Lewis and Faux: A Comparison of Books on Sam Bankman-Fried
The Story of Sam Bankman-Fried
Sam Bankman-Fried, the founder of crypto exchange FTX, has captured the attention of the world with his meteoric rise and tumultuous fall. Two authors, Michael Lewis and Zeke Faux, have recently published books that explore his life and the FTX saga. In this article, we will compare and contrast these two books to determine which one provides a more compelling narrative and a deeper understanding of Bankman-Fried.
Lewis’s “Becoming Infinite”: A Familiar Story
Lewis’s book, “Becoming Infinite,” offers a comprehensive overview of Sam Bankman-Fried’s journey but falls short in providing new insights. For those unfamiliar with the FTX saga, this book serves as a useful primer. Lewis’s engaging storytelling style keeps readers entertained, but for those who have followed this case closely, the book feels stale and repetitive.
One of the reasons why “Becoming Infinite” lacks freshness is Bankman-Fried’s own desire for attention. Being a subject who loves the spotlight, much has already been written about him in prestigious publications like The New Yorker, Bloomberg, and The New York Times. As a result, there are no major revelations or “ah-ha” moments in Lewis’s book, but rather a collection of moderately interesting anecdotes. The same traits and characteristics that readers already know about Bankman-Fried are reiterated.
Faux’s “The Number Rises”: A Superior Guide
In contrast to Lewis’s book, Zeke Faux’s “The Number Rises: Inside the Wild Rise and Staggering Fall of Cryptocurrencies” offers a far superior guide to understanding the FTX debacle and Bankman-Fried himself. Faux’s book stands out due to its fresh perspective and unique storytelling approach.
“The Number Rises” opens with a quote from Bankman-Fried himself: “I’m not going to lie.” Faux responds, “This was a lie.” This introductory line immediately signals to readers that Faux has seen through Bankman-Fried’s deception and now truly understands the situation. Faux’s wit and engaging writing style make his book thoroughly enjoyable.
A Different Approach
What sets Faux’s book apart is his decision to view Bankman-Fried as more than just a fascinating puzzle. Instead, he portrays the former FTX CEO as a cross between a nerd and a troll. Faux places Bankman-Fried within the broader context of the cryptocurrency world and introduces readers to other key players like Heather Morgan, who also faced charges of financial crimes.
Faux’s book tells a larger story of the frenetic public interest in true crypto crimes, using Morgan as an example. He presents Morgan with balanced skepticism, showcasing her as a bold jester rather than delving into unnecessary layers of attention and analysis. This approach provides readers with a well-rounded understanding of the cryptocurrency landscape and its colorful characters.
Balancing Credulity and Confession
Both Faux and Lewis’s books begin with the authors admitting that they were initially deceived by Bankman-Fried. However, there is a key distinction in their approaches. Lewis expresses his initial admiration without implying that he no longer feels that way, leaving readers to infer his current perspective. On the other hand, Faux takes a different route, explicitly stating that Bankman-Fried’s promises were lies. This upfront confession immediately establishes Faux’s credibility and adds a layer of humor to the narrative.
While Faux’s approach may make him susceptible to criticism, as he himself acknowledges his softball profile of Bankman-Fried for Bloomberg Business Week, it also showcases his honesty and transparency. Faux emphasizes that he, like many others, was fooled by Bankman-Fried’s charm and charisma. This admission lends credibility to his subsequent analysis and exploration of the FTX debacle.
Expanding the Conversation
Now that we have compared Lewis and Faux’s books, let’s delve deeper into the subject matter and explore related concepts and practical examples to gain a more comprehensive understanding of the FTX saga and Sam Bankman-Fried.
One important aspect to consider is the broader impact of FTX and the cryptocurrency industry. According to recent statistics:
- The total market capitalization of cryptocurrencies surpassed $2 trillion in 2021, highlighting the growing interest in digital assets.
- Cryptocurrencies offer a decentralized financial system, providing individuals with more control over their money and bypassing traditional intermediaries.
- The rapid rise and fall of cryptocurrencies have also raised concerns about market manipulation, scams, and the need for stricter regulations to protect investors.
These statistics demonstrate the significance of FTX and Bankman-Fried’s role in shaping the cryptocurrency landscape. By exploring these broader trends and implications, readers can gain a better understanding of the context in which the FTX saga unfolded.
A Lesson in Resilience
Another valuable lesson that can be learned from Bankman-Fried’s story is the importance of resilience in the face of adversity. Bankman-Fried’s rise to prominence was marked by numerous challenges and setbacks, including legal troubles and public scrutiny. Yet, he managed to navigate these obstacles and build a successful cryptocurrency exchange.
Bankman-Fried’s ability to bounce back and adapt to changing circumstances serves as an inspiration for entrepreneurs and individuals facing their own challenges. His story reminds us of the resilience required to thrive in the fast-paced and unpredictable world of cryptocurrencies.
