There seems to be no one left worthy of trust or admiration.
was, briefly, about as close as anyone to achieving the status of crypto hero. Now that he's finding himself elevated to the highest tier of villains, there's no one left to root for or get behind."People in the world of capital formation and allocation have to be presumed guilty ... until a rigorous and cynical due diligence team can prove them innocent," says Anthony Scaramucci, whoBankman-Fried seems likely to go to prison for many years.
FTX offered fast trades and extreme leverage; Bankman-Fried also had a made-for-TV rival in the Chinese-born Changpeng Zhao , founder of rival exchange Binance.— that all his billions were being made only for the betterment of the planet, while he barely bothered to comb his hair.The allure of Bankman-Fried stood in stark contrast to most previous crypto billionaires.The first vaguely legitimate-seeming American bitcoin billionaires were broadly unsympathetic.
"The defining trait of crypto so far has been the bottomless trust of its investors — and it's hard to see how that ever ends," says Bankman-Fried biographer Michael Lewis. "They've been abused over and over again and keep coming back for more."With no intrinsic utility, cryptocurrency is reliant on social consensus for its value. When the public sees an asset class populated only by fools and knaves, the dream dies — and takes crypto with it.
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