Insight certainty 3/5 debate potential 3/5

Bankman-Fried: Startups do not have to choose between compliance and functionality

Sam Bankman-Fried · FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired · Dec 15, 2021 · at 1:03:39

Sam Bankman-Fried discusses FTX's philosophy of balancing rapid product iteration with proactive regulatory engagement.

0:00 / 0:25exact quote · 25.4s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“I think that in the end, our sort of, our sense of this is like, look, this isn't, it's not like, you know, you can choose to be compliant or you can choose to be functional and like you have to choose which company you're launching. I think, you know, the way we think about it is In the same way that you can make like informed, reasonable decisions on one front, you can make informed, reasonable decisions on another front.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Sam Bankman-Fried

Assertion Contradicted
Bankman-Fried: FTX's revenue is clean, clear, and completely transparent
“When you talk about, like, recurring revenue, like, there's sort of, like, doesn't exist a clearer example of that than, like, you know, I don't know, we have volume each day, and we charge a transaction fee on it, right? It's incredibly clean, right? People a…”
Sam Bankman-Fried Dec 15, 2021 ▶ 48:37 FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
Opinion
Bankman-Fried: The two dominant crypto futures exchanges in 2018 were 'shitshows'
“There are only two real players in it, and they're shitshows. But they're still printing money, despite being shitshows.”
Sam Bankman-Fried Dec 15, 2021 ▶ 39:02 FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
Assertion Contradicted
Bankman-Fried: The largest crypto exchange bled $1M daily from broken risk engines
“The biggest exchange at the time was bleeding each day about a million dollars of customer assets to a risk engine that didn't work.”
Sam Bankman-Fried Dec 15, 2021 ▶ 34:16 FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
Disclosure
Bankman-Fried: FTX hired for composure under pressure rather than prior experience
“Experience is very much not what we hire for. Right. In fact, sometimes we're almost like, you know, I wouldn't quite say we're anti-selecting for it, but, like, we like flexibility, and we like, you know, much more than, like, I don't know, we can teach thing…”
Sam Bankman-Fried Dec 15, 2021 ▶ 1:36:49 FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
Opinion
Bankman-Fried: Becoming the second largest crypto exchange would be a 'C' grade
“I think the plausible C is we just kind of don't really grow, you know, like you kind of look back at us like, you know, in a year and you're like, where is F, or in five years, you know, where is FTX now? And the answer is like, you know, they're like, you kn…”
Sam Bankman-Fried Dec 15, 2021 ▶ 1:40:33 FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
Disclosure
Bankman-Fried: I could not describe a blockchain when I entered crypto
“I got one word further, but I couldn't have described a blockchain. I guess it was like, you know, they chained the blocks with the transactions in them, you know? I didn't really know who they was. I don't know if the blockchain does it. Like, I really didn't…”
Sam Bankman-Fried Dec 15, 2021 ▶ 17:23 FTX with Sam Bankman-Fried & Mario Gabriele (Extended Cut) · Acquired
Made with StarZero

Turn any episode into a week of clips.

This entire site, nearly 80 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.