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Sam Bankman-Fried Fraud and FTX collapse | EP 7
Good Game
The Proof of Reserve Is Not Sufficient, Right?
How would you ever know that there is a $5 billion whole? Right. You can only prove like you're proving a equals B, right? But the proof of reserve only shows a you can have a proof B. I mean, this is like back to 2008, like re-hypotication of assets, right? Like people just borrow against assets that just. It's like recursive. And the whole ship can just blow up just based on people acknowledging that there's money in someone's balance sheet, but we don't know.
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