YouSaid · the spoken record

Mark Goodwin

lines on the record: 68
first: 2023-02-22
most recent: 2023-02-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Follow me at MarkGoodw underscore In. So MarkGoodwin with an underscore between the W and the I. And then follow us at Bitcoin Magazine and at the DTC Mag. And that's our sort of print focused one. Yeah, man, it's a lot of fun. We definitely take it as a great responsibility to serve our community. We love the Bitcoin space. We have like 300 plus contributors that write for us that have written for us online, you know, a ton that have written for us in the print mag. We're a very free speech technology platform. If you got an idea, send us an email. Editors at BitcoinMagazine.com. We love Bitcoiners. We want to take care of you guys. You guys have taken care of us so much. So yeah, definitely check out Bitcoin magazine. And yeah, Preston, thank you so much, man. It was an absolute pleasure to be here talking to you. I love the podcast, the investor podcast. Amazing. Absolute pleasure, man.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Totally, man. You can get it at Barnes Noble participating Barnes Noble mostly all across North America. You can find it at some airports, some other newsstands here or there. We also have some international shipping now, so we have an EU distributor. But yeah, you can definitely find the print magazine at store.bitcoinmagazine.com. Tons of great writing in there. I did this piece. I did the research for this piece and then I co-wrote it with our managing editor, Peter Chihuaga. So he was a huge part of that. Obviously, Joe Rogers is our GM. Rizzo is our editor-in-chief. Mike Germano, our publisher, and then our amazing designer AB. And that's kind of our core team there. But you can definitely find it on BitcoinMagazine.com at our store. How about you at Twitter?”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“These mythical entities like making their move? It's like the dollar system, we all know that it exists, the Fed and all this, but it's like who's really the ones being the market makers of the global economy. And now we're kind of, maybe we don't know who they are or what their names are or whatever, but we're seeing the coalition if you just sort of connect all these dots. You're seeing them make their moves right now. It's a fun time to be a Bitcoiner, you know, if you're really nerdy about all that stuff, you know, because it's like you can see the ripples in the water now and just be like, oh my God, look, here we go. There's another move.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I'm very bullish on Bitcoin for a lot of these reasons because it's, you know, this is this demand elastic database that is actually arguably literally designed for this exact moment from the fiat as a political lever and creating kind of an ideal neutral money where we can relate our inflationary targeting to this sort of neutral database commodity. It's really fun. I mean, Bitcoin is definitely a speed run of monetary policy and macro and political history and all that. It's fun to like, well, we've been in this space for years and big Austrian economics fans and, you know, kind of looking at the dollar system and how it's all going to play out. And now we're actually seeing”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Know it's going to be hard for them to continue to raise rates, then I think they're going to have to issue a lot of money. So again, I think Bitcoin can always go lower and take longer. Always, but eventually, you know, that's going to have to happen. They're going to have to deal with this 31 trillion dollars of debt. And they can exactly just do a Paul Volcker and make rates 10% because our debt to GDP ratio is over 100, right? Interesting times for sure. It's going to get weird.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That old story happening again, and it's like the US dollar system has to make some choices. And how is it going to pay this huge debt service that's just spiraling out of control? And it's like, well, you're going to have to print. You're going to have to create credit to. Think we're going to see it in this. Really, I think this year, man. I really think we will. And definitely into the having cycle next year.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And to me, it's really all the same story, right? I mean, I think this is the showdown sort of this currency US dollar currency versus, I mean, I guess Bitcoin's a commodity. It's kind of hard to figure out what it is. But, you know, we're seeing this big economic story play out and stable coins in the US dollar versus Bitcoin and maybe not even versus. Maybe it's totally within the, I mean, I would argue it's within the US dollar's best interest in regards to retaining net purchasing power to tie itself to Bitcoin. You know, we need our debt service has gone crazy. I mean, we're seeing it. We're about to smack into the debt limit again.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Blacklist anyone that they want as a private company, they reserve those rights versus if there was a direct issued CBDC, I think they had actually probably constitutionally have a lot less rights. I agree with you, man. I see the CBDC from the US standpoint coming far later, if at all, and I definitely see the private stablecoins being a huge part of the story. And I think we'll actually see that this year, man. I mean, the digital dollar were in that pilot right now. BNY Mellon, JP Morgan, we're seeing people present these products and projects to the Treasury, to the Fed, to the Biden administration. You know, I think we will see a digital dollar, but in the form of a private entity like a JP Morgan or a B&Y Mellon. And I think that's the way they'd rather it.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With the US government and with the U.S. government contracts. And so we've blurred this line between private and public. And I don't see that changing. I think that's such a huge right to reserve is the right to refuse service to anyone that they want.