SAM, Alameda, Caroline discussed on Crypto Voices

Crypto Voices


Thoughts just on generally how this reverberates through the market. And everything, but there's so much, obviously, that's going on in the past few weeks. We can probably save that pontificating for the end. So let's move it forward then. So obviously, here we are. Next big shoe to drop was FTX. So I'll just leave them broad to start. How have you been feeling in the markets? These last few weeks? Yeah. Interesting. I was in a pretty dark and depressed place to be honest. From the time that I finally had to file against Celsius at the beginning of July, and then when they counter sued me out of appropriate order, by the way, we sued them in state court before the bankruptcy. They should have responded to our claims, which is basically what their claims are in the bankruptcy case against me in state court. They didn't weird legal move that should be looked down upon. Now everything with my cases currently in the bankruptcy court, FTX really sad. I think it changes our industry fundamentally and we'll see what the reverberations of that are over the next few years. It's a whole different level. Compared to what happened with Luna and Tara, Celsius Voyager, it's really sad. Two months earlier, I would have had a very significant sum of 7 figures on FTX international and would have been completely screwed. Thankfully, I misplayed the Ethereum merge. And after a major hit decided that I wasn't going to be trading any more after mid September for at least 6 months, taking a 6 month hiatus. So I had no money on any exchanges when this all happened. Thankfully. But yeah, as I said, I think earlier, there was one person that I'm very close to in the world that was a very early person at Alameda. Before FTX, I think, was even accepted. And me being me based on everything that I know, and from what I've heard, you know, I don't have many opinions on Sam and stuff, but I do think that. We're not getting like people aren't really comprehending the real story, which is that I think that he really was FTX ing all day every day for the last year and a half and Caroline and Sam were running Alameda and there was this accounting mishap, but I think that the only people that would have potentially known of like, I do believe the story that things were happening in such a way that Sam didn't realize I do believe that because I've seen it from like being at an executive level in another multi $10 billion crypto company and how people treat different pieces of accounting and oversight and you wouldn't believe how bad and how little some of that stuff exists. But I do believe him, I personally do when I watch him on these streams and he says, I didn't realize what was happening. I can, I feel that energy. I really do. And I feel like the only people that would have noticed would have been Caroline seeing that shit was shit was like, oh shit, we lost a lot of money. This hasn't been debited. Let's just not tell anyone because hopefully we'll make the money back. I have no idea. I think it's super weird that Sam trabuco has not has been silent this whole time. I think that the fact that he left when he did and stepped away, it would be flabbergasting to me if he didn't basically see this realize basically pulled a JSON. Like I did with Celsius a year and a half early. He just did it 6 or 9 months earlier. Saw something was super fucked and was like, peace I'm out, you know? Maybe that's not the case, but something in the universe is telling me that it is the same as like my situation with Celsius. And if that's the case, fuck him. It took Celsius a year and a half and many, many, many other mistakes to go under in a much smaller way than FTX did. And if Sam knew shit was going down and knew there was like an accounting issue and then 6 months later and then left and then 6 months later this happened, fuck him. I hope that that's not what happened. But that's my theory. Interesting. So I actually like to hear a little bit more about why you think it's why do you think it's possible? And we probably all see in this orc chart of all of the entities that are related and I only seen it once briefly. Like it's not on the top of my. The takeaway is it's a mess, right? There's like entities and they're geographically distributed and it is a mess. I've dealt with so many lawyers in my life. I would love to know who the fuck were their lawyers who were advising them because usually I won't let lawyers do things unless I have a general grasp of what's going on and they had so many entities. It was out of control. I don't know, man. It's so weird. You know, my takeaway, right? It's probably overly complex. And so it sounds like you think it's plausible that Sam just he wasn't in the weeds enough to see the mechanics here. With regard to certain things about Alameda's trading positions, yes. I think that I think that what he should have realized 100% is when binance wanted to be bought out of their FTT 9 months ago or whenever the fuck it was. STT is something where and I think that this is like the most important takeaway that people should take from me in terms of how I see the crypto space about what happened is that as soon as binance wanted to get out of their FTT position. STT immediate FTT ability to be a collateralized asset with any liquid able value. It becomes 100% dependent on how much money Alameda FTX or other stakeholders in FTT are willing to put by walls up for. And because basically that's how that's how the governance token model and ecosystem works. If you have seriously concentrated token allocations, even in the one to 7% range, but a number of them in a specific tokens ecosphere, that centralizes not risk, but it's centralizes the ability for the market cap of that coin to change very quickly. And for him to not have realized that if they were using FTT in the way that they were, it absolutely should have been

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