back to article Too soon? Amazon commissions FTX mini-series

The collapse of crypto exchange FTX has already been turned into a television drama. Production house AGBO used its Instagram account to reveal that it has "teamed up with David Weil and Amazon Studios for an eight-episode limited series about the FTX crypto scandal, expected to be in production this spring." Weil created the …

  1. DS999 Silver badge

    Easier to write the scripts

    When you don't have any of the tedious facts that will eventually come out getting in the way of a good story. Mandatory all hands cocaine and hooker orgies at FTX the first Friday of every month paid for by its now disgraced CEO? Probably not true but that'll help the ratings!

    1. Pascal Monett Silver badge
      Trollface

      Re: Easier to write the scripts

      Well at least somebody is going to make some money out of this.

      1. Lon24 Silver badge
        Coat

        Re: Easier to write the scripts

        Only if you ain't paid in crypto.

    2. GruntyMcPugh Silver badge

      Re: Easier to write the scripts

      If HBO were making this that would be the opening scene.

      1. Michael Wojcik Silver badge

        Re: Easier to write the scripts

        Not any more, since the Discovery/WB merger and subsequent vandalism. I expect new HBO shows will be made on Discovery's usual "reality programming" shoestring budget, and consist entirely of hand-cam footage of random idiots bumbling through unscripted stupidity.

        The glory days of premium cable-TV programming, such as they were, are over.

  2. Anonymous Coward
    Anonymous Coward

    And now a series !

    "Production house AGBO used its Instagram account to reveal that it has "teamed up with David Weil and Amazon Studios for an eight-episode limited series about the FTX crypto scandal, expected to be in production this spring.""

    When Amazon and friends are making it a series, then you know the proverbial brown has really hit the fan, and you can safely write off any "investment" you've a made in the shit show already.

    ""The most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous," the MSA statement reads. "There is no protection for customers who deal in cryptocurrencies. They can lose all their money.""

    Amen to this. Even El Reg's columns, which is not specialized in finances, has stated this for, what, years ? But sadly, there is always some cretins stating otherwise and the gullible will likely believe the cretins ... Serves them right !

    1. Robert Grant Silver badge

      Re: And now a series !

      > the shit show

      Bit early to say, but you're probably right, given it's made by Amazon.

  3. Sgt_Oddball Silver badge
    Pirate

    I still don't get...

    Why there are people so enamoured with Crypto? I've got a long standing "debate" going with a work colleague who admits bitcoin has no intrinsic benefit but still sees epherium as being of merit.

    Me? Anything that has value because people say it does, anything that can be replicated (not the tokens themselves, but the platforms upon which they sit) so easily by anybody (regardless of qualification, because "disruption") is for most part generally has very little or deminishing value when examined closely by those of sound mind.

    If you still consider crypto after all of this.... I've got a bridge to sell to you...

    (pirate icon because at least they're honest)

    1. Repne Scasb

      Re: I still don't get...

      A bridge you say? Old school. No sir, I've got a URL to a photocopied picture of a bridge that is an absolute steal...

      1. cookieMonster
        Joke

        Re: I still don't get...

        NFT?

        No F&€@ing Thanks

    2. Jellied Eel Silver badge

      Re: I still don't get...

      Why there are people so enamoured with Crypto? I've got a long standing "debate" going with a work colleague who admits bitcoin has no intrinsic benefit but still sees epherium as being of merit.

      I blame marketing. So I have a few tokens in my wallet. They're mostly promissory notes that I can take to the Bank and they promise to exchange my 10GBP for.. 10GBP. Or as that's not exactly useful, I could wander into a shop and convert my note into 3GBP of happy meal and 7GBP. This works, because thanks to custom, practice and government big sticks, pretty much everyone agrees that 10GBP is worth 10GBP.

      So I could wander into a shop with 10 eels. Shopkeeper may refuse the transaction, because what's a stationery store want with a bag of eels? They won't fit in their till, and most customers won't want them as change. So to make it more convenient, I create the EEL. 1EEL=1GBP, because I'm worth it. Shopkeepers may disagree and refuse my trade. But if I can convince enough people that it is worth it, 1EEL could become worth 60,000GBP.. providing there are enough suck.. I mean people that agree.

      Other tokens are available, including physical. So I could exchange £1 for 7.98g of gold in a handy token form. Well, I could try, but although a gold sovereign's only 'worth' £1, I can't buy them for that, because the market values them for their gold content and prices accordingly. Plus taxes. Which was the subject of a great Hogarth(?) cartoon displayed in one of my favorite museums at the Bank of England. Some fat gentleman swallowing gold coins and pooping out paper. New forms of money have always been a bit controversial. Some gain acceptance, some don't. Sterling's secured by people with guns and a lot of legislative firepower to assign value, FTT tokens.. weren't.

