An interview based research video from coffezila YouTube channel now getting huge traction in the crypto community, in which FTX founder SBF explained how it is easy to scam in crypto space.
Approximately 6 months ago, A popular YouTube channel “Coffezila” with over 1.39 million subscribers posted a video on FTX founder & former CEO Sam Bankman-Fried (SBF) interview. Through the video, YouTuber explained how a crypto company CEO sees this innovative sector to make money with a simple idea of hype & Ponzi scheme based mind manipulation game.
In that old interview, SBF tried to explain the Yield farming system & said that it is nothing but a box, which can be made easily & also corresponding tokens can be launched easily, where Creators do promise growth & claim to change the whole banking sector game with that Box & token use.
SBF said:
“They probably dress it up to look like a life-changing, world-altering protocol that’s gonna replace all the big banks in 38 days or whatever. Maybe for now, actually, ignore what it does or pretend it does literally nothing. It’s just a box.”
Further Former FTX CEO said that a new token created with a Box, suppose X token, will be use to give high return rewards and that will start with $100 million market value with a decision to unlock 16% revenue per year (i.e 16 Million new X tokens) and further that will drag big investors, which will increase the market value to approximately $200 million.
In short, SBF explained that everything is based upon hyped & fake promises, which helps to drag huge numbers of investors and also we will be no one to comment on those things whether fraud, ponzi schemes or something else.
Further on more explanation on such a type of new crypto project & token ( a Box & X token) game, SBF explained that such projects actually have no flow of actual money but nobody cares & it works as a monetary system. But in those scenarios when huge people called it worthless then people start selling those X tokens that results into a very big loss of money for other investors.
Read also: Cardano’s commercial arm will launch a new stablecoin
6 months ago FTX founder describes crypto as Ponzi schemes
https://bitcoinik.com/6-months-ago-ftx-founder-describes-crypto-as-ponzi-schemes/feed/
https://bitcoinik.com/6-months-ago-ftx-founder-describes-crypto-as-ponzi-schemes/feed/
