect but the answer is better regulations, not none.

[@jimmyolsenblues]

"Which makes absolutely no sense what so ever". savage. Patrick, Savage.

[@Thinkingnamesishard]

Sam 'Bananas', Fraud. This is a serious financial channel

[@zendetta4364]

Coffeezilla brought me here a long time ago. Definitely glad he did.

[@Veteran_Nerd]

I bet SBF is someone who has never been told 'no' in his life, never had to struggle for anything, and had all his doors opened by his parents.

[@DDDd-yz6kz]

I doubt it, judging from his ability to convince investors, it seemed that he had heard a few no in the past.

[@govindagovindaji4662]

11:44 Your delivery. Priceless.

[@AinsleyHarriott1]

Sam’s explanation as to how the crash happened sounds the same as someone describing what crypto actually does. Thousands of words to describe two things.

[@NathanHedglin]

Exactly.

[@NathanHedglin]

yOu jUst dOnT uNderStaNd bro /s 😂

[@doctoroctos]

Thousands of hypercorrelated words

[@nunyabusiness863]

@@NathanHedglin you have no idea how many times I got that phrase as a condescending answer to my questions about the crypto environment.

[@SafetyBriefer]

Tiffany is the best thing about the entire FTX disaster.

[@maxmeier532]

I could do without the duckface thirsttrap picture however.

[@TiffanyFong]

💜

[@SnakeHandler-g7u]

FRFR she can defraud me anytime.

[@OffGridInvestor]

Best looking girl in finance. Not including those ex strippers who worked at Enron.

[@IceHarvest929]

She conducted that interview as if she were talking to one of her buddies about a not so serious issue.

[@notyourdamnbusiness8795]

i still dont get over the fact that alleged proper grown ups gave this dude 100s of millions of dollars.

[@ripvanrevs]

He saw how much dupes were giving to BLM

[@joannewolfe5688]

Well considering that they're all snorting blow or ramping up on speed, it doesn't seem odd at all that their decision-making might be faulty.

[@maxmeier532]

@@ripvanrevs is there any video on youtube without trollbots left.

[@benstr8156]

Greed. And the fact he drove a Toyota Corolla.

[@timop6340]

Only losers do due diligence, just jump along to a hype train!

[@nukeout]

Patrick about to be tapped for his first comedy central special! 🎭

[@TheRtHonEdmundBurke]

Literally gave this interview from the beach. What a legend.

[@ConestogaCreek]

Why is SBF not in jail? The only question that matters.

[@walkingstick6655]

I like the casino analogy. Very clear and understandable.

[@johns5558]

Its even worse: - By his analogy of the casino, the big player (Alameda) not only incurred losses that bankrupted the casino (FTX), USING customers money - But before the losses (by Alameda) were converted into the chip value and the casino closed, The casino was hacked (inside job) and 1 billion dollars embezzled out BEFORE the big player (Alameda) converted the chip value over and the value transferred back onto FTX / the casino's books. Get a load of that! SBF and his mates knew that FTX was done so stole the money before the deficit got transferred back from Alameda. This of course to pay off various people to support him / who invested (*cough* Kevin O'Leary) and anyone else who will be shady enough to issue a physical threat for debt default and of course to line his own pocket and those of his mates and family. And this from a bunch of kids on prescription meds. I have zero doubt his parents are ashamed and yes they should try to give back the assets.

[@OurPastSecrets]

The government should honestly call Patrick as an expert witness

[@markusgorelli5278]

Yes. Would love to see him repeating his casino analogy in court. They might not want to risk him bringing a powerpoint presentation though. 🤔

Thank you for the very good explanation on what the automatic liquidation thing was all about. That cleared up a lot of confusion 👍

[@bovisstercus9891]

I swear you can literally hear the waves crashing on the beach during that interview. Truly wild lmao

[@abcw114]

It does sound like water. Pool? Bubble bath? lol

[@OnTheThirdDay]

He probably thinks that since he's got connections to the regulators and has funded the democrat's presidential anf midterm elections that the FBI and such won't touch him. He might not be wrong.

