Sam Bankman-Fried: belief

Transcript context

…When you went to CoinMarketCap way back when and looked, was your intention, hey, is there an arbitrage here? Is there a large spread? Yeah, it's basically what I was looking for. There's just an incredibly simple calculation you can do to get some sense of what one could maybe do if for some reason everything was easy and all the data was right. It's whipping a lot under the rug, but it gives you an upper bound on how much you can make doing arbitrage. What is that bound? You take the difference in pricing between major exchanges. That's the amount maybe you could make on each trade. You won't fly by the daily trading volume across those exchanges, and then maybe it'll be a percent of volume. I'm making that up. Again, this isn't meant to be precise. Back then, daily trading volume was only a few billion dollars, I think. What year is this?…

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