Crypto big shot Sam Bankman-Fried has shared his perceptions about the crypto industry as an innovative tech. His unique revelations came in a lengthy Twitter thread that he posted earlier this week.
In the thread by the FTX CEO, the issue of regulations and compliance stood out amongst other challenges.
Bankman-Fried Crypto Insights
The giant corporation’s CEO is arguably the most prosperous man crypto industry. His Twitter thread discussed several important issues that have come up in 2021. According to him, the hurdles that are currently capping the industry’s growth will be overcome, although the process might take some time and effort.
Bankman-Fried believes that a unified, comprehensive regulations scheme for cryptocurrencies and related digital assets classes must be implemented. This will be an effective stop-gap for the openings that irrational enforcement actions had previously created.
According to him, the act of sharing his insights aims to see the crypto tech innovations develop in an enabling environment free of external influence. An ecosystem that can guarantee the protection and conservation of customers and institutions interests, ensuring regulatory clarity and easy interfacing of digital assets is achievable.
The industry big shot also dissected the scalability problem that Blockchain networks face. He argued that existing solutions and their resultant network protocols had not solved scalability problems as they are not as speedy as an ideal Blockchain network system.
In the tweet, he said that he finds it amusing when Blockchain networks announce to their user’s that they are now fast. There are no fast Blockchain networks as of now; when you say fast, you have to mean a processing speed upwards of One million TPS, he added.
Bankman-Fried Admonishes The Industry
Bankman-Fried is currently the crypto community’ publicly known wealthiest man, with a net worth of over $22.5 billion. He is a textbook example of a working capitalist, growing his portfolio from scratch to its current gigantic value in the industry.
In the long tirade on Twitter that has revealed the crypto billionaire’s insight into the developmental cycle of the nascent industry, he has admonished the parties that constitute the industrial sector on Developmental pathways around its regulatory and scalability problems.
To facilitate mass adaptation of cryptocurrency worldwide, Bankman-Fried suggested the industry movers tap into the gaming sector, which could, in principle, initiate billions of new users to the industry.
The gaming sector of decentralized crypto technologies is a gold mine that is looking to be excavated. However, gamers are generally not fans of cryptocurrency and non-fungible tokens (NFTs) outside the crypto space.
Gaming expansion failure is possible. Gaming chat discord’s recent failure to adopt Ether is a classic example of a potential failure trajectory.
In a recent interview with a business magazine, Business Insider, Bankman-Fried discussed the future of his company, the FTX Exchange, revealing his fear of its future irrelevance in the rapidly growing crypto industry.
He has been a staunch supporter of the pro-crypto movements on the web; the crypto billionaire believes that the tech is a force for good.