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Speaker 1

00:00

The Jerogen Experience.

Speaker 2

00:02

Speaking of shame, this, now I'm just getting, this is a, you and I are the perfect people to talk about this crypto collapse.

Speaker 3

00:09

Because we're scientists.

Speaker 2

00:10

Oh, okay. Economists. Yes.

Speaker 2

00:13

We have strong opinions and no information.

Speaker 1

00:16

Which is

Speaker 2

00:16

a great combination when you're dealing with the fact that people have lost billions and billions of dollars but what so Jamie's been filling me in on this over the weekend

Speaker 3

00:24

and he also is an economist

Speaker 2

00:28

yeah is our go-to expert I'll

Speaker 4

00:30

just find interesting links and say hey check this out

Speaker 2

00:33

Which is fine? Yeah, that's journalism. Yeah, and as a journalist.

Speaker 2

00:37

What's your conclusion? It seems like well, here's the thing if you're running any kind of currency operation and You're involved in a polyamorous relationship with 7 other people. I gotta think you're wacky 9 9 other people 10:10 of the people

Speaker 4

00:58

I'm total

Speaker 2

00:59

what do they do? They just were polyamorous living in a house together

Speaker 4

01:01

live together in the same place in the Bahamas,

Speaker 2

01:03

and they'll just bang each

Speaker 4

01:04

other hey

Speaker 3

01:06

So wait set this up because you're kind of starting in the middle. What are we talking about here

Speaker 2

01:10

fun? Talk about a lot of fun in the Bahamas. Yeah with billions of dollars other people's money

Speaker 4

01:16

Called out a tax haven

Speaker 2

01:18

tax haven yeah, So this fella was running this exchange and they also had tokens. Someone explained it. Someone did a really good job of explaining it and we could play that video but it might take too much time.

Speaker 2

01:32

It's like a 12-minute video, but he was explaining how These tokens are like they're essentially unregulated But it's almost like you're owning stock and it's or almost like owning coin. It's very confusing but it's 1 of those classic examples of people try to cash in and then the whole thing came down.

Speaker 4

01:53

Yeah, the trompanzee scheme has been thrown around

Speaker 5

01:56

quite a lot.

Speaker 2

01:56

Yeah. Well, there's not just that. There seems to be money missing, like a lot of money missing that got moved from 1 corporation to a sister corporation.

Speaker 3

02:05

So this is FTX, right?

Speaker 1

02:06

Yes.

Speaker 2

02:09

And apparently they reached out to Coinbase. I read that they reached out to Coinbase, and Coinbase is like, we can't help you. This looks bad.

Speaker 2

02:17

What's going on over here? And then now it's sort of imminently collapsing and tons of people have invested tons of money over there and they don't know what the fuck is going on. People are trying to pull their money out by buying NFTs for ridiculous amounts of money in the Bahamas because apparently people in the Bahamas still have access to the the thing to the exchange is that the case

Speaker 1

02:40

yep yep

Speaker 4

02:40

then they would imagine that they are reaching out to the person then buying this NFT that would have yesterday been worth 9 dollars and now it's bought for 10000000

Speaker 3

02:48

right

Speaker 4

02:48

To then make like a currency exchange, like you can keep 10% of that.

Speaker 3

02:52

So they jack up the value of it.

Speaker 1

02:54

Right,

Speaker 2

02:54

so they basically say, look, I'm gonna buy your NFT for $10 million, I'm gonna give you a million dollars, and then you give me the 9 back and So that's how they're exchanging money and trying to just draw it out of this account, right? Who knows how that's gonna work out right? Fuck you.

Speaker 2

03:09

I'll get you money. How's that work? Right, but all of it is run by this guy who they were in the middle of profiling him Who sent my this

Speaker 5

03:22

might it Mike Michael Lewis is the guy's name He's a writer of like money ball and the big short many books

Speaker 2

03:28

And so he was in the middle of profiling this guy when everything collapsed, which is wild,

Speaker 1

03:34

right? That is very wild

Speaker 3

03:37

yeah

Speaker 2

03:38

Like what are the odds that that happens at the exact same time because this guy was this wonder kid who? Had developed this thing was worth $15 billion and was like wearing pajamas and shit, like 1 of those like eccentric cats.

