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2022-07-20 00:37:39
While investors are casting doubt on some of the use cases of blockchain during the “crypto winter,” one of the market’s most influential figures, FTX CEO Sam Bankman-Fried, has put it this way. his reinforced point of view.
Sam Bankman-Fried highlighted use cases for blockchain and explained how several industries can benefit from integrating the technology. Accordingly, blockchain technology can simplify payments, limit stock market errors, and revolutionize social media.
2) NOT INVESTMENT ADVICE
For the sake of this thread, I’m going to ignore uses like “you can buy tokens and maybe they’ll go up”.
Instead I’ll focus on three:
a) payments
b) market structure
c) social media— SBF (@SBF_FTX) July 16, 2022
The CEO of FTX believes that there are many issues surrounding cross-border payments, giving some examples highlighting long wait times, backlog issues between intermediaries that cause higher fees and often cause confusion. Not sure for the transaction.
12) ACH and credit card transfers can take a day to a month to take effect.
And then for the next month, they can, maybe, be recalled. (Even if there’s no reason!)
There’s no way to send USD to a non-US bank unless they are whitelabeling one; there are tons of intermediaries.
— SBF (@SBF_FTX) July 16, 2022
Therefore, blockchain will solve this long-standing barrier in the financial sector by replacing the traditional lengthy process with a simple three-step process where the sender creates a wallet, the receiver creates a wallet, and then sends the balance. through each other. The FTX CEO affirmed that the above process will help eliminate waiting times, replace fee structures and meet enough uncertainty.
14) Just to demonstrate this:
I initialized Bob with $99.75 and some SOL (from FTX) (https://t.co/OofxvHUgVp).
I then created a second brand new wallet, https://t.co/ndAL55xZVK (‘Alice’)
— SBF (@SBF_FTX) July 16, 2022
16) Blockchains allow anyone to create a wallet and use it to send and receive tokens–including USD pegged stablecoins.
Those payments take seconds to process, cost fractions of a penny, and are finalized in less than a minute.
No long wait, no account balance uncertainty.
— SBF (@SBF_FTX) July 16, 2022
In addition, Mr. Sam Bankman-Fried continued to point out that blockchain can change the entire stock trading process, which has many weaknesses by citing the famous GameStop event in early 2021 to highlight. enable the challenges faced with controlling long short among traders. He said that in this case tokenization is the answer.
24) And eventually that risk got too big for the brokers, which had to partially shut down.
How does crypto help this?
Well, first of all, with a full stack product, settlement is way simpler.
Here’s what it takes to buy and settle on https://t.co/vXBiGdy8ze: pic.twitter.com/XT48KKVK4l
— SBF (@SBF_FTX) July 16, 2022
As a result, the FTX CEO argues that cryptographic securities trading and payment solutions implemented on the blockchain will have the ability to complete transactions in seconds and reduce payment uncertainty with a lower fee structure. much.
27) So blockchain can create simpler, more, and less risky market structure and settlement.
It can help us avoid problems like Gamestop day. And, for that matter, LME Nickel: https://t.co/gShDG9OJyQ.
— SBF (@SBF_FTX) July 16, 2022
Interestingly, FTX itself has also been strongly involved in the securities sector this year, most notably the launch of 0% commission stock trading, and the opening of a stablecoin securities payment gateway. of FTX.US and the acquisition of up to 7.6% shares of Robinhood by the CEO of FTX.
Finally, Mr. Sam Bankman-Fried shared that blockchain will contribute to improving the social network to avoid isolation and failure to create a perfect connection as it is now. The CEO of FTX showed how a user has to go through multiple applications to manage separately for different platforms.
29) This means that everyone has to manage 10 different apps, and our networks and conversations are fractured.
In addition, all of your network, and friends, and data, are tied to a specific platform.
— SBF (@SBF_FTX) July 16, 2022
Specifically, he revealed blockchain can make social media more interactive, enabling messaging across various platforms. Through the use of public blockchains, it becomes much simpler to relay messages from one social platform to another.
33) New platforms can read/write from the chain, inherit the network effects, allow real competition.
And each platform can make moderation decisions, so at least there’s diversity of opinions.
— SBF (@SBF_FTX) July 16, 2022
Synthetic CHK
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