News for hackers. Stuff that matters.
Re:FTX’s balance sheet was bad by typon on Monday November 14, 2022 @02:26PM (#33599523)
This is what I have been thinking. This whole thing has soured in my mind: Jane Street, Effective Altruism. Crypto, VCs, Silicon Valley culture in general I already assumed are scummy.
Re:FTX’s balance sheet was bad by ilrwbwrkhv on Monday November 14, 2022 @02:31PM (#33599605)
You got it. That is the correct line to follow. Sequoia in particular must be heavily investigated.
Re:FTX’s balance sheet was bad by neilparikh on Monday November 14, 2022 @03:25PM (#33600485)
> Effective Altruism

The practical version of Effective Altruism for most people is essentially "if you're well off, you should donate a chunk of your income to buying anti-malaria bed nets/deworming medicine/direct cash transfers for the global poor". I don't see how that could "sour" in your mind, seems like a fairly unreservedly good thing.

I want to point out that there are real people [1] being helped by Effective Altruism right now. Telling them "sorry, can't help you any more, some rich asshole in the US just committed a scam, and he claimed he wanted to help you too" just seems incredibly petty and cruel to me.

[1] - This is also a group that traditionally doesn't receive much attention either.

Re:FTX’s balance sheet was bad by freejazz on Monday November 14, 2022 @06:22PM (#33602862)
This is why so many people find EA annoying. People donated to malaria causes well before EA was a thing, but of course now, without EA, there's nothing.
Re:FTX’s balance sheet was bad by hestefisk on Monday November 14, 2022 @08:57PM (#33604288)
I find it very annoying. Why I’ rely on the benevolence of a few rich people when you can do the same much more effectively with proper taxation and wealth redistribution.
Re:FTX’s balance sheet was bad by neilparikh on Tuesday November 15, 2022 @04:10AM (#33606952)
> proper taxation and wealth redistribution

All the mainstream political suggestions for taxation/wealth distribution focus on correcting wealth inequalities within a rich nation. Very few (if any) suggest redistributing from wealthy western nations to the global poor.

Re:FTX’s balance sheet was bad by freejazz on Tuesday November 15, 2022 @12:15PM (#33612031)
Neither does EA, they just suggest rich people donate sometimes...
Re:FTX’s balance sheet was bad by neilparikh on Tuesday November 15, 2022 @04:06AM (#33606929)
I don’t think upper-middle class programmers were donating much before EA.

Obviously AMF has been around before EA, the big difference is the additional amount of money it’s been able to deploy. I personally know many people (including me!) who started donating significantly because of EA.

Re:FTX’s balance sheet was bad by Yizahi on Tuesday November 15, 2022 @04:29AM (#33607089)
"if you're well off, you should donate a chunk of your income to buying anti-malaria bed nets/deworming medicine/direct cash transfers for the global poor" (c)

Isn't it against EA ethos? Helping some people right now, right here? I read some posts about this movement, and from them it seemed like EAs are more interested in the far off stuff - developing benevolent AI, transumanism, space travel, gene vaults, terraforming, Mars colonisation etc. (there is nothing wrong with these activities). Because helping people right now is "just" altruism, not effective altruism.

Re:FTX’s balance sheet was bad by neilparikh on Wednesday November 16, 2022 @05:37PM (#33631892)
The longtermist EAs do suggest that, but by dollar donated, the more traditional global health stuff is still a large chunk of what EA do.

> I read some posts about this movement, and from them it seemed like EAs are more interested in the far off stuff

You can’t really use that as a metric to judge the movement, since there’s only so much one can write about “donate money to AMF”, but you can write pages and pages about the far off stuff.

Re:FTX’s balance sheet was bad by astrange on Monday November 14, 2022 @08:48PM (#33604218)
None of those things are Silicon Valley. Can't blame Santa Clara County for none of this.

Jane Street - NYC

EA - Berkeley

Crypto - the Bahamas or something?

VCs - Palo Alto

Re:FTX’s balance sheet was bad by hnfong on Wednesday November 16, 2022 @09:07AM (#33623123)
Palo Alto is literally in Santa Clara Country....

```Palo Alto (/ˌpæloʊ ˈæltoʊ/; Spanish for "tall stick") is a charter city in the northwestern corner of Santa Clara County, California, United States, in the San Francisco Bay Area``` - https://en.wikipedia.org/wiki/Palo_Alto,_California