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SBF
@SBF_FTX
2) For years, we were entertained by
@elonmusk
. "Here is a meme", he said, "in which I like bitcoin". "Yes", we replied, "this one sparks joy".
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SBF
@SBF_FTX
3) He did not pretend to have loyalty or deference to BTC. Or for that matter, to anything, really. That is fine, we all thought. Deference to the system as it happens to exist is the innovation killer.
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SBF
@SBF_FTX
4) Tweets about BTC became tweets about DOGE, and we didn't bat an eye. The world's most prominent businessman was tweeting about our industry. If DOGE is what brings him joy, then fuck it, it brings us joy too.
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SBF
@SBF_FTX
5) DOGE boomed, and we rejoiced, and the media watched, perplexed. I sometimes feel like the world is divided, these days, into people who understand memes and people who don't. "But
@elonmusk
, DOGE is a joke! Why do you endorse it?" Says someone who does not understand Elon.
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SBF
@SBF_FTX
6) People wonder why he chose DOGE, and why _we_, to some extent, chose it too. Why choose something with no intrinsic value? Why choose something which is nothing but a meme?
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SBF
@SBF_FTX
7) Partially, I have to think, it's because
@elonmusk
is bored. It's too easy, sometimes, to play everyone else's game. Sometimes you have to shake it up a bit to keep things interesting. But partially, the fact that DOGE is a meme is the whole point of it.
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SBF
@SBF_FTX
8) Because, in the end, much of the world is made of memes. Some are just more codified than others.
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SBF
@SBF_FTX
16) As are so many things in life. Some things have direct physical value. To some extent--to a very real extent--everything else is what we all make of it. Most value in the world is born from and sustained by our collective imagination.
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SBF
@SBF_FTX
9) What is value, really, but a meme that we endorse? Well, that's not quite fair. Bread has value. As shelter, and water, and music, and maybe math. But gold, and dollars, and NFTs, and super bowls, and TSLA, and DOGE are all worth whatever we think they are.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
11) Gold, and dollars, and NFTs, and super bowls, and TSLA, and DOGE are all worth whatever we think they are. And bitcoin.
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SBF
@SBF_FTX
12) We loved him when he moved from another meme to ours. And then he chooses DOGE, and we clap, thinking he obviously still _also_ chooses BTC. Don't say he didn't warn us.
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SBF
@SBF_FTX
13) Maybe it's because he was bored again. "Today feels like a good day to cause a stir." It wouldn't be the first time.
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SBF
@SBF_FTX
14) Maybe it's because we assumed he was "one of us".
@elonmusk
will never be one of us because he'll never be one of any group, not exactly. He contains multitudes. And if there's one thing multitudinous people hate, it's being put in a box.
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Elon Musk
@elonmusk
Tesla & Bitcoin
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SBF
@SBF_FTX
16) But maybe--just maybe--we're forgetting about Occam's razor: that sometimes the simplest and cleanest explanation is the right one.
@elonmusk
runs an electric car company. And BTC, like it or not, isn't the most energy efficient cryptocurrency.
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SBF
@SBF_FTX
1) So on energy usage of BTC: The profile will change long-term. Right now the main driver is from block rewards. But as block rewards exponentially decay, those will become less relevant. Long-term, there are really two core drivers.
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SBF
@SBF_FTX
17) The cries that BTC is dead because of its energy are missing the forest for the trees. But that can't be our _only_ response to worries about its energy usage. At some point we have to engage.
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SBF
@SBF_FTX
18) Or maybe--like so many other things--his flirtation of BTC died at the hands of middlemen.
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Larry Cermak 🫡
@lawmaster
Replying to @NeerajKA and @elonmusk
Honestly, he likely did and doesn't find it to be a problem. But Tesla needs to stay ESG and I'm guessing the stock could be removed from ESG portfolios if they didn't do this. And Tesla also needs to collect a lot of subsidies tied to its environmental mission
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SBF
@SBF_FTX
19) The world is increasingly fickle. Anything that goes up can go down. (And, sometimes, back up.) That's always true, not just when it suits us.
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