      So basically a huge market correction when there was a disagreement over value and security. Bitcoin's weathered the storm better since it's inception because enough people are convinced it has value, and can be exchanged for goods & services. That was a problem when it first appeared because I could print my own money. Except it wasn't worth anything, and I couldn't really exchange it for anything I wanted. Especially legal things. But that was one of it's 'benefits', ie transactions could happen without the authorities knowing about it and interferring, and it's much easier to stash $1bn in bitcoin under the mattress than $1bn in banknotes awaiting laundry day. There are risks of course, ie the value fluctuates based on perception, but the same is true for any currency. As bitcoin's become more legitimate and regulated, trust has grown though.. Except when people discover depositing their crypto in a 'bank' offers no real security.

      It's perhaps a strange role reversal where the largest bank robberies of recent times have been by the banks, like FTX.

      T'other aspect is the whole blockchain thing. I think that has value in providing trusted and authenticated audit trails, and reducing paperwork. So I sometimes buy old share and bond certificates because I think they have art and historic value, despite having no real intrinsic value eg-

      https://scripophily.net/new-jersey-junction-railroad-1-000-bond-signed-by-banker-j-p-morgan-1886/

      Which despite being 'worth' $1,000 in 1886, is worth less now. But would look nice framed and stuck on the wall. But in it's day, it would have been very valuable, and need to be kept safely. Now, it could be a digital bond secured by a block chain so the provenance is trusted. Mostly.

      1. Fruit and Nutcase Silver badge
        Trollface

        Re: I still don't get...

        Sterling's secured by people with guns and a lot of legislative firepower to assign value...

        Then you get a couple of jokers coming along to poke Sterling in the eye and stamp on its feet to make it fall.

      2. TimMaher Silver badge
        Windows

        Re: New Jersey railroad bond and “The Hunting of the Snark “

        “They sought it here.

        They sought it there.

        They threatened it’s life with a railway share.”

      3. David 132 Silver badge
        Happy

        Re: I still don't get...

        > So I could wander into a shop with 10 eels. Shopkeeper may refuse the transaction, because what's a stationery store want with a bag of eels?

        Uh, do you still have those eels? My hovercraft is empty.

    3. Flocke Kroes Silver badge

      Re: I still don't get...

      The greater fool investment strategy was working well with crypto for years. Combine that with the current epidemic of FOMO and there are profits to be made until the limit of foolishness is reached. Turns out there is a limit.

    4. Zolko Silver badge

      Re: I still don't get...

      bitcoin has no intrinsic benefit

      I assume you meant "value". Well, what DOES have value ? some paper printed with a 100 on it, does it have any value ? What is the intrinsic value of 100g of gold ? Do some bits in some computer have an intrinsic value ? Money as a such has no intrinsic value, and its benefit is that it allows to not do barter (exchange of some real goods for some other real goods).

      Anything that has value because people say it does

      well, that's pretty much the exact definition of "money" : it is a token of exchange accepted as such by many merchants. Its value lies only and exclusively in the fact that people say it does have some value.

  4. amanfromMars 1 Silver badge

    You know it makes sense .... and much stranger things have happened and are happening

    Spoiler alert: court proceedings suggest crypto exchange was a mess and investors will be out of pocket

    Spoiler Alert Spoiler: ...... money may be invented out of thin air to bank and invest but it never disappears into thin air whenever banked and invested.

    Once a thief with colluding friends and family in high places, always a thief with colluding friends and family in high places ....... and one cannot reasonably deny or evade that honest observation if one wants to avoid being rightly tarred and feathered and identified as harbouring criminal tendencies with a rejection and/or down vote of that very particular broad brush stroke.

    I wonder if the Amazon show will introduce the meme that FTX and Alameda shenanigans were a dedicated Establishment supported attempt to try and widely crash and discredit and ultimately destroy the Alternative to Fiat Magic Money Tree Bitcoin economy?

    Such might explain the very real and strange reluctance to clap any admitted responsible and accountable perps in irons.

    1. amanfromMars 1 Silver badge

      Re: Perps’R'Us

      Does what one can read a James J. O'Meara said on November 18, 2022 at 11:19 pm GMT here ..... cast light on the above cited reluctance to do the more normal and usual thing, because of what IT and further investigation can easily reveal to be filthy rotten and absolutely corrupt to its very core?

