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.

[davidstegbauer]

"It's not a ponzi scheme because we added extra steps." 4 hours later the jury said it was a ponzi scheme.

[genenatalejr.]

He literally is telling everyone the exact crimes that he is doing. This interview would be a great thing to play at his trial hearing.

[naplesnola]

The big short: "Why are they confessing? They're not confessing. They're bragging."

[sapphosplace]

I laughed so hard when I realized this video wasn't from November. Dude wasn't even hiding it.

[hoangle]

damn, you called this out 6 months before this ? You are doing journalism at a professional level. It's so glad to see how this channel has grown over the year. Earned my respect

[PIL-tx]

SBF 2020: "Pretend it does literally nothing. It's just a box"
SBF 2024: "Why is the window in my box fitted with vertical bars?"

[SirHumano]

"unless people decide we were wrong in a coordinated way" famous last words.

[JohnnyClash_]

This video is going to age like fine wine

[seriousbees]

I feel like this interview will go into a museum someday. The moment it all went wrong

[MixtapeEntertainment]

“They’re not confessing...they’re bragging”

[kgeor]

Dude learned his economics playing video games that generated gold coins

[Le_Petit_Lapin]

To think that FTX still managed to last 6 months after this interview.

[TheFinalChapters]

He forgot the part where someone tries to sell their box tokens or whatever, but no one wants them and suddenly the box has a $0 market cap.

[ctontz]

He's not even trying to hide it. I think when he did this interview, he felt he was so much smarter than everyone else that no one would catch on. I hope they ask him about this at his hearing.

[tommylyndon]

Coffeezilla needs to do a recap video of all the times he was proven right!

[christopheevers]

I am speechless. If this had been a parody, I would have thought "they overdo it, it should have at least a varnish of creidibility". And he didn't "accidently" describe a Ponzi scheme, he deliberatly did it.

[FatAlbert]

6:50 “If the world never decided we were wrong about this in a *coordinated* way…”

Binance CEO: I’m about to coordinate this mans whole career

[Namari]

The original podcast this came from has been removed and I'm so sad about that. Glad it's immortalized here

[rumourhats]

"Well... I'm in the ponzi business, and it's pretty good"

that line had me dying 🤣

[bennybaubles]

Funnily enough this podcast will probably be used in a court as evidence against him.