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Hello this is Matt on the moon Lambo Channel anybody out there interested in Buying a Ferrari with your xrp like I Understand we haven't had the bull run Yet but once we get there and xrp it'sit A new all-time high and interest price Discovery anybody out there listening Interested in purchasing a Ferrari with Their Xrp because you can now look at the Headline from you today Ferrari now Accepts payment in Bitcoin eth Xrp and um and that's that's not all Technically but um I feel a little bit Conflicted about that because I'm pretty Sure based on my stupid ass name on this YouTube channel uh that I'm supposed to Buy a Lambo with my Xrp would it be wrong I don't know the Ferrari sound pretty cool Too but check this out this is kind of a Cool development I thought I'd share it With you uh because increasingly you Actually will see stuff like this happen Like the idea of crypto including Xrp you know replacing the role of Traditionally what Fiat currencies do Like of course that's going we're going To keep going in that Direction um now there are certain Hurdles including from a tax perspective In the United States where I live but I Still think directionally this is the Way that you're going to go not that
It's ever going to completely uh you Know supplant Fiat Currencies I mean maybe in a fantasy Land way out way far out in the future I Guess maybe but uh certainly not in my Lifetime but but even so it's just so Interesting that you know the first idea You know the first use case proposed for A crypto currency you know peer-to-peer Cash system as Satoshi Nakamoto Envisioned for Bitcoin that first use Case envisioned might be among the last To be fully adopted but you still can Use it today and um and and so Ferrari Is accepting this so then there's the Question of to what degrees is this Actually going to matter how does it Impact markets and I want to share with You some perspective from somebody who's Very well known in the world of crypto Because just found it to be insightful I Just like yep that's pretty well spot on And then I want to share with you some Perspective on a different topic from Stuff from Attorney John Deon um which Will ultimately lead into an update on The SBF uh trial here's a headline from Coin Telegraph Caroline Ellison wanted To step down but feared a bank run on FTX but before going further I do want To be clear I do not have a financial Background of any kind I am not offering Financial advice and you definitely Should not buy or sell anything because
Of anything I say or right I'm just an Enthusiast who enjoys making YouTube Videos about crypto related topics but Just as a hobby and just for fun all Right so as far as being able to Purchase a Ferrari with crypto it's true You can use that to make the purchase um The company that they're using I believe It was bitpay uh yeah it's Bitpay and so what they do is they will Uh take your cryptocurrency and then Immediately convert it into a fiat Currency because that's what Ferrari Actually wants but that's fine you're Still actually using your crypto uh to Make the purchase and then it's just Converted um and so some people like Peter Schiff will mean will say well um You know they're they're not actually Accepting your Bitcoin well it depends You're getting into a game of semantics Because the payment was made the payment Was made in what a cryptocurrency and Then what did the what did the merchant Receive the merchant received a fiat Currency so what if there's a a Middleman in between it doesn't matter The same it's similar concept to when You use a credit card you know when when You consider yourself to have paid for a Coffee or something like that using your Credit card Well not exactly because where's your Money actually going your money is not
Going to the merchant your if you want To be precise your money actually goes To the credit card Company there's settlement with that Transaction from you to your credit card The credit card company and then it's The credit card company that actually Pays the merchant that provided you the Coffee so the fact that there's a Middleman in between there doesn't mean That you now didn't pay the merchant for The coffee just because there's an Additional step that happen happened in Between you still made the payment so Some people like to play these semantics Games and yes I get it that's in in Terms of the guts yes I'm not disputing What's happening behind the scenes I'm Just saying it's stupid if you're Playing this game of semantics so just Wanted to share that but uh here is some Perspective from The Wolf of all streets Very well known in the world of crypto 91,8 followers on social media platform X and he wrote The Following forari to Accept crypto payments Ferrari has Started accepting cryptocurrencies like Bitcoin ether and usdc for its luxury Cars in the United States with an eye on Expanding to Europe the Italian Automaker has partnered with bitpay a Major crypto payment processor to handle The transactions and instantly convert The digital assets to fiat currency
