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Date: 2024-05-20 Page is: DBtxt003.php txt00025576
CRYPTO
AN EXPLANATION OF THE FTX STORY

Slidebean: The Other Side of FTX’s Disgrace - Company Forensics


Original article: https://www.youtube.com/watch?v=vcsyZf5tmrk
Peter Burgess COMMENTARY

Peter Burgess
The Other Side of FTX’s Disgrace - Company Forensics

Slidebean

Feb 7, 2023 (Accessed October 2023)

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There’s an elephant in the room, surrounding the FTX story- that no one else seems to be talking about.

You guys have been asking for this video, but we didn’t want to do yet another re-telling of what happened (or is happening).

Sam Bankman-Fried is a criminal; he ran his company irresponsibly- but that’s not the worst part about the collapse of his company.

It’s The pension fund that lost $95 million invested in FTX.

It’s The African founders that lost everything. Everything! And had to fire everyone in a day.

The VCs that actually had to write apology letters (that doesn’t happen).

It’s what it says about peopleTRUSTING him.

I am going to explain what happened with FTX, don’t worry- but that’s not the point of this video.

For bitcoin or for any cryptocurrency to actually be a currency, to actually play a part in our future… people need to TRUST in it.

And FTX is just the latest case that shows how greed, market manipulation, personal feuds get in the way of a potentially revolutionzing piece of tech.

Bankman-Fried speaks terribly about how, time and time again, we’ve put TRUST in the wrong person - and the future of the crypto revolution hangs in that balance.



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