Australian philosopher Peter Singer says that the effective altruism (EA) movement is “alive and well” after FTX founder and EA supporter Sam Bankman-Fried’s downfall, a new piece from Big Think reveals.
Effective Altruism Bigger Than Sam Bankman-Fried, Peter Singer Says
According to the article by Tim Brinkhof released Thursday , Singer – who is widely regarded as one of the ‘founding fathers’ of the social and philosophical movement – says that despite Bankman-Fried’s endorsement of the lifestyle, it remains as prevalent as ever.
“Sure, it damaged the reputation of the movement,” Singer said. “But the movement is much bigger than Sam Bankman-Fried, or any one person, no matter how wealthy.”
Bankman-Fried was once touted as a figurehead of effective altruism, which promotes doing the most good for the largest number of people possible, despite living in a $35 million penthouse during his tenure as CEO of the now defunct crypto exchange.
“There are many other people who donate to EA without committing fraud or other crimes, some very wealthy, others not wealthy at all,” Singer added. “I think we’re getting over it, and seeing that the movement is alive and well and continuing its path to do more good.”
FTX And The Effective Altruism Movement
The recently convicted Bankman-Fried readily brought up seemingly charitable decisions he made guided by EA as a defense throughout his month-long fraud trial last October, including supporting his super PAC Guarding Against Pandemics (notably founded by his brother Gabe Bankman-Fried).
The FTX founder is currently serving a 25-year sentence for misusing $8 billion worth of customer funds at the digital asset exchange and has been ordered to pay $11 billion in forfeitures.
“I believe Sam Bankman-Fried was entirely genuine in wanting to earn a lot of money and then give away nearly everything he earned; he became the richest person in the world under 30, so he had a lot to give away,” Singer said of the one-time crypto entrepreneur. “It was a real tragedy for the people who could have been helped.”
The movement’s origins are largely credited to philosophers William Macaskill and Toby Ord, with the former condemning Bankman-Fried’s actions in an X thread after FTX collapsed last fall.
For years, the EA community has emphasised the importance of integrity, honesty, and the respect of common-sense moral constraints. If customer funds were misused, then Sam did not listen; he must have thought he was above such considerations.
— William MacAskill (@willmacaskill) November 11, 2022
“I know that others from inside and outside of the community have worried about the misuse of EA ideas in ways that could cause harm,” Macaskill said. “I used to think these worries, though worth taking seriously, seemed speculative and unlikely. I was probably wrong.”
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