Looks like it was a massive strategic error accepting Binance as an investor in the first place (they were the no.1 exchange, so had incentive to derail any smaller exchange; derailing is made easier by being an insider via investment!). And then a massive tactical error paying Binance back in FTT! (And this is not to mention the (likely) massive error of engaging in “fractional reserve banking” with a crypto exchange..)
They may not have had better alternatives at the time. But yeah, then rather accept slower growth or give up – except if you’ve got an extreme upside-focused mentality that isn’t worried about negative consequences.
Looks like it was a massive strategic error accepting Binance as an investor in the first place (they were the no.1 exchange, so had incentive to derail any smaller exchange; derailing is made easier by being an insider via investment!). And then a massive tactical error paying Binance back in FTT! (And this is not to mention the (likely) massive error of engaging in “fractional reserve banking” with a crypto exchange..)
They may not have had better alternatives at the time. But yeah, then rather accept slower growth or give up – except if you’ve got an extreme upside-focused mentality that isn’t worried about negative consequences.
I assume AI timelines also contribute to the rush