FTX Collapse: What REALLY Motivated Sam Bankman-Fried? | Kate Wand

In this video, Tom Hogan explains the likely outcomes in the cryptocurrency world for the FTX downfall and collapse, while Kate Wand explores Sam Bankman-Fried's philosophy and motivations. Is he really who he says he is?

“The man who attempts to live for others is a dependent. He is a parasite in motive and makes parasites of those he serves. The relationship produces nothing but mutual corruption.” Ayn Rand

So who is SBF anyways, and what does his utilitarian approach of effective altruism have to do with his actions that led to the FTX collapse?

A few months before FTX came crashing down due to the alleged illicit activity and crime, SBF spoke with SEC regulators, and emphasized the need for more cryptocurrency regulation.

“Not two months before SBF’s empire came crashing down, Sequoia Capital described (SBF) as having a “savior complex,” “liv[ing] his life by a calculus of altruistic impact.” As is often the case, beneath a warm patina of virtue signaling and noblesse oblige are decidedly less-idealistic machinations: rent-seeking, influence-buying, and greenwash. FTX and its subsidiaries, guided by SBF, had as much to do with “building a flourishing future” as ESG does with “creating a livable planet.” As a firm and ideal, respectively, both cultivated high expectations, yet generated waste and loss in their wake.” Peter C Earle at the American Institute for Economic Research

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[nizzkid]

I'd never heard of this guy. It's took me less than two seconds watching him for my instincts to tell me this guy is not trust worthy. And I would never leave him in a closed room with an under age child.

[wrexxy]

'Cardboard saints' everywhere!

[jdiluigi]

SBF says everybody is responsible to save the planet as he stands there with his fridge open voicing his concerns to the camera...

[georgeromey]

He’d get along perfectly with Biden’s Press Secretary

[johnlinley]

You got the pronunciation of noblesse oblige wrong. (14:54). I don't mean to nitpick but you don't need yokels snickering behind your back. Take my word on this. Drop the vowel at the end, and just leave it with a soft g, that is, a j sound. This was a favorite phrase of Franklin Roosevelt, and he says it in the way nobility should.

[EddieLongIsland]

Did Gary resign yet? Till then, who cares what these people have to say.

[yosemitesam]

What happens if a solar flare or an EMP takes out the electrical grid, what happens to Crypto?

[digitaldystopia]

His intentions were to use investors money to make highly leveraged trades based on a currency he created and controlled to enrich himself even more. Saved you 17 minutes. You're welcome

[billlandon]

The reason crypto is enticing is it cannot be centralized. It must be ad-hoc, not infrastructure

[whousa]

Not one of the best segment on AIER. Kate was great as always, the dude made many mistakes.

[Jamie]

so the fact that there will always be conmen somehow proves the libertarian mantra of ‘selfishness is a virtue altruism is evil’? There are people out there who are truly motivated be a sense of justice and the greater good real Mother Theresa types who’re not just in it for the virtue signaling but I can understand how that’d be hard to fathom with so many selfish people in the bad sense of the word out there

[Anthony-kpsf]

Clicked out of this video as soon as i heard the Ayn Rand quote. Not sure where this one was going but definitely gonna opt the fuck out.

[ZM-dmjg]

He didn't even donate very much of his money at all, he just SAID he was going to. (Donation to democrat party for lobbying doesn't count as altruism in my books)

[adambelsky]

That music is stupid and annoying, and that’s the BEST part of this video. Let’s go back to the good old days in banking before federal regulations. Because banks never failed, and swindles and scandals never happened, and ordinary people did their own due diligence. Yeah right! How about good bye!