Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
10) And what about (b), the sidechain scaling solution? Well, honestly, it's one way you could describe the fact that
@FTX_Official
and other exchanges allow deposits/withdrawals of some stablecoins on both Ethereum and Tron. Just put up a website which calls those wallet APIs.
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SBF
@SBF_FTX
11) The point, really, is that unless you do a deep dive on crypto companies, it's often hard to figure out what they've really done. Did they build tech that could change the world? Or did they just whitelabel an API and call it a bridge?
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SBF
@SBF_FTX
12) But this isn't a case of founder deception or company fraud. Because everyone involved believes their company is the revolutionary one, whether or not they correctly implemented robust optimistic rollups; whether their volume is organic or trans-mining.
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SBF
@SBF_FTX
13) The truth is, right now, it's relatively speaking easy to create a token in crypto with a $100m market cap--way easier than building a brick and mortar business. And way easier than actually making $100m unincentivized net profit.
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SBF
@SBF_FTX
14) It's easy, in crypto, to mistake the simple paths towards valuation for the excellence of the product built.
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SBF
@SBF_FTX
15) This confuses the hell out of investors and users. But worse it confuses the companies themselves, sometimes. They think they've already built tech that will change the world, and so try to go for adoption.
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SBF
@SBF_FTX
16) And maybe their idea actually was potentially huge! The problem is that they skip the step where they _actually build a great product_, because early valuation success makes it seem like maybe they already have.
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SBF
@SBF_FTX
17) And so you get video game on blockchain companies that don't even realize their vision for a game requires more throughput than a blockchain can theoretically have, instead of thinking critically about what the right fit is and starting with a successful game or team.
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SBF
@SBF_FTX
18) And you get DeFi apps with revolutionary ideas that go for mass adoption before fixing prohibitive fees, or NFTs that make no sense and obviously won't have mass appeal, or exchanges with dysfunctional technology riddled with fake volume.
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SBF
@SBF_FTX
19) Or, you just get crazy projections.
Quote Tweet
SBF
@SBF_FTX
1) BAKKT is about to go public. There are a number of "interesting" things in their deck. sec.gov/Archives/edgar
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Brot Ⓥ
@brotknoblauch
Replying to
@SBF_FTX
and
@SBF_Alameda
It’s rather simple. You just need one criterion to measure success. Is anyone using your chain and it’s token(s) for anything other than mindless speculation? Spend an hour of your time researching
@vechainofficial
and you’ll see an example of a project where the answer is “YES”
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