We Are Not Saved Cryptomania NFTs, Hope, Fraud, and Parents
How much of the mania is inherent to crypto and how much is just SBF?
Cryptomania: Hype, Hope, and the Fall of FTX's Billion-Dollar Fintech Empire
By: Andrew R. Chow Published: 2024 416 Pages
Briefly, what is this book about?
The 2020-2022 crypto boom. Three groups stand out. The scammers, as represented by Sam Bankman-Fried (SBF). The idealists, as represented by Vitalik Buterin and the victims as represented by African NFT artist Owo Anieti.
What's the author's angle?
Chow definitely thinks that there was a crypto bubble that popped in 2022 with the implosion of FTX. Whether he thinks crypto is a bubble in its entirety is less clear. He’s definitely not a crypto booster.
Who should read this book?
I mostly read it to partake in some schadenfreude at SBF’s expense. It delivered on that. If you have similar desires I would recommend it, but it also did a great job of outlining the craziness of that era.
What Black Swans does it reveal?
The collapse of FTX played out over a much shorter time period than the collapse of, say, Enron or Lehman Brothers. If crypto gets more entrenched into the world’s financial system while maintaining this quality of rapid volatility, that would be bad.
Specific thoughts: Owo vs. SBF