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I highly recommend reading this article, from 50 days ago. So many humorous quotes to be had in that article. https://www.sequoiacap.com/article/sam-bankman-f

I highly recommend reading this article, from 50 days ago. So many humorous quotes to be had in that article. https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://www.sequoiacap.com/article/sam-bankman-fried-spotlig... edit: archive https://archive.ph/GQkCp https://archive.ph/GQkCp

deleted 4y ago
[deleted]
reso 4y ago
Please tell me someone has this on internet archive.
- chmod775 4y ago
  https://web.archive.org/web/20221109025610/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://web.archive.org/web/20221109025610/https://www.sequo...
- shp0ngle 4y ago
  https://archive.ph/GQkCp https://archive.ph/GQkCp archive of google cache (best thing I can do!)
shp0ngle 4y ago
> o I find myself convinced that, if SBF can keep his wits about him in the years ahead, he’s going to slay—that, just as Alameda was a stepping stone to FTX, FTX will be to the super-app. Banking will be disrupted and transformed by crypto, just as media was transformed and disrupted by the web. Something of the sort must happen eventually, as the current system, with its layers upon layers of intermediaries, is antiquated and prone to crashing—the global financial crisis of 2008 was just the latest in a long line of failures that occurred because banks didn’t actually know what was on their balance sheets. Crypto is money that can audit itself > there. The FTX competitive advantage? Ethical behavior. SBF is a Peter Singer–inspired utilitarian in a sea of Robert Nozick–inspired libertarians. He’s an ethical maximalist in an industry that’s overwhelmingly populated with ethical minimalists. I’m a Nozick man myself, but I know who I’d rather trust my money with: SBF, hands-down. And if he does end up saving the world as a side effect of being my banker, all the better.
songeater 4y ago
"Among Wall Street’s financial elite, SBF’s Bitcoin arb is mentioned in the same hushed tones as Paul Tudor Jones’s 1987 shorting of the entire American economy, or George Soros’s 1992 raid on the Bank of England, or John Paulson’s 2008 bet against subprime mortgages. Alameda’s capture of the kimchi premium (and other trades like it) gave SBF the grubstake he needed for his next move: founding the crypto exchange FTX—a company that may very well end up creating the dominant all-in-one financial super-app of the future."
- nullc 4y ago
  The hushed tones of 'that is obviously bullshit'.
  - moistly 4y ago
    That is what aggravates me the most: that there is so much money sloshing around out there, desperate to be spent, and it goes to obvious bullshit instead of building bio-sand water filters for every off-grid community in the world, or ensuring everyone in the world gets a sandwich at least once a day, or basically ANYTHING that would make the world a better place for everyone. Instead, over-privileged, over-wealthy, over-gullible people are wasting the economy on digital artifacts. What a senseless waste.
    - nullc 4y ago
      If it's any consolation I expect that a significant portion of the "billions" they're talking about simply never existed. E.g. I print a trillion tokens, keep most in my pocket but give out some chunks to friends and put a few percent on the open market. They trade on the open market for $1 and tada I'm a trillionaire. The token price crashes and now my friends have lost billions. But it was all just a mirage. There are real losses in that example-- the suckers that bought the tokens for $1 on the market-- but they may be tiny compared to the numbers being discussed.
deleted 4y ago
[deleted]
maxFlow 4y ago
This was one of the worst written, saddest pieces I have ever read. It's full of idiotic commentary, unjustified praise and just plain ignorance. Out of the dozen+ remarkably stupid quotes I found I'll share this excerpt: > That’s when SBF told Sequoia about the so-called super-app: “I want FTX to be a place where you can do anything you want with your next dollar. You can buy bitcoin. You can send money in whatever currency to any friend anywhere in the world. You can buy a banana. You can do anything you want with your money from inside FTX.” > Suddenly, the chat window on Sequoia’s side of the Zoom lights up with partners freaking out. > “I LOVE THIS FOUNDER,” typed one partner. > “I am a 10 out of 10,” pinged another. > “YES!!!” exclaimed a third. > What Sequoia was reacting to was the scale of SBF’s vision. It wasn’t a story about how we might use fintech in the future, or crypto, or a new kind of bank. It was a vision about the future of money itself—with a total addressable market of every person on the entire planet. > “I sit ten feet from him, and I walked over, thinking, Oh, shit, that was really good,” remembers Arora. “And it turns out that that fucker was playing League of Legends through the entire meeting.” Lo and behold. The intricate, behind-the-scenes scheming of the highly educated financial elite, revelead at last. All predicated upon the grand vision of... buying a banana with your "super-app". No wonder we're going through a much needed correction, some people need to be weeded out of decision making roles ASAP.