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Let's send this out and get as many people using our fiat and buy as much Bitcoin as possible. I absolutely see that happening. The dollar system, though, it's a little more interesting. It's like that's never really been the way it's worked. It's always sort of flown through these private banks and these big institutional banks. And again, it's something that we've seen the US system do a lot is blur the lines of private and public companies. And they generally hide behind private companies that they subsidize with huge government contracts, with bailouts. We see these huge banks that are too big to fail. They're private companies. These are the one that issue this point. But then we see it kind of like a Facebook or Twitter or some of these big platforms that have had tons of government contract, government meddling in them, but they hide behind being this private company, but they're really intertwined.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I completely agree with you. I actually think the US dollar will be one of the last If ever countries or fiat systems to actually have a directly government issued CBDC versus basically every other currency, I think we'll see CBDCs very quickly government issued money as sort of a relation to, okay, how do we react to the Bitcoin, the dollarification of Bitcoin and the dollarization of the world and pointization of the world? How do we react to that? Let's print money. Let's create a credit scenario where we can create M1.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, it's hard to say some of the auditing stuff from some of these bigger stablecoins. Maybe there's some discrepancy there, but they have been en masse, one of the larger buyers of T-bills, short-duration bills. And I don't think that's going to stop. If anything, I think once the Kingmakers are sort of made, I think we will see that explode. And when we do see that explode, I think we will see a great appreciation in Bitcoin as well. I think that they're very symbiotic.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Stable peg that's connected to this huge, huge industry and this huge, huge institution of the US dollar, which is obviously pegged to a lot of other things, CPI and all this other stuff. So I agree with you. I mean, people need to buy T-bills. The government needs people to buy as much bonds as possible. And they want as many users using the dollar. And that, to me, is just stablecoin slides right into that little buyer.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I absolutely do too. I think the U.S. government ultimately needs stablecoin issuers to be happy and healthy and spreading that greenback across the world. They need that. They really want it. They need to offset decade high inflation. And then you do that as you increase the users of the system and you have as many people using the dollar as possible. I agree with you. It's like, hey, okay, let's take the power away from these decentralized algorithmic attempts. Let's destroy Luna. Let's destroy MakerDAO. Let's destroy some of these algorithmic attempts at stablecoins, which again, I think have severe technical flaws regardless. I have a lot of issue of this idea of a decentralized stablecoin is sort of ridiculous. It's like, no, it doesn't matter how decentralized maybe the issuance is or maybe the peer-to-peer transfers are. It's still at the whim of 12 Fed governors and whatever, right? It's like, it's obviously not a decentralized.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“100%. I mean, it's money creation or credit creation by these big private banks. You know, again, should they really even be called private when we bailed them out with taxpayer money a decade? Not really. Why is Bank of America Merrill Lynch Wells Fargo? Why are these huge institutions going to let these young tech upstarts be able to issue their own money in a high rate environment where, hey, the US needs people to buy T-bills? Who's the best person to buy T-bills and create this money? It's stablecoin issuers. So what does that mean? Are we going to see Tether and Circle become trillion dollar companies or are we going to see Bank of America buy up half a trillion in T-bills and start making their own printing their own money basically? And again, I'm using printing loosely. But that's such a privilege of these sort of de facto shareholders of the Fed and these JP Morgan's and these institutions that have done the game better.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And yeah, we're seeing 70 plus percent of blocks coming out on the Ethereum network. Being totally fine with this blacklisting. And so we're seeing, again, this is sort of a, it's a decentralization in kind of name only. And these guys really lost the ability to have any sort of power over the US regulatory regime that's coming and that's here by allowing the US dollar system to create such a stash basically on the Ethereum system. I kind of wouldn't know there.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Regulatory regime has said as much, and by creating $100 billion worth of stablecoins on Ethereum, you sort of put the validators in sort of the standoff where it's like, hey, if you want to try to slash people out, you want to try to fork off and get rid of some of this OFAC compliant heavy portions of stake on the system, you no longer have that lever because if you try to fork away from USDC, you try to fork away from Tether, you're leaving $50 billion worth of value. That's a non-native asset that they can choose to blacklist and censor from the, hey, let's call it Team Good Guys. Team Good Guys want to fork away from Ethereum. They no longer can because there's this like financial difficulty bomb. That's basically being upheld by, again, $100 billion worth of stablecoins. We're seeing all the people that want to participate in the Ethereum system have to go along with OFAC.