[@JacobpoppaWoody]

@@OnTheThirdDayI’m going to go ahead and say he’s about to get his asshole resized by the FBI and SEC as soon as they can put an airtight case together

[@pal333]

exactly what i was thinking, this is insane

[@BharathAithalQC]

I'm convinced that Pat is a comedian who happens to know finance. Just like David M. Solomon, Dj happens to be the CEO of Goldman

[@PhilUKNet]

He has a very droll sense of humor and never breaks from the deadpan expression.

[@johnhughes2124]

@@PhilUKNet that's what makes is so brilliant. I could never keep my face straight with his jokes.

[@PhilUKNet]

@@johnhughes2124 I imagine he would be very good company in a pub with a pint of Guinness. Very knowledgeable, very interesting but with a wicked sense of humor as well.

[@jerrymann646]

It's like, you know, like I should have been like, you know, like , you know. Right?

[@jasperhorace7147]

If only they would listen to themselves using that utterly senseless, meaningless and repetitive like.

[@joannewolfe5688]

Like, exactly so, dude.

[@lindaredding4743]

Word salad!!! This guy needs to just shut up!!

[@joannewolfe5688]

@@lindaredding4743 Narcissists NEVER shut up. He really thinks if he says it, people will believe it.

[@sadsadski5395]

They were aware of the risk but were utterly reckless. They broke many laws and honestly anyone who knew what was going on HAS TO go to prison over this for a long time. If they don’t it’s a failure of entire system.

[@johns5558]

*cough* Bahamas *cough*

[@1tents]

Another great assessment of the FTX debacle. Thank you for not vilifying crypto as an industry. I see this as an unethical and fraudulent use of customer funds which happened to be held in crypto. Many in crypto believe sensible regulation is needed but fear that SBF’s hubris and greed could lead to excessive and crippling regulation. We’ll see what happens, but at least the American taxpayers won’t be asked to bail out this mess and create a moral hazard.

[@PBoyle]

Thanks!

[@cptrelentless80085]

Isn’t the whole point of shitcoins that there is no central regulation?

[@GT-tj1qg]

@@cptrelentless80085 Yeah as soon as it gets regulated, crypto stops being a lottery. And there's nothing the uneducated masses love more than a lottery.

[@johnkoch7386]

@@cptrelentless80085 or no central value?

[@tophat2002]

@@cptrelentless80085 yes. Isn't it funny!? Lol

[@elen5871]

weird that he's apparently shredding paper during the interview given that most of FTX's business was online lmao

[@OffGridInvestor]

That's the paper the wood nymph had been hoarding but they've gotta move now

[@patrickmalone1373]

Lmfao

[@stephenmatura1086]

Those are hard drives going into the crusher.

[@chartreusecircle1546]

That’s waves lapping the shoreline outside of his zillion dollar mansion. But here’s sowwy, you guys. Truly sowwy.

[@sampotter4455]

His immaturity and the wanton disrespect he shows for customers and people in general is only highlighted by the fact that he can't even bother arranging for a clear audio call. Everyone who trusted him with money deserves exactly what they got. Let's hope justice likewise is served to this irresponsible disrespectful boy.

[@ms-jl6dl]

Mommy and daddy will take care about that NEVER happening.

[@3m5r56]

The investment firms that were shills for him. they should be sued out of business.

[@grimslade0]

At one number per second, it takes ~31 years to count to 1 billion... It never ceases to amaze me, when multi-billionaires don't use a crumb of their absurd wealth to hire a massive team of expert financial and legal advisors.

[@chartreusecircle1546]

Nope. Instead they spent absurd amounts on advertising and political donations

[@benstr8156]

Scammers don't hire financial and legal advisors for one reason. >Detection.

[@johns5558]

@@benstr8156 Correct they create paper trails.

[@beautifulblackbeauty8641]

3:45 6:00 am, starting my day with you. You rock Patrick!😊

[@jamesedward9306]

I've been combing youtube to find intelligent, cogent explanation/hypothesis of what went down. This channel is the gold standard. Well done Patrick. New fan and subscriber.

[@RB-qg1qx]

If I decided to rob a bank, get caught, I could describe that as a 'risk management failure' SBF was allowed into the bank, put in charge of the vault and then........

