Bankman-Fried ostensibly was driven into crypto by an adherence to the “effective altruism” movement. As the dust – and fraud allegations – settle, the personal guiding principles of FTX’s millennial chief executive, Sam Bankman-Fried, have come to the fore. The concept of “effective altruism” has had its day in court after FTX, the world’s second largest cryptocurrency exchange announced that, oops, it was mysteriously short of $8bn and would be filing for bankruptcy, post haste. Except, when you start to examine the mindsets of these men, it’s clear that cash is far from the whole story. What drives them, beyond the pursuit of growth? It is easy to assume that money is all that motivates the likes of Mark Zuckerberg, Musk and Jeff Bezos. I’m willing to gamble a few Bitcoins that the popular fixation has little to do with any particular interest in successful software engineering rather it is the personalities who inhabit these spaces, and the philosophies that propel them in their godlike ambition. The minute-by-minute coverage of Elon Musk’s escapades and the global levels of interest in the FTX collapse both go well beyond what you’d expect from a business story. From the soap opera playing out at Twitter HQ, the too-big-to-fail bankruptcies in the cryptocurrency space, to mass tech layoffs, the past month has seen successive headlines declaring a litany of woes facing the bullish tech boyos in Silicon Valley and beyond. T he new gods are running into a bit of trouble.
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