Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
8) While we were paying a price for not fixing it, I wasn't super worried strategically. We have built a number of complex, sophisticated, constrained systems to function at industrial scale. I had no doubt that we could consolidate pages in our registration flow.
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SBF
@SBF_FTX
9) In fact, it was _so_ much easier than the trickiest things we've built, that from a medium term strategic perspective I didn't bother thinking about it. There are a number of difficult tasks ahead of us if we want to get FTX to where it could be; this wasn't one of them.
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SBF
@SBF_FTX
10) If worst came to worst, at the last minute we could divert all dev and designer time for a few weeks and get it in decent shape. Instead, I focused on the things that would take everything we had to execute on well, and were also strategically crucial.
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SBF
@SBF_FTX
11) We were working on complex licensing; matching engine overhauls; risk engine maintenance; product design; and NFT partnerships. Those were hard challenges that would require months of careful planning and attention, and which we wouldn't get right unless we focused on them.
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SBF
@SBF_FTX
12) The last few weeks we've finally started overhauling our signup experience. And, as predicted, we've made very quick progress on it, and I expect we will continue to do so.
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SBF
@SBF_FTX
13) I'm glad we started planning for LedgerX/FTX US Derivatives; the NFT platform; and the matching engine first, and the UX overhaul second, rather than the other way around. We were confident that we could do a good job at registration--so confident we took it for granted.
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SBF
@SBF_FTX
14) And this made strategic sense: trusting in our abilities, and understanding that the progress we've made on the hardest parts of the product wasn't a reflection of some weird risk-engine-specific aptitude, but something more general.
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SBF
@SBF_FTX
15) But at the same time: for months, we stunted the growth of FTX's userbase by not doing something relatively easy and extremely valuable. We paid a real price for this, and will continue to do so until we further refine things.
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SBF
@SBF_FTX
16) Our confidence that we _could_ execute well stopped us from bothering to actually do it. Our confidence started to veer into hubris, and we risked failing to become what we could be by just not bothering to follow through.
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SBF
@SBF_FTX
17) And I say 'our', but I take the lion's share of blame here; my job, ultimately, is to make sure we do the important things, and this was important and didn't get done. I was dismissive of it, and so it was dismissed.
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SBF
@SBF_FTX
Replying to
@SBF_FTX
19) One of the curses of achieving quick, early success is that you can be lulled into complacency, forgetting that the ability to do well is only worth anything if you keep pushing forward. One of the blessings, though, is understanding how much potential lies ahead.
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SBF
@SBF_FTX
20) Anyway, my main takeaways are: a) Aim high, but don't forget to do everything you can to actually reach your lofty goals. b) Watchmen: episode 3 ("She Was Killed by Space Junk") is beautifully scripted and executed.
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Teal 📉📈
@exponenteal
Replying to
@SBF_FTX
Quick suggestion: "stay signed in" checkbox above the MFA pin. So annoying to put in your PIN, get logged in automatically not having clicked the checkbox
Vasu
@Vasu_Crypto
Replying to
@SBF_FTX
Sam, we need to take seriously the design of the site and make a candy out of it! I believe that FTX this is the top exchange and I bet on it!
kibrahime
@kibrahime1
Replying to
@SBF_FTX
My suggestion would be to keep your devs focused on solving the hard problems in this space (uptime, security, etc) & hire externally for best of breed user sign up/ customer experience with clear North Star metrics for each (Signup: ease/completion rate &CX: FCR/%+ve sentiment)
Norsk Kiwi
@NorskKiwi1
Replying to
@SBF_FTX
Hey Sam, have you considered/will you leverage decentralised ID for KYC ie DID recognised by local/regional government? Users need to be able to KYC without sharing personal data. With trustless interoperability FTX/Sol could link with many other chains = bigger userbase.