Shielding the dealers from crypto's Notorious volatility the move comes in Response to demand from both young and Traditional investors who are part of Ferrari's client base despite and I'll Pause a note here I haven't talked about This in a while but it is so true like We are in the midst of the greatest Wealth transfer in the history of our Species and it's it's just it has to do With inheritance an oblique subject but It just is the case that there are going To be a lot of younger people who happen To be very Pro crypto are are going to Be inheriting trillions and trillions And trillions of dollars they're Pro Crypto more money will go into crypto And more there will actually be more Usage of crypto that's ultimately why Ferrari's doing this that's what he's Getting at right here we're just super Duper early right now even after 14 Years it's incredibly early anyway uh Scott mker The Wolf of all streets Continues despite the general hesitancy Among Blue Chip companies to adopt Crypto due to its volatility and Regulatory uncertainty Ferrari sees it As an Avenue for growth the company aims To attract a new financially capable Audience who may not have considered Buying a Ferrari before the brand also Maintains its commitment to carbon Neutrality by 2030 citing ongoing
Efforts in the crypto industry to reduce Its environmental impact my take great News for adoption but unlikely to move The needle when Tesla accepted Bitcoin In 2021 it was viewed as huge news but Few people took advantage of the Opportunity for buyers in the US there Are major tax implications buying a car With crypto means selling that crypto And taking the tax hit cool move by Ferrari but unimportant for the market During the bear yeah and so that's Pretty much how I feel now not that I Wouldn't be willing to do this if we're Talking if things line up in such a way Where my xrp is worth you know part a Point where I'm going to sell it if I Want to make such a purchase well then It's just easier for me right just send The damn xrp on over uh rather than you Know convert it to cash and then send The cash over that's an extra step so There can so has this is a neat thing as Merchants continually head in the Direction of accepting crypto uh for People that want to you know change Their reduce their exposure from a Particular asset class crypto it can Actually make a lot of sense to just Spend the damn crypto then and buy the Ferrari or whatever it is that you want To buy maybe it's a cup of coffee I'm Just saying and you will see more of This it's just obviously most people are
Speculating rather than purchasing stuff With crypto which I do not have a Problem with like I just I think that The you know speculators get beaten over The head verbally all the time they get The shaft and I'm just sitting here Thinking they're the reason that there's So much excitement and stuff happening In crypto which allows developers to Keep doing the stuff that they're doing To that ultimately leads to to utility I Just think that the speculators out There deserve way more credit than they Get so if you're out there and you're Not using your crypto and you're not Developing you deserve way more credit Than you are getting for participating In the space it's people like you and People like me because I'm not doing a Damn thing with it either to be honest With you I'm not a developer if I were Then that would be fun but I'm just not The developer type but we we deserve More Credit if can you imagine if there were None of us There wouldn't be crypto there wouldn't Be all the use cases we make it possible Right and so I think when people About this like uh all these people They're so greedy they just want to have My money they won even use it well Give us a reason to use it because I'm Telling you what we're helping to evolve
To the point where we get there but Don't beat us over the head for Speculating Jesus but gr's my gear son Then there's this from Attorney John Deon he shared a post from Frank Shapero Frank Shapero is the editor at large at The Block and he wrote we'll read on the Flight tomorrow shared this this picture Of a book by Michael Lewis going Infinite the rise and fall of a new Tycoon and he is a n number one New York Times best-selling author now what this Guy wrote Is mind you full transparency I haven't Read it and I don't intend to but by all Accounts it is repulsive and disgusting And bizarre what this guy wrote It's a Book praising SPF and mind you Like this book recently published this Is after the downfall of SPF and I heard Attorney Deon citing perspective from Somebody who got 70 pages into this book And there hadn't been any sort of Indication thatf had defrauded people And that he was operating to Ponzi ski And in fact I saw a clip of Michael Lewis appraising the FTX business model And he said yeah I mean you know if There wasn't that bankr there was a Great business model here I'm sitting Here thinking oh my God you little punk Ass badge how can you possibly say that With a straight face FTX stole customer Funds moved it to Alam for wild
