Sam Bankman-Fried, CEO of FTX, defends on-chain social networks – BeinCrypto

The CEO of crypto exchange FTX, Sam Bankman-Fried (SBF), has spoken out in favor of the existence of social networks on chain and even believes that these offer certain advantages to users, such as verification of the authenticity of certain data.

Sam Bankman-Fried explained on his social media:

“A cool on-chain social media app: check messages, use blockchain in a tweet. There would be ways to send messages such as: the protocol governance vote winner is xyz, where xyz would be a reference to a smart contract on the blockchain, combined with its value.”

Source : Twitter

In recent days, Sam Bankman-Fried explained that his recent investments in crypto companies have not been entirely positive, with some proving profitable while others not. Voyager Digital is proving to be its most obvious loss to date, as SBF Alameda Research’s fund loaned nearly $485 million to the company, which eventually filed for bankruptcy.

Mixed would be the most appropriate answer. I think some are going to be profitable, some are not. With Voyager Digital, 70 million dollars have been invested and I’m not sure to see them again. We had to make quick decisions and we made them in such a way that if things went well, they would be good investments. If they went bad, they would be bad investments, but the potential losses have been assessed so as to limit them.

Source : Twitter

SBF considers that the blockchain would improve social networks

For Sam Bankman-Fried, if tweets were backed by a blockchain, there would be ways to send messages, governance votes, this with “xyz” protocols via real smart contracts on chainwhich would facilitate the verification and elimination of bots or the deletion of incorrect information.

Bankman-Fried pointed out that if the elections were held on chain, this would allow verifiable messages to be sent on social networks. He even argues that if Amazon (AMZN) shares were tokenized, anything calculable would be “embedded” in messages and automatically verified.

“And in general, anything a blockchain can compute, […], can be embedded in your message. It would be a self-test and automatic verification of correctness (or not!)”.

Source : Twitter

In July, Sam Bankman-Fried identified other use cases for the cryptocurrency industry aside from its use as a speculative financial investment tool.

According to SBF, ignore the popular investor approach that “you can buy tokens and maybe they will go up” and focused on potential use in payments, market structure, and social media.

On market structure, SBF said traditional markets were at risk of being overwhelmed with transactions. He cited the example of January 28, 2021, when retailer interest in Gamestop, AMC and meme or memecoin cryptocurrencies grew exponentially.


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Sam Bankman-Fried, CEO of FTX, defends on-chain social networks – BeinCrypto

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