Is crypto 'uniquely' responsible for the rise and fall of FTX?
Today is the beginning of Sam Bankman-Fried’s trial, and can already count as one of the most pivotal days in crypto history. Even if nothing majorly important is happening on the stand, yet. The reason why this trial of just one man matters for an industry is simple enough: SBF, as he was sometimes chummily called, has been elevated into a symbol for everything wrong with crypto. And there’s a lot to regret.
But still, the idea that crypto is uniquely capable of causing a crime of this magnitude, is worth considering. Crypto is on the stand next to SBF, for better or worse, and played a pivotal role in his— but is Sam Bankman-Fried a fair representative for a movement that spans industries, interests and the globe and has as many potential
And that is the principle innovation behind crypto: digital money that has similar guarantees over privacy, ownership and fungibility as cash. Hence Bitcoin’s original tagline: digital cash. None of this is to downplay crypto’s role in Bankman-Fried’s story, only to complexify the idea that it was the only means to get to this end. Afterall, it’d be dishonest to claim crypto is a “revolutionary technology,” but disclaim the idea that it can have negative effects.
This collective dream machine is why there are so many crypto figureheads, like SBF, at one point, who do the job of articulating the crowd’s desires, demands and, yes, delusions — hopefully making it palatable enough to get the next greater fool involved — while also reassuring people that they’re betting alongside the smart money set.
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