Sam Bankman-Fried: Crypto Mental
on Wednesday, December 14, 2022Meaning of Sam Bankman-Fried Money Quote: saying money and finance are abundant and crypto-currency is included. Sam Bankman-Fried said:
“I have an abundance mentality. I think most things in this world are not limited resources. Money is not. Business opportunities are not. And the crypto industry is not” — Sam Bankman-Fried
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In this quote, Sam Bankman-Fried seems to be expressing an optimistic view that resources and opportunities for growth are abundant rather than scarce. Some key points:
- He describes having an “abundance mentality” rather than one of limitation or zero-sum thinking.
- Bankman-Fried believes “most things” like money, business prospects, and the crypto industry specifically are “not limited resources” with finite potential.
- This implies he saw ample room for expanding financial inclusion through innovative products, felt opportunities were plentiful rather than competitive, and viewed crypto as primed for much further development and adoption.
- The quote conveys a mindset of possibility, expansion and win-win cooperation rather than of constraints, trade-offs or the need to compete directly over constrained pools of capital or customers.
Overall, Bankman-Fried appears to have approached FTX’s growth in a spirit of abundance rather than scarcity, which may have influenced a lax approach to risk management and oversight if downsides were not properly accounted for given this perspective.