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Unconfirmed

169 EpisodesProduced by Laura ShinWebsite

Events in crypto take place at warp speed. This weekly crypto podcast reveals how the marquee names in crypto are reacting to the week’s top headlines. With host Laura Shin, the guests also discuss what they’re thinking about these days and reveal what they believe is on the horizon in crypto. Discl… read more

42:37

Why the GameStop Insanity Is So Similar to Crypto - Ep.162

Sam Bankman-Fried, CEO and founder of FTX, describes what happened between the Subreddit Wall Street Bets and hedge funds around the stock of GameStop this week. In this episode, he covers:

  • what happened with the stock of video game retailer GameStop this week
  • what that says about how to value a stock
  • how the traditional financial establishment reacted
  • how the events in GameStop this week are similar to the way crypto markets operate
  • how a crypto financial system could affect the ability of investors to do what the hedge funds did with GameStop — shorting more shares of the stock than actually exist
  • what led to FTX listing for tokenized versions of GameStop, Blackberry, AMC and Nokia, as well as a tokenized index fund of Wall Street Bets stocks
  • how the tokenized stocks and index work on the back end
  • why Robinhood restricted customers from purchasing shares in GameStop on Thursday
  • what the inspiration was for FTX

 

Thank you to our sponsors!

Crypto.com: http://crypto.com

The Sun Exchange: http://sunexchange.com

 

Episode links:

Sam Bankman-Fried: https://twitter.com/SBF_Alameda

FTX: https://ftx.com

 

Roundups of what happened with Gamestop: 

NYT: https://www.nytimes.com/2021/01/27/business/gamestop-wall-street-bets.html

Vox: https://www.vox.com/the-goods/22249458/gamestop-stock-wallstreetbets-reddit-citron

Early Wired story: https://www.wired.com/story/gamestop-stock-wall-street-bets-short-squeeze/

NYT analysis: https://www.nytimes.com/2021/01/28/technology/gamestop-stock.html

 

Sam on what can determine an asset’s price: https://twitter.com/SBF_Alameda/status/1354790766313234432?s=20

 

Chamath Palihapitiya on CNBC discussing Gamestop — defending individual investors: https://www.cnbc.com/2021/01/27/chamath-palihapitiya-closes-gamestop-position-but-defends-individual-investors-right-to.html

Videos: https://www.cnbc.com/video/2021/01/27/investor-chamath-palihapitiya-the-gamestop-story-is-pushback-against-wall-street-establishment.html

https://www.cnbc.com/video/2021/01/27/billionaire-investor-chamath-palihapitiya-on-gamestop-surge-and-rise-of-retail-investors.html

 

Gamestop price gyrations: https://www.cnbc.com/2021/01/28/gamestop-reverses-losses-and-surges-another-30percent-in-the-premarket-to-450-as-mania-continues.html 

 

How many shares of GME are shorted: https://isthesqueezesquoze.com

 

FTX lists GME for tokenized spot and futures trading: https://www.theblockcrypto.com/linked/92756/ftx-lists-gme-stock-for-tokenized-spot-futures-trading

 

FTX’s Wall Street Bets tokenized index fund: https://twitter.com/SBF_Alameda/status/1354790817060143114?s=20

 

Robinhood customers only being able to sell, not buy GME when Robinhood’s revenue biggest revenue source is sending order flow to hedge funds: https://www.cnbc.com/2021/01/28/robinhood-interactive-brokers-restrict-trading-in-gamestop-s.html

 

Matt Levine of Bloomberg on GameStop: https://www.bloomberg.com/opinion/articles/2021-01-28/knowing-when-to-sell-gamestop-stock-at-the-top-is-impossible?sref=m9L277rN

 

Link to the Crypto News Recap:

https://unchainedpodcast.com/how-gamestop-is-like-crypto/

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