After Sam Bankman- Fried's FTX became the latest industry player to collapse into bankruptcy, Jim Chanos trashed Cryptocurrencies.

The Chanos & Company boss compared the crash to the dot-com bubble on a radio show.

The S&P 500 could plunge another 45% before bottoming out. He predicted that the growth ofTesla would slow as it runs short of customers and that it might be an expensive distraction for its new owner.

Here are Chanos' 10 best quotes, lightly edited for length and clarity:

This is the first thing. The various parts of speculation are coming to an end. We entered the middle of the second crisis. The tech complex has melted down. The poster children for that speculation are beingDumpsterDumpsterDumpsterDumpster

There are two There were different use cases for the coin. It was going to be something else. The store was going to be worth something. It would be an inflation hedge. At the end of the day, it was a speculative asset class with a huge cost structure. The idea for the community was to find a way to make more money from investors.

There are three. The time when people are most afraid is the time when the markets are the most fearful. Governments can enforce contracts and adjudicate fraud, but they can also act as lender of last resort and establish deposit insurance, which is exactly what people look for when they're worried about getting their money back.

There are four. Fraud thrives in bull markets. Since most frauds need new capital to keep going, they get exposed when markets turn down. It's a good example of a good example. They are also in that class. I think it's going to be up there.

There are five. Archaeologists are not detectives. Both defense and prosecution rely on asset prices. Everybody is making money so nobody is looking to bring in the bad guys. It's only when people start losing money that you start to get a public backlash.

There are six. The dot-com era on steroids is what this looks like to me. It's a pretty bad mark-to-market effect for equity investors, but I don't think it's going to spread through the credit market. The traditional banking and payments system is largely separated from thecryptocurrencies, according to Chanos.

There are seven. It would be the most expensive bottom in financial history if it was a bottom. The bear markets bottomed out between 9 and 15 times their previous peaks. We're a long way away from that, so nine to 15 times is a lot. The S&P 500 could fall as much as 45% from its current level, according to Chanos.

There are eight. The rest of the industry only gets 15% or 20% gross profit margins. That's not sustainable. The investors are still looking for 40% to 50% growth over the next 10 years, which means that by the early 20th century, the entire car industry is going to be owned byTesla. We don't believe that will happen. The small size of the luxury-car market is underscored by the fact thatChanos is short.

There are nine. I don't believe it was worth that much. He thinks it was probably worth less than that. I don't know what to think about some of the initiatives. It's likely going to take a lot of his attention over the next few months. The conversation was about Musk's recent acquisition and the changes he's made to the company.

There are ten. Business models have been questionable from the beginning. You can take a look at food delivery. These companies have been around for a long time and haven't been able to make a profit. The people are not scaling. DoorDash is losing more money per order now than it was a few years ago.

The S&P 500 won't change much through the next five years, according to Goldman Sachs. They have a 5 step plan for finding returns and avoiding losses.