It was a bigger run-up boom than usual, and a bigger drop when it happened. A lot of EA charities were hit extra-hard because SBF concentrated the boom into a single point of failure, which failed spectacularly. SBF made it a much sharper bust by failing to stop the grants much earlier, when it started to look like the risk was coming (he instead used customer funds to make more, riskier bets, and perhaps to prop up his other interests). But there was no path where that funding actually occurred.
If you think this is different from other businesses and personal finance, I’d have you take it up with the tens of thousands laid off in the last few weeks, and the millions who are worried about it and are seeing much worse prospects in the coming years.
It was a bigger run-up boom than usual, and a bigger drop when it happened. A lot of EA charities were hit extra-hard because SBF concentrated the boom into a single point of failure, which failed spectacularly. SBF made it a much sharper bust by failing to stop the grants much earlier, when it started to look like the risk was coming (he instead used customer funds to make more, riskier bets, and perhaps to prop up his other interests). But there was no path where that funding actually occurred.
If you think this is different from other businesses and personal finance, I’d have you take it up with the tens of thousands laid off in the last few weeks, and the millions who are worried about it and are seeing much worse prospects in the coming years.