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To be clear here: twitter.com/SquawkCNBC/sta 1) There are lots of advantages to PoW. Its security is less reliant on historical ordering than PoS, it's in some cases harder to quickly buy scale to attack, harder to hedge attacks, etc.

Quote Tweet

Squawk Box

@SquawkCNBC

Jul 27, 2021

Official

"It's the responsible thing to do to mitigate to the extent you can," says @SBF_Alameda on @FTX_Official climate pledge. "There are only two major cryptocurrencies that have large energy usage. It's #bitcoin and #ethereum...proof of work is where all the energy usage comes from."

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188.5K views

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SBF

@SBF_FTX

Jul 27, 2021

2) BTC (soon) being the only top 5 coin with PoW sets it apart, some senses in a good way, for the above reasons 3) The energy use is the security method of PoW, so you can't remove that and keep PoW. 4) That being said, it *does* use a lot of energy, and that does have a cost

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SBF

@SBF_FTX

Jul 27, 2021

5) I'm not trying to make claims about whether that cost is worth it -- just that it's a fact that most of the impact comes from it 6) You could use e.g. L2s, lightning, etc. to make tx's cheaper, both in money and in energy 7) Either way, it's relevant for calculating impact

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So, L2 already exists for fast transactions .. odd you didn’t mention that on the interview and rather wanted to focus on tokens with less secure base layers. I guess this is just another example of people not being able to escape their incentives.

SBF

@SBF_FTX

Replying to

@mshodl

at some point they just cut me off mid sentence -- I had about 1 minute for that entire part of the segment def regret not mentioning it but also literally didn't have time

3:04 PM · Jul 27, 2021Twitter Web App

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And literally had no incentive either

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Stick a sheet with the word LIGHTNING above your monitor for the next interview, and you know you'll have to plug it somewhere

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takes a bit of getting use to live-fire, goes so fast, those were soft-ball questions too. next level if the questions are hostile and biased cut-offs. just have to say what you want to say then continue saying it "going back to previous topic". the questions are a suggestion :)

Jay

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with such little time, its so easy to paint a narrative regardless of what was answered. "questions are a suggestion" is great advice haha

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SBF, please could you say something about how the recent private equity sale of FTX is/is not diluting FTT fwd looking returns

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FTT holders only get 1/3 of revenue, equity holders get the rest

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What did the tweet you delete say? Was that tweet also written under the stress of time?

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Can always say "I'm gonna go out on a limb and guess that your viewers can handle more than 8 seconds per topic...so getting back to what I was saying..." and with a smile : )

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