FTX CEO, Sam Bankman-Fried’s Top 7 Quotes In 2020
By David - November 20, 2020
Sam has become one of the most influential figures in crypto and he doesn’t seem to be slowing down. Throughout the year, he’s been dropping gems as he innovates.
Here are some of his most valuable quotes/tweets in 2020...
1: “Sometimes the obvious product is the right one. Other times it’s the lazy one.”
This was in response to a comment on Twitter about upcoming DeFi projects just being a small remix of current ones:
This quote means the right product doesn’t always have to be an innovative one, it can simply be one that is based on an innovative product.
Those that create the “lazy products” have a second movers advantage — they can identify the issues people are experiencing and then build a slightly better version.
Timing is a crucial factor for spin-off products to succeed.
For example, Litecoin is a standard cryptocurrency, and the main reason it’s still in the top 100 coins, is because it was created not too long after bitcoin when there weren’t that many cryptos. Could you imagine if Litecoin was created today? You can almost guarantee it will be viewed as just another cryptocurrency.
2: “Sometimes the only thing standing between what is and what could be is the will to get there, whatever it requires”
The more intelligent we become as species, the more skilled we become in making excuses. So, it helps to look at your goals from a probable point of view.
If your goal or project is doable, then it can be done.
The only thing that can stop you is you.
Once you’re aware of this, you’ll realize that the longer you spend not giving up, the more likely you are to accomplish your goals.
3: “The altruistic thing to do is to take chances. Seek out the opportunities with the biggest upside, not the ones which are safest”
In life, we only get further by going out of our comfort zone and taking risks. Many people turn a blind eye to opportunities as they don’t provide the safety they’re comfortable with.
If the risk of taking the opportunity isn’t harmful, then it’s in your best interest to see if that opportunity is worth it or not. The only way to find out is by taking the chance.
Just like in trading, you don’t know if a trade is a winner or loser until you take it.
4: “Better is bigger”
This saying is usually said in reverse, which is why Sam’s perspective makes us question how we are trained to think that bigger is better in everything.
With a better is bigger mindset, you’ll be conditioning yourself to:
- Do things smarter and be more efficient
- Focus on the core or foundation of your projects
- Make sure things are better before they are bigger
5: “Sometimes, no matter how bad the PR--if you out build everyone else, you win.”
This suggests that even if a project has the best PR/marketing and is seen as no.1 by the community, the better project will eventually reveal itself as the true winner in due time.
So, for any goals you have that directly or indirectly involve competition, remember that hard work never goes unseen.
People will eventually notice the significance of what you’re doing.
6: “A pretty good trader is someone who gets half of things right and changes their mind a lot.”
Everyone expects really good traders to have very high winning rates when that isn’t the case. Most of the time, they have strategies providing a 50% or less win rate.
Also, good traders don’t have a mental bias when they trade — they never underestimate how wrong they can be.
Their mentality helps them see trading from a realistic point of view and this helps them cut losses early.
7: “A bad trader is one who knows nothing.”
This is referring to traders who just randomly trade with no setup or realistic expectation. They trade based on hope which comes from other people’s opinions or news.
This type of trading is known to only produce extremely volatile results that oftentimes gets people’s accounts blown.
So, as a trader, trading based on things you know increases the likelihood of long-term success.
What is CoinMarketMan (CMM)?
*This is a platform that helps traders become profitable by automatically journaling their trades to provide statistics exchanges don’t have.
For example, with CMM, you can see:
- What days and hours you’re most profitable
- The trade setups that are constantly winning or losing
- The duration of your winning and losing trades
- And much more!