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>Bailhe remembers it the same way: “We had a great meeting with Sam, but the last question, which I remember Alfred asking, was, ‘So, everything you’re building
by 650 4y ago
>Bailhe remembers it the same way: “We had a great meeting with Sam, but the last question, which I remember Alfred asking, was, ‘So, everything you’re building is great, but what is your long-term vision for FTX?’”
>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.”
- Jasper_ 4y ago"you can exchange your money for goods and services" "HOLY SHIT WHAT A VISIONARY 10 OUT OF 10" Clearly SBF will truly be the first trillionaire
- autotune 4y agoIn a centralized exchange, controlled by 8 people, with 0 oversight. What a revolutionary.
- toomuchtodo 4y agoIt’s a sight to behold to see the mechanizations these parts of the economy go through to ascribe to skill and vision what is purely luck and confidence. Truly sophisticated allocators of capital. https://youtube.com/watch?v=wz-PtEJEaqY https://youtube.com/watch?v=wz-PtEJEaqY
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- malermeister 4y agoThis whole saga, together with the Twitter and Meta shitshows have been exposing the Emperor for wearing no clothes. Turns out the rich and powerful of Silicon Valley aren't super smart and wise folks to be looked up to. They're just regular people, a lot of them ignorant, that got lucky. Enough with the pedestals.
- birdyrooster 4y agoEspecially with Elon, who is the definition of failing up and getting lucky (see Zip2, Tesla, Space-X). Just having capital was enough to have actually intelligent people flocking to him. When Elon makes decisions (see PayPal, Twitter) they are shit.
- memish 4y agoSee here's the problem. Getting distracted by the "spaceman bad" programming, while being robbed blind by media darlings like SBF. An actual fraud.
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- ModernMech 4y agoMusk is an actual fraud: https://twitter.com/capitolhunters/status/1593307541932474368 https://twitter.com/capitolhunters/status/159330754193247436... Elon Musk has lied for 27 years about his credentials. He does not have a BS in Physics, or any technical field. Did not get into a PhD program. Dropped out in 1995 & was illegal. Later, investors quietly arranged a diploma - but not in science. Note: You may have to refresh a couple times, because as Twitter slowly collapses under Musk's leadership, it is now randomly unable to serve some Tweets reliably (been a user of Twitter for a long time, this is the first time I've ever seen this happen at this scale). I had to refresh the page a couple times to get past the "This tweet is unavailable" error. Edit: Here's a link to the sources with everything: https://drive.google.com/drive/folders/1zPeWaaCZHqfq0tnkPwc61A6bGHySdj91 https://drive.google.com/drive/folders/1zPeWaaCZHqfq0tnkPwc6...
- tshaddox 4y ago> 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. But like, it’s not even a story about how he might accomplish that goal. It’s literally just saying “my vision is to facilitate every financial transaction in the world.” You’d think it would take more than that to impress those partners.
- colpabar 4y agoIt’s almost like he has rich, well-connected parents who got him all this positive coverage and will make sure he never spends a day in jail.
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- PhasmaFelis 4y agoThis has the same vibe as NFT guys who have clearly never played video games thinking that moving items between games is a killer app. Except that these are professional financiers. I don't get it.
- ohgodplsno 4y agoAs is we needed more proof that venture capitalists are clowns. Oh well. Extract money from these fools and hopefully don't be an FTX, make something that is useful to society. The more they lose on ventures, the more their capital is redistributed, hopefully to either competent people, or people that need it.
- deleted 4y ago[deleted]
- Animats 4y agoI'm amazed at that reaction from Sequoia. He was basically saying "I want to build Tencent's WeChat app." Except that WeChat does more.