This was SBF's comment on a blog post by the good people over at RektHQ who penned down some thoughts about SBF's recent blog post and thoughts about regulation in crypto.
His blog post about his proposed ideas about regulation in DeFi caused huge outrage and outcry in the DeFi and crypto community in general with many calling him out for his anti decentralised principles and being hypocritical.
Sam is a USD maximalist who has come to crypto to maximise United States Dollars in his bank account. Unlike some DeFi purists or BTC or ETH or whatever other crypto maximalist, I don't think there's anything wrong with that. That's the reason why I am in crypto. I would love to see crypto and decentralisation as an idea take off and I believe it will lead to a better world but at the end of the day, I care about how much I can personally profit off of crypto and maximise USD so that I can improve my own life.
The thing about Sam is that he won the game. He milked out tens of billions of dollars in liquid cash through his trading firm Alameda Research and through his exchange FTX. He is probably the third richest person in Crypto, right behind Satoshi and CZ.
He made his money off maximising profit in DeFi yield farms, dumping seed rounds on retail, predatory market behaviour and 'browser lag' on FTX. Not to mention that this guy owns one of the top trading firms and exchanges in crypto. IS THERE NOT A CONFLICT OF INTEREST HERE.
This post is not about that. After all Sam does this all legally and has every right to the money he has earned no matter whatever you think about the morality of justness of it. However, the issue lies in the fact that Sam now wants to kill off the Golden Goose that has been helping the industry grow.
After personally profiting the most from DeFi out of anyone, he now wants to use his lobbying powers through millions of dollars and kill off the very hand that fed him. What a f█████  prick move.
This like the stories of how JFK's father, Joseph Patrick Kennedy Sr. was allegedly profiting off of insider information in stock trading and the financial markets and he then went on to be the founding chairman of the SEC. Or how Rockefeller priced out competitors and threatened to shut their businesses from the railroad transportation system using his influence and connections in the railroad industry.
Sam has made enough profiting from the benefits of DeFi and now wants to kill it under the premise of "saving DeFi". F███ off Sam.
SBF likes to do things under the premise of helping but just exploits things for himself.
Note: The above post was written on 28th October 2022, 2 weeks before the SBF/FTX/Alameda events unfolded and the biggest crypto fraud and fraud in modern financial history was exposed.