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Obviously, the SEC is beginning to sort of kingmake. And so that's kind of the situation that I think we're in right now is obviously in regards to the Ethereum situation, which was kind of the point of the question, we saw a massive swell around the same time, 2020 to 2022 of stablecoins on Ethereum, a huge swell. And so what actually kind of happened, there was sort of this backdoor co-option where the US dollar system kind of drank Ethereum's milkshake and actually created a situation where the lion's share of the wealth on the system was actually in the form of these stable coins. And so what that really did was it sort of took away the lever of these decentralized agents within the Ethereum system from really being able to break out of the US regulatory regime. Clearly, the majority of ETH validators are based in the United States.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To the Fed as much as potentially partners in this coalition. I think stablecoins have a huge role to play in sort of Bitcoin's future and then us as kind of sovereign individuals figuring out how to sort of navigate this digital world. So to me, I don't think stablecoins are going away at all.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“My argument is that sort of in 2020, we pull out of Afghanistan, we revert to a new energy system, a new pegging, where we've created basically a monopoly, certainly in the high 90 percentage of all Bitcoin pairings are done in US dollars now. You want to buy Bitcoin, you basically got to buy dollars first. Again, the petrodollar wasn't a monopoly 100% in that same way, neither is this, but the lion's share, the vast majority of Bitcoin trading Paris or US dollar denominated. And then we're seeing Cash App and Strike and some of these bigger kind of institutional lightning players. I think Strike just came out yesterday with the new API for sending dollars on the Bitcoin network. There's obviously a huge incentive for US dollar system to get as many users as possible. They love stablecoins. That's sort of my argument. I don't see Tether and Circle as competitive.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To me, stablecoins are playing this role where the US dollar system is again trying to connect itself to an energy commodity. In this case, it would be Bitcoin. My thesis is sort of that in March of 2020, that was sort of when the petrodollar died and when the US dollar system sort of moved to this Bitcoin dollar system. We want to be able to print money. We want to be able to dilute these inflationary effects from monetary inflation, like increasing the amount of units. So how do we do it? We tie it to an ever-demanded energy system that we basically force a monopoly for people to have to go through the US dollar to be able to get access to this commodity. Petrodollar was obviously that system before. You see us go off the gold standard in the 70s with the Nixon shock and then we spend the next three decades just mucking around in the Middle East and creating this petrodollar system.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, totally. I think stable coins are sort of the end game of how the US dollar system wants to see the digital currency revolution sort of take place. I just finished writing a book called The Bitcoin Dollar, and it talks a lot about the first half of the book is really about the history of kind of the modern dollar system, talking about some of these instances of sent coordinated central banking, whether that's the plaza, cord, Bretton Woods, a couple of these other things. We're beginning to see kind of how interest rates run things, how the dollar system is this reserve currency, how this very clearly an attack from non-dollar fiat coalitions against the US dollar reserve currency status. And Bitcoin in many ways was obviously created directly as a reaction to the great financial crisis right there in the Genesis block. You know, there's the Chancellor on the”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There's a bit of a lot of just offshore tomfoolery going on. You know about that. So when we get a data point like this, it's definitely concerning for sure. And that's why we included it in talking about the story, not that we want to insinuate that Sam is working for intelligence agencies or Sam is doing any sort of this direct abuse. Obviously, we don't have any evidence of that. There's nothing that we couldn't possibly say that. But when you're trying to piece together understanding that something bigger than what we really know on the surface is going on and you see something like that happen, it's really hard to kind of look at this as a coincidence all the time. There's just too many coincidences that happened here in the span of kind of this story sort of takes place really over kind of like three months. And that happened very, very prominently in that. So yeah, it is sort of disturbing.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We know a lot about what goes on just right over there in the Caribbean islands Whether it's through the Epstein, Maxwell, Little St. James Island, we know that there's some stuff that hit some of those boxes that Nicolai was talking about. Unfortunately, right there in that area.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Coalition that may be behind some of the more perverse actions of this regulatory regime. It's really scary. It's really disturbing. Obviously, my heart breaks for his family. It seems like he was clearly going through a lot. I don't know how much of it was hard to say what's rooted in reality and what's not as, you know, just being so far away from all this. You know, we know a lot about what goes on.