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Replying to

18) I had wanted FTT to immediately become a powerhouse, and instead it was a slow excruciating grind upwards filled with constant sell pressure. And, sure, we wall want the best imaginable outcome! But the FTT sellers -- they weren't really the problem.

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19) Everyone who sold FTT from $1.00 to $5.00 was just letting me buy back below what I thought it was worth--a good trade!

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20) And it meant that the people who had no interest in FTT or FTX exited early, and the remaining holders were those who believed in us. FTT wasn't stagnant, it was maturing. And it took time: time which, fortunately, we were fine giving it.

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21) I tried, and unfortunately sometimes succeeded, to trade away batches of FTT for other things. Then sometimes I'd have to buy it back 25% higher later. My mistake was wanting FTT to be a cash cow that I could sell. That's not what it was, and that wouldn't be healthy.

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22) That's not what FTT was, or is, or maybe ever will be. And that's ok. When you have a child, you don't hate them for what they're not; you love them for what they are. And when you have a coin, you appreciate it for what it is.

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23) I had tried, helplessly, to push on lockups so that seed investors didn't sell early. That was silly: FTT had bad, fucked up tokenomics, so it wasn't going to go up for a while. I was trying to fit a square peg into a round hole.

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24) Instead you let them sell, if that's what they want. And you give it the time it needs to mature. You don't try to sell it, because it's cheap. You let others sell, and you watch it grow up. And you don't try to hype it up when it's not ready. You wait.

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25) And then, finally, one day, it's ready. It's grown up, and ready to enter the world on its own terms. The past isn't totally gone. It remains, a sort of shibboleth; a club for those who saw it for what it _could_ be, and held, and gave it the time it needed to get there.

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26) Anyway, in about 4.5 hours, most of the SOL in the world will unlock. For the last year, 2020-01-07 has loomed large. And lots of attempts to build out the Solana and Serum ecosystems have been felled: “sure it has 50k TPS, but LOL have you seen its tokenomics?”

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27) And I’ve been frustrated by this: it’s about the tech, guys! And the potential to change the world! Wouldn’t you like to see what it’s like for one billion people to use DeFi?

projectserum.medium.com

An Ultimate Vision for Serum

It’s easy to get lost in the weeds. Everything has strengths and weaknesses; what matters isn’t rattling them off or proving you know of…

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28) But, again, I was thinking about it wrong. January 7th, 2021 has always been a part of SOL. There was no escaping it, or pretending it wasn’t coming. I wanted SOL to be something it wasn’t, or at least something the community wouldn’t let it be.

4:48 AM · Jan 7, 2021Twitter Web App

Replying to

29) But today is beautiful. Because today, finally, SOL will unlock. The sellers will sell, or at least those who haven’t already; and the buyers will buy.

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30) Solana has spent the last year building the most ambitious and powerful blockchain in the world. Most of the community has spent the last year shitting on its token unlock schedule. Who are you gonna pick?

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31) Today is the day that Solana becomes free of its ever-present headwind. It took me too long to learn to love SOL for what it was. But today Solana grows up, and becomes free to be itself, and to live--and die--on its own terms.

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32) Today is the day we all let the chips fall as they may.

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