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SBF
@SBF_FTX
Replying to
@SBF_FTX
8) There are some hills I'll die on; $CRO / $SXP ratio is wrong. But I've gained a lot of respect for "stupid" methods. During the early days of SRM some people were like "idk I don't see it". Others were like "idk I don't see it, but probably soon I will." Soon everyone did.
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SBF
@SBF_FTX
10) And like my first instinct was "yup" That was _mine_. And I think that even _I_ didn't get this one right. Not clearly, at least. Ask yourself: in a month, do you think you will have made money if you followed that advice?
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SBF
@SBF_FTX
11) And if you're not sure you would have, ask yourself what's really going on. And here there are plausible theories! But also the part of me that believes those theories is already wrong by a LOT over the last few weeks.
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SBF
@SBF_FTX
12) Do you wanna make money or do you wanna be right? Wait. What does it *mean* to be right?
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SBF
@SBF_FTX
13) Why is BTC worth $250b or whatever, and TACO only $600k? Because, many years ago, we all agreed that BTC was the real deal, and so it is. Why did Google outperform Yahoo so much over the last decades? Because, as it turns out, it fucking delivered.
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SBF
@SBF_FTX
14) Sometimes the market is inefficient and there's a great trade. Sometimes when it looks like the market is inefficient, actually _you_ are missing something.
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SBF
@SBF_FTX
15) And when $SRM first started up, I was surprised how much people wanted it. I guess they believed in me more than I did. And when that happened I remembered FTX, and FTT, and the same people believing in us more than we did. I guess they were right back then.
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SBF
@SBF_FTX
16) And I guess it made me realize they were probably right here too. Already the actual scope of the plans for
@ProjectSerum
had far outgrown my memory of them. I knew that scope, and they didn't! But they guessed it, and guessed it better than my month-old cached value.
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SBF
@SBF_FTX
17) And since then, that scope has continued to baloon. I had ~10 long-term partnerships to shoot for over the next years. Already ~5 of them are underway. And now there are ~100 more on the wishlist, many way larger than the first 10.
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SBF
@SBF_FTX
18) Anyway I don't know what the future will hold. But there are plans. And over the past month I've come to terms with their scope. They seem _too_ big. Which means they'll only work if we do everything we can for them. So let's get to it.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
19) Anyway, maybe I'm wrong; you never know for sure. But I guess what I have to say to that is: sure, get short; I can facilitate that. Let's check in a few months, and see who made money. And if you _wouldn't_ do that: do you wanna make money or do you wanna be right?
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SBF
@SBF_FTX
21) Anyway, I'd like to give a huge thanks to everyone who believed in me, and us, and crypto, and DeFi, and what we can accomplish together. I've learned a lot from you all.
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SBF
@SBF_FTX
23) Base fees are 10-40bps taker / -1-5bp maker REBATE, depending on SRM balances. Those will be coming down soon. But for today, they'll be coming down more: we'll rebate down to 8bps taker fees via airdrops tomorrow.
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