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SBF
@SBF_FTX
Replying to
@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
18) And, of course, while I remain confident we will quickly pick up the low hanging UX fruit, there's a looooong tail of things that can help make a user's experience beautiful, and we have our work cut out on it.
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SBF
@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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iNodez.com
@i_nodez
Replying to
@SBF_FTX
Well said, we're shooting high with a system where people can mine directly to smartnodes to support a PoW network and earn rewards for it. Closing the loop between miners and nodes is definitely aiming high, but it means that miners can help build networks directly now too!!!
Lamps ☀️ ◎
@cryptolamps
Replying to
@SBF_FTX
Do you ever have any plans to offer a more streamlined service for UK users to compete with Binance/Coinbase? No faster payments / debit card support for deposits & withdrawals is a real killer to getting friends signing up 😭
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Hsaka
@HsakaTrades
Replying to
@SBF_FTX
There's this guy. He's a bricklayer. He's really good at it. He's a real master of his craft because he's precise. Every brick has its place. Anyway, this guy has a daughter and he's gonna teach her to be a bricklayer because, after all, all a man has is his legacy.
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