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21 Jan, 26 tweets, 6 min read
1) Congratulations, Mr. President and Madam Vice President

2) It's hard to have any real sense of what elections in the 1860s felt like, but at the very least this feels like the most acrimonious race in the past 50 years.

That means a lot of things. One is that the new administration was handed a delicate, important, difficult task.
3) The nation is always divided, always ways, and always will be, in many ways.

And so there are always debates and votes and dissenters. It's our right as American citizens to vote our conscience, and it's representatives' rights to vote theirs, in the House and Senate.
4) So on most issues there will be people who, locally, lose.

But the only way we as a country can exist is if we learn to live with our losses, celebrate our wins, and treat each other--and the processes that tie us together--in good faith.
5) (As an aside, this is somewhat like bitcoin. As long as the world agrees to respect the longest chain, BTC moves forward even if some aren't happy with the blocks.

But as soon as each person decides to disregard blocks at their whim, consensus breaks down.)
6) Obviously that means accepting the elections as they are, whether or not they're what we want them to be.

But it means more than that, and is not reserved to one party or another.

TRUMPFEB was trading at 2% yesterday, and we're all at fault for leading America to that point.
7) The seeds of distrust and dishonest and defection have been sowed, slowly, and then all at once.

For decades, no legislators objected to the electoral vote.

In 2000, some Democratic house members did.

In 2004, one senator joined in; they were overruled, 74-1.
8) But objections were held in check by the vast majority of the country.

In 2000, Vice President Al Gore successfully convinced the senate to certify his own electoral loss.

In 2008, John McCain faced down a crowd of booing fans to congratulate Obama.

9) At the time, those events felt isolated, and the losers' responses reassuring.

Perhaps we be more worried when the cracks begin to show.
10) I don't know whether 2000 was the beginning, or 2008 was, but by 2012 it was undeniable.

Trump--at that point mostly an afterthought--ran on a platform of pretending Obama wasn't born in the US (remember that?).

Democrats saw Republicans as sowing lies and discontent.
11) And they were!

But of course that's not the whole story. Republicans had a growing list of grievances, too.

Sometimes those didn't play out in public, but behind the scenes there was growing frustration with the emergence of what came to be called 'cancel culture'.
12) Weinstein fell, and no one shed any tears for him: the story was pretty damning.

But many felt like there was a motte-and-baily beginning to envelope culture: en.wikipedia.org/wiki/Motte-and….
13) Weinstein was canceled; but also a charity I used to work with refused to attend a conference because a proposed speaker who had since been disinvited had written a middle-of-the-road comment on a Facebook thread once.

Complain about one and you're shown the other.
14) The frustrations grew, in both directions.

The 2016 election was bitter; really bitter.

I went out to canvas in suburban Pennsylvania the weekend before the vote.

Every door I knocked on was the same.
15) The person was angry at those knocking on their door, distrustful of the process, and clearly hated both Trump and Clinton.

An outsider was coming to confirm their support for a candidate that they were at best holding their nose to vote for.
16) Often they'd refuse to say who they were actually planning to vote for. Not that it mattered; by that time there were enough Black Lives Matter or Blue Lives Matter yard signs that you usually already knew.
17) And so began the most unpleasant and spite filled four years of culture I've lived through.

A lot has been said about the former president's antics during his term. But of course there's another side to the story.
18) I've felt fairly alienated from both parties recently.

Democrats said that Trump had no plan for COVID, gave no leadership, was costing American lives, and failing to fight the disease. And they're right.
19) Republicans countered that Democrats were dragging out the pain, wrecking havoc on the economy for a year while failing to either squash the virus or live with it.

And they're right, too.

Neither side really acknowledged the truth: that you had to make a hard choice.
20) And at the climax, Trump himself got COVID.

His behavior was bizarre and true to form, taking the opportunity to shill some companies and hold meetings with fake props at a fake desk.

And he didn't give the speech I would have, if I were him.
21) Because if you went on CNN, you would see an entire page full of attacks on Trump, for getting COVID, and for not being careful enough.

Which, ok, sure, but there's another narrative here, too.

Which is that Trump did what leaders do.
22) He got COVID because he prioritized running the government over his personal safety. And then he left the hospital early.

Because he was the President of the United States of America, the leader of the free world.

The world wasn't got to stop spinning while he was sick.
23) And so he chose to lead, and uphold his duties as president (and, you know, whichever random drug companies he was into that day), even if it meant risk to his own health.

I don't know. I'm not Trump's biggest fan, but that was the day I was most proud of him.
24) Anyway, we reap what we sow.

And after decades of sowing distrust in each other, we were left with our darkest moment: a part of the country violently storming the capital and invading the senate because they didn't believe the results of the election.
25) And, to top it off, the president (at the time) of the United States of America attempting to overturn an election he lost.

There were a ton of things at stake, but I guess at some point many people were single issue voters.

cnbc.com/2021/01/06/mik…
26) And so as we transition to the 46th president, we have to work to heal the divides in our nation.

But more importantly, we have to treat each other in good faith, so that we can prevent these divides from forming in the first place.

Good luck, @POTUS.

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More from @SBF_Alameda

20 Jan
1) We spend a while thinking and talking about what exciting places FTX can go.

More on that next week.

But it's just as important to think about our weaknesses.
2) NOT INVESTMENT ADVICE
3) No exchange is perfect; nothing is.

But we try to keep tabs on which parts of FTX are frustrating the most people.

Some of these are quick fixes; some are not.

I think one of my bigger regrets is not addressing the larger ones sooner.
Read 9 tweets
15 Jan
1) @multicoincap sometimes gets shit for some of it's stances, e.g. backing EOS a few years ago. And it deserves that -- it was a bad call!

But it's made about 10 good calls for every bad call.

2) And sure, sometimes they're publicly and embarrassingly wrong.

That's the necessary price to pay for staking bold stances and publicly explaining why you think what you do.

If you can't think of a time someone was wrong, that means they aren't saying anything interesting.
3) I'm obviously biased here, because one of their recent positions has been in Solana and Serum.

But the 'win' column doesn't need to count those--they have enough in the Ethereum ecosystem to make up for them anyway.
Read 8 tweets
12 Jan
1) The other crypto IPO
2) NOT INVESTMENT ADVICE
3) Yesterday I looked into Bakkt's SPAC.

It did not look very good.

idk maybe it'll be worth $10b soon because fuck everything.

Read 21 tweets
11 Jan
1) BAKKT is about to go public.

There are a number of "interesting" things in their deck.

sec.gov/Archives/edgar…
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Well, their 30m+ active users and $500m revenue, of course!*

(*2025 estimate)
3) wait, 2025 projections? Isn't that far away?

Sure, but when you invest, often you're investing in the future!

And, of course, you can paint a pretty compelling road towards 30m users based on their, uh...

Is that a 0?
Read 8 tweets
11 Jan
1) "The only secret is to begin"
2) NOT INVESTMENT ADVICE.
3) I recently ready this interview with @moxie, the driving force behind @signalapp, and a quote jumped out at me:

‘The only secret is to begin.’ If you want to get good at something or do something, you just do it, and you figure it out along the way.

newyorker.com/magazine/2020/…
Read 22 tweets
7 Jan
1) It took me a long time to become at peace with FTT. Image
2) NOT INVESTMENT ADVICE
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A few weeks before I was grinding away on arbs.

All of a sudden, people I hadn't met were willing to pay me $6m for 15% of the tokens that got 33% of the revenue...

...from a project that didn't even exist those few weeks ago!
Read 32 tweets

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