Summary of Fireside Chat with Sam Bankman-Fried of FTX and Lucinda Shen of Axios | SmartCon 2022

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00:00:00 - 00:15:00

In this YouTube video, Sam Bankman-Fried of FTX and Lucinda Shen of Axios discuss the need for better financial access and the trade-offs between privacy and illicit finance. Bankman-Fried believes that digital assets will eventually need to abide by a blacklist of addresses that are prohibited from using them for illicit financial activities. However, he is skeptical that this will be feasible in the near future.

  • 00:00:00 According to Sam Bankman-Fried, the founder of FTX, crypto has become a force for good because it is easier to do transactions than traditional finance. He also believes that digital asset systems have already improved upon traditional finance systems.
  • 00:05:00 In this YouTube video, Sam Bankman-Fried of FTX and Lucinda Shen of Axios discuss the need for better financial access and the trade-offs between privacy and illicit finance. Bankman-Fried believes that digital assets will eventually need to abide by a blacklist of addresses that are prohibited from using them for illicit financial activities. However, he is skeptical that this will be feasible in the near future.
  • 00:10:00 Sam Bankman-Fried of FTX and Lucinda Shen of Axios discuss the pros and cons of blacklisting versus whitelisting entities in the cryptocurrency world. Bankman-Fried says that while blacklisting is an important step, it is also important to maintain a positive relationship with regulators. He also discusses the importance of making donations and investing in order to increase the chances of achieving altruistic goals.
  • 00:15:00 The speaker discusses the challenges of being an effective altruist in the business world, and how to stay true to values while in the industry. They also mention that one of the main things is to be aware of the biggest expenses, and to make sure the aggregate budget is reasonable. Finally, the speaker asks whether anyone would like to run for office after this is all done.

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