Unless you've just arrived from another planet, you've likely heard something about FTX, a high-profile, Bahamas-based cryptocurrency that has filed for bankruptcy amid allegations of fraud against Sam Bankman-Fried (known as SBF), its philanthropist founder. Cryptocurrency is a subject that many seem to be talking about, but that few understand fully.
In today's episode of The Higher Standard, Chris and Saied take a deep dive into the subject, providing explanations of some of the basic terminology, along with insights into the history of cryptocurrency. The goal is to give you a clearer picture of what's happening the crypto space in light of the FTX collapse.
They discuss and demystify concepts such as the blockchain, exchanges and the overall promise of cryptocurrency as an alternative to existing fiat currency.
Chris and Saied examine the FTX collapse, including the allegations against founder Sam Bankman-Fried, who was involved and what it means for other cryptocurrencies.
They also discuss the confusion surrounding the blue verification check mark on Twitter, in light of the massive changes brought about by new owner Elon Musk.
Join Chris and Saied for this fascinating conversation.
What You’ll Learn in this Show:
The promises of cryptocurrencies: Censorship-free money, a hedge against inflation, and verifiability.
Definitions of commonly used but often misunderstood cryptocurrency terms, like the blockchain, crypto exchanges and decentralization.
How SBF was able to move huge amounts of money without alerting other people, including external auditors.
The value that a decentralized blockchain is supposed to provide.