FTX

FTX proved exactly why we spent years getting regulated. Trust isn't a feature you ship later.

The FTX investment created drama. But the business is real. The users are real. The problem we solve is real.

Concentration is a double-edged sword. When you are right it is glorious. When you are wrong there is nowhere to hide.

The biggest risk in crypto is not volatility. It is where you keep your assets.

It was terrible at the time, but in hindsight it turned out to be a blessing in disguise.

I admired SBF to some extent. I thought he was one of the smartest and most strategic people I had ever met.