FTX is facing a class action lawsuit. What we know about the company. | JUST THE FAQS
November 22, 2022
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1:56Now PlayingFTX is facing a class action lawsuit. What we know about the company. | JUST THE FAQS
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as posted by the channelFrom bankruptcy filing to a class action lawsuit, here's what we know about the controversy surrounding crypto giant FTX.
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“Let’s say there’s a game: 51%, you double the Earth out somewhere else; 49%, it all disappears. Would you play that game? And would you keep on playing that, double or nothing?” That’s what Sam Bankman-Fried, the former CEO of FTX, was asked in a March podcast with Tyler Cowen.
The vast majority of us would not take the risk of playing that game even once. After all, it seems morally atrocious to take a 49% chance of all human civilization disappearing for a 51% chance of doubling the value of our civilization – essentially a coin flip.
Yet, Bankman-Fried, also known as SBF, was quite willing to play the game and to keep playing it, over and over again. Cowen asked SBF about the high likelihood of destroying everything by going double of nothing on a series of coin flips. SBF responded that he was willing to make this trade-off for the possibility of coin-flipping his way into “an enormously valuable existence.”
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