(The below does not necessarily excuse defects in awareness, understanding or risk management around FTX/SBF from the most senior EA leaders, which should be very sophisticated.)
I think I contributed…Overall, I’m not entirely sure what mistakes in reasoning or judgment lead me to mistakenly bet on FTX.
I tried to encourage some programmers I know to work at FTX, because I thought it was an unusually good and high-impact career opportunity for programmers.
In late 2021 and early 2022, I implicitly and explicitly encouraged EAs to visit FTX in the Bahamas. I would not be surprised if this was counterfactual: I do think my words have nontrivial weight in EA, and I also tried to help people derisk their visit to FTX.
Prior to November, the idea that FTX was strange or dangerous was not known to even very experienced people in cryptocurrency.
As a datapoint from the non-EA world, several very smart people desperately wanted to work for FTX, because of the status, culture and excitement around FTX and SBF, even taking pay cuts to do so. For example, one such person was deeply into crypto, seasoned and older, e.g. 800K TC L6+ at Google (higher in salary/level to Jeff K for example).
I tried to be cautious and tempered in my messaging to them, but I did not internalize that transactions are not final, and falsely implied in my dealings that all of the financial uncertainty comes before donations are in people’s bank accounts.
This risk of clawback is probably truly unusual. I think this situation (massive fraud leading to total collapse) is one of the only situations where this could happen.
(The below does not necessarily excuse defects in awareness, understanding or risk management around FTX/SBF from the most senior EA leaders, which should be very sophisticated.)
Prior to November, the idea that FTX was strange or dangerous was not known to even very experienced people in cryptocurrency.
As a datapoint from the non-EA world, several very smart people desperately wanted to work for FTX, because of the status, culture and excitement around FTX and SBF, even taking pay cuts to do so. For example, one such person was deeply into crypto, seasoned and older, e.g. 800K TC L6+ at Google (higher in salary/level to Jeff K for example).
This risk of clawback is probably truly unusual. I think this situation (massive fraud leading to total collapse) is one of the only situations where this could happen.