Reaction To The Collapse of FTX and Sam Bankman-Fried

Anyone who raised money and they had the word 'web3' in their deck, I think virtually 100% of them are gonna fail and not work...

I'm getting all my money out of Robinhood. I don't trust anything. Any new startup that is in banking, I, by default, don't believe you ... Fuck that. I'm going to E*TRADE. I'm getting my money off of Robinhood.

If crypto dies, it's going to be for the same reason. It's going to die not because FTX blew up... It's that, really, the use case and the utility wasn't strong enough to draw people in continually over time. The use case just wasn't big enough or wasn't strong enough; there wasn't product-market fit.

I think that NFTs are going to go to zero ... Basically, Ethereum and Bitcoin are the only ones that are going to ever have the chance of being interesting ... All these other, like other ones, 100% go to 0 and never work.

Basically [Sam Bankman-Fried] was a giant fraud ... So, allegedly... this guy was lying, deceiving everybody, misusing customer funds, etc. FTX goes under. It goes from a 20-30 billion-dollar company to a company that is now declaring bankruptcy.

If crypto is going to fail, I don't think it's going to fail because of this. We've seen, actually, before the number one exchange go down ... As the industry grows, disasters cost a lot more money, and they affect a lot more people. We've actually seen, literally, this disaster before with Mt. Gox.