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All-In with Chamath, Jason, Sacks & Friedberg

E104: FTX collapse with Coinbase CEO Brian Armstrong + election results, macro update & more

All-In with Chamath, Jason, Sacks & Friedberg

All-In Podcast, LLC

Alllin, Coronavirus, Calacanis, Palihapitiya, Health, Sacks, Friedberg, Allin, Entrepreneurship, Covid19, Gambling, Grow, Investing, Iq, Tips, Tech, Business, Jason, Startups, Poker, Technology, Money, Learn, Davidsacks, Davidfriedberg, Chamath

4.27.1K Ratings

🗓️ 12 November 2022

⏱️ 85 minutes

🧾️ Download transcript

Summary

(0:00) New bestie game show!

(6:20) Election recap: Red wave falls flat, Republican party flips from Trump to DeSantis, a rebuke of extremism

(20:47) Coinbase CEO Brian Armstrong joins to break down the FTX collapse, further contagion risk, regulation, and more!

(43:32) Red flags exhibited by Sam Bankman-Fried and FTX, lack of governance/diligence

(1:06:00) Macroeconomic picture, lower than expected CPI print catalyzes market tear, advice for founders

Follow the besties:

https://twitter.com/chamath

https://linktr.ee/calacanis

https://twitter.com/DavidSacks

https://twitter.com/friedberg

Follow the pod:

https://twitter.com/theallinpod

https://linktr.ee/allinpodcast

Intro Music Credit:

https://rb.gy/tppkzl

https://twitter.com/yung_spielburg

Intro Video Credit:

https://twitter.com/TheZachEffect

Referenced in the show:

https://www.nytimes.com/2022/11/10/us/politics/biden-ukraine-russia-diplomacy.html

https://www.wsj.com/articles/ftx-files-for-chapter-11-bankruptcy-11668176869

https://www.bloomberg.com/news/articles/2022-11-11/summers-says-ftx-meltdown-has-whiffs-of-enron-like-scandal

https://fortune.com/2022/11/10/sam-bankman-fried-ftx-joe-biden-democratic-party-second-biggest-donor

https://web.archive.org/web/20221109230422/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight

https://twitter.com/GordonJohnson19/status/1591062535586848768

Transcript

Click on a timestamp to play from that location

0:00.0

Sacks the United States is maybe not going to send weapons to Ukraine indefinitely and they're asking them to sit down and negotiate something that people on the left

0:10.4

Started to do and got a got smashed for something you've been pushing for so I guess mini victory lap for you sacks

0:16.8

What what's the end game here? Well, yeah?

0:18.4

I mean, I've been talking common sense about this for months just saying that we need to be open to diplomacy because total defeat for Russia also means a

0:25.2

Bit a maximum risk of nuclear war. I mean these things go hand in hand. That's the paradox of this war is that

0:31.0

If Russia faces the prospect of a total defeat that's when they're most likely to escalate this conflict into something much much worse

0:38.3

So therefore we need to be open to diplomacy but it was good to hear

0:43.0

Administration officials over the past week say things that I've been saying for months and that I've been accused of

0:48.6

Being like a Putin sympathizer for so apparently there's a bunch of Putin sympathizers in the administration and just to

0:55.0

Read you some of these remarks actually. I want to play like a fun game with you guys instead of just oh really?

0:59.8

Yeah, it's just mentioning these quotes. I want to play a game called millie or sacks

1:06.1

So I want you guys to guess okay whether it was general millie who said the quote or whether I said the quote

1:12.3

Okay, does that sound like a fair fair game? Yes, fair game. Let's put some game show music here

1:17.0

Millie or sacks. I'm gonna read you like four or five quotes and you guys are gonna say whether it was millie yeah or a sacks

1:24.5

Who said it first quote who said it general millie or sacks one of the lessons that should have been learned from World War

1:31.3

One is that European powers refuses to negotiate compounded the human suffering and led to millions more dead millie or sacks

1:38.0

Sacks I'm going sacks. I'm going sacks. It's a very historic millie said

1:42.8

Next one next one go go go go okay a regional war turned into the first world war because all parties made

1:49.9

Maximus demands and assumed others were bluffing it can happen again

1:53.6

That millie or sacks because of bluffing you said bluffing that bluffing is a word that you would use alright

1:58.9

That was sacks that was sacks maximalist. Yes, okay, I would never say maximalist. Yes, he would never say bluffing

2:04.2

Yeah, go ahead where there's an opportunity to negotiate when peace can be achieved sees it millie millie

...

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