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FTX was the second largest CRYPTO Currency Exchange and is now in Chapter BANKRUPTCY with over 1 Million Creditors. The failure of FTX has caused CONTAGION in the sector. BLOCKFI is now reported to also be BANKRUPT & GEMINI is experiencing a run on its assets. In this video I provide more details on the FTX situation, look at the risks to the Crypto markets and discuss whether this could be a BLACK SWAN Event that causes another GLOBAL FINANCIAL CRISIS.
For specific details please check out the CHAPTER list below.
Thanks for watching and please LIKE and SUBSCRIBE.
Chapters:
0:00 Intro
3:22 FTX
9:05 FTT TOKENS
13:43 PROPRIETARY TOKENS
15:30 BLOCKFI
16:54 FUNDRAISING & VALUATION
21:35 BLOCKFI FUNDRAISING
22:41 CASH FLOW
25:00 CONTAGION
27:49 SUMMARY & CONCLUSION
#china
#Belt&Road
#globalrecession
#globalfinancialcrisis
#russia
#Evergrande
#China
#Recession
#Zhenro
#Bonds
48 Comments
Kamikoto has several special offers going on right now and is offering my viewers an extra USD50 off on any purchase with discount code JOEBLOGS. Go to to https://kamikoto.com/JOEBLOGS to get your Kamikoto Japanese steel knives today 😁
Too volatile and unregulated for my taste
Love the bit where you compare crypto with "the real world" sadly a lot of people don't see the difference.
This isn't family savings….this is get rich schemes
So where all those crypto experts you see making $50,000 every 6 months on a $9,000 investment you see on here in just about every other video?
It is worth realizing that the Bernie Madoff Ponzi scheme went ahead with the full knowledge of his bank……
I'm here to watch Joe play with the sharp knives.
Joe talks a lot, i never seem to learn any new info from these clips tho.
"A complete fabrication."
Precisely. The crypto emperor has no clothes. To mix in another metaphor, crypto's foundations aren't even built on sand, they're built on nothing. Investors are finally realising they were shovelling their money into a black hole.
Ontario Teachers Pension Plan lost all their money, i wonder how much they dumped into that black hole (Ponzi scheme)?
Crypto "is not real money."
Again, hitting the nail on the head. Crypto's true value is precisely zero. The market is realising this and correcting itself in response.
not gona lie, im happy the scammers are getting rekt.
I could sum up the entire digital currency arena in one word: CHUMPS, end of discussion. As W.D Fields said, A sucker born every minute. Fuck em all and just save yourself some time and heartache, just set your mon(eye) on fire.
Magic Beans – Crypto is not an asset, it does not have any value, it is totally speculative, it has attracted a bunch of thieves and getting out at the most advantageous time is the real trick. The laws will protect the organizers and effectively steal the "investor's" money. The thieves get out by crashing the companies or fake their death etc. and there you go they have your fiat money. Have a nice day and learn.
I'm so glad I didn't fall into the PonziCoin… uhh, Crypto Currency craze, and instead kept my money invested in Dutch tulips, which historically have shown incredible price gains.
Excellent! You’ve covered some points other videos have left out. No one is telling the whole story yet because facts are still coming out. I’m also very impressed that you’re selling a real world, tangible product to support your channel. Others should start doing that. They’d have more credibility if they did.
FOOLS AND THEIR MONEY. People are always looking for a way to get rich by making something BIG out of NOTHING.
Great explanation of what happened. I will say that comments saying that mining a bitcoin is mathematically complex is actually not true. The actual algorithm is simple and understanding the math is pretty simple as well. Proving correctness is more complex, but understanding the calculation is simple. What is difficult is finding a hash that has the needed consecutive leading 0's to meet the current challenge. That is what takes a huge amount of computation.
I will gladly pay you in crypto Tuesday for a hamburger’s worth of currency today.
Who set the value on FTX in January?
Why did it go into bankruptcy?
