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/