(Sorry I took so long to come back) Thanks for clarifying. Hm I’m surprised then that it really seems like the journalist didn’t turn up such quotes about fraud. I do think you are right that many of them expected a crash-and-burn… of some sort. I feel like I should have written something more precise like “crash and burn 3 years later, after making 15B on paper” which comes with so many signals over the years that if I were such a person I’d end up discounting my early suspicions. If I were in their or CEA’s shoes I’d probably have expected something like what happened with Tara’s company, a crash and burn pretty soon after (2019?), so I’d be assuming something got fixed along the way if not. Especially given how an ex-employee(s?) talked about burning through the Asian arbitrage dollars with bad trade decisions.. they’d have had to fix it, right, or they’d have gone belly-up way sooner? I guess crypto was just that much of a gold rush and so few “adults in the room” that they could keep fudging their numbers for that long..?
Maybe the investigation was worse than useless in the end, but reasonably any action taken was going to start with an investigation. It depends the quality of the investigation, but for now I’m much more comfortable considering this a bug of the world than something to blame CEA for.
[Edit: This isn’t to say that I think no mistakes were made. But my complaints are not focused on EA leaders specifically (I’m hesitant to call out any single person til CEA’s commissioned investigation is complete), and are different from what the article discusses. I discuss that in shortform]
(Sorry I took so long to come back) Thanks for clarifying. Hm I’m surprised then that it really seems like the journalist didn’t turn up such quotes about fraud. I do think you are right that many of them expected a crash-and-burn… of some sort. I feel like I should have written something more precise like “crash and burn 3 years later, after making 15B on paper” which comes with so many signals over the years that if I were such a person I’d end up discounting my early suspicions. If I were in their or CEA’s shoes I’d probably have expected something like what happened with Tara’s company, a crash and burn pretty soon after (2019?), so I’d be assuming something got fixed along the way if not. Especially given how an ex-employee(s?) talked about burning through the Asian arbitrage dollars with bad trade decisions.. they’d have had to fix it, right, or they’d have gone belly-up way sooner? I guess crypto was just that much of a gold rush and so few “adults in the room” that they could keep fudging their numbers for that long..?
Maybe the investigation was worse than useless in the end, but reasonably any action taken was going to start with an investigation. It depends the quality of the investigation, but for now I’m much more comfortable considering this a bug of the world than something to blame CEA for.
[Edit: This isn’t to say that I think no mistakes were made. But my complaints are not focused on EA leaders specifically (I’m hesitant to call out any single person til CEA’s commissioned investigation is complete), and are different from what the article discusses. I discuss that in shortform]