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TRASHFUTURE

*PREVIEW* Roko’s Modern Basilisk: the FTX Story feat. Molly White

TRASHFUTURE

TRASHFUTURE

Comedy

4.6851 Ratings

🗓️ 25 November 2022

⏱️ 11 minutes

🧾️ Download transcript

Summary

This week’s bonus features the enormously knowledgeable Molly White (@molly0xFFF) explaining the Sam Bankman-Fried polycule, the collapse of crypto hub FTX, and so much more to Riley and Alice. We very much hope you enjoy this. Check out Molly’s blog Web3 Is Going Just Great here: https://web3isgoinggreat.com And check out her newsletter here:  https://newsletter.mollywhite.net Get the whole episode on Patreon here! https://www.patreon.com/posts/75093625 *MILO ALERT* Here are links to see Milo’s upcoming standup shows: https://www.miloedwards.co.uk/live-shows *WEB DESIGN ALERT* Tom Allen is a friend of the show (and the designer behind our website). If you need web design help, reach out to him here:  https://www.tomallen.media/ Trashfuture are: Riley (@raaleh), Milo (@Milo_Edwards), Hussein (@HKesvani), Nate (@inthesedeserts), and Alice (@AliceAvizandum)

Transcript

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0:00.0

And so basically the US sort of strategic base in this war, this Cold War of over in fake money, was a strategic polycule in the Bahamas.

0:10.6

Yes.

0:11.4

Genuinely, yes.

0:12.2

This one weird guy and his pollicule were like a national asset, which president she was able to suborn through another weird guy.

0:27.9

Yeah, I mean, I think that's true, although, you know, I wouldn't necessarily call FTCS a U.S. exchange.

0:33.4

It was very firmly offshore.

0:36.6

And both FTCS and Binance have these sort of weird arms of the company that operate in the U.S. only.

0:46.7

You know, there's Binance U.S. and there was FTX U.S., both of which were like, oh, okay, fine.

0:52.0

You, you know, party poopers in the U.S. government won't let us

0:55.1

do completely bananas things with users' funds and, you know, list any token under the sun.

1:01.1

And so they created these sort of smaller, less fun exchanges that people were supposed to be

1:07.1

able to use if they were U.S. residents.

1:08.7

But I think the actual, you know, the legitimacy that has been ascribed to those

1:15.1

exchanges is maybe unearned because there is definite evidence to show that Binance U.S.

1:21.2

was set up largely as a sort of distraction for U.S. regulators who would hopefully pay attention

1:27.3

to that and not the fact that Binance was funneling U.S. regulators who would hopefully pay attention to that, and not the

1:28.8

fact that Binance was funneling U.S. users into their offshore exchange using VPNs and things

1:35.0

like that. And so it's bizarre to me, I think, when people talk about FTX US, as though it is a legitimate,

1:42.2

you know, totally still a float arm of FTCX that wasn't operating

1:47.5

in exactly the same way as Binances was. You know, FTA, Sam McMahon-Fried has insisted that FTCS is

1:55.6

totally fine, totally, you know, withdrawals are still active. People have no concerns if they are in FTX, US,

2:04.1

despite the fact that he has not separated any of his other companies at all in the way that he

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