YouSaid · the spoken record

Cory Klippsten

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67
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2022-11-23
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2022-11-23
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  1. “Truth helps, just exposing it. I think that's one of the reasons that Bitcoiners and journalists, especially this year, have increasingly found common cause. There are a lot of journalists that actually want to find the truth, including quite a few that actually work for crypto rags. So they're industry journalists, but they actually have real backgrounds in journalism. And kind of like me.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “The worst actors are like Andres and Horowitz, multi coin capital. Kyle Samani hasn't said a true word in probably six years. It's all just trash marketing, scheming, pumping, dumping, scamming.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “The entire Ethereum Foundation and Joe Lubin and Novogratz at Galaxy and all these guys essentially trying to have crypto regulated by anyone other than the SEC because the SEC obviously knows that this stuff all passes the Howie test and these are all securities. So they've basically just been dangling millions and millions and millions of dollars in front of the CFTC and saying if you regulate us, please charge us tons and tons of money so that we can staff your office and you guys will get super, super powerful and you'll be big swinging dicks out there at the CFTC because you'll oversee this burgeoning crypto industry just just wink wink regulate us with a light hand.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “It's so much money that they can hire people out of D.C. over and over again as partners in these funds deliberately to get around the regulations around lobbying. So if you spend more than 20% of your time in DC lobbying, you have to register as a lobbyist. But that doesn't count if you're a partner in a company. So they just hire people straight out of DC, make them partners of these funds, and they can basically be in DC full time arguing for Ethereum matters or whatever it is that they're trying to get across. And, you know, the game that SBF was up to over the past year and a half, two years was essentially trying to wrest control of crypto, oversight of crypto away from the SEC and put it into the CFTC. And they've been working on this with Paradigm, which is Fred Airsom, Brian Armstrong's co-founder at Coinbase. This is Andresen Horowitz. This is FTX. This is also Coinbase.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “Get out of their cost basis and still let some ride. And as long as that window is open, they're going to continue doing it because you stack these funds. You raise a fund. If you can get out of the J-curve where you've made your investments and you start to have exits, if you can start to show that you've actually returned the fund, the faster you can do that, the faster you can raise another fund. So Dracy Morrow, which is on like fund number four now, I think it's between $12 and $15 billion that they're collecting 2% on of these crypto funds.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “To get everybody at their firm to blog all the time and hosting conferences and just being in the media as much as possible. They even created a new media arm a couple of years ago basically specifically to push their crypto agenda called future. Essentially they push out and market and make their own weather with these crypto scams that get short time to liquidity. And as long as the window is open where these things are unregulated and you can say whatever you want about magic beanstalks on the blockchain or whatever that will save the world, you can go over and over again and push Worldcoin, helium token, Axie Infinity. You can buy $300 million worth of Solana and get all your friends at CAA and the other agencies down to Hollywood to have all these celebrities go on talk shows talking about their Solana, which happened in the summer of 2021. And then they can dump it as soon as it pumps.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “There's no product, literally. It's just self-referential gambling and gambling tools. And that's it on something that has no inherent value or no real world use case. And then we make our own weather is that they all are just marketers. And so this is where it becomes really important that the genesis of Andre Sen Horowitz is in partnership essentially with CAA. It was basically modeled after CAA. the talent agency down in Los Angeles. So Mike Ovid's the founder of CAA was the senior advisor to Ben and Mark when they started the firm. They kind of modeled it after CAA. The whole point was that they were going to treat the founders of these companies as talent the same way a Hollywood talon agency would treat their talent and would be kind of in service of them. What it also came with is in the DNA of that firm from the very beginning was to make your own weather, to put out your own media. So this is where you see them always putting out podcasts and trying to”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “And I heard this said over and over and over again and didn't see the obvious lie in that and just how immoral it is to hinge a business model on short time to liquidity, meaning that you don't need to have revenue. You don't need to have product market fit. None of that doesn't need to be real because you can just dump this token on retail or on dumb institutional.