Honk honk! Here comes the crypto clown car.
Sam Bankman-Fried, chief executive and founder of Bahama-based crypto-exchange FTX, appeared on Bloomberg’s excellent Odd Lots podcast Monday, and was joined by the Borg’s Matt Levine alongside regular hosts Joe Weisenthal and Tracy Alloway.
Bankman-Fried is widely regarded as one the smartest and most establishment-friendly fellows in all of cypto-dom, having recently been wooed by Goldman Sachs in what might potentially be a Pac-Man takeover defence. Levine took the opportunity to ask SBF about the mechanics of “yield farming”, which involves staking coins or tokens in exchange for some form of interest.
We’re just going to post most of this exchange, as Bloomberg did, because it is quite something. Remember, FTX is worth $32bn and sponsors organisations including Mercedes AMG Petronas F1 Team, the International Cricket Council and the Golden State Warriors. Oh, and Softbank is an investor.
Without further ado, and with our emphasis:
There really is nothing more to add.
Nevertheless, if you’d like to gain greater insight about “valuable boxes” with no economic use case that go “to infinity” because of “the bullishness of people’s usage of the box”, don’t forget to sign up for the FT’s Crypto and Digital Assets Summit beginning Tuesday.
Related Links:
FTX valued at $32bn as blue-chip investors pile into crypto groups — FT
Hong Kong’s 29-year-old crypto billionaire: FTX’s Sam Bankman-Fried — FT
Goldman Sachs sought to woo FTX at Caribbean meeting — FT
