Amanda Cassatt is the founder and CEO of Serotonin.
by Michael Lewis, is about to send your aunt and uncle hurtling backwards in their understanding of what you do in crypto, and why. Though it tells a detailed and sometimes riveting story of one man’s rise and fall, when it comes to portraying the web3 community accurately, the book is a wet market of sloppy thinking that I feel compelled to address lest it spread mind viruses in the mainstream audience we fight so hard to reach with facts.
The moral physics of the Lewisean world are bizarre and disturbing. Who cares if a financially successful person enjoys the rewards or not? The moral question in my book is whether they scam and defraud others. If they do, it doesn’t matter if they weren’t even enjoying themself. Lewis dog whistles his psychiatric diagnosis of the ideologically driven people in our space, implying we have a paranoid disorder that prevents us from trusting big institutions. Nowhere in the book does he suggest there is any real reason for concern about these institutions; no, Lewis is an institutional man. How Lewis portrays leaders in crypto is one hair’s breadth away from calling them “shadowy super-coders.
A run on the banks, which is what brought FTX down, isn’t how a decentralized crypto project fails; if crypto projects are laid low, it’s usually by bug or hack. FTX failed in the traditional mode of the traditional institution it was, largely, it seems, as a result of perpetrating a traditional and already illegal form of mischief: financial fraud. The collapse of FTX was only circumstantially related to crypto. Moreover, it.
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