The Crypto Comeback

In just a few years, Sam Bankman-Fried went from being a relative nobody to the architect of a cryptocurrency empire whose net worth neared $30 billion. But, even quicker than his empire burst onto the scene, it crumbled in November 2022 with the news that his cryptocurrency exchange, FTX, had lost nearly $10 billion of its clients’ money. In Going Infinite (2023), financial journalist Michael Lewis provides a rare glimpse into the inner workings of Bankman-Fried’s meteoric rise and fall. And although Bankman-Fried has been convicted of seven counts of fraud and conspiracy, Lewis suggests that the case against Bankman-Fried is less damning than outsiders believe.

In this guide, we’ll break down Going Infinite into three main parts, first examining Lewis’s portrayal of the enigmatic Bankman-Fried himself before proceeding to the rise and precipitous collapse of his cryptocurrency empire. We’ll also discuss alternative accounts of Bankman-Fried’s actions at FTX and dive deeper into the nature of cryptocurrency that lay at the heart of FTX.

The recent conviction of Sam Bankman-Fried, founder of crypto exchange FTX, highlights regulatory gaps that have long enabled risky practices in the crypto industry. Comprehensive cryptocurrency regulation may have to wait as Congressional efforts on this front have flagged. Experts say the crypto industry must oust bad actors in the meantime to restore trust.

In early March, Bitcoin hit a historic high of $70,000 per coin—the result of regulatory changes, an impending "halving" event, and inflation concerns. Predicting the digital currency’s long-term price trajectory is challenging due to its speculative nature and the multitude of factors influencing its price, which has led to both bull and bear predictions.

The cryptocurrency industry has been marked by volatility, bankruptcies, and scandals, and after the recent implosion of crypto exchange FTX, many are calling for long-overdue regulation. Regulators face challenges writing laws for the industry, though, as no one can agree on some fundamental aspects of it: Is crypto a currency, a commodity, or a security? And how do you regulate a decentralized global industry where no one is in charge?

Bitcoin surged again in August, thrusting cryptocurrencies into the spotlight once more. The industry is large enough now that major investors take it seriously. Even a nation, El Savador, is adopting Bitcoin as its national currency. But before it becomes truly mainstream, it’ll need to address some basic problems, like criminality and susceptibility to cyberattacks.

The cryptocurrency industry has been marked by volatility, bankruptcies, and scandals, and after the recent implosion of crypto exchange FTX, many are calling for long-overdue regulation. Regulators face challenges writing laws for the industry, though, as no one can agree on some fundamental aspects of it: Is crypto a currency, a commodity, or a security? And how do you regulate a decentralized global industry where no one is in charge?

Dive into the evolving realm of technology and socio-political dynamics with the PBD Podcast's "Home Team," where Patrick Bet-David, Tom Ellsworth, Vincent Oshana, Adam Sosnick, and Stuart Seldowitz embark on a deep-dive discussion. From OpenAI's latest milestones, underscored by Sam Altman's leadership and Microsoft's potent investment, to exploring the verisimilitude of AI in movies versus real-world applications—the episode parses the nuanced path of our technological rapture. The conversation doesn't end there; it explores the emerging societal norms that come with the integration of humans and AI in what is termed the fifth industrial revolution.

Yet the PBD Podcast isn't just about bits and bots; it's a vibrant tapestry of contemporary issues. The dynamic group tackles themes ranging from corporate responsibility and media narratives to geopolitical strife and economic trends, including insights on cryptocurrency's murky waters. They wrap up with a more personal touch, reflecting on the essence of service, the cultural fabric of tipping, and the shifting political landscape. Tune in to the episode for a hearty discussion that not only sheds light on the pressing topics of the day but also offers a moment of gratitude, placing a spotlight on the support systems that underpin individual and collective progress.

In a new episode of The Ben Shapiro Show that uncovers the intricacies and geopolitical ripples of Israel's deal with Hamas, host Ben Shapiro leaves no stone unturned. Accompanied by an impressive lineup of voices, including Naftali Bennett, Pete Buttigieg, Joe Scarborough, and Janet Yellen, Shapiro dissects the military, media, and international dimensions of the conflict. From unpacking media bias to interrogating the regional implications of Israel's defense strategy, Shapiro navigates through the nuances of anti-Semitism and challenges the perception of Hamas, inviting listeners on a probing analysis of global affairs through the prism of Israel's staunch position.

The episode doesn't stop at Middle Eastern politics; it embarks on a macroscopic view of the United States' role in world affairs. Shapiro laments the pitfalls of U.S. isolationism, engaging with the complexities of American influence on global trade and power balances. In light of the ongoing turmoil in Ukraine, he scrutinizes U.S. military aid and the strategic interests at play, aiming to reveal the broader consequences of geopolitical actions. Meanwhile, domestic politics are explored through the lens of media criticism, financial regulation, and social justice, with Shapiro inviting a reflection on the current political and economic narratives shaping America.