deleted 4y ago

[deleted]

reso 4y ago

Please tell me someone has this on internet archive.

chmod775 4y ago
https://web.archive.org/web/20221109025610/https://www.sequoiacap.com/article/sam-bankman-fried-spotlight/ https://web.archive.org/web/20221109025610/https://www.sequo...
shp0ngle 4y ago
https://archive.ph/GQkCp https://archive.ph/GQkCp archive of google cache (best thing I can do!)

shp0ngle 4y ago

> o I find myself convinced that, if SBF can keep his wits about him in the years ahead, he’s going to slay—that, just as Alameda was a stepping stone to FTX, FTX will be to the super-app. Banking will be disrupted and transformed by crypto, just as media was transformed and disrupted by the web. Something of the sort must happen eventually, as the current system, with its layers upon layers of intermediaries, is antiquated and prone to crashing—the global financial crisis of 2008 was just the latest in a long line of failures that occurred because banks didn’t actually know what was on their balance sheets. Crypto is money that can audit itself > there. The FTX competitive advantage? Ethical behavior. SBF is a Peter Singer–inspired utilitarian in a sea of Robert Nozick–inspired libertarians. He’s an ethical maximalist in an industry that’s overwhelmingly populated with ethical minimalists. I’m a Nozick man myself, but I know who I’d rather trust my money with: SBF, hands-down. And if he does end up saving the world as a side effect of being my banker, all the better.

songeater 4y ago

"Among Wall Street’s financial elite, SBF’s Bitcoin arb is mentioned in the same hushed tones as Paul Tudor Jones’s 1987 shorting of the entire American economy, or George Soros’s 1992 raid on the Bank of England, or John Paulson’s 2008 bet against subprime mortgages. Alameda’s capture of the kimchi premium (and other trades like it) gave SBF the grubstake he needed for his next move: founding the crypto exchange FTX—a company that may very well end up creating the dominant all-in-one financial super-app of the future."

nullc 4y ago
The hushed tones of 'that is obviously bullshit'.
- moistly 4y ago
  That is what aggravates me the most: that there is so much money sloshing around out there, desperate to be spent, and it goes to obvious bullshit instead of building bio-sand water filters for every off-grid community in the world, or ensuring everyone in the world gets a sandwich at least once a day, or basically ANYTHING that would make the world a better place for everyone. Instead, over-privileged, over-wealthy, over-gullible people are wasting the economy on digital artifacts. What a senseless waste.
  - nullc 4y ago
    If it's any consolation I expect that a significant portion of the "billions" they're talking about simply never existed. E.g. I print a trillion tokens, keep most in my pocket but give out some chunks to friends and put a few percent on the open market. They trade on the open market for $1 and tada I'm a trillionaire. The token price crashes and now my friends have lost billions. But it was all just a mirage. There are real losses in that example-- the suckers that bought the tokens for $1 on the market-- but they may be tiny compared to the numbers being discussed.

deleted 4y ago

[deleted]

maxFlow 4y ago

This was one of the worst written, saddest pieces I have ever read. It's full of idiotic commentary, unjustified praise and just plain ignorance. Out of the dozen+ remarkably stupid quotes I found I'll share this excerpt: > That’s when SBF told Sequoia about the so-called super-app: “I want FTX to be a place where you can do anything you want with your next dollar. You can buy bitcoin. You can send money in whatever currency to any friend anywhere in the world. You can buy a banana. You can do anything you want with your money from inside FTX.” > Suddenly, the chat window on Sequoia’s side of the Zoom lights up with partners freaking out. > “I LOVE THIS FOUNDER,” typed one partner. > “I am a 10 out of 10,” pinged another. > “YES!!!” exclaimed a third. > What Sequoia was reacting to was the scale of SBF’s vision. It wasn’t a story about how we might use fintech in the future, or crypto, or a new kind of bank. It was a vision about the future of money itself—with a total addressable market of every person on the entire planet. > “I sit ten feet from him, and I walked over, thinking, Oh, shit, that was really good,” remembers Arora. “And it turns out that that fucker was playing League of Legends through the entire meeting.” Lo and behold. The intricate, behind-the-scenes scheming of the highly educated financial elite, revelead at last. All predicated upon the grand vision of... buying a banana with your "super-app". No wonder we're going through a much needed correction, some people need to be weeded out of decision making roles ASAP.