Conversation

SBF
@SBF_FTX
32) glad to hear talk from a competitor about needing engagement before self-certs, guessing they would support having a round table discussion before each of their self certs?
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SBF
@SBF_FTX
33) a lot going on here—simultaneously debating crypto, algorithms, computers, retail, 24/7, etc. most of these already exist on other DCOs, and really unclear what her point is. And weird that she’s skeptical that markets increase liquidity!
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SBF
@SBF_FTX
34) remember price bands—people are protected from 1 minute market moves! Also—users know _way_ more than any of these people about these markets, ironic to hear the opposite condescendingly said.
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SBF
@SBF_FTX
36) good point by Dave Olson—this is the model that many are already used to!
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SBF
@SBF_FTX
37) ohhhh boy is this going to be a few minutes per person of closing statements? If so, that’s a few *hours* worth.
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SBF
@SBF_FTX
40) pleasantly surprised by the constructive closing statement from RJO!
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SBF
@SBF_FTX
Replying to
@SBF_FTX
42) people asking whether this model makes economic sense or is the best model. Not really supposed to be the purview, and not usually required for businesses to prove their model is best to be allowed to operate. That’s what economic competition and consumer choice are for!
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SBF
@SBF_FTX
43) reeeeeaally good points by Dave/Jump here; innovation is really hard in the current system!
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SBF
@SBF_FTX
44) helpful point by DRW—models are not about better/worse, they’re about consumer choice and economic competition
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SBF
@SBF_FTX
45) note about capital usage—real time margin reduces the effective risk period, which reduces capital demands
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SBF
@SBF_FTX
47) re: retail: what if the DCO/DCM has all the standard protections, and CFTC oversight?
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SBF
@SBF_FTX
48) reminder: automated margin calls can _reduce_ risk by doing so only when necessary
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SBF
@SBF_FTX
49) ok two final thoughts: a) I guess if what we’re doing brings all these people here all day to argue and debate and learn then we’re doing _something_ right b) no chance we’d be here today without the amazing work of Zach, Brian, Julie, and the whole FUSD team <3
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SBF
@SBF_FTX
50) I know I’ve said this before, but: the CFTC isn’t the world’s fastest acting regulator and our process has been loooong and drawn out, but boy do they know their shit, care about details, and display an approach that today’s partisan climate could learn something from
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