The Logan Bartlett Show

EP 41: FTX Part 2 and the Twitter Breakdown: Aztec’s Jon Wu joins to talk FTX then Former Twitter Director Ryan Sarver & Fintwit Poster Compound248 Break Down Elon’s Takeover, Paid Verification, Advertisers Fleeing and the FTC

Nov 12, 2022

01:49:32

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Highlights

AI Chapters

Episode notes

Mda Is a Much Bigger Platform Than People Give It Credit For

01:35

How Much Pseudonymity Is Too Little?

01:59

Is Twitter a More Brand Advertising Oriented Platform?

02:37

Introduction

2min

What's Your Go-to Karaoke Song?

2min

The Twitter Subscription Check Podcast

2min

Twitter

2min

FTX and SBF Love Island House Situation

2min

You Burrow or What Is It?

2min

Is That a Cowboy Hat?

2min

FTX and Alameda - What's Happening?

2min

Is This a Liquidity Issue or a Solventity Issue?

2min

10.

How Do You Steal Ten Billion Dollars of User Funds?

3min

11.

FTT Is a Token Under FTX and It's a FTx Equity Valuable Token

2min

12.

The Risk Management Component

2min

13.

The Fraud Comes in When You Tell Someone One Thing You Don't Tell Your Customers

2min

14.

Do You Think SBF Started a Ponzi Scheme?

2min

15.

Alameda's Deleveraging Cycle Is Not Overwhelming

2min

16.

The Cardinal Sin of All This

2min

17.

The Golden Child of Cryptocurrency

3min

18.

What Will You Be Paying Attention to in the Coming Days and Weeks?

2min

19.

Uh Cz and FDX Collapsing

2min

20.

The Cryptocurrency Wedding in Mexico

2min

21.

Twitter - A 'Bad Idea' for a Social Media Stock

1min

22.

The Twitter Story and What You're Up to Today

2min

23.

What's Going on With Twitter?

3min

24.

Oj Capping

2min

25.

The History of Verification

3min

26.

What Is Free Speech Is This Allowable as It Is Not?

2min

27.

What Uniquely Makes Twitter a Difficult Business

4min

28.

Tiktok Is a Great Example of a Cold Start Problem for the Non-Engaged User

2min

29.

The Relationship Between Interests and Twitter Content

2min

30.

The Problem With Twitter Is That It's a Network Effect Business

3min

31.

I Think He's Making a Strategic Mistake

4min

32.

Twitter's a Four Billion Dollar Business With a Billion of Interest

2min

33.

The Twitter Blue Service Is Getting at the Same Idea as Verification

2min

34.

What's the Value of a Twitter User and Where Should Value Come From?

2min

35.

Twitter's User Experience Is Not a Problem for the Average User

2min

36.

Mda Is a Much Bigger Platform Than People Give It Credit For

2min

37.

Is Twitter on Fire Right Now?

2min

38.

Twitter Blue Subscription

3min

39.

Is This Going to Move the Needle for the Business?

2min

40.

Network Effects

2min

41.

I'm Not Sure if Twitter Is Creating Transactional Value for These Things or Not

3min

42.

Is Twitter a More Brand Advertising Oriented Platform?

3min

43.

Twitter Is the Top of the Funnel

2min

44.

How Much Pseudonymity Is Too Little?

2min

45.

Podcasting - Is Twitter a Good Place to Start?

3min

46.

Network Effects

3min

47.

I'd Be Shocked if They Don't Stay Priorities

2min

48.

I Think There's an Opportunity for Him to Break the Log Jam

2min

49.

Is Twitter a Public Utility Right or a Cable Company or Something Like That?

2min

50.

Is the MDIU a Fraud?

2min

51.

Elon McCaskill's CEO Is a Founder of the Effective Altruism Movement

3min

In episode 41 we get a visit from Aztec’s Jon Wu to talk briefly about FTX and then former Twitter Director Ryan Sarver joins along with Fintwit Personality Compound248 to try to explain everything that’s happened with the Twitter take private. From Elon firing half the staff, desperately trying to rehire them, advertisers bailing, and paid verification leading to fake companies and celebrities. As well as explaining why this has gotten so bad so quickly, why Twitter is unique, and what could have been done differently.

(0:00) Intro

(1:54) Welcome Rashad

(4:12) “Verified” Twitter Accounts

(7:36) FTX

(10:08) Rashad’s new podcast

(12:43) Welcome back Jon Wu

(14:32) SBF, FTX, and Alameda

(21:33) What was the fraud?

(24:56) Malicious intent or the tipping point?

(30:49) What was the sentiment of SBF by people in the ecosystem?

(34:10) What’s upcoming to pay attention to?

(36:23) CZ

(38:10) Welcome Ryan Sarver and Compound248

(43:04) Recapping what’s happened since Elon bought Twitter

(45:30) Blue checks

(51:48) Why Twitter is a difficult business

(1:00:30) Brand-based advertising to subscription

(1:16:33) Who will pay for verification?

(1:26:51) Why has Twitter been advertising-based?

(1:32:12) How much was pseudonymity a feature?

(1:34:49) What changes would you focus on?

(1:41:22) Twitter’s FTC order

(1:45:40) Elon shifting blame

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Mixed and edited: Justin Hrabovsky

Produced: Andrew Nadeau and Rashad Assir

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Music: Griff Lawson

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About the Show

A Saturday morning podcast hosted by Logan Bartlett (Partner and Managing Director at Redpoint Ventures) covering the tech news with his friends and other people with industry expertise.

Executive Producer: Rashad Assir

Producer: Leah Clapper

Mixing and editing: Justin Hrabovsky

Check out Unsupervised Learning, Redpoint's AI Podcast: https://www.youtube.com/@UCUl-s_Vp-Kkk_XVyDylNwLA

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About the Show

Logan Bartlett is a Software Investor at Redpoint Ventures - a Silicon Valley-based VC with $6B AUM and investments in Snowflake, DraftKings, Twilio, and Netflix. In each episode, Logan goes behind the scenes with world-class entrepreneurs and investors. If you're interested in the real inside baseball of tech, entrepreneurship, and start-up investing, tune in every Friday for new episodes.