See here. Alas, it looks like the “excellent” SBF has defrauded the world of crypto. (As an aside, the Amazing Tyler Cowen is also the co-author of “Talent: How to Identify Energizers, Creatives, and Winners Around the World.” Cowen’s “Talent” now joins Andrew Cuomo’s tome on “American Crisis: Leadership Lessons from the COVID-19 Pandemic” in the ash heap of book history!)
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SBF/ FTX embodies the several of the less savory effects of the unholy marriage of business and government:
1.) Political Capitalism (see Randall Holcombe’s work).
2.) Rent-seeking (Tullock, Kruger).
3.) Attempted regulatory capture.
4.) Bootleggers & Baptist (Yandle).
a.) Fosters a positive public image by advocating for effective altruism and donating the massive amounts of money to the Democratic party (who purportedly works in the interest of the economically disadvantaged).
b.)Swaying regulators to go after defi instead of exchanges; because of supposed dangers.
c.) I would say he is a dual-role actor, but it is more likely he is a covert Baptist (defined by Bruce Yandle and his grandson the ironically named Adam Smith). There is no way he bought his own BS.
Also here is an episode from the crypto podcast Unchained, hosted by former Forbes editor Laura Shin. It provides some interesting insights into this who debacle from industry insiders.
excellent observations! a public “bad” on so many dimensions
Finally, an opportunity to analyze crypto through the lens of public choice
Damn it, in my last B&B post I should have addressed the DCCPA in more depth. Maybe, I could compose an essay focusing on current draft of the legislation.