Post summary (feel free to suggest edits!): The author argues that “the crypto industry as a whole has significant problems with speculative bubbles, ponzis, scams, frauds, hacks, and general incompetence”, and that EA orgs should avoid being significantly associated with it until the industry becomes stable.
In the last year, at least 4 crypto firms collapsed, excluding FTX. Previous downturns have included the collapse of the largest at the time crypto exchange mt gox. Crypto’s use is dominated by people using it to get rich—after 14 years, there are almost no widespread uses outside of this. This all means it’s a speculative bubble, and it will likely collapse again (maybe not in the same way). If we’re associated with it this could lead to a negative reputation that EA “keeps getting scammed”.
(If you’d like to see more summaries of top EA and LW forum posts, check out the Weekly Summaries series.)
Post summary (feel free to suggest edits!):
The author argues that “the crypto industry as a whole has significant problems with speculative bubbles, ponzis, scams, frauds, hacks, and general incompetence”, and that EA orgs should avoid being significantly associated with it until the industry becomes stable.
In the last year, at least 4 crypto firms collapsed, excluding FTX. Previous downturns have included the collapse of the largest at the time crypto exchange mt gox. Crypto’s use is dominated by people using it to get rich—after 14 years, there are almost no widespread uses outside of this. This all means it’s a speculative bubble, and it will likely collapse again (maybe not in the same way). If we’re associated with it this could lead to a negative reputation that EA “keeps getting scammed”.
(If you’d like to see more summaries of top EA and LW forum posts, check out the Weekly Summaries series.)