Michael Lewis’ Mind-Boggling SBF Biography: Unraveling the Crypto Conundrum

"New Biography 'Going Infinite' by Michael Lewis Challenges Traditional Understanding of Crypto, Set to Ignite Thanksgiving Conversations"

“New Biography on Sam Bankman-Fried Sparks Controversy in the Crypto Community”

A new biography on Sam Bankman-Fried, titled “Going Infinite” and written by Michael Lewis, has been causing quite a stir in the crypto world. While the book provides a detailed account of Bankman-Fried’s rise and fall, there are concerns about its portrayal of the web3 community. Many argue that the book fails to accurately represent the core values of the industry, such as transparent rules, ownership of assets, and permissionless access to finance.

Bankman-Fried, the CEO of FTX, has been criticized for his attempts to influence politicians through financial investments in exchange for regulations that would benefit his company. These regulations, if implemented, would have created obstacles for decentralized finance protocols, which operate transparently and permissionlessly on-chain. In contrast, FTX is a centralized exchange that does not offer direct ownership of crypto assets.

In a recent interview on “60 Minutes,” Michael Lewis described his first meeting with Bankman-Fried and expressed his fascination with the crypto industry. However, many argue that Lewis failed to distinguish between FTX and the broader crypto ecosystem, as well as between custodial centralized finance (CeFi) and decentralized finance (DeFi). This oversight is seen as problematic, especially considering the growing recognition of the importance of these distinctions by lawmakers around the world.

Lewis’s portrayal of Bankman-Fried has also raised concerns. The author presents a sympathetic image of Bankman-Fried, attributing his alleged fraud to neurodiversity, extreme youth, and a sleep disorder. Lewis often emphasizes Bankman-Fried’s sincerity and lack of interest in material wealth, which some find irrelevant to the moral question of whether he engaged in fraudulent activities.

Furthermore, Lewis makes sweeping generalizations about individuals in the crypto industry, characterizing them as suspicious of institutional authority and driven solely by a fear of trust. This portrayal has been criticized as a misrepresentation of the diverse motives and values within the community.

Critics argue that Lewis’s book serves as both an apology for Bankman-Fried and a call for increased regulation and supervision of the crypto space. They argue that the collapse of FTX, which was primarily due to financial fraud rather than inherent flaws in decentralized projects, highlights the need for decentralized finance and exposes the limitations of centralized finance.

Despite the controversy surrounding “Going Infinite,” it has sparked important conversations about the portrayal of the crypto industry and the need for accurate understanding and representation. As the crypto space continues to evolve, it is crucial for journalists and authors to approach the subject with nuance and a deep understanding of its intricacies.”

Martin Reid

Martin Reid

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