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To address a lot of tags I’m getting: - Alameda is obviously buying FTT right now, I never thought we’d see a dip like this vs. the market again, best trade I know of. - If Alameda *were* to be intentionally putting on an aggro FTT position, Binance isn’t where we’d do it.

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One hesitation I’ve always had with FTT is the scenario in which FTX goes public.

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Can you explain a bit further Ben? 🙏

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What is the value of FTX’s token outside of fee discounts if the exchange goes public and has tradable shares?

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Read the buy and burn section ftx.com/ftt

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I’m not sure what point you are making? Maybe I missed it, but I don’t see anything that tells me the role of FTT in the event FTX goes public. I only bring it up since

@SBF_Alameda

comments on public listings regularly, so I imagine he’s at least considered it.

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not sure why going public would change things

12:30 PM · Jul 17, 2021Twitter Web App

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Professor Satoshi | Options Larp

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I think the equity itself (in the future) would be separate from the token?

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my understanding: FTT gives you claims on top-line revenue (like a cost-item for ftx) Equity-holders have claims on the bottom-line (net profit) as well as certain governance rights (eg change directors) Wdym w/ in the future? FTX has already equity-holders (its investor)

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I think you’ve done a great job defining FTT’s value tbh. But it’s one of those things where others conflate its value, so market perception might not be realistic. ie - drawing comps to COIN

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Adam Cochran (adamscochran.eth)

@adamscochran

Apr 12, 2021

1/25 Rarely do I share price projections in crypto because I'm a product style investor and the market doesn't have a lot of steady comparables. But, I'm making an exception, since I think its clear $FTT is grossly under valued vs $COIN and has a potential 18x to $1k~ ahead.

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Some may see FTT as a way to bet on the FTX team / some kind of equity proxy. I think what Ben is getting at is that in the event FTX goes public, that investment case would be superceded by the ability to buy the stock.

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I think it’s a great way to buy into the system if you use it (my case), I just wonder what the confusion in the market would be. It’ll be exciting to watch this unprecedented crypto event. Now Investing in FTX equity.. show me the dotted line. ✍️

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FWIW this thread is now eating away my brain as I try to spend time with family. I really love the ftx team, their products, and most importantly how they build. Never want my comments to cast a shadow on their squad. I envy their drive. And hope to emulate them one day.

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In the long run FTT is somewhere between traditional equity and airline miles. That’s a wide range, but it’s more certainty than most of crypto except maybe blue chip DeFi and the major L1s. Right now FTT is a “growth hack,” and a damn good one.