Crypto CEO Accidentally Describes Ponzi Scheme



Whoops. The magical box was actually a pyramid this whole time.
Sam Bankman-Fried recently went on a podcast and tried to explain “yield-farming” to Matt Levine and the OddLots podcast and ended up describing a ponzi scheme. Chaos ensues.
Listen to the full podcast (starts around 24:00)

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This video is an opinion and in no way should be construed as statements of fact. Scams, bad business opportunities, and fake gurus are subjective terms that mean different things to different people. I think someone who promises $100K/month for an upfront fee of $2K is a scam. Others would call it a Napoleon Hill pitch.

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34 thoughts on “Crypto CEO Accidentally Describes Ponzi Scheme

  • September 10, 2022 at 5:39 pm
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    "they pour another $300 million in the box and you get a stake and then it goes to infinity and then everyone makes money." – Sam Bankman-Fried 2022.

    Reply
  • September 10, 2022 at 5:39 pm
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    We can compare stock to bonzi also, it claimed that you have a say in a company if hold that stock but do you really lol

    Reply
  • September 10, 2022 at 5:39 pm
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    There is a reason why he is a "billionaire"… and just like Musk and the rest of the psycho-pact he's not as intelligent as he pays the media to push him as. Oh sure he might understand how to compute hash using MD5 and hell maybe he can compute in GF(5)… but just because you know a few things and happen to know how to steal from people with your cabal doesn't make you a genius, just makes you a psychopath.

    Reply
  • September 10, 2022 at 5:39 pm
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    Notice how the US government and the regulators(DOJ, SEC) completely allow the massive theft by the bankers, crypto exchanges, etc. The real ponzi is the US government.

    Reply
  • September 10, 2022 at 5:39 pm
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    How is what he's describing any different from the secondary market in equities that this entire world's retirement accounts are wrapped up in?

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  • September 10, 2022 at 5:39 pm
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    ⬆️⬆️My cousin who really help me out in everything also referred me to this amazing hacker who helped me recovered my bitcoin. after that never got any issues again kindly message him and see he can also help you out ..

    Reply
  • September 10, 2022 at 5:39 pm
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    ⬆️⬆️My cousin who really help me out in everything also referred me to this amazing hacker who helped me recovered my bitcoin. after that never got any issues again kindly message him and see he can also help you out ..

    Reply
  • September 10, 2022 at 5:39 pm
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    These tokens have no utility outside of providing yield to investors. That's it. Once enough people start taking money out, the whole thing enters a downward spiral that it cannot recover from. It is not a zero sum game. More people will lose money than make money.

    Reply
  • September 10, 2022 at 5:39 pm
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    If you want safe yeild farming, just go buy bonds issued by a bank or government institution that are BB or higher. Just accept it will be in the 2-5% range, not the 10000%-50000000% range.

    Reply
  • September 10, 2022 at 5:39 pm
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    my cousin who really help me out in everything also referred me to to this hacker who helped my recovery my bitcoin after that never got any issues again kindly message him and see if he can also help you out okay

    95CRACK.

    Reply
  • September 10, 2022 at 5:39 pm
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    You deserve to be funded federally sir, and have you become a genuine government agency. Like you have been helping a whole lot of people who Have been Taken Advantage of.
    VISINCYBERRS👆🏻

    Reply
  • September 10, 2022 at 5:39 pm
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    You deserve to be funded federally sir, and have you become a genuine government agency. Like you have been helping a whole lot of people who Have been Taken Advantage of.
    VISINCYBERRS👆🏻

    Reply
  • September 10, 2022 at 5:39 pm
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    Red flag, I don't trust guru's who use "like" as sentence filler. Like, I can't be bothered to like think this through.

    Reply
  • September 10, 2022 at 5:39 pm
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    You are a prophet Coffee as the box that Sam is explaining turned out to be Helium which you recently made a video on. Coincidence? I say no.

    Reply
  • September 10, 2022 at 5:39 pm
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    "It has value because people say it has value." Sounds kind of like the US dollar…

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  • September 10, 2022 at 5:39 pm
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    Buy low sell high or buy high and sell low if you are shorting. There's nothing better in humongous volatility…

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  • September 10, 2022 at 5:39 pm
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    Wow creating money out of 1's and 0's… insane how it's all collapsing, at the same time china's housing market fails miserably… 🤔🤔🤔🤔🤔

    Reply
  • September 10, 2022 at 5:39 pm
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    Madoffs money saved him from his comeuppance, right?

    Reply

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