It’s likely that no single answer is “the” sole answer. For instance, it’s likely that people believed they could assume that trusted insiders were more significantly more ethical than the average person. The insider-trusting bias has bitten any number of organizations and movements (e.g., churches, the Boy Scouts). However, it seems clear from Will’s recent podcast that the downsides of being linked to crypto were appreciated at some level. It would take a lot for me to be convinced that all that $$ wasn’t a major factor.
Is there any reason to doubt the obvious answer—it was/is an easy way for highly-skilled quant types in their 20s and early 30s to make $$ very fast?
seems like this is a pretty damning conclusion that we haven’t actually come to terms with if it is the actual answer
It’s likely that no single answer is “the” sole answer. For instance, it’s likely that people believed they could assume that trusted insiders were more significantly more ethical than the average person. The insider-trusting bias has bitten any number of organizations and movements (e.g., churches, the Boy Scouts). However, it seems clear from Will’s recent podcast that the downsides of being linked to crypto were appreciated at some level. It would take a lot for me to be convinced that all that $$ wasn’t a major factor.