Sam Bankman-Fried: evaluation

Transcript context

…The killer feature, I'm assuming, is it literally just as straightforward as with the crappy platforms out there today, I get net 83% of my profits? We're going to get you much closer to 100% of your profits. That was the most compelling thing at the time. One of them was like, we'll have an actual compliance department and we'll engage with regulators in a productive way. One of them is like, our deposits and withdrawals will hopefully work, most of the time we'll get banking. One of these is, we will innovate. We'll build new products. We'll explore other product areas and see if we can integrate it into the system. We'll be able to find a way to build cool things in the United States, as well as outside of it. There's eventually a lot of things that ended up becoming pretty relevant here. But I think the most legible thing and the most egregious thing at the time was this 83% of profits thing where it's just like, okay, that will change, that has to change. There's no way that that's how the world is going to remain. It is worth noting because you just brought up this in the United States and outside the United States, for our half of listeners that are in the US, you'll note that the thing you can use when I can use FTX US is not a derivatives platform. It's just to trade the underlying assets, and it's a very, very simplified version of the complex platform that you all have built, Sam, at FTX. Can you talk a little bit about your realization of that early on that actually international is the addressable opportunity for now and how you structured the company to be able to go after that?…

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