Speaker 3

03:54

Didn't all of crypto kind of take a big, massive hit though?

Speaker 2

03:57

I think all of crypto did take a big, massive hit, But I think this is a lot crazier than that. This isn't just like crypto took a hit, everybody's business is fucked. This is like shenanigans.

Speaker 2

04:07

Like some high level, like serious shenanigans. The most generous billionaire, yeah.

Speaker 4

04:14

That's part of, so there's like, yeah, this has been unfolding in real time on Twitter,

Speaker 5

04:20

Which has been an interesting place to be for last few weeks But this

Speaker 4

04:24

guy apparently during this used a PR I don't know if this would

Speaker 5

04:28

be a scheme but a youtuber it was paid to make this piece about him and the way he gives away money, which adds to...

Speaker 2

04:38

Well, he wanted people to know. He wanted people to know he's a good guy. He reached out to Elon, apparently, while Elon was buying Twitter and offered to chip in $3 billion.

Speaker 2

04:47

And Elon said that set his bullshit meter off. Because, like, Elon's a serious dude. You say he's like this guy's 3000000 liquid or a billion rather 3000000000 liquid like is he have that money,

Speaker 3

04:58

right?

Speaker 2

04:58

That's a lot of money

Speaker 3

04:59

right

Speaker 2

05:00

Say like we're gonna buy Twitter for 44. I'm in for 3 right 3000000000 right that's a crazy amount of money

Speaker 1

05:06

Yeah,

Speaker 2

05:06

and so Elon said that said it's bullshit meter off

Speaker 3

05:09

right cuz like what you get the 3000000000 Yeah,

Speaker 2

05:11

I can't just say that to that guy. Oh cool. He's not gonna.

Speaker 2

05:14

Just say oh cool. He's gonna know basically what you can and can't. He's the richest guy in the world. He understands money.

Speaker 3

05:20

And he knows who really has that money and who may be laundering.

Speaker 2

05:25

Well, who might be just kind of a crazy person who Probably can't believe he's in where he's at

Speaker 5

05:31

when you find stories about him from before He was like the world's youngest billionaire happened super fast

Speaker 2

05:37

world richest person under 30 Committed billions the vast majority of his fortune to tackling the most pressing problems facing the future of humanity Where does nice

Speaker 3

05:46

get his money though like

Speaker 2

05:47

click on that what are those most pressing problems click on that link? What is that link up there?

Speaker 4

05:51

This is?

Speaker 2

05:53

How it's on reddit yeah interesting

Speaker 3

05:57

Like I understand where Elon made his money.

Speaker 2

06:00

It's like all things he's probably not all bad It just didn't work out the way he thought it was going to and it was for so long And he probably thought I could get away with doing what he was doing and he probably also thought he was doing good So if you really is like super charitable He probably also thought that he was way smarter than he was right because he's under 30 and he's a billionaire already he probably thinks he's the fucking shit could you imagine if you were worth 15 billion and you were 28 you would think you're the shit You think you do it and also you're banging 9 people in the house together.

Speaker 3

06:34

Yeah, I'd be doing bad stuff That's too much money for a 20-something.

Speaker 2

06:37

You're not playing by any rules anybody's rules

Speaker 1

06:39

fuck off Yeah,

Speaker 2

06:40

and I'm gonna give my money away to everybody and I'm also gonna move 10 billion over here

Speaker 4

06:44

New York Post is reporting this stuff, too.

Speaker 2

06:46

Okay cryptocurrency billionaire broke the bank for Dems. Okay, so this might be real. So amid the jubilation and gloating by Joe Biden, Chuck Schumer, and pals over Democrats, better than expected showing in the midterms comes a disturbing story that may explain something about how they won such a curious election.

Speaker 2

07:03

Biden's second biggest donor, cryptocurrency billionaire Wunderkind, Sam Bankman Freed, saw his business file for bankruptcy days after the election, but not before pumping 40 million into the Democratic Party to spend on get out the vote and other shadowy ballot harvesting mechanics for the midterms. The shambolic, that's a new word. What's that mean?

Speaker 3

07:35

Don't know.

Speaker 2

07:35

What does that mean? Let's find out what that means. I need to know.

Speaker 2

07:38

Shambolic. I'm confused. Shaman-like?

