The downfall of the FTX cryptocurrency exchange proves how much markets need rules, writes Zoe Williams
Markets have never been free; they are social spaces … Former FTX CEO Sam Bankman-Fried leaving a Manhattan court hearing for fraud charges, on 3 January.Markets have never been free; they are social spaces … Former FTX CEO Sam Bankman-Fried leaving a Manhattan court hearing for fraud charges, on 3 January.Last modified on Tue 17 Jan 2023 10.49 GMT, to turn the page on its scandals and file its many bin fires under “fools and their money being easily parted”.
The PayPal cofounder Peter Thiel said in 2020 that crypto was one of two poles of technological conflict, the other being artificial intelligence. AI could “theoretically make it possible to centrally control an entire economy” while crypto “holds out the prospect of a decentralised and individualised world”. He concluded that AI is communist and crypto is libertarian; it was unnecessary to add which of those he thought was better.
Parking for the time being how communist AI is, let’s take that last bit as read. Naturally, if you unshackle a currency from the state and don’t regulate it, that’s a pretty libertarian proposition. You might even call it the ultimate free market. So how’s that panning out for you, lads? Or should I say bros?
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