SBF Profile picture
29 Nov, 20 tweets, 3 min read
1) Apropos of nothing, a list of feelings I wish people would express more freely:
2) NOT EMOTIONAL ADVICE
3) ok sure also not investment advice
4) "They almost did extremely well, but got a bit unlucky and fucked up at the wrong time, so they totally failed."

(if success is 75% skill and 25% luck, the tails will be populated with people who got lucky)
5) "My best guess is that you're extremely wrong, but I also think there's a significant chance that you're mostly right. "

(not all probability distributions are gaussians)
6) "I really dislike them, but they're a good person; we just happen to have clashing personalities"

(this applies to jobs, too)
7) "I think this job is a great opportunity for a lot of people, and it feels like it *should* be for me as well. I can't tell why, but for whatever reason this isn't exciting me, and so I should leave and do something else."

(it's hard to do well when you're not excited)
8) "I think this is a really important topic and think that option 1 is massively better than option 2. Also, though, I am missing lots of information and maybe you have some that will make me prefer option 2."

(strong opinions, weakly held)
9) "That opinion made sense given the facts at the time, but now it should change."

(sometimes it's you, sometimes it's me)
10) "If everyone agrees they're a great company that's bad at marketing, they're probably good at marketing. With bad marketing, most people think the company is bad."

(the goal of marketing is to change sentiment on the target, not sentiment on the marketing itself)
11) "Selfishly or for my business, I'd want this law to pass, but I think it's probably net bad for the world."

(how should voting work--everyone votes what's best for them and so the law that's good for the most people wins; or everyone tries to guess what's good for the most?)
12) "In the end this comes down to whether the event is 5% to happen or 0.05% to happen."

(a factor of 100! not all small numbers are equally small)
13) "After a ton of discussion no one has yet poked any holes in this calculation; I think there's a chance it gives the right answer even though it's a shocking one."

(shut up and multiply)
14) "Come on, 10% is just implausibly low for something this volatile."

(this isn't inconsistent with 13! both admit a significant chance the other is correct)
15) "Oh yeah, nevermind, you're right!"

(admitting you were wrong and moving on without drama)
16) "Yeah, it turned out to be X, but it was pretty reasonable for you to have thought it was Y."

(letting people move on from being wrong with their dignity intact)
17) "There's smoke, and maybe there's a *little* bit of fire, but mostly it's just smoke, amplified by an echo chamber."

(alternative take: they shouldered one of the hardest burdens for the entire industry so others could thrive; those parties recognize this)
18) "Things are shitty between me and them, and I'm honestly not sure whose fault it is."

(sometimes it doesn't matter whose fault it is)
19) "Eh idk, my instinct is option 3 but I feel really weakly so feel free to ignore my thoughts."

(giving your thoughts without staking more reputation on them than you actually think is accurate)
20) "I know it's popular to beat a dead horse but honestly in this case they were basically in the right, the victim of a runaway cancel culture that prides itself on despising cancel culture."

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More from @SBF_Alameda

30 Nov
1) Agree with a lot of this!



Some other thoughts:
2) NOT INVESTMENT ADVICE
3) Each approach has its own issues.

Right now, frankly, something like 'median of CEX orderbooks' is probably the best oracle.

But there are issues with it, which @haydenzadams points out:

a) sometimes CEX APIs crap out
b) this is only good assuming most liquidity is on CEXes
Read 12 tweets
15 Nov
1) Some FTX updates!
2) NOT INVESTMENT ADVICE
3) We're spending a lot of the next month focusing on latency and capacity on FTX.

We're hoping that we can get a ~5-10x increase in how many orders and trades FTX's matching engine can handle each second out of it.

We're also hoping to shave ~10ms off of median latency.
Read 14 tweets
4 Nov
1) For those wondering how FTX Trump contracts and tokens will be determined:

help.ftx.com/hc/en-us/artic…
2) Each state has a different protocol for assigning its electoral votes to a candidate. If a state assigns all its electoral votes to the person who the plurality of its voters vote for (which is the case for most states), we project that all its electoral votes will go...
3) to the person the plurality of its reported voters voted for as of November 4, 2020 (according to all reporting precincts’ most recently reported numbers as of that time). Other states divide their electoral votes pro rata...
Read 10 tweets
3 Nov
1) An election night thread.
2) NOT INVESTMENT ADVICE. NOT POLITICAL ADVICE.
Read 33 tweets
3 Nov
2) NOT INVESTMENT ADVICE. NOT REGULATORY ADVICE.
3) In general a lot of the answer here is "we'll see". As @AdamScochran notes, the SFC hasn't yet come out with the new policy, just noted that there _will be_ one.

So take everything here with a grain of salt.
Read 7 tweets
3 Nov
1) Today, the United States votes on its next president.
2) NOT INVESTMENT ADVICE. NOT POLITICAL ADVICE.
3) Right now, prediction markets are around 38% for Trump. This is up from ~33% a week ago.

ftx.com/president2020
Read 14 tweets

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