This Week in Startups Inside crypto’s wild rise and fall with “Number Go Up” author Zeke Faux | E1807
Sep 12, 2023
Zeke Faux, an investigative journalist and author of "Number Go Up," dives into the tumultuous saga of cryptocurrency. He shares his first impressions of Sam Bankman-Fried in the Bahamas and reveals the red flags surrounding Tether. Faux discusses the bizarre mindset of crypto executives, the ethical dilemmas they face, and the chaotic culture of trading that often leads to disillusionment. He also uncovers the dark side of the crypto world, emphasizing the ease with which it can enable illicit activities and Ponzi schemes.
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SBF's Deceptive Appearance
- Zeke Faux observed Sam Bankman-Fried (SBF) closely at a crypto conference in the Bahamas.
- Despite SBF's outward appearance of success, Faux didn't initially suspect outright fraud.
Dangerous Righteousness
- SBF and his colleagues believed they could justify any risk to achieve their goal of saving the world.
- This made them even more dangerous, blinding them to the potential consequences of their actions.
Elite Overconfidence
- SBF and his colleagues, children of elites from Ivy League backgrounds, were inexperienced and driven by a savior complex.
- The use of performance-enhancing drugs like Adderall might have fueled their psychosis and risk-taking.
