The FTX Scam: "Effective Altruism" In Action
FTX, an exchange for cryptocurrencies, was fraudulent almost from its start in 2019. Its recent bankruptcy reveals that it robbed millions of people and billions of dollars, then spent most of it on Democrats. FTX founder Sam Bankman-Fried (SBF) veiled his fraud with "effective altruism," a pseudo-ethical scheme from academic philosophy, the opposite of egoistic profit-maximization. Altruism is beloved, wrongly, as an ethic of goodwill to others. SBF knew he was perpetuating a fraud - first ethical, then financial: EA, he said, is "this dumb game we woke Westerners play where we say all the right shibboleths, so everyone likes us." Suggested Readings/Sources: “The Do-Gooder Movement that Shielded Sam Bankman-Fried from Scrutiny,” Washington Post (2022.11.17). “Professor Singer Says FTX Fraud Won’t Stop His Effective Altruism Movement,” CBC News (2022.12.17). “How Effective Altruism Let Sam Bankman-Fried Happen,” VOX (2022.12.12). Singer, P. “The Logic of Effective Altruism,” Boston Review (2015.07.01) Want to hear more from Dr. Salsman? Purchase your ticket to meet him & the rest of our Atlas Society Scholar faculty in person in Nasvhille, TN July 27th - 29th for our Galt's Gulch Summit 2023. Check out the details and get your ticket today at: https://www.atlassociety.org/galtsgulchsummit2023
Morals & Markets with Dr. Richard Salsman
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Show Notes
FTX, an exchange for cryptocurrencies, was fraudulent almost from its start in 2019. Its recent bankruptcy reveals that it robbed millions of people and billions of dollars, then spent most of it on Democrats. FTX founder Sam Bankman-Fried (SBF) veiled his fraud with "effective altruism," a pseudo-ethical scheme from academic philosophy, the opposite of egoistic profit-maximization. Altruism is beloved, wrongly, as an ethic of goodwill to others. SBF knew he was perpetuating a fraud - first ethical, then financial: EA, he said, is "this dumb game we woke Westerners play where we say all the right shibboleths, so everyone likes us."
Suggested Readings/Sources:
- “The Do-Gooder Movement that Shielded Sam Bankman-Fried from Scrutiny,” Washington Post (2022.11.17).
- “Professor Singer Says FTX Fraud Won’t Stop His Effective Altruism Movement,” CBC News (2022.12.17).
- “How Effective Altruism Let Sam Bankman-Fried Happen,” VOX (2022.12.12).
- Singer, P. “The Logic of Effective Altruism,” Boston Review (2015.07.01)
Want to hear more from Dr. Salsman? Purchase your ticket to meet him & the rest of our Atlas Society Scholar faculty in person in Nasvhille, TN July 27th - 29th for our Galt's Gulch Summit 2023. Check out the details and get your ticket today at: https://www.atlassociety.org/galtsgulchsummit2023