Speculation and lost It and you're tell but you want say There's a great business model though if Only what yeah how about if only they Weren't a freaking Ponzi scheme they Would would have been great how about That my God this guy's living in a Fantasy land and so presumably this guy Had written a ton of the book um before Uh this all went down and presumably a Lot of it just went unchanged cuz it was One of these books where it was just Praising him like he's the most Incredible gift to the world this SPF Guy this little buttnugget with a fro And he just didn't change it he's he's Still just it's just glowing by all Accounts again I haven't read it but by All accounts it's just glowing and uh he Just thinks it's unfortunate but he's All he's on team SBF here this guy Destroyed people's lives Yet Michael Lewis is pro SPF no thank you sir our Madam so attorney Deon reposted that and Said the only reason I would ever read This work of fiction is if Michael Lewis Agreed to come on crypto law and debate Its underlying premise scam bankman Fraud credit to Moon Lambo and he tagged Me there was is and always will be a Narcissist sociopath incapable of shame Or remot remorse he's a liar a thief and A fraud and has been since day one spot On attorney de and by the way the reason
He taged me is recently I've been using The name scam bankman fraud which um I Actually didn't make up I appreciate the Tag there certainly by attorney Deon I So John Deon in the earliest of days he Was calling them SP fraud and more Recently I saw somebody call uh Sam Bankman freed scam bankman freed and Then I just kind of slapped the two Together and other people had already Done this so um and I was always Thinking though is there a good what About what do we replace the bankman With we need something else we turned Sam a scam we turned freed and a fraud Those are pretty obvious in hindsight What about bankman what do we put there Well here's a suggestion from somebody Named Sparky who wrote to attorney Deon And said the original versions that Sounded more appropriate were scam bankr Run fraud and scam bankrupt fraud and so I think that scam bankr run fraud rolls Off the tongue a little bit better Because Bank Run sounds closer to Bankman then you know bankrupt does to Bankman so I'm going to go with scam Bankr fraud from now on if I can Remember to do that anyway and so I Wrote I think we need to adopt scam Bankman fraud John Deon uh thanks for The tag John I actually saw the scam Part of the name from someone on X I'd Give that person credit but I have no
Idea who it was yeah so whoever wrote Scam bankman freed which is what I Initially saw thank you because it's in In hindsight it's so obvious I just feel So much regret because I could have been Saying this for most of the last year Just missed opportunity man missed Opportunity and then there was this from Somebody named David they wrote holy F This is literally evidence for the Prosecution I will be sorely Disappointed if it doesn't end up in Evidence LOL and what's being ref Referenced here It's a passage from Michael Lewis's book Going infinite where he's just praising SPF and John Deon said will no doubt be Part of the cross-examination of Sam and And what is the part highlighted here in The book going infinite well it reads as Follows there's a functional religion Around the CFO Sam said I'll ask them Why do I need one some people cannot Articulate a single thing the CFO is Supposed to do They'll say keep track of the money or Make projections I'm like What's the F Do you think I do all day you think I Don't know how much money we Have yeah that's not exactly good for SPF is it it's not good for SC scam Bankr run fraud is it uh look I can Understand small companies not having a Dedicated CFO that can make sense
Especially if you're an entrepreneur Yourself you wear a lot of hats got it Uh when you're talking about a company Of that size yes you need a CFO you Stick the hell is wrong with you yes you Need somebody that's focused Specifically on that delving deeply into Numbers on a daily basis 40 hours a week Minimum yes you do need that what in the Ever loving hell and so all these people Are tricked by him like oh I never Thought about it like that why the F Do this is what Michael Lewis must sound Like in his own Why oh my God shut the hell up like yes You need a CFO this is completely Absurd like this should show spfs Incompetency If he if he had two Employees' be like yeah okay yeah he Don't CFO you are the CFO you're the CEO You're the CFO you're the everything Okay but no yes when you're a company That size yes and then you have a CFO That reports to you that you can focus On more CEO type stuff rather than being Hyperfocused on the numbers which is What a CFO is to make sure that Nothing's going through the cracks and There there are tons of reasons and just Because somebody can't articulate to you A reason then maybe they're an idiot Like you scam bankr run fraud it's Amazing so yes this is if anything it's Going to make it look like a he could be
Uh hiding uh money but B like I'm Looking at this and I'm just like even If not that then it shows incompetence Which is not an excuse by the way he Still stole customer funds either way it Makes him look bad and this is in the Book which is supposed to make Sam look Glowing so I am glad it's in the book I'm glad that part's in the book but There he didn't put that in to make Sam Look bad It's supposed to make it look wise like Oh yeah this guy's so ball he doesn't Even need a CFO look at this ball ass th No that is not right though here's a Headline from coin Telegraph Caroline Ellison wanted to step down but feared a Bank run on FTX Caroline Ellison wasn't Doing a good job leading alamer research In 2022 and she did not hide it excerpts From her personal note shared as Evidence by prosecutors in Sam bankman Freed's trial revealed details about the Trading firm's struggles and its CEOs Desire to resign weeks and months before FTX collapsed Ellison spent over 10 Hours testifying during bankman Freed's Trial this past week notably entering Through the front doors of the United States district court for the southern District of New York in Manhattan joined By her attorneys Allison said she had Not seen bankman freed since the crypto Empow failed in November
20122 but their communication had eroded Months before in April 2022 Their romantic relationship ended and Caroline started avoiding meetings with Bankman freed even though they still Lived in the same luxurious apartment in The Bahamas Now folks I'll note that Their apartment they're calling an Apartment in the Bahamas it's basically A palace it's gigantic I can't remember How much that thing cost but it was like Millions of dollars is my recollection Anyway absolutely gigantic it's palatial So even living in the same place I don't Know that they'd bump into one another And I I thought that I thought that a Number of other people live there as Well Um just pulling from memory here anyway Because I remember those stories from Right after FTX collapse and it was just It sounded just completely ridiculous And disgusting but Anyway peace continues I feel like Neither Sam trbo nor I have been doing a Great job of pushing on stuff she wrote In the document to bankman Freed which Was shared as evidence during her Cross-examination by the former FTX CEO's defense Council bankman freed asked her to stay On saying that her departure could Create rumors about Alam Financial Health thus harming FTX
Credibility so Ellison remained CEO Um yeah it's just I think that she Understood the risk too because even Though she wanted out and she knew that She was breaking the she understood that Sam was right and it could put more Focus it would she's right it would have Put more focus on them which would have Meant more odds of this getting Uncovered meaning more odds she goes to Prison so she probably felt trapped but It's a prison of her own making she Deserves to be an actual prison by the Way anyway Ellison joined Elam as a Trader in 2018 by 2020 she handled most Of the company's operations while Bankman freed focused on his newly Launched crypto exchange FTX in August 2021 she became a co-ceo Alongside Sam Trabuco who stepped down a Few months later leaving her in charge Of the company in August 2022 Trabuco Officially resigned as Co-ceo Ellison was against creating FTX She revealed I didn't think of myself as Ambitious before I started at Alam but I Believe I became more ambitious under Bankman Freed's incentive she Said as CEO Ellison was in charge of Handling Al's crypto lenders in mid 2022 After the terot ecosystem failed the the Company's open term loans stood at $1.3 Billion the market downturn drained
Liquidity from crypto assets prompting Alam's lenders to demand loan repayments According to Alison bankman freed Instructed her to keep repaying Creditors via alam's line of credit with FTX in other words Alam would use ftxs Customer assets to repay crypto lenders At the time its line of credit with the Exchange stood at $13 billion and so That's pretty much the gist of it that's The latest on this thing uh I'm looking Forward to seeing how this entire thing Concludes it'll be we're just a few Weeks away from this in all likelihood Uh again from the beginning from what I've seen it supposed to go it's Expected to go four to 6 weeks meaning Presumably by by no later than roughly Mid November we should see that Sam Bankman scam Bank Run fraud is found Guilty that's that's my anticipation and Then we'll find out after that at some Point uh what the consequences will be Penalty wise but uh at a minimum it Better be decades if not life because he Is he's absolutely destroyed people and He he just he cannot be getting away With this and I mean he's not going to Get away with it's just kind of a Question of how strong will the penalty Be like I'm I'm optimistic that Justice Shall be done here but then the question Is also so after that how many people Are going to be happy with whatever the
Penalties actually are in terms of Prison time I'm not a financial advice You should not buy your sell anything Because of anything I say or right that Would be a very very very bad idea until Next time to the Moon Lambo