Speaker 1

07:41

What do you

Speaker 2

07:41

think it means? Shambolic? Maybe shaman-like?

Speaker 3

07:44

Chaotic, disorganized, mismatched.

Speaker 2

07:46

Chaotic, disorganized, mismatched. Oh, I would say, yeah, definitely. Shambolic, that's a new word.

Speaker 2

07:52

30-year-old whiz kid, once said to have been worth $16 billion, had spent $10 million in helping get Biden elected in 2020. SBF's mother, Stanford Law Professor Barbara Fried, also the co-founder of left-wing political action committee Mind the Gap, which has raised a reported 140 million to help Democrats win elections through the same get out the vote grift. A more unlikely billionaire you could not find and of course his money was built on thin air. A math genius with poor social skills, SBF reportedly lived in a polycule, a polyamorous relationship with multiple people in a luxury penthouse with about 10 co-workers in the tax haven of the Bahamas where his collapsed crypto exchange FTX was headquartered.

Speaker 2

08:45

Wow.

Speaker 3

08:45

This is bad.

Speaker 2

08:46

This is crazy. Yeah. It's crazy that a person like that got to where he was.

Speaker 2

08:52

I mean, New Reuters is reporting that between, now Reuters, excuse me, is reporting that between 3000000000 of customer funds have vanished from FTX conveniently after the Democrats safely spent his money.

Speaker 3

09:07

At the very least.

Speaker 1

09:09

This is

Speaker 2

09:09

the New York Post.

Speaker 3

09:09

Yeah, at the very least it's the same negligence and Lack of due diligence that the celebrities that endorsed companies like this Didn't do you know what I mean? It's like well.

Speaker 2

09:23

How could they know right if you're a celebrity? I'm just just like play devil's advocate. Yeah, if you're a Matt Damon or whoever Kim Kardashian I mean people are making money with Bitcoin.

Speaker 2

09:33

There's Bitcoin billionaires. There's Coinbase which is apparently doing very well. There's bitcoins that are sponsoring sports. They sponsor arenas right?

Speaker 2

09:43

They name arenas after them. Actually I think they have to change 1 of the arenas. This was 1 of them, yeah. Yeah.

Speaker 2

09:49

Oh, it did? Which 1? Was it Miami? Miami, yeah.

Speaker 2

09:53

Of course it's Miami.

Speaker 1

09:53

It's where all the

Speaker 2

09:54

coke is.

Speaker 3

09:54

Yeah. Party! That's the main

Speaker 2

09:56

economy of that town. So how would they know?

Speaker 3

09:57

Well, I knew. I mean, I don't mean to say that, but it's

Speaker 1

09:59

like I always questioned it and I knew so how come they didn't

Speaker 3

10:02

know maybe if they turned off their greedy fucking hat for 1 second and Asked some fucking questions about what's actually going on. They would have known been like what actually is this but they didn't they said Oh, he's offering me 30 million dollars So I can endorse them that'll make people believe in it more And they'll invest in it and then we'll take that money in and all your money that you're hoping is gonna turn into more money When this thing blows up, we'll take that and fund the fucking Democratic. I will find the political party.

Speaker 2

10:25

Yeah, it's slippery It is definitely slippery. There's something that's what happened. There's something very weird about it

Speaker 3

10:31

It's the same thing like what's the cult again? I keep forgetting

Speaker 2

10:34

Oh, what

Speaker 3

10:35

they did what he did with the seagram's daughters. They funneled all the money into his little cult and With that money He was able to get the Dalai Lama and a couple other people that gave it legitimacy and then other people going like, it must be legitimate if this person's in it. And they started giving him all the money and all he was doing was branding women and fucking them.

Speaker 2

10:56

What did they think he was doing though?

Speaker 3

10:57

They thought he was doing this self-help thing and empowering women and teaching them how to be more rigorous.

Speaker 1

11:05

And teach them. I'm

Speaker 2

11:06

very ignorant to this cult. Oh, it's incredible. When I found out it was involving Hollywood people, I was like,

Speaker 3

11:11

I just

Speaker 2

11:11

gave up on that.