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You know, for someone who I very much so understand there's a lot of evil in this world, I think the world's great. I love humans. But I know there's a lot of nasty, perverse economic incentives that have been going on for years and years and years and years. That's much bigger than me. But when you see something like that, it definitely does. It's very concerning. All while this is going on and we're seeing more public facing sort of psychological operations of destroying public trust in cryptocurrency. And then we're also seeing, you know, okay, this is, that's some evidence that there's something really disturbing going on here. And that maybe this dollar coalition is violent. Maybe there is a conspiracy here in the literal sense of, you know, hurting people and killing people and spying on people. And obviously there's an insinuation there of some sort of sexual abuse. I don't know what that, how that necessarily plays in, but this is a hint at sort of this big.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Is a ton of flags again in this sort of Caribbean aisle, this stablecoin coalition. So I think a lot of people got really kind of spooked out by that. They were thinking maybe that there is, again, this is sort of a hint or an inkling at this bigger picture, this hidden hand of these people that US dollar is a really important instrument and it's really important for the preservation of the US government and of a lot of these, again, this dollar coalition. So we see someone that actually created a product that sort of took away some of these special privileges from the Federal Reserve, from Congress, and then winds up dead on the beach and billions of dollars worth of this community that he was a part of decides to completely give up any sort of decentralization and literally just split their billions of dollars into Coinbase directly. I think that raised a lot of spider senses on a lot of folks out there, just kind of looking in at the situation, knowing that there were bad actors and just seeing this like, you know, and again, who knows? I mean, I don't know this guy”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Intelligence agencies that had tricked him and his girlfriend had set him up and his ex-girlfriend was a spy working for this U.S. intelligence and Israeli intelligence. And he basically posted and said, hey, these guys are after me. They're going to kill me. And around the exact same time that that happened, two really important things happened. And one was that MakerDAO as an entity had a vote to stake billions of dollars of USDC, which was part of their stablecoin situation with Coinbase. So basically put $2 billion or so into Coinbase's coffers, which was voted on as sort of a community proposal. Meanwhile, he's tweeting about these intelligence operations sort of closing in on him. And then he was found on the beach, sort of washed up with all his clothes on, and he had apparently gone for a swim with all of his clothes on and then passed away.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, Nikolai, again, back to stablecoins, the stablecoin innovator, mostly sort of in the Ethereum ecosystem, that he was the, I believe, the co-founder, if not the founder, it's a Dow, so obviously I'm sure there were multiple founders, but of Maker DAO, which was one of the bigger DAOs, and they were a big part of the, they had a stable coin, I believe it was DAI, DAI algorithmic stable coin that was billions of dollars, again, in sort of this alternative take on this new type of bearer instrument, this like digital dollar. This quote unquote stable coin. They had actually created a pretty robust system with some users. And again, this is all, it's very away from Bitcoin and how much of this is decentralization theater, what's hard exactly to say, but this sort of prominent cryptographer and stablecoin innovator, and he had come up and basically posted and said that there were governments.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, how many exchanges are doing that? How many other people are messing around with stablecoins, are fudging their books, and thinking they can kind of get away with it when we have cryptographic proof that this is how much, you know, USDC they have. This is how much BUSD they have. So interesting times for sure.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“We're beginning to kind of see a similar situation to FTX where it's what percentage of the Safu, you know, the Saifu fund is in B and B and in BUSD. I mean, it's, I think it's almost like 70%. And then the remaining quarter is in Bitcoin. And that doesn't even come close to covering their actual liabilities if anything was to go down, right? You can't create a stable coin or create an exchange token and then have that be a lion's share of your assets on books. That's what caused the whole lack of trust in FTX in the first place was a CoinDesk reporter Ian did a piece where he was like, hey, like 40% of Alameda's books are in this token. And then like five days later, they filed chapter 11. I mean, it was basically that fast.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So they were like, how do we attack this? Let's break this peg, liquidates out. You know, a couple days before a lot of this stuff went down with FTX, Sam was on a podcast talking about how they were waiting to find the right partner to start a stablecoin. That was a couple days before a lot of this stuff went down. Obviously, I think the coalition didn't want that to happen to some degree. FTX was basically going to do what Binance did. And Binance, I believe in September, put out a statement that was like, hey, in a week, we're liquidating all of our USDC positions, all of our tether positions, and we're going to replace them all with this Binance USD, this BUSD, which was their stablecoin. So now that stablecoin is up to, I think like $6 billion or something, there's a relatively big issuance there now. We're seeing some issues with Binance, you know, some market faith being lost in Binance. We're looking at some of their funds.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“People that are shareholders of the Fed, of the US dollar coalition, then they obviously saw Luna as in some way as taking away some of their privilege.