[@GhostOfSnuffles]

With all that money Sam stole i'm shocked someone hasn't hyper correlated any unfortunate accidents with him yet.

[@Nisaba57]

gonna hypercorrelate the location of my fist with the location of his face

[@benstr8156]

I wonder how many hardware wallet Sam owns and how much (crypto) did he sock away ?

[@MichaelLoweAttorney]

It was the Bankruptcy Trustee’s fault!

[@jamesbauer4586]

Thank you for your content and your hard work putting these videos together. Unfortunately for retail investors, SBF is cut from the same fabric as Madoff, KG, and all the other hedgies who have been ripping us off for years. He knew the risk going in to this as well as his cronies. They should all be held accountable.

[@jf21_ducks]

holy moley.. Patrick's expertise + Coffeezilla's investigative journalism?????

[@hasenafarms6448]

Sounds like he's on a satellite phone from the most remote place on the planet. Wherever it is, at least he has power because you can hear a paper shredder in the background.

[@Tomo-wg2iq]

Sounds like those little, gentle beach waves when you're sitting in the shallow part

[@hasenafarms6448]

@@Tomo-wg2iq True True. The view is probably amazing.

[@niklase5901]

This was, by far, the best explanation I have heard. It makes a lot of sense.

[@fannaffannaf]

Based on the comments here, it's clear Patrick Boyle's followers are just as witty, dry and hilarious as Patrick himself. (not sarcasm)

[@carlosmarrero6155]

Another great video Patrick!! Please keep them coming!

[@benforrest8590]

Patrick. I love your subtle dry humor.

[@MikiCab1]

At 5:48Tiffany asks " how large was it?" Sam's response should have been "That's a rather personal question"

[@paulbennett6914]

What a concise and easy to understand explaination, thanks for making this.

[@vikramkrishnan6414]

This is the bit I don't understand about this entire saga. Even if SBF wasn't stealing funds, he was running and exchange and a hedge fund, which by itself is a major red flag, as it opens the door to several unethical and criminal practices like front running, insider trading etc. Why did this not ring any bells in most people's minds?

[@BoardsportsGroup]

The gambling analagy is 100% correct. The exchange is gambling platform, and the house always win.

[@Brother_from_Oz]

Love your insights Patrick…. Keep it coming mate… from Australia

[@ronaldk1636]

Thanks Patrick great content

[@ArcticPrimal]

We need to stop with "They're young". They are adults in their late 20s turning 30 soon. They didnt start ftx when they were teenagers. Maybe use "inexperienced" but definitely not young

[@primesister2756]

I agree. My son kept calling the wood nymph a "girl." Sorry, no. They're ALL ADULTS.

[@drachenschlachter6946]

"I can't recall that" is the sentence that will safe him

[@philippos5547]

kzbin.info/www/bejne/h527o6uEqNKAipo

[@sugarfrosted2005]

Have him locked in a safe? Maybe!

[@wenlambotomy6231]

SBF is safe blud 👊

[@jersey282]

You're a fool. Elizabeth Holmes said 'I don't know' and 'I don't recall' about a 100 times during her deposition and she just got convicted for 12 years (which took years itself to work it's way through the court system). We shall see what happens to him. Personally, who cares about him stealing money from crypto bro losers, greedy fucks and anti-regulation assholes.

[@johnford1043]

@@RichardLucas "I really can't recall" given his affliction with Alzheimer's it may have been true. Horrible President nonetheless.

[@MorrisFilmPhoto]

Thanks 4 Great Reportage!

[@secret222]

The way Patrick's hair-line and suite lines up with the dark part of the painting behind him

[@AH2andBeyond]

GREAT PICTURE!! It ABSOLUTELY sounds like he's chilling at the beach!!!

[@cesarbretschneider]

He missed the chance to add some cucumber though. Some loves em

[@BlackJesus8463]

He's gonna be like, I don't know what I'm doing. lol

[@manonamission2000]

trying to compete with the CME... way too aware to claim ignorance of any sort

[@VenturiLife]

He was already claiming the faulty-memory approach, but these chit-chats with reporters kind of nullify that defense. His lawyers must be tearing their collective hair out.

