Summary of Michael Saylor | PBD Podcast | Ep. 212

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00:00:00 - 01:00:00

In this video, Michael Saylor discusses the current state of the crypto economy, the FTX story, and how other exchanges have gone bankrupt as a result of Saylor's schemes. He also discusses the conflict between the Bitcoin and crypto movements in DC, and how the Bitcoin movement is better than the crypto movement because it is ethical and doesn't have corruptible tokens.

00:00:00 Michael Saylor discusses the current state of the crypto economy, highlighting the lack of news and lack of excitement. He notes that the crypto community has two opposing camps - one that is pro-Bitcoin, and the other that is pro-Ethereum. Michael discusses the FTX story, in which Sam Bancroft issued himself a locked token and then attempted to get a loan from a bank, claiming that the token was an environmentally friendly form of Bitcoin. The bank refused to provide him with enough collateral, demonstrating the lack of regulation in the crypto space.
00:05:00 Michael Saylor discusses how FTX, a cryptocurrency, was taken advantage of by a number of different entities. These entities include the VC investors who put money into the company, the Exchange, and the issuer. The three constituencies were all taken advantage of, and the resulting fallout has cost many people a lot of money.
00:10:00 The YouTube video discusses how Michael Saylor, the co-founder of FTX, a cryptocurrency exchange, defrauded investors by lying about the company's prospects and using their money to purchase assets he did not actually own. The video also discusses how other exchanges, such as BlockFi and Voyager, went bankrupt as a result of Saylor's schemes.
00:15:00 In this episode of the PBD Podcast, Michael Saylor discusses the 2017 Ponzi scheme perpetrated by Sam Kant. Although Kant was not smart enough to have created a successful company, his actions were still criminal because he knowingly pursued an illegal business model.
00:20:00 FTX founder Michael Saylor was freed from prison earlier this year after being convicted of fraud. In this video, Saylor explains that he couldn't explain what happened to the billions of dollars that his customers sent to bank accounts of his failed cryptocurrency exchange, Alameda. He speculates that he knew what he was doing and that the tipping point that led to his downfall was when he tried to sell the company to binance CEO, Ryan X. Charles.
00:25:00 In this video, Michael Saylor discusses the conflict between the Bitcoin and crypto movements in DC, and how the Bitcoin movement is better than the crypto movement because it is ethical and doesn't have corruptible tokens. Sam was the number two donor to the Democratic party and he might have donated a billion dollars in the last election cycle. If you can generate 10 billion dollars in air tokens, you could make a billion dollars a year.
00:30:00 In this episode of the PBD Podcast, Michael Saylor discusses the difference between commodities and securities. He notes that commodities are assets without issuers, while securities are assets with issuers. He goes on to say that, if you are selling a security, it should be regulated by the SEC.
00:35:00 The chair of the SEC and other regulators have endorsed Bitcoin as a commodity, but this has caused a deadlock between those who know better and those who are interested in crypto tokens. FTX Crashing Down is a story about Sam going to DC to try to get legislation passed that would make Bitcoin and Ethereum commodities, and it also discusses Gary Gensler, the chair of the SEC, and his opinion of Ripple.
00:40:00 The narrator explains that, just like with Ethereum, Ripple is an unregistered security and that the SEC's position is that you are selling an unregistered security. He goes on to say that, just like with Ethereum, Ripple is a software company with an equity token.
00:45:00 Michael Saylor discusses the apparent deaths of three cryptocurrency bosses in recent weeks, pointing to reasons such as their high levels of wealth and the potential for conspiracy theories to proliferate. He speculates that the deaths may be connected and asks the listener if they have any comments.
00:50:00 In this interview, Michael Saylor discusses the dangers of traveling in helicopters, the importance of interviewing Sam, and the potential for a dangerous over-extension of power by those in positions of privilege.
00:55:00 Michael Saylor discusses the parallels between the cases of former CIA director George Tenet and Sam Bankman, both of whom were accused of stealing money from innocent people. He believes that, given the amount of money Bankman stole and the amount of time it has taken for justice to be served, Tenet will never be held accountable for his crimes.

01:00:00 - 01:55:00

In this video, Michael Saylor discusses the current state of the cryptocurrency industry and the recent market volatility. He talks about Bitcoin, Ethereum, and how they are affected by the current market conditions. Saylor also discusses the future of Bitcoin, and how it is looking brighter for the digital currency.

01:00:00 Michael Saylor discusses the various types of fraud, and how the complexity of these schemes makes it half the battle to prosecute. He then goes on to discuss Sam Bagerman, a man who ran an illegal securities exchange and money laundering scheme. After discussing the scandal, Saylor points out that the same thing could have happened to other more ambitious businessmen, such as Bernie Madoff, if the crypto market had not crashed.
01:05:00 Michael Saylor discusses how he attracted billions of dollars in investment by promising high leverage and cheap trading in his tokens, then used those funds to buy other assets. However, when he ran into legal problems, he realized that he would have to come up with billions of dollars in interest each year to keep the scheme going.
01:10:00 The speaker describes how his company, which sponsors a Miami Heat arena, went through a period of rapid growth and then collapsed. He recounts how he got caught up in the scheme and how other people involved have been affected.
01:15:00 Michael Saylor discusses how one man was able to counterfeit 10 billion dollars in one year, and how this could have implications for the cryptocurrency industry. Saylor also mentions how one of the people responsible for this, Jolo, spent the money on luxury items like 100,000 dollar bottles of champagne and diamond jewellery.
01:20:00 In this week's episode of the PBD Podcast, Michael Saylor discusses the recent Sovereign Wealth Scandal, which involved fraudulent spending of billions of dollars. He points out that any legitimate money-maker would know it is hard to make money in the current economy, and discusses the case of Celsius, which went bankrupt after losing millions of dollars in trading errors. Michael also discusses the recent news that FTX, a company owned by Alameda and Celsius, is now in bankruptcy.
01:25:00 Michael Saylor discusses the good and bad aspects of digital securities and digital tokens. He emphasizes the importance of sound technical and ethical design when issuing digital securities.
01:30:00 The problem with many of the ideas behind digital assets and the crypto industry is that they are unstable and lack a clear regulatory framework. However, one possible solution is for the SEC to publish a guideline defining these things.
01:35:00 Michael Saylor discusses the pros and cons of decentralized and centralized economies, contrasting them with securities and commodities. He explains that, in a decentralized economy, no one can corrupt the assets, whereas in a centralized economy, officers of companies may be liable for manipulating the securities.
01:40:00 In this video, Michael Saylor discusses the correlation between Bitcoin and the stock market. He also notes that, since Bitcoin is not responding to the market in the same way it did before, it may be due to changes in the micro-dynamics of the market.
01:45:00 Michael Saylor discusses the recent market volatility and how it affects different types of investors. He also talks about Bitcoin, which he says is a good investment for those with a two-year horizon or longer.
01:50:00 Ethereum is a work in progress with a 10-year road map; Bitcoin has been set in stone with a series of soft forks for 13 and a half years; Ethereum changes every six months while Bitcoin has been pretty much set in stone; Back testing is difficult because a publicly traded company cannot hold more than 40 percent of its balance sheet in a security; Ethereum has an aggressive technical ambition but ultimately it's not a complete project; Twitter is coming back to life; Elon Musk bought Twitter to give free speech to the world.
01:55:00 Michael Saylor discusses the future of Bitcoin, discussing the deleveraging cycle it has gone through and how things are looking brighter for the digital currency.