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think one of the things that's been really interesting with this whole process for me is unlike a lot of the legacy stuff, there are receipts for all of this, looking at tweets, you know, all these people are very open. They're all younger. Maybe they haven't done their homework, but they're saying things publicly. That's really insane. There's cryptocurrency receipts, right? You know, whether it's, you know, looking at, okay, where did the Luna liquidation go? It's like, well, we can just literally look at it and see that it went to Binance wallet four or whatever and they liquidated it and then it left. But it's a lot harder to commit fraud and crime at this high of a level when there's literally receipts for pretty much everything. But yeah, man, I really do think the stablecoin war is really a huge part of all of this. And I think Luna was a big part of that. They tried to do this algorithmically independent from these privatized issuers, these banks.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Totally mind blowing. And then also, you know, you look into the lunar stuff and you see that the Genesis group was behind, you know, they put up a billion dollars to be on the other side of this Bitcoin trade. And you see their connection with Three Arrows Capital. That has all gone Kaplui. It's like, how do you lose a billion dollars in value in like a week as you do something like that? And now we're seeing this contagion going through the Genesis group and three arrows is out. We're seeing Barry Silbert's digital currency group going through. Lot of the market is just really concerned with things because we've just learned a lot of these people we thought were these brilliant masterminds are really no they're commingling users funds they're making bad bets”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“not. And they attack the peg, broke it algorithmic way, and it created an algorithmic death spiral of let's liquidate as much of this Bitcoin and other crap that was being held and just instantly liquidated on Binance. 30,000 plus Bitcoin liquidated on Binance, where did that go? We're seeing massive outflows from Binance, some of the biggest outflows ever since like June of last year. Just huge amounts, you know, six figures of Bitcoin terms being taken off the books in that kind of six month period. You know, you're looking at that and you're like, where is this core scientific Bitcoin? Where is Luna's Bitcoin? We know that it got liquidated on Binance, but they're not holding it now. And then you look into Binance's role and the FTX implosion and you, you know, they were, they didn't hide it. They were very public. They went out and they attacked the peg. Caroline came out and said, hey, we'll buy it all back up at 22 bucks. We'll buy this FTT. CZ said no.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Use U.S. law to mine thousands of Bitcoin and then file Chapter 11 with 11 of them on the books a year later or whatever. Where did all that Bitcoin go? Where did the Luna Bitcoin go? And when you actually look at it, we now have blockchain don't lie, right? We can actually sort of audit this and look at where a lot of these went. And they got market liquidated along with a bunch of other on Binance. There was like 30,000 Bitcoin that were liquidated on Binance right after that, you know, that peg broke. And we're seeing a lot of, why did that happen? What were they trying to do? What was Luna trying to do? They were trying to build a stable coin. They were trying to build a stable coin. And how many weeks later were they at zero? I think that's a really interesting thing. This is very much so the stablecoin wars. Luna was trying to create a Bitcoin-backed stablecoin and someone said no. Someone in this coalition went absolutely.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“100%. To me, that was a huge part of this story looking at where did all this Bitcoin go? We know that the US dollar system, this coalition is using dollar entities to sort of pervert away the normal economic incentives that would exist on a Bitcoin system. You'd absolutely see this in the Luna fiasco. You also absolutely see this in the core scientific and some of these bigger mining firms as hash price is plummeting and they're making less and less money. Or hash, we're seeing the hash rate explode at the same time. So we're clearly seeing this US dollar subsidized almost business model come up overnight. To me, I think these huge mining operations and this Luna fiasco are very similar in that it was like, how do we use US dollars to create a yield and to pervert away normal custodial actions? Or how do we subsidize U.S.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Did. And so when they went under, there was 130 or something companies that filed in that same week that were just like, well, if they're down, they have all of our money. How many startups were preyed on by this coalition? And then they just got their legs kicked out from underneath them. I agree with you 100%. It stinks to high hell. Absolutely should have had two fish on that cover.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I think A big part of what you're getting at is that there were clearly these people that are significantly more rich than Sam that were using these huge bags of these tokens that were issued for basically literally no cost, no economic cost, then these people dumping billions and billions of dollars of Solana, billions and billions of dollars of FTT. Incentives are really wild. They were able to pervert away good custodial practice. One of the big reasons why FTX really took down so many people is because when they partnered with you and they had hundreds of companies that were sort of under their wing, they made you put all of your funds on their books.