Conversation

SBF
@SBF_FTX
Replying to
@SBF_FTX
24) And eventually that risk got too big for the brokers, which had to partially shut down. How does crypto help this? Well, first of all, with a full stack product, settlement is way simpler. Here's what it takes to buy and settle on ftx.com/trade/BTC/USD:
Image
Image
36
403
SBF
@SBF_FTX
25) On FTX, everyone can send orders straight to the exchange; in equities, only the wealthiest traders can. Which means you can bypass all of the settlement risk from intermediaries. But there's another reason that blockchain helps.
27
538
SBF
@SBF_FTX
26) Say you tokenize stocks. Instead of waiting 2 days to settle, you can just swap AAPL-token <> USD-token on a blockchain. Which, remember, takes about 10 seconds and costs about $0.0002 in fees. No remaining settlement uncertainty or risk.
47
966
SBF
@SBF_FTX
28) So how about social media? Right now, if you tweet something, and your friend pulls out Facebook, they can’t see your tweet. Social media networks are isolated, not interoperable.
46
564
SBF
@SBF_FTX
29) This means that everyone has to manage 10 different apps, and our networks and conversations are fractured. In addition, all of your network, and friends, and data, are tied to a specific platform.
28
457
SBF
@SBF_FTX
30) The largest networks have pseudo-monopolies, with gigantic network effects that prevent new competitors. And how does censorship work? Well, basically, the leaders of the top few social networks have to make unilateral decisions.
19
479
SBF
@SBF_FTX
31) Let’s say that, instead, we put messages on a blockchain. So if you used Blockchain-Twitter (BT): --You type the message in BT’s interface --BT posts the message on a public blockchain --Your friend pulls out Blockchain-Facebook (BF) --BF reads your message and displays it
75
632
SBF
@SBF_FTX
32) By using an underlying public chain for messages, we’ve made different networks compatible. You can use any platform, and still talk to all your friends on every platform. Your messages, and network, are yours: you can move platforms and keep them.
43
407
SBF
@SBF_FTX
33) New platforms can read/write from the chain, inheriting the network effects, allowing real competition. And each platform can make moderation decisions, so at least there’s diversity of opinions.
24
328
SBF
@SBF_FTX
Replying to
@SBF_FTX
35) But taking a step back: how many of these areas has crypto revolutionized so far? I think the answer is “not really any of them”. It’s starting to impact some, but not in a widespread way yet. So what could get us there from here?
29
427
SBF
@SBF_FTX
36) (i) Technology. Right now the fastest chains can handle 5-50k TPS. We probably need to scale that up to ~1m TPS, whether it’s through L1s, L2s, lightning, rollups, etc. I’m guessing we’ll get there in ~3-7 years.
50
572
SBF
@SBF_FTX
37) (ii) Regulation. There needs to be regulatory clarity in order to get mass adoption, and the major platforms have to become licensed. I’m really impressed by the progress the US has made in the last year!
38
468
SBF
@SBF_FTX
38) (iii) Great products. Builders have to focus on building great products, not on monetization as the core product.
35
550
SBF
@SBF_FTX
39) (iv) Network effects. Many of these use cases don’t work unless two people both use crypto: buyer/seller; sender/receiver; tweeter/reader. That means we have to get up to ~30% adoption by person for (30%^2 =10%) adoption by transaction.
45
534
Job Open Net
@JobOpenNet
Replying to
@SBF_FTX
@GariToken
become the fastest growing #crypto network on the planet 🌍 How? 📲 Social Media + DeFi 🔥 = 💥 The
@Chingari_IN
app is rewarding its users $GARI for every interaction on the app and even just for login to the app 📲
financialexpress.com
GARI becomes 3rd largest project on Solana with 8 lakh active wallet users in 5 months
GARI is the native token of Chingari. The token is distributed to its users and creators on the app for doing in-app activities.
1