cover of episode FTX (with Sam Bankman-Fried & Mario Gabriele)

FTX (with Sam Bankman-Fried & Mario Gabriele)

2021/12/15
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Ben Gilbert
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David Rosenthal
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Mario Gabriele
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Sam Bankman-Fried
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Sam Bankman-Fried讲述了FTX从发现套利机会到成为全球顶级加密货币交易所的历程，阐述了其商业模式、发展战略以及对未来市场的展望。他强调了产品质量、团队建设、监管合规和品牌建设的重要性，并对FTX未来的发展方向进行了规划，包括拓展零售用户市场、进军美国衍生品市场以及探索Web3领域等。他还分享了FTX的招聘理念，以及如何应对快速变化的市场环境。 Ben Gilbert和David Rosenthal作为主持人，引导Sam Bankman-Fried讲述了FTX的发展历程，并就其商业模式、发展战略、未来展望等方面进行了深入探讨。他们还对FTX的成功因素进行了分析，包括其独特的商业模式、高效的团队以及对市场趋势的敏锐把握。 Mario Gabriele作为特邀嘉宾，对FTX进行了深入分析，并就其发展战略、未来展望等方面提出了自己的见解。他认为Sam Bankman-Fried是一位具有时代洞察力的企业家，FTX的成功与其对市场趋势的敏锐把握和有效的品牌建设策略密不可分。

Deep Dive

Chapters
Sam Bankman-Fried, un operador de Jane Street Capital, descubrió una oportunidad de arbitraje en el mercado de criptomonedas al notar las diferencias de precios entre las bolsas. Esta oportunidad, que inicialmente estimó en $200,000 dólares por día, resultó ser mucho mayor, llegando a $20 millones de dólares por día debido a la prima del Bitcoin japonés sobre el estadounidense. A pesar de las complejidades logísticas, Bankman-Fried y su equipo lograron capitalizar esta oportunidad.
  • El Bitcoin japonés se cotizaba entre un 10% y un 50% más que el estadounidense.
  • La oportunidad de arbitraje se encontró en las diferencias de precios del Bitcoin entre las bolsas.
  • El volumen diario de operaciones de criptomonedas en 2017 era de unos pocos miles de millones de dólares.
  • La diferencia de precios entre bolsas era de entre el 5% y el 10%, mil veces mayor que en la actualidad.

Shownotes Transcript

Note: This episode was published on Dec 14, 2021, approximately a year before FTX’s subsequent meltdown. The apparent negligence, fraud and self-dealing at FTX has given us much to reflect on after we — and many others — gave Sam a platform to share his and FTX’s story with all of you. We’ve decided to leave this episode up in-full as a historical artifact of the industry’s view on FTX at the time. For a broader Acquired discussion on frauds, and specifically the similarities between FTX and Enron, see our November 2022 Enron episode).

We tell the definitive (audio!) story behind FTX's "speed run" — how this upstart crypto exchange became the fastest company in history to reach a $25B valuation, just two years after founding. And to do so we're joined by not one but TWO of the very best people in the world to help: FTX's wunderkind CEO Sam Bankman-Fried, and special guest host Mario Gabriele from The Generalist, who Sam gave extensive access to FTX's internal data, employees, and investors for his canonical 36,000 word trilogy on the company this past summer. We cover it all — from the "$20m/day" trade that started everything, to Tom Brady & Gisele, to Sam testifying last week in front of Congress. Don't blink or you might miss it! 

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* ‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.*