[@eddyrose8596]

I'm sure he is being guided every step of the way. We're witnessing a character assassination now. He'll take all the blame and deflect as much as possible. But will take the fall for the larger players that backed him

[@od9694]

I like this guy Sam Bankman Fried seems like a real go getter

[@howardhill3395]

"improperly organized" is a huge understatement - deliberate chaos is more like it. The place was deliberately designed without internal controls, to enable SBF to do whatever he wanted with customers money. Effectively no risk management at FTX or Alameda.

[@beautifulblackbeauty8641]

5:30 that is some of the worse word salad I’ve ever heard. Also, “should’ve been more careful”? That’s what I might say when cleaning spilled milk. 8:37

[@mrgrumpy70]

I only come here for updates on the ‘Sultry Wood Nymph’ and definitely not for any comedic value.

[@anv_bis7287]

Sam sounds very calm and collected. Bro doesn't have a care in the world right now

[@johnphamlore8073]

Because what he did might not be criminal in the Bahamas?

[@samsonsoturian6013]

He's had weeks to prepare what to say

[@GeorgeSmileyOBE]

He will do a runner.

[@asdisskagen6487]

He's not worried because he's bought all the politicians he needs in order to get away with it.

[@pikapowns]

@@GeorgeSmileyOBE I thought he already tried to do a runner

[@hobbswade]

It’s like stealing $8,000 from 1 million people.

[@svansy]

Patrick. You say you are a financial guy. But looking at your photography skills (6:40), i would say your skills are far beyond that.

[@mrandersson2009]

The background pictures during the interview are glorious. 😁

[@McDandyandy]

I work at a small platform, we have strict CASS (Client Money and Assets) regulations that ensure things like this don't happen.... regulation is there for a reason, specifically for this type of reason. Crypto needs proper regulation put in place, it is way too much like the wild west

[@joemerino3243]

The 'wild west' is a fiction from cowboy movies, whereas real life highly regulated areas like Chicago have huge murder rates. Please don't get your ideas on how to run society from movies. The 'wild west' was in reality just a bunch of mining and ranching with a very few colorful incidents blown out of proportion and made legendary. The biggest shootout in the wild west was the shootout at the OK corral, which killed 3. Chicago's St. Valentine's Day Massacre killed 7.

[@McDandyandy]

@@joemerino3243 then I stand corrected... it is more like the Chicago you describe

[@maxmeier532]

the point of crypto has always been the lack of regulation. you are basically saying, all water needs to change is, not make you wet.

[@joeblowe7545]

No no no!! Non-regulation is one the pillars of the crypto scam acolytes. How can this be??? Aren't ALL crypto zombies honest and trustworthy? LOL

[@benstr8156]

US > regulation Let's go to the Bahamas.

[@caiusKeys]

One thing is fer schure: It's not SBF's fault!

[@ripvanrevs]

I am really impressed with somebody who can lose billions of dollars in one day. You have to be really smart to pull that off. Kind of like all those bankers in 2008.

[@nicholasvinen]

It's easier if you are the smartest person in the room.

[@redphoenix6372]

I appreciate your cool-headed summaries, Mr. Boyle. Let the chips fall where they ought.

[@MrFuggleGuggle]

People gave FTX their money because they wanted the tokens/coins they were investing in to increase in value. Not for SBF and his unwashed-slob-twenty-something cronies and ex-flings to turn it into nothing by cycling it through his hedge fund at Alameda, spending it on basically whatever they wanted, and then 'replacing it' with more of his token...which he could make unlimited amounts of, and essentially was worth nothing after dumping the customer money backing that coin/token into wherever it ended up going. I cannot see how this does not end it some kind of jail time, since it's got FRAUD and misuse of funds written all over it. SBF is just trying to dodge jail time like he dodges salads and good fashion sense, but as soon as he sets foot again on US soil or a country willing to extradite him, he's going to end up in court. Given all his donations to journalist organizations and political organizations - public or private amounts - I think there should be a lot more investigation into those amounts...it might explain why so many of those journalists and organizations are not immediately demanding his day in court.