Jake Thacker
speaker
130 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
Jake Thacker’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsNo recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.
Appearances
and it was supposed to be temporary it wasn't something in my long-term strategy was a short-term solution given the current market fluctuation at the time and i think myself and a lot of others sadly saw the perception and saw the optics as more legitimized because of the actors involved and probably should have been more diligent in our vetting, but at the time everything worked.
There wasn't really any red flags either. The platform for itself works exactly as it was pitched and There weren't any issues up until November.
Well, again, this is... If you know anything about... and this is getting into more of the political side of what we're experiencing on a current day, present day. There's a group called the PayPal Mafia.
They've been toying around with this thing called the network state forever and wanting to break down kind of the barriers of traditional government and society and whatever it is that their philosophy is, that kind of thing. I saw SBF as, and this is more retrospect than it was at the current time, of somebody that really wanted to participate in that.
Because the one aspect to their scheme, whatever it is, was they didn't have a way to siphon off money. You can have internet. You can be anywhere in the world with the internet. You can have enough money to build platforms out in the middle of the ocean if you want. But you still had to use traditional banks. Crypto changed all of that.
And on March 6th, 2025, Trump signed an executive order establishing the first crypto treasury or reserve, whatever the title is. He also invested heavily in this company called Praxis.
um which is part of the whole paypal mafia thing and so all these indicators were that he wanted to be part of that group was willing to give over billions of dollars in order to do that and it fit kind of the motif of why he originally said he started ftx in his principles of kind of a decentralized collective, right? And everyone gives to everyone and so on and so forth.
And that's what my thought is, because again, no one has ever questioned why did he start this? It wasn't nefarious at the beginning.
And again, in all intents and purposes, despite all the marketing and that kind of thing, it was doing that. Like the platform did better things than some of the other ones. It was holding up to, quote unquote, its true mission or philosophy in some respect. But again, I think the Alameda platform
And the FTX, whatever they're doing with Alameda, whatever that was for, again, I think ties back into some of his inkling to be part of that crew. And whatever it is that they want to try and accomplish, I think drove a lot of that and it ended up blinding him to his responsibility of, I started this company. There was millions of people involved. There's billions of dollars involved.
I can't just neglect that at this point. But by that point, it was too far gone. The funds were not there.
I pushed aside the juvenile nature of the platform. Although people didn't seem to have an issue with it, and it seemed to be drawing a larger following in community day after day, month after month, it still wasn't as robust as some of the larger players. But money, it does weird things to people, and it makes you rationalize things that you wouldn't normally rationalize.
in situations where you didn't think you were going to lose it. And that's prospect theory, if you're familiar with that, if we value loss more than we value gain. And that's what drove a lot of, I think, people to start to look at FTX more legitimately in, again, 2024, when the market was, I mean, Bitcoin was tanking. I think by June or July, it was the lowest it had been. And
almost the inception of Bitcoin. But that was probably the one that I look back on and say the lack of longevity and established order within the marketplace was something I probably should have been more concerned about.
So it was relatively quick. It was up to about 250K at one point. I was able to get a little bit out over before the whole implosion happened, 206, 207K total. But at certain points, it had fluctuated up a little bit above that because of transferring from Binance and Coinbase, which I also had wallets with. Due to the timing of kind of coins, right? So this coin is up, this coin is down.
I'm going to transfer some now. I won't lose as much in the transfer. I won't get these big transfer fees, so on and so forth. So by the time November hit, I had pretty much stopped all movement because I had enough money
what i was using ftx for was really more of a wallet a bank to store money for coins that i was going to then cash out on to pay back some of the debts that i had incurred while upping my investment in crypto right so leveraging certain assets that i had knowing that i have to pay them back and i didn't want to wait on that and i did very well
And I was able to save face in light of the downturn in the marketplace. So yeah, it was about 250 was I think probably the max that I ever had on there, but I wasn't trading on the platform. I didn't ever buy any of their tokens that they offered. I didn't use the exchange to invest in any other of the coins or tokens.
It was simply just a storage place, knowing that if I'm going to take out a little bit here or there over the course of the next few months because my goal was to take it all out in December, pay off substantial debt that I had, and then continue doing what I had been doing in the past and maybe look into using it as some sort of subsidiary platform, not my primary. I really like finance.
I really was leveraging them pretty effectively. And I don't know if that answers your question, but it was a good chunk of change. But I had, in total, That year alone probably lost about 800, upwards of like 800K due to the market turn down and some other factors when Bitcoin also had some issues in June as well.
Showing 21–40 of 130 · page 2 of 7
← Previous
Next →