Conclusion
Lewis and Faux have offered readers two different perspectives on the FTX saga and Sam Bankman-Fried. While Lewis’s book serves as a useful primer for those unfamiliar with the story, Faux’s book stands out as a superior guide, providing new insights and a fresh narrative. By combining these two works, readers can gain a comprehensive understanding of Bankman-Fried’s journey and the broader implications of the FTX saga.
Ultimately, the story of Sam Bankman-Fried and FTX serves as an important reminder of the risks and rewards associated with the world of cryptocurrencies. It highlights the need for informed decision-making, rigorous analysis, and a healthy dose of skepticism in navigating this rapidly evolving industry.
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Summary:
Sam Bankman-Fried, the founder of FTX, has been the subject of two recent books: Michael Lewis’s “Becoming Infinite” and Zeke Faux’s “The Number Rises.” While Lewis’s book offers a useful overview for those unfamiliar with the FTX saga, Faux’s book provides a more engaging and insightful narrative. Faux’s approach, which places Bankman-Fried within the broader cryptocurrency landscape, allows readers to gain a deeper understanding of the industry and its key players. Both authors admit to being initially deceived by Bankman-Fried, but Faux’s upfront confession adds credibility and humor to his storytelling. Expanding on the topic, the article explores the broader impact of FTX and the cryptocurrency industry, emphasizing the need for regulatory measures. Additionally, Bankman-Fried’s story highlights the importance of resilience in the face of adversity. By combining these two books and delving deeper into the subject, readers can gain a comprehensive understanding of the FTX saga and its implications.
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Lewis had more access to Sam Bankman-Fried than anyone, but his book doesn’t tell a new story. It’s a perfectly useful primer for people who haven’t followed the FTX saga (I’ll probably give it to my dad and he’ll probably love it), but for readers who have followed this case it’s a familiar story. Rancid, even. Part of this is the inevitable consequence of choosing a subject who loves to be the center of attention; If he has read any of the prodigious reports on SBF from the The New Yorker, voiceBloomberg, NY magazine, The New York Timeshe Financial times, The Wall Street Journal, Washington Post, Forbes, and so on, there’s no big ah-ha moment, just some moderately interesting new anecdotes told in an engaging way. Anyone who has read anything about Bankman-Fried knows the same broad traits coming in and going out.
What’s worse, Becoming infinite It suffers immensely in comparison to another new book covering the SBF saga. Bloomberg Reporter Zeke Faux has fun The Number Rises: Inside the Wild Rise and Staggering Fall of Cryptocurrencieswhich came out in September, is a far superior guide to understanding the FTX debacle and Bankman-Fried himself.
It’s worth noting that both Faux’s and Lewis’s books begin with the writers confessing that they had initially been deceived by SBF and describing conversations they had had with him before his fall, but there is a key distinction. Lewis tells how impressed he was without implying that he no longer feels that way. Faux takes a different approach. The first line is a quote from Bankman-Fried: “I’m not going to lie,” SBF promises Faux. “This was a lie,” Faux writes. This accomplishes two things: first, it immediately signals to the reader that Faux now gets it, that he knows Bankman-Fried was full of information. Secondly, he’s funny.
The Credulity Police could certainly fine Faux for some transgressions; as he confesses Number Uploadis the author of a softball profile of SBF for Bloomberg Business Week, one in which he didn’t even consider scrutinizing how FTX worked as a business. (He also ends up spending $20,000 of his own money on an NFT and gets carried away by the ridiculous enthusiasm of that scene.) But Faux cheerfully confesses everything, emphasizing that he wasn’t in Bankman-Fried before the rest of the world. “I would like to tell you that I was the person who exposed it all, the heroic investigator who uncovered one of the biggest frauds in history,” Faux writes. “But they fooled me like everyone else.”
Instead of treating Bankman-Fried as a fascinating puzzle to be pored over, Faux considers him a cross between a nerd and a troll. Instead of focusing solely on SBF, he places the former FTX CEO within a broader collection of cryptocurrency fans, including Heather Morgan, also known by her rap name “Razzlekhan.” Like Bankman-Fried, Morgan was a strange child who grew up to be an awkward adult who lived eccentrically, loved attention, and eventually pleaded “not guilty” to astonishing financial crimes. (Morgan and her boyfriend they were arrested for allegedly laundering $4.5 billion in stolen cryptocurrencies).
Shortly after Morgan’s arrest, there was a surge of interest in turning his story into content: a Netflix documentary from Tiger King The team is in the works, in addition to a podcast and a fiction series. Faux points to this as an example of how frenetic public interest in true crypto crimes has become, not as evidence that Morgan has layers that deserve such attention. He presents her appropriately: as a bold jester, no more, no less.
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