The cryptocurrency and its hype throughout the world are increasing day by day, and for the most part, it has been helped by the richest and the most successful people. They have been supporting it and have found it to be efficient, and other people who follow in the footsteps of these people have started investing in it too. The decision to involve himself in the crypto frenzy should have been made sooner, stated Sam Bankman Fried Expressed his Biggest Mistake of his life.
He is a billionaire who is twenty-nine years old and founded the FTX crypto exchange. He stated that there Is so much to it that if he had started earlier, he would have understood till now. But now, it is taking him time to understand and comprehend it in detail.
In the conference, he Stated that not involving himself with the crypto was the biggest ever mistake he has made. After he said this statement, it went viral, and now people are more attentive and attracted towards crypto.
He wished that things like controlling the trading and its special aspects, important crypto space-related themes were the things that he seriously wishes to make improvements to. If these things could be learned by him sooner, then he would be doing better than he is now.
Bankman Fried has been strongly irritated by the user registration process of the FTX.
Overall, what would the experience of financial consumers be like? He kept thinking about it and said that this is one of the opportunities he has now that he could not have the previous years, and now he could go to the space too, which is exciting.
Gary Wang, when he developed the Bitcoin, did not pay much attention to it, and he now wishes that he did back in the year 2013 when it was just beginning. This could have been a game-changer for him, too, if he had invested in it and had not missed the opportunity then. He said that if he could go back in time, this is the one mistake he would fix for himself.
If people had started to invest in it sooner, imagine how much they would have gained by now.
It would be a lot more than they would have imagined. FTX was finally founded when he realized the importance of cryptocurrency, so he invested in it and founded it successfully after five years of his first encounter with something like this. Now, this decision is the best decision he has made.
He said he wished to improve some more things, too, like developing a stronger understanding of how things work, especially the regulatory systems of it, as they are the main source of all the FTX running.
Innovation can always be brought back to life. It is never late to try something new and bring it to life especially new ideas. They always work if there are proper strategies applied along with proper knowledge but not letting your talent shine just because of the fear of its scope or the fear of losing would not be a smart choice. Every innovation has something to offer; every technology has given humans something good if used right.
Bankman Fried said that some projects were started by him earlier too; it not like he missed all of them in starting earlier, but he regrets underestimating the possibilities, and he regrets not understanding the importance of how things could be innovated through proper legal licensing in a lot of the many ways. There are so many ways that even if you found one door closed, you could find four or five more doors open to you.
Bankman Fried has made some really successful decisions in his life. In the year 2017, a trading and exchange company was founded by him, which was called the Alameda Research. Eighteen billion dollars is the actual worth of that FTX company which was founded by Bankman Fried too in the year 2018. At the start of this year, around January or February, there was almost a nine hundred million dollar gain achieved by this company. In the coming year, it is expected to be even higher than this.
He mentioned that he gets irritated whenever he Is in a critical position of making some important decisions, and getting through it becomes difficult for him whenever he has to face such situations. The most important thing that he finds is not helping the FTX is its registration process. He feels like this is the reason a lot of users had stopped using it even before they started. He pointed towards the need for its improvements and how important it was.
He said that it is not just the thought that pops in our heads only but also other people have mentioned it too here and there, so it has really become our focus for now. He said that considering this complaint, the company has taken action and has tried to make improvements this week, and now they are hopeful that there will be no more issues faced by the people. They can easily get themselves registered now without having to worry about the complicated steps.
He seemed upset and complained, pointing towards his company’s maintainers that it is not too hard to make a simple registration process easy and accessible to everyone. He expected at least a better job done there as it does not require too much effort. It is the first thing that a user comes across; it needs to be efficiently done.