    2. msobkow Silver badge

      Re: You know it makes sense .... and much stranger things have happened and are happening

      Rephrasing that stream of verbosity, I find all you really said is "Bitcoin good, m'kay?" which I thoroughly disagree with. It has NO use in the real world outside the imaginations of the very gullible.

      1. amanfromMars 1 Silver badge

        Re: You know it makes sense .... and much stranger things have happened and are happening

        Rephrasing that stream of verbosity, I find all you really said is "Bitcoin good, m'kay?" which I thoroughly disagree with. It has NO use in the real world outside the imaginations of the very gullible. .... msobkow

        Rehashing your own verbiage stream, msobkow, more than just suggests that you then agree the Fiat Magic Money Tree is bad, which is what was really being said.

    3. amanfromMars 1 Silver badge

      And there’s more .... Systems Shenanigans that Just Keep on Giving

      Oops! .... Really? ..... Nothing to see there, in Farmington, Whitman County, Washington state and as described and outed here? .... https://www.businessinsider.com/ftx-owned-stake-in-tiny-rural-bank-bankruptcy-hearing-shows-2022-11?r=US&IR=T

      You cannot be serious ! It sucks and pongs like a dead skunk in the middle of the road stinking to high heaven and has nothing to do with Bitcoin but everything to do with FTT and counterfeit money-laundering/customer dollar theft.

      To posit it not criminal has one having to suspend belief in the notion of law and order and justice prevailing in the service of mankind in preference for an alternative chaos and disorder and madness in crazy charge of future presentations for reality .... which would be akin to Systems Shenanigans that Just Keep on Giving Up Dead Wood, methinks, and that delivers nothing good.

  5. PghMike

    audits for VCs?

    Can anyone explain how a company like Sequoia invests in something like FTX but never sees audited financials from, you know, a real auditor?

    I've done a couple of VC funded companies, and if we had done anything one percent as egregious as SBF and his friends, we'd all be in jail.

    1. Yet Another Anonymous coward Silver badge

      Re: audits for VCs?

      Did you promise billion% returns?

      VCs don't get fired for losing money on failed companies, they get fired for not investing in the next Apple or Microsoft when it's 2guys in a garage.

      1. TimMaher Silver badge
        Coat

        Re: audits for VCs?

        So. Not really Venture Capitalists. More like Adventure Capitalists?

      2. Michael Wojcik Silver badge

        Re: audits for VCs?

        Right. And a big investor will have multiple investments, generally diversified across risk categories. So some fraction of the pool of capital is allocated to "highly risky, but potentially highly rewarding, especially if we get out at the right time" investments.

        And, of course, funds like Sequoia aren't a monolith. AIUI, it's an LLC (actually three LLCs, I guess) with "general partners" who pick investments, and "limited partners" who supply capital to the fund. The various GPs might have different risk tolerances and requirements for investments.

        And then other VC firms won't be identical to Sequoia. So we shouldn't expect all VCs to act the same.

  6. Richard 12 Silver badge

    Surely that's prejudicial contempt?

    There will still be ongoing legal action when it's "broadcast".

    I was under the impression there were laws in the US about reporting on ongoing court cases. Perhaps I was mistaken.

    1. doublelayer Silver badge

      Re: Surely that's prejudicial contempt?

      Reporting on things you already know isn't a problem unless you're required not to disclose something for legal reasons. Since these are third parties, anything they know will already be public knowledge. Anything they make up will be fiction (they'll label the show as "inspired by a true story" to indicate that it's mostly lies that worked nicely in the script) which they will claim doesn't mean anything, and if it is likely to prejudice a jury then the lawyers for both sides will agree that they'll disqualify any possible juror who has seen the show. So probably it's not going to cause much of a legal problem unless someone involved decides to sue for defamation, but probably not the most accurate source of information about how FTX worked.

  7. Michael Habel
    Facepalm

    Will this -Docu- Mockumentry cover SBF's Close relations to One Maxine Waters, in front of whom he will have to face the softest of softball questions least the DNC get (hopefully) drugged down with his Ship? Most likely that little fact will get conveniently tossed overboard, and down the memory hole. as its to him, and anothe nameless rat we have to thank for our national embarrassment of Jospf Brandon. and, his cackling crow of a VP.

  8. cheb

    I have, or had, a book about financial crashes since the South Sea bubble. The basic plot is: This time it's different - Crash. I'd give you the tile of the book but I can't find it.

    1. breakfast

      That was a disastrous crash caused by greed, grifters and unregulated financial chicanery, but this is an investment opportunity.

      1. David 132 Silver badge
        Thumb Up

        … with computers.

        On the internet.

        And now with blockchain. Why, you’d be a fool to miss out!

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