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Peter Singer Asserts That Effective Altruism Remains ‘Vibrant’ Following SBF and FTX Developments: Big Think
Australian philosopher Peter Singer asserts that the effective altruism (EA) movement is “alive and well” following the downfall of FTX founder and EA advocate Sam Bankman-Fried, as revealed in a recent article from Big Think.
Effective Altruism Surpasses Sam Bankman-Fried, According to Peter Singer
In the piece by Tim Brinkhof published on Thursday, Singer – who is often recognized as one of the ‘founding fathers’ of the social and philosophical movement – states that despite Bankman-Fried’s support of the philosophy, it continues to thrive.
“Certainly, it has tarnished the movement’s reputation,” Singer remarked. “However, the movement is far larger than Sam Bankman-Fried, or any individual, regardless of their wealth.”
Bankman-Fried was previously seen as a prominent representative of effective altruism, which advocates for maximizing the good done for the greatest number of individuals, even while residing in a $35 million penthouse during his time as CEO of the now-defunct crypto exchange.
“There are numerous others who contribute to EA without engaging in fraud or other illegal activities, some of whom are quite affluent, while others are not wealthy at all,” Singer continued. “I believe we are moving past this and recognizing that the movement is thriving and continuing its mission to do more good.”
FTX And The Effective Altruism Movement
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The recently convicted Bankman-Fried frequently referenced seemingly philanthropic choices he made under the guidance of EA as a defense during his month-long fraud trial last October, including his support for the super PAC Guarding Against Pandemics (notably established by his brother Gabe Bankman-Fried).
The FTX founder is currently serving a 25-year prison sentence for the misuse of $8 billion in customer funds at the digital asset exchange and has been ordered to forfeit $11 billion.
“I believe Sam Bankman-Fried was completely sincere in his desire to earn substantial wealth and then donate nearly all of it; he became the richest individual in the world under 30, so he had much to give,” Singer stated regarding the former crypto entrepreneur. “It was a genuine tragedy for those who could have benefited.”
The movement’s beginnings are primarily attributed to philosophers William Macaskill and Toby Ord, with the former criticizing Bankman-Fried’s actions in an X thread following the collapse of FTX last fall.
For years, the EA community has highlighted the significance of integrity, honesty, and adherence to common-sense moral principles. If customer funds were misappropriated, then Sam did not heed these principles; he must have believed