In this video, Tom Hogan explains the likely outcomes in the cryptocurrency world for the FTX downfall and collapse, while Kate Wand explores Sam Bankman-Fried’s philosophy and motivations. Is he really who he says he is?
“The man who attempts to live for others is a dependent. He is a parasite in motive and makes parasites of those he serves. The relationship produces nothing but mutual corruption.” Ayn Rand
So who is SBF anyways, and what does his utilitarian approach of effective altruism have to do with his actions that led to the FTX collapse?
A few months before FTX came crashing down due to the alleged illicit activity and crime, SBF spoke with SEC regulators, and emphasized the need for more cryptocurrency regulation.
“Not two months before SBF’s empire came crashing down, Sequoia Capital described (SBF) as having a “savior complex,” “liv[ing] his life by a calculus of altruistic impact.” As is often the case, beneath a warm patina of virtue signaling and noblesse oblige are decidedly less-idealistic machinations: rent-seeking, influence-buying, and greenwash. FTX and its subsidiaries, guided by SBF, had as much to do with “building a flourishing future” as ESG does with “creating a livable planet.” As a firm and ideal, respectively, both cultivated high expectations, yet generated waste and loss in their wake.” Peter C Earle at the American Institute for Economic Research
Source: AIER Library