Crypto riches = BS + 2BS^3.14159xBS
This is no surprise at all, but it goes much further. There are lots if "businesses" which have raised vaste amounts of early capital on the promise of great returns but which show no signs of real profit to reward that investment. Think Deliveroo!
Excellent presentation. Thank you.
no.
it is a very small uncorrelated market since its top at 68k.
Big FUD
I’ve never understood how pension funds are legally eligible for speculative ventures 😵💫
One doesn't want to be left holding the bag when the music stops. Crypto is like real estate – the price doesn't always relate to the value, and it's a game of trusting there will always be a "next sucker" to sell to before the bottom falls out. For crypto, I think the music just stopped, the bottom is going to fall out, and there is no next sucker, only you.
I was actually going to buy some crypto back in the summer when Elon Musk was promoting Dogecoin, but found the process of trying to open a digital wallet a pain, so gave up… Thank F*** I did!!!
It's a shame that if investors can invest a lot of money into fake businesses, the why can't investors invest a small amount of money into real life businesses that can grow properly and earn real money then this can help the economies grow prosperous.
Fake investors are greedy selfish nuts.
Have you seen the "Emperor's new clothes"?
Crypto currencies should have been declared illegal the instant they appeared. They are a gift to criminals and tax evaders. To all those who 'invested' in these scams, I say, "Hard luck, mutts. Don't do it again."
On something different: If you make a nice wooden plate, slightly bigger than the filing cabinet, that nice piece of art can sit nicer, a little more comfortable and not condemned to facing the wall. Otherwise I would gladly give it a place in my house for you…..
Who would think that something backed by nothing but speculation and left completely unregulated could lead to problems
FORGIVE AND FORGET
IT'S ONLY MONEY
On one hand is FTX is worse than Enron, on the other is the second best money laundering scheme after the Ukraine war. 👍 The best current conspiracy theory situation to be discussed. Millions and millions of dollars donated to FTX and millions and millions of dollars sent to support Ukraine in the war that's not a war. And then everyone is caught by surprise when the money is gone and a brand new conversation about bankruptcy started circulating around.
This is Enron just way better.
The knives look good. The box looks simple. It could've been more dark brown and shiny to attract more attention. Joe tell the Japanese to paint the box dark brown and put some polish on top to look and feel more glossy.
Jack and the magic bitcoin,
Wishes he had kept his cow now,
Chryptid, fantasy creatures that may have existed.
Tulips proved greedy fools and their money are soon parted!
Bear in mind: FTX is modeled after the Federal Reserve Bank. Create money out of nothing and allow unlimited re-hypothecation, with immunity. What is happening in the Klepto Currency space is merely a preview of a complete system implosion as the dominoes begin to fall in upon each other. FTX appears to be the primer charge in the detonator.
if you dig deeper into Fried & Madoff has the same DNA
Samurai Joe
I had around 1k GBP in FTX, didn't think it would be going bankrupt. It's crap I have lost 1k but it's not the end of the world I have many pots on different exchanges.
I do feel sorry for people who invested thousands in FTX. We were all fooled and there needs to be real regulation.
I have Pulled out of crypto for now waiting to see where the market takes us.
Here we go again… fake wealth …
Let's breakdown crypto…
Build a "mine craft like" site, where people use their "real money" to buy "virtual property"…
They use massive server farms with massive high end video cards to "create" virtual real estate, and property (nft) that one can "invest" in… its a house with no foundation… and one doomed to fail… essentially, a ponzi scheme by any estimation…
You're all fools, and not worth a dime in real value… you give nothing to society, and should be banned… better yet, investigated for money laundering.
VCs can’t seem to understand or recognize real companies versus fantasy companies and technologies.
Could there be any knock-on effects between dogecoin and twitter? (In either direction) Anyone want to speculate?
So, where did all the money go? 1.8 billlion invested -did it evaporate?
Those Kamikoto knives came all from nowhere and very sharply and sudden all over my screen 😂 If I ever need to cut some Bananas I know what to buy 😂
Nice shirt!