The Box, Protocol X

Have you heard the one about “the box”? In April 2022, long before Sam-Bankman Fried was tweeting rambling threads about the collapse of his FTX empire, he joined the Bloomberg Odd Lots podcast and talked about “the box”. It was his metaphor for describing the crypto practice of “yield farming”, and his description at the time raised many an eyebrow because it seemed, well, too good to be true.

Joining this episode is Joe Weisenthal, co-host of the Odd Lots podcast, who at the time ended that episode with the deeply relatable comment, “we all feel weird.”

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