Sam Bankman-Fried: belief

Transcript context

…All right, I'm going to move us to our grading section here. Sam, in our classic episodes, when one company would buy another, we'd grade how good of a use of capital it was for big [...] by startup. Classically, Instagram is A-plus. They turned a billion dollars into half a trillion, and lots of examples of ones that are way worse. For these guest episodes where the story is being written in real-time, we tend to try and do it on a future-looking basis and say, okay, well, FTX has a set of resources right now. It has human capital, it has financial capital, lots of it, and it's got time. So if we look out five years from now, what's the scenario where you would reflect back five years and say, with all the resources we had, that was an A-plus outcome? What are the things that you can achieve where that would be the case? Then paint me the other side where you're like, that was a failing grade based on what we had, or potentially more interesting, what's like the C? What are the metrics we're going to judge ourselves by? One of them is, did we become the biggest crypto exchange? That's clearly going to be one of the core metrics here. I think thinking about did we ever succeed at getting retail users at penetrating that market is going to be one of the things that I think we're going to grade ourselves on, which I think I'm cautiously optimistic about, but we haven't proven that. We've never really gone big in that segment before. So I think that that's going to be one of the big things here. Then I think, did we manage to expand beyond crypto is going to be one of the big metrics. In other jurisdictions, you can trade equities at 9:00 PM on a Saturday, or at least, assets that look like equities on your exchange. I can go buy Tesla stock-ish.…

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