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I mean, you look at the VCs that were behind some of these projects that directly led to these multi-multi-billion dollar valuations. Behind the Solana explosion, you know, the pushing Solana stores and Solana phones when the chain is going down every two weeks. And, you know, it doesn't really offer anything that Satoshi didn't sort of solve by taking away the power of these trusted third parties. It's like FTT and Solana, which were directly connected to these huge dollar valuations coming out for these projects associated with SAM. Who is the money behind all this? Where is this all coming from? I think it is as much Sam using the media and using these political connections to appear to be in good faith. And then also a lot of people using him.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Who is really in this US dollar system coalition, this regulatory regime coalition? Hey, let's get everybody using stable coins so we have as much money velocity and as much users on the US dollar system to offset this massive amounts of price inflation that we're dealing with. And then you see these news stories. And we've just seen time and time again that it's like there's always this hidden hand that comes out of nowhere and drops that bond, right? and pays that bail bond. Yeah, man.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and a part of it came from his parents' real estate investments. They put up their house, but I mean, I don't think their house is worth $400 million or whatever it is. Yeah, Preston, I agree with you, man. How is that possible? How is that possible?”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Sort of game, right? But I don't think buying a US politician is that much of a genius move these days. Unfortunately, it seems like they're all pretty pay to play. I think that's really what we saw when we look at that 400 plus donations in a year. It's like all across the board. Yeah, I think it's.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They kind of were, though. I mean, his mom definitely ran a pretty big Democratic-leaning pack. He had a lot of history with political fundraising. And I think Stanford in general, these huge endowment funds from these huge institutions and universities, they're a huge political force in both how they, you know, I don't know how to word this right, but in how they indoctrinate and educate the masses. They're very politically important. But also they have billions of dollars, right? You know, Stanford, Harvard, some of these Ivies. So they're really big political forces on their own kind of by both of those polls. I would say, yes, you're right. It's easy to say, you know, kind of like they aren't these evil political monsters, but at the same time, it's like, how hard is it really to buy a U.S. politician? You know, it's like, you're right. You're totally right. Not a genius. I agree with you. Obviously, this fell and exploded in his face. The market called them out with their FTT.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Which was the Bahamas dollar, which is pegged to the US dollar. So the first really kind of CBDC government issued US dollar stablecoin directly was right there in the Bahamas around the time that this whole thing started. To me, it seems like a very active, a knowing position to try to purchase political capital. And I think his father most likely probably helped him with that. Of course, that's speculation, but.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“This money as we have to buy up political power, buy up friends. I'm going to see how long we can kind of take this thing. And I think they did it better than anyone. Better is probably not the best word, but they did it more effectively than anyone and really fooled millions of people, it seems like. So yeah, it's really messed up how it all came down. But there is a connection there with this folks, with his father in particular for maybe knowing some of more of the ins and outs of how this stuff works. I mean, it's not a mistake that they founded themselves in the Bahamas. I don't think it's an accident that the first stable coin to be pegged to the US dollar was the sand dollar.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Signing for real estate and putting up things for bail and whatever. I think he definitely had sort of a family history of being involved in some of those fields. So perhaps he had some help. I really think it's sort of just incentives run awry where, you know, he was kind of forced in a scenario to, hey, things are maybe not going so great. How can we continue to pretend that it is and that everything's fine and that our balance at Alameda is not a lion's share of it in a token that we issued? You know, I mean, how many billions were just in that FTT token when CZ sort of called the bluff and attack the peg very publicly, you know, we saw that happen. And yeah, I mean, everything kind of downstream came from this factional fissure between Binance and FTX. And so I think a lot of that does kind of come from, let's, hey, let's use as much.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I would say that his connection with his folks, so both of his parents are Stanford, and his dad is sort of known as one of the high-profile legal voices sort of within security law and banking in the United States. And it's very clear that his parents were pretty involved in the peripheral sense”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“That hurt this many people would get the full book thrown at them, and so far it's been anything but that. So to me, that was kind of the idea behind hiding behind this mask was how can I acquire as much social political power as possible while giving away all of this money and getting a, I mean, again, that was a big part of the media play in the way that they covered this guy was, look at what he's doing with his funds. You know, he's so altruistic. He's so effective.”
2023-02-22 · We Study Billionaires · BTC118: Deep Dive Aftermath of SBF and the FTX Disaster w/ Mark Goodwin (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT