Many of SBF's old interviews are darkly funny after FTX's speedrun from $32 billion to bankruptcy.
“What happened with Enron? Well, they cooked their books, you know, what could you do? Well, if you make books be on chain, at least some pieces of it, some checksums for it, it makes it a lot harder to fabricate them,” SBF said.
Enron, of course, was a Texas-based energy company that was manipulating its books, despite audits by a supposedly reputable firm known as Arthur Andersen. Enron made $74 billion in investor assets disappear when it filed for bankruptcy in 2001.
In fact, most of those “we’re moving to blockchain” articles you read about a few years ago are completely outdated now. The companies who tried to use blockchain technology due to all the hype found actually moving to a blockchain database to beIronically, FTX wasn’t keeping anything important on the blockchain when SBF was advocating for its use.
Bitcoin’s blockchain can only process roughly seven transactions per second, which is just one of the reasons it hasn’t become a good way to pay for things. And while Ethereum is a little better at 20 transactions per second, that’s nothing when you take a look at our modern digital financial system. Visa can process 24,000 transactions per second, according to
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