Sam Bankman-Fried on taking a high-risk approach to crypto and doing good

Abstract

Sam Bankman-Fried, CEO of FTX, a cryptocurrency exchange, plans to donate most of his wealth to effective altruist and longtermist causes. This article documents an interview with Bankman-Fried, exploring his reasoning for taking a high-risk, high-return approach to philanthropy and his views on the potential of cryptocurrencies to do good. Bankman-Fried argues that maximizing impact on the world necessitates an aggressive, risk-loving approach, as the potential upside of such strategies outweighs the risk of failure. He advocates for a shift in the effective altruism community towards greater ambition and risk-taking, suggesting that the community has been overly conservative in its funding decisions. Bankman-Fried outlines his philanthropic plans, discussing the FTX Future Fund and the projects he hopes to fund, including pandemic preparedness, talent scouting, and political interventions. He expresses uncertainty about how much money can be spent usefully on various causes and highlights his biggest uncertainties, such as the relative importance of biosecurity, AI, and nuclear security, and the degree to which long-term flow-through effects are important in evaluating interventions. He discusses the potential of blockchain technologies for creating equitable access to financial markets, facilitating payments, and improving social media platforms. Bankman-Fried also discusses his personal story and the evolution of his views on effective altruism, including his early interest in animal welfare and his decision to pursue earning to give. He expresses his belief that the effective altruism community has been overly focused on AI safety to the exclusion of other important cause areas, such as political intervention. He emphasizes the importance of being authentic in pursuing one’s values and discusses the challenges of maintaining authenticity in the public eye. – AI-generated abstract