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “Because they can benefit from information arbitrage and regulatory arbitrage. And at the same time, and basically any crypto VC deck, when they go and raise from LPs only needs two things on it, really. It's just literally one is short time to liquidity, and the second is we make our own weather. And these are the two things that when I came into the space, as lots of people know, I was in Silicon Valley ecosystem advising startups, cutting angel checks, you know, starting in 2012, 2013, all the way through going Bitcoin full-time in 2018. That first 11 months from like May of getting caught up in the ICO run up and Bitcoin and everything through about April of 2018, when I decided Bitcoin was the only thing that mattered, I was heavily immersed in all aspects of the crypto space.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “Yeah, we can talk about that a little bit. But, you know, and I've talked about these themes and kind of what's going on, but essentially there's never been a better industry vertical for the venture capital business model than crypto. Meaning non Bitcoin, altcoin scamming.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “So, this gets at the problems with crypto VC, right? And so now I think finally we Bitcoiners and the journalists that care about truth just like Bitcoiners care about truth appear to have enough of a microphone or enough of a megaphone to start going after the absolute scam fest that has been going on for the last four or five years in Silicon Valley. Talk to people about strong enough to really go out with a hard-hitting thread about Andres and Horowitz that I posted this morning. So, I haven't talked about this anywhere. Walk us.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “Had X dollars worth of collateral people would lend to them. And so even though the vast majority of that collateral was just printed out at thin air token from their sister company that literally was next door in the same building with the same ownership and backdoors between them that Sam and friends coded so that they could not trigger audit review or even risk committee review as they funneled money back and forth between the two companies, again, allegedly, but it appears this is what happened. All these companies would lend to them because they said that they had the collateral.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “That seems the most plausible, and I am not a sophisticated on-chain analyst, but what's his name? Luca Nuzzi. Is that Nick's partner over at CoinMetrics? So he put out a thread about 10 days ago. Actually, did some once he saw what had happened and had a hypothesis, it was easier to go and find what he was looking for. And he thinks that he found a transfer of at the time a little over $4 billion worth of FTT tokens from FTX to Alameda. And that is likely because Alameda actually blew up alongside Three Arrow's Capital and everybody else alongside Luna and probably had exposure to Three Arrow's Capital, which had a lot of exposure to Luna. We don't know yet whether Alameda had a lot of direct exposure to Luna, but it wouldn't be necessary as long as they had a lot of exposure to one of the other desks that were blowing up or funds that were blowing up. And that probably propped up Alameda and let them claim because again, because of the myth propagated by Sam and his PR machine, nobody really did any diligence on them. So if they could say that”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “No, it's not big enough to mess with the regular, the traditional financial system. It's just causing mass contagion across the non-Bitcoin crypto ecosystem. Obviously impacting the Bitcoin price, but I think that's just a short-term thing. And we Bitcoiners don't really care”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “Yeah, fair enough. So, I mean, at the end of the day, he was clearly gambling with customer funds. The money's on the exchange and they were trading it. And that's all you really need to know. I think we'll find out all the details over the coming months, but I think it's fair to say that even though technically you have to put the alleged around that today, I think it's really clear that's what happened. Otherwise, he would have been able to let people withdraw their funds. And instead, we see that they're trying to raise $9.4 billion to cover over the hole they have in their balance sheet.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “His tweets, we think very similarly about Bitcoin. I very much disagree with him on DLT slash blockchain, crypto, whatever, having any lasting value. But otherwise he is a nice guy and he's a smart guy. And man had almost all his hedge funds, crypto on FTX.”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “The good thing is, as you noted, if you have your coins in self custody, you don't need to know all the stuff that's going on. It's only if you actually have your funds at risk that you need to follow the stuff closely. And we've seen some crazy announcements over the last couple of days of very sophisticated, smart, you know, pretty good people who happen to run crypto funds. Even one in particular who I know personally is 99% Bitcoin in his own personal portfolio, but he runs crypto fund just actively trading this stuff. And that guy kept about 40% of his funds crypto on FTX. And it looks like, you know, so that was Galois Capital And that's Keith. He's a really smart guy and pretty good guy. Travis Kling over at Ikigai, who a lot of people in Los Angeles know really strong arguments for Bitcoin. You've seen his”

    2022-11-23 · We Study Billionaires · BTC105: It's Bitcoin Not Crypto w/ Cory Klippsten (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT