{"id":71128,"date":"2022-12-07T14:03:07","date_gmt":"2022-12-07T12:03:07","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71128"},"modified":"2025-09-08T06:40:46","modified_gmt":"2025-09-08T03:40:46","slug":"michael-saylor-accuses-sam-bankman-fried-of-shitcoinery","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/michael-saylor-accuses-sam-bankman-fried-of-shitcoinery\/","title":{"rendered":"Michael Saylor accuses Sam Bankman-Fried of &#8216;shitcoinery&#8217;."},"content":{"rendered":"<p>In a podcast with entrepreneur Patrick Bet-David, former MicroStrategy CEO Michael Saylor launched into criticism of FTX founder Sam Bankman-Fried.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">My discussion this afternoon on the Crypto Carnage caused by the SBF &#038; FTX failure, the more diabolical elements of the Alameda Affair, the difference between Securities vs. Commodities, <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a>, and the future of Digital Assets, with <a href=\\\"https:\/\/twitter.com\/patrickbetdavid?ref_src=twsrc%5Etfw\\\">@patrickbetdavid<\/a>.<a href=\\\"https:\/\/t.co\/WwjoV7IfCs\\\">https:\/\/t.co\/WwjoV7IfCs<\/a><\/p>\n<p>\u2014 Michael Saylor\u26a1\ufe0f (@saylor) <a href=\\\"https:\/\/twitter.com\/saylor\/status\/1599925916138078214?ref_src=twsrc%5Etfw\\\">December 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>There is something ethically wrong with issuing unregistered securities. Sam and most people in the crypto world have always been guilty of the sin of shitcoinery,<\/p>\n<p>\u2014 Saylor stated.<\/p>\n<\/blockquote>\n<p>In his view, the founder of FTX is the best example of such practice. The former MicroStrategy head noted that the <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">crash of FTX<\/a> was that Bankman-Fried earned billions from tokens that he <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">printed out of thin air<\/a>, and lent himself money from customer funds.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00abThe problem with the crypto industry is greed, arrogance, and stupidity. [\u2026] Venture capitalists invested $2 billion in the offshore exchange. For clarity \u2014 the platform was unethical and illegal from the very beginning\u00bb, \u2014 noted Saylor.<\/p>\n<\/blockquote>\n<p>The interview with the former MicroStrategy head drew a positive response among participants<a href=\\\"https:\/\/www.reddit.com\/r\/CryptoCurrency\/comments\/zdy740\/michael_saylor_destroys_sam_bankmanfried_from_ftx\/\\\"> subreddit<\/a> r\/CryptoCurrency. Some noted that his explanation of <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-ripple\">the crash of FTX<\/a> made clear how Bitcoin differs from other digital assets.<\/p>\n<p>In the course of the podcast Saylor also touched on <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-reaffirms-microstrategys-plan-to-continue-buying-bitcoin\">the case<\/a> against Ripple brought by the U.S. Securities and Exchange Commission (SEC). He described the process as a &#8216;test of the century for the crypto industry&#8217; and expressed agreement with the regulator on the status of the XRP token.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00abXRP \u2014 an unregistered security. This is fairly obvious\u00bb, \u2014 stated Saylor.<\/p>\n<\/blockquote>\n<p>Moreover, the entrepreneur did not exclude that the SEC could file similar claims against Ethereum. To become a commodity, an asset must not depend on the developers of the company or its CEO, he added.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">\u201cThey\u2019re are committing securities fraud\u2026 especially Ethereum.\u201d<a href=\\\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\\\">@saylor<\/a> gives his thoughts on Ethereum and Rippe <a href=\\\"https:\/\/t.co\/STsuLX5FQh\\\">pic.twitter.com\/STsuLX5FQh<\/a><\/p>\n<p>\u2014 PBD Podcast (@PBDsPodcast) <a href=\\\"https:\/\/twitter.com\/PBDsPodcast\/status\/1600213856416333825?ref_src=twsrc%5Etfw\\\">December 6, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00abI think it would be best for the world if the SEC effectively shuts all of this down. This is all unethical\u00bb, \u2014 concluded Saylor.<\/p>\n<\/blockquote>\n<p>Earlier, Saylor <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-tests-below-16000-as-ethereum-breaches-1100\">confirmed the course<\/a> of MicroStrategy to continue buying bitcoin, despite FTX&#8217;s bankruptcy and <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-and-michael-saylor-call-for-self-custody-of-crypto-assets\">volatility<\/a> in the digital-asset market.<\/p>\n<p>Earlier, the former MicroStrategy head urged self-custody of crypto assets, emphasising that such an approach increases decentralisation.<\/p>\n<p>In addition, follow ForkLog&#8217;s bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a podcast with entrepreneur Patrick Bet-David, former MicroStrategy CEO Michael Saylor launched into criticisms of FTX founder Sam Bankman-Fried.<\/p>\n","protected":false},"author":1,"featured_media":71129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1208,1138],"class_list":["post-71128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-michael-saylor","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71128"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71128\/revisions"}],"predecessor-version":[{"id":71130,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71128\/revisions\/71130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71129"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}