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suy  1yr ago (astralcodexten.substack.com)   Edited 1yr ago   3863 thread views

Scott Alexander on Sam Bankman-Fried, FTX and Effective Altruism

astralcodexten.substack.com

I made this a top level post because I think people here might want to discuss it but you can remove it if it doesn't meet your standards.

Edit: removed my opinion of Scott from the body

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Not that I have any true objection to what you just said, but the USD-market has its share of bad actors, then crypto is crawling with them. It would be charitable to say that most of the space is full of scams preying on dumb money.

Just because a system is bad doesn't make its alternative automatically better! Crypto enthusiasts are baffled at the lack of uptake of their ecosystem - it is because for the vast majority of users, they lose their entire investment or come away losing money. An unregulated, legally opaque market is the perfect environment for naive investors to lose their shirt.

(And being a 'grudger', in the defect/cooperative axis, is a suboptimal strategy.)

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