Speaker 3

11:12

The actress from Smallville, there was a few other people, but it was all over the world it wasn't just LA and it was based in Albany first of all that that's how you know people are stupid because if I'm not I'm not if you're buying in to a cult that's in Albany you're stupid and then they went to Albany to attend his little weekend where it's a bad

Speaker 2

11:31

place to live

Speaker 3

11:32

it's Albany it's a shithole

Speaker 2

11:34

you like people from all they are mad at you right now do you understand

Speaker 3

11:36

well they know I'm right though it's a dump

Speaker 2

11:38

It's the fucking capital of the state of New York, you son of a bitch.

Speaker 3

11:42

Yeah, I know, and it's I don't know why. It's a shithole. It's a fucking dump.

Speaker 3

11:50

But they did the same exact thing that these crypto people did, specifically this kid Freed.

Speaker 2

11:54

It's definitely not the Bahamas.

Speaker 3

11:56

It's not the Bahamas,

Speaker 2

11:56

no. Right.

Speaker 3

12:00

He got it right. Yeah. Kid got

Speaker 1

12:01

it right. He got the billions. It's like, Bahamas.

Speaker 1

12:03

Yeah, he just went to the Bahamas. He was like, I'm going to the Bahamas. Yeah. That is

Speaker 2

12:03

a pretty wild thing to do, though, to be living in a house, banging all these people you're working with, raking in billions, funneling some of it to the Democratic Party, doing all this philanthropy work, probably thinking you're a fucking gem of a person. Yeah. Until it all comes crashing down.

Speaker 2

12:18

But if it didn't come crashing down, that's like the Bernie Madoff thing. If it wasn't for the 2008 crash, would Bernie Madoff have been able to keep that hustle going?

Speaker 3

12:26

Oh, he was so good at it.

Speaker 2

12:27

He was so good

Speaker 1

12:28

at it. Oh, he

Speaker 3

12:28

was so good. He used to show up at his client's son's baseball games and answer their phone calls. And of course he did.

Speaker 3

12:35

He really was a good con artist.

Speaker 1

12:37

Of course

Speaker 3

12:37

he did. He showed great attention to them. So they didn't, they didn't look at the stealing hand.

Speaker 3

12:44

I mean, but you know, the Democratic Party should have done a little due diligence, been like, what is this? They didn't ask questions either. Or not. They just took the money.

Speaker 2

12:51

They took the money. It's not their fault. What the fuck are they supposed to do?

Speaker 2

12:55

If this lady set it up with her son and he's fucking funneling that money, yee-haw, let's go. You don't have to go and do an audit on their business and make sure it's running right, give me that money. I don't care where you got it from. I don't know nothing.

Speaker 2

13:06

When people come to see your show, how much of it is cocaine money? How many people are coming to see Giannis Papas that are secretly coke dealers?

Speaker 1

13:12

I would say probably 0%. More than 1. Maybe 1, yeah.

Speaker 2

13:16

Come on, out of all the shows you've

Speaker 1

13:17

ever done. 100% Miami, yeah. Out of

Speaker 2

13:20

all the shows you've ever done, how many people paid for your ticket and they were involved in illegal activities?

Speaker 3

13:25

That's different though, I'm not the government. I'm not claiming to be good.

Speaker 2

13:28

We're just accepting a little money, we don't have time, we're running a campaign, We're trying to overturn this Roe v. Wade bullshit.

Speaker 1

13:33

Yeah,

Speaker 2

13:34

come on, man We're trying to codify woody Roe v. Wade. We need money.

Speaker 2

13:37

That's what I love when they turned over Roe v Wade the first thing it is give us money. Yeah, give us more money. We need donations. You know, we're gonna fix this Yeah,

Speaker 3

13:45

and then yeah, no

Speaker 4

13:46

article says that they used him like Greta Thunberg

Speaker 2

13:49

Oh like Greta Greta Thunberg the teenage eco evangelist SBF was manipulated into serving a useful purpose Isn't that kind of editorializing? In other words FBF's analytical IQ and social ineptitude made him a prime recruit for the cause of hijacking capitalism to divert money to left-wing causes whoa So the article the article describes Bankman Freed's recruitment into the EA cult when he was a young man at MIT as being nerd sniped Which is the practice of attracting brainpower by presenting problems as puzzles

Speaker 5

14:27

Whoa, yeah is effective altruism Interesting Oh, interesting.