Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
12) EOS rose on a wave of OKEx flow, and BTC crashed on a string of OKEx liquidations. At one point its markets generated more than half of all information in crypto. They always had their issues--risk, and margin GUIs--but they cleaned much of it up.
1
30
SBF
@SBF_FTX
13) There was also always something lurking. They did what they had to do, given their position. And they made the most of it. But it was always there, always a risk. They're not alone in that. You either die a hero, or... ------------
1
25
SBF
@SBF_FTX
14) Many people learned this before I did, but: running something is hard. It's hard because not only is there the central hard task: You have to stay on top of *everything*. It's _thousands_ of hours on phone calls, running over plans again and again and again.
2
45
SBF
@SBF_FTX
15) Where should I live? What shouldn't we do? What can I say? Who owns what, and where? What do we do if that happens? What's the most likely response to this? What, really, is the exposure there?
1
40
SBF
@SBF_FTX
16) Sometimes they're boring, and sometimes they seem like they won't matter. They take _forever_ to do. And you can't just outsource them -- they're decisions that can only really be made with the full context of the project. Often people skip infrastructure day.
4
34
SBF
@SBF_FTX
17) But in the end, everything rests on it. A company is nothing without its structure, its foundation, its plan. So much of the value comes from that. People often call it 'luck' without realizing that it was planned. And when I feel 'unlucky', I try to take a step back.
3
31
SBF
@SBF_FTX
18) What caused me to be in a position where that was possible? Could I have acted different to not be in that position? --- There are competitors in the space. But I firmly belive that we have more to gain from each other than we do to lose.
4
39
SBF
@SBF_FTX
19) Because collaboration isn't a 0-sum game, it's a positive sum game when done right, and that overwhelms the competitive tension. And I have no bones to pick here.
4
49
SBF
@SBF_FTX
20) So to our colleges and compatriots fighting through a mountain of shit: I hope things work out, in the end. I hope you can come back better than ever. You built something amazing, and beat me to the punch by half a decade. And to everyone else: forward.
12
155