This is a tremendous over-complication of SBF’s motives
SBF believed in effective altruism, but had the mindset of a degenerate gambler when it came to came to taking risk. He think of his actions as defrauding anyone because in his mind he was going to take customer money, use it to make high risk crypto trades (which he was convinced he’d win), venture capital investments, and pay off loans thus growing FTX and make several times the customer money he spent. He didn’t worry about the risk of a panic run on customer deposits. Basically he thought he’d just... (read more)
This is a tremendous over-complication of SBF’s motives
SBF believed in effective altruism, but had the mindset of a degenerate gambler when it came to came to taking risk. He think of his actions as defrauding anyone because in his mind he was going to take customer money, use it to make high risk crypto trades (which he was convinced he’d win), venture capital investments, and pay off loans thus growing FTX and make several times the customer money he spent. He didn’t worry about the risk of a panic run on customer deposits. Basically he thought he’d just... (read more)