David – Cryptocurrency Expert
Daniel Prince and Michael Saylor had a conversation about the year 2022
They discussed a variety of things, including the demise of the FTX cryptocurrency exchange
Saylor discussed the FTX collapse and shared his thoughts on Sam Bankman-Fried
In one of his most recent YouTube interviews, author and presenter of the Once Bitten Pod Daniel Prince sat down with Michael Saylor, creator and chairman of MicroStrategy. In the video titled "The Year in Review 2022," the pair discussed a variety of subjects.
Saylor and Prince discussed a range of topics, including how Bitcoin price altered how people saw time, risk, and property, as well as their year's highs and lows, securities disputes at FTX, and opinions on Bitcoin investment. Saylor claimed that there is a stigma attached to related-party transactions when discussing the FTX problem. Sam Bakman-Fried is the issuer of FTT, he said, because Alameda is a linked party to FTX and FTT is also a connected party. Saylor said that SBF is the owner of Alameda, FTX, and the issuer of FTT tokens.
“The reason there is a stigma is that if you took FTX public, and by the way FTX accepts FTT, the question a skeptical investor would have is, well since the same person controls all three if it turns out that Alameda has a billion-dollar trading loss, will SBF liquidate Alameda to protect the interests of other customers?” Michael said. The other possibility is that SBF decides not to liquidate Alameda in order to further his personal interests. Saylor added that an honest, unbiased CEO of the crypto bank would have granted Alameda anything between $0 and $10 million, but SBF gave billions instead.
Saylor implied by his comments that SBF was a dishonest CEO who handled consumer assets improperly by transferring them between Alameda and FTX.
This all could have been avoided if customers hadn’t stored their personal coin holdings or other various crypto assets in the FTX exchange in the first place. This may have been the greatest ever lesson for those who are investing in cryptocurrency.