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From YouTube: FTX SCANDAL. Is it really that bad? @TheCryptoLark
Description
In this video, @TheCryptoLark is freaking out about the FTX scandal. Can you blame him? Jonathan explains why it might not ACTUALLY be terrible for the space.. watch on!
Original video: https://youtu.be/fxTv0BbMcYE
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A
As
FTX
goes
from
Bad
Words
every
single
day,
we
are
we're
finding
out
more
and
more
and
what's
next,
who
will
be
next
so
Lark
Davis,
of
course,
is
giving
us
the
Nitty
Gritty
on
what's
going
on
and
he
is
really
losing
it
because
it's
freaking
about
anyways.
Do
we
really
need
to
be
freaked
out?
Is
everything
happening
to
FTX,
really
that
bad,
let's
get
into
it,.
A
B
Oh
no,
who
the
heck
could
be
next
to
suffer
from
who's
next
contagion.
Well,
I've
got
that
in
today's
video
four
hours
a
day
and
quick,
look
at
the
charts
make
sure
to
stick
around
for
all
of
the
goods.
Let's
get
it
so
as
you've
likely
heard.
If
you
haven't
done,
you
can
hear
it
now.
Ftx
over
the
weekend
got
hacked.
Hundreds
of
millions
of
dollars
were
drained
out
of
FTX
and
FTX
us.
It
must
have
been
an
inside
job.
B
A
B
Your
phone
you
haven't
deleted
it
yet
make
sure
to
delete
that
ASAP
do
not
open
it
up,
just
delete
it
and
move
on
with
yourself,
because
holy
cow,
what
an
absolute
show
for
crypto.
This
is
beyond
Beyond
bad
for
the
industry.
It's
just.
This
is
going
to
set
us
back
a
lot.
A
lot
I
mean
the
Fallout
from
this.
B
A
So
absolute
show
says
that
it's
gonna
set
back
the
industry
a
lot.
What
have
we
really
set
back,
though,
is
my
question,
because
what
everybody
is
talking
about
how
this
is
so
terrible
for
the
industry?
Oh
no,
we
are,
you
know
now
we're
set
back
we're
not
we're
we're
back
we're
being
set
back
because
of
this
terrible
hack
and
this
terrible
mismanagement
of
funds
and
all
this
kind
of
what
actually
got
set
back
folks.
A
It's
the
centralized
exchanges,
that's
what
got
set
back,
because
that's
what
failed
here,
you
have
given
your
keys
to
somebody
else
once
again
and
with
that
it
has
not
been.
They
have
not
been
able
to
handle
your
funds
the
same
way.
The
banks
can't
do
it
they
traded
it
like
a
Fiat
system
is
what
they
did
and
when
that
and
with
that
happening
in
crypto,
that
is
the
stuff
that
has
gotten
set
back
crypto.
It's
doing
fine.
It
has
done
exactly
what
it's
supposed
to
do.
Not
your
keys,
not
your
crypto!
A
That's
the
way
it
goes
and
for
those
people
who
have
been
going
through
crypto
doing
that
they're
fine,
but
for
everyone
who
has
been
going
into
the
centralized
exchanges
and
using
them
this
way,
because
FTX
is
one
there's
lots
of
others,
I'm
not
saying
that
they're
all
the
same,
but
the
fact
is:
is
that
you're
using
a
system
in
a
way
that
isn't
meant
to
be
used
you're
supposed
to
keep
your
keys?
This
is
what
crypto
is
designed
for
right.
This
is
why
we
have
Bitcoin.
A
This
is
why
we
have
all
the
all
the
other
cryptocurrencies,
where
you
have
your
own
private
keys
and
you
have
custody.
You
have
ownership,
you
have
sovereignty
over
what
you
got
and
as
soon
as
you
give
them
to
a
centralized
exchange,
it's
over.
You
are
now
putting
the
counterparty
risk
in
the
hands
of
somebody
else
and
that
never
ends
well
well.
Most
of
the
time
it
doesn't
end
well,
okay.
So
what
is
actually
being
set
back
here
in
the
industry,
centralized
exchanges
and
very
good,
because
we
don't
need
that
we
should
be
heading
towards
decentralization.
A
That's
what's
supposed
to
be
going
on
so
for
people
freaking
out
about
how
this
is
so
terrible
for
the
industry.
It's
not
okay.
We've
got
a
bit
of
a
dip,
but
guess
what
we
know.
What
everyone's
talking
about
now,
how
to
keep
your
keys?
Yeah
guess,
what's
happening
now,
everyone's
taking
the
crypto
off
the
exchanges.
Yeah!
That's
awesome
that
doesn't
sound
like
it's
bad
in
the
industry.
That
actually
sounds
like
it's
really
good.
It
sounds
like
people
are
smartening
up
and
guess
what
who
wouldn't
want
people
to
Smart
up?
Who,
who
you
guessed
it?
B
Also,
as
altcoin
daily
pointed
out
here,
they've
got
FTX
apparently
faked
in
order
from
Bahama
Regulators,
so
they
could
withdraw
crypto
everyone.
Everything
else
was
actually
paused.
So
the
receipt
we're
seeing
a
lot
of
withdrawals
happening
a
couple
days
ago
from
FDX
and
they're
saying
well,
you
know.
Bahama
said
we
have
to
make
sure
that
people
in
Bahama
can
withdraw
their
funds.
But
then
Bahama
came
out
and
said
you
know,
that's
not
really
the
case.
B
B
A
Holy
smokes
FTX
had
no
Bitcoin.
All
the
Bitcoin
that
was
being
traded
on
FTX
was
in
fact
just
made
up
tokens.
What
is
that
right?
They
literally
were
just
making
up
making
up
Bitcoin
now
that
that
is
beyond
bad,
okay,
but
guess
what
this
is
exactly
what
can
happen
on
any
centralized
exchange
if
I
started
a
centralized
exchange?
Let's
stop
remote
if
I
have
a
centralized
exchange
and
I
and
I
completely
owned
the
system,
and
nobody
else
has
access
to
it.
I
could
just
make
up
any
kind
of
tokens.
I
want.
A
I
can
run
any
kind
of
Border
book.
I
want
right
and
now
they're
talking
about.
Oh,
we
want
to
have
Regulators
in
place.
You
really
think
it's
gonna.
Do
anything.
Do
you
because
regulars
have
been
around
for
for
all
the
other
markets
that
hasn't
really
made
a
difference
right,
oh
it'll,
protect
us
from
what
right
from
from
you
being
able
to
get
ahead,
is
what
it'll
protect
you
right,
it'll
just
make
make
it
so
that
less
and
less
people
will
be
able
to
access
the
system,
and
only
the
people
that
are
Ultra.
A
Rich
are
going
to
be
able
to
have
any
of
the
real
gains
you're
out,
if
that's
what
you're
you're
cheering
for,
which
is
really
weird
to
me.
When
I
hear
people
in
the
crypto
space
going
on
about
how
we
need
more
regulation,
the
whole
hope
of
that
is
that
oh
more
money
is
going
to
pour
in
my
bags
will
go
up.
No,
it's
not
more.
Money
will
come
in
yes,
but
guess
what
you're
out
you're,
not
part
of
the
club,
so
bye-bye
opportunity,
hello,
richness
for
all
the
other
people.
Why
would
you
want
that?
A
You
just
got
to
be
clear
about
these
things
like
what
really
matters
like
what?
What
do
you
think
is
going
to
happen?
What's
going
to
be
the
end
game,
when,
when
you
get
what
you,
what
you're
cheering
for
I,
don't
get
it
so
Regulators,
apparently
they're
lying
even
about
what
the
regulars
claim
like
now.
They
use
it
as
a
shield.
A
So
so,
and
these
are
people
by
the
FTX
by
the
way
where
they
come
from,
they
come
from
the
the
elk,
the
the
they
they're
akin
to
the
the
same
people
who
want
regulation
they're
the
same
people
who
are
cheering
it
on
right,
because
in
that
kind
of
world,
this
kind
of
thing
will
just
keep
going
right.
It's
just
it
they
would
have.
They
would
have
been
able
to
just
sweep
this
under
the
rug,
with
generating
more
tokens
again
or
generating
more
Bitcoin
again
and
then
just
keep
it
going.
A
It's
just
a
a
musical
chairs
and
then
the
music
stopped,
and
here
we
are
and
guess
who's
getting
hurt.
All
of
you
right
for
using
centralized
exchanges,
I'm
I,
I'm,
sorry
that
everybody
had
to
experience
this.
Once
again,
this
happened
with
Mount
gox,
some
of
you
watching
this
now
don't
even
know
what
that
means.
What
is
Mount
Cox
Mount
Cox
was
one
of
the
first
and
only
born
of
the
first
exchanges
for
Bitcoin
way
back
in
the
day,
because
nobody
had
anywhere
else
to
go
right
and
the
same
thing
happened
right.
A
That
was
a
long
time
ago,
though.
So
now
new
people
come
to
crypto,
don't
even
know
about
that
whole
whole
episode,
people
who
experience
it,
though,
now
that
they're
using
crypto
they
will
keep
their
keys
and
they
keep
their
crypto
off
of
centralized
exchanges
just
a
little
bit
trivia.
What
does
Mount
gox
stand
for
magic
of
the
Gathering,
so
I
mean
this
is
where
people
are
putting
their
Bitcoins,
but
that
was
a
long
time
ago,
anyways
yeah,
so
we're
making
a
Bitcoin
now
centralized
exchange
is
making
a
Bitcoin.
A
B
Just
incredible
again
incredible
levels
of
lying
and
deception
here
from
FTX
that
they
had
all
this
Bitcoin
liability
right,
customer
Bitcoin,
they
owed
their
customers,
1.4
billion
dollars
of
Bitcoin,
but
they
didn't
have
it.
It
was
all
gone.
It
was
all
gone
where's,
the
Bitcoin
at
man,
oh
man.
This
is
just
wow.
That
is
that's
unreal,
unreal,
1.4
billion
dollars
in
Bitcoin
liabilities,
and
they
got
no
Bitcoin
at
the
bankruptcy.
B
B
A
So
back
to
my
point
when
we
started
this
video
when,
when,
when
we're
talking
about
how
terrible
this
is
for
the
industry,
let
me
tell
you
something:
if
all
these
organizations
which
took
investment
and
took
a
traditional
approach
to
crypto
the
way
they
did
all
those
now
that
have
that
associate
most
of
them
now
are
wrecked.
They
probably
aren't
going
to
get
any
further
funding,
they're,
probably
going
to
dry
up
but
think
about
what
this
means
in
terms
of
the
approach
that
they
were
taking
right.
A
A
Probably
is
a
better
term
crypto
they're
trying
to
infiltrate
this
space
and
by
doing
that,
they
will
be
able
to
influence
and
create
a
system
that
is
no
longer
the
likes
of
which
would
ensure
more
freedom
and
sovereignty
for
everybody,
which
is
why
a
lot
of
people
came.
A
lot
of
people
are
here
for
right
being
able
to
protect
your
wealth,
be
able
to
own
it.
A
These
organizations
would
all
have
a
counterparty
risk.
Most
of
them
would
sorry
most
of
them.
I,
don't
know
what
all
of
them
are
doing,
but
if
they
had
an
association
with
companies
like
this
that
were
taking
BC
money
and
apparently
printing
that
thin
air,
then
they
likely
weren't
doing
anything
that
would
be
long-term
good
for
the
space.
So
I
go
back
to
my
point:
is
it
really
bad
for
the
industry?
A
Is
it
really
taking
it
back
because
I
don't
think
anything
that
would
come
for
this,
but
what's
the
saying
you
know
at
the
Apple
doesn't
fall
far
from
the
tree
right
and
look
at
that
tree.
Look
at
that
tree.
That's
very
clearly
a
tree
diagram
of
apples
that
are
probably
rotten,
also,
probably
again.
I,
don't
know
what
everyone
is
doing.
Maybe
you
know
one
out
of
ten
on
average
might
have
something
interesting
that
could
go
on,
but
the
truth
is.
This
is
not
bad
for
the
industry.
A
This
this
looks
bad
I
agree
but
looks,
aren't
everything
after
all,
the
dust
is
settled.
I
see
this
almost
like
you
know,
the
infiltration
that
was
taking
place
is
now
actually
taken
back
and
we
might
actually
see
people
going
okay
regroup.
How
do
we
go
forward
after
this?
And
what's
the
right
way
to
do
this
because
we
tried
this
way-
and
this
is
basically
giving
us
the
same
results
that
we
see
in
the
old
Finance
system
right
track
by?
A
We
call
it
so
I'm
hopeful
that
this
has
taught
a
huge
lesson
to
the
space
that
tradify
anywhere
within
the
crypto
space
with
defy
don't
mix
oil
and
water
is
a
good
way
to
put
it.
So,
let's,
let's
focus
on
the
water
side
of
things
and
make
it
something
that
is
worthwhile.
So
I
just
wanted
to
give
that
that
note
that
seeing
this
diagram
and
seeing
all
the
Investments
and,
of
course,
they're,
probably
all
going
to
fail
now
again
back
to
my
point,
I,
don't
think
it's
totally
bad
for
the
industry.
A
I
think
we
might
have
it's
going
to
help
us
to
weed
out
the
infiltration
of
Chad
by
into
into
the
space,
and
that,
in
my
estimation,
is
a
good
thing.
If
you
agree,
let
me
know
in
the
comments
or,
if
you
disagree,
let
me
know
because
I
can
understand
where
you
want
to
try
to
impress
Wall
Street
and
things
like
that,
but
those
guys
aren't
here
to
to
make
this
a
better
place.
No
they're
there,
too
they're
they're.
A
If
they're
coming
in
they're
there
to
try
to
enrich
themselves
not
to
make
it
an
equal
playing
field,
they're
there
to
push
you
out
so
that
they
can
move
in.
So
we're
only
three
minutes
into
this
10
minute,
video
by
Lark
and
I
can't
go
any
further
I.
Don't
think
that,
there's
any
more
to
say,
I,
don't
think
that
there's
any
more
to
look
at
frankly,
I
understand
the
the
sky's
falling
sentiments.
A
This
is
terrible
for
the
industry
and
what
a
show
and
all
that
kind
of
stuff,
but
truthfully
there's
nothing
I,
don't
think,
there's
a
there's,
much
more
to
say
other
than
the
fact
that
this
is
not
really
that
bad
for
the
industry.
I.
Think
if
you
look
at
it
from
the
crypto
first
perspective
of
for
the
People
by
the
people,
you
know
not
your
keys,
not
your
Bitcoin
and,
of
course,
rules
without
rulers.
Then
this
is
a
very
good
thing.