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 $$ wasn’t a major factor.
It’s likely that no single answer is “the” sole answer. For instance, it’s likely that people believed they could assume that trusted insiders were more significantly more ethical than the average person. The insider-trusting bias has bitten any number of organizations and movements (e.g., churches, the Boy Scouts). However, it seems clear from Will’s recent podcast that the downsides of being linked to crypto were appreciated at some level. It would take a lot for me to be convinced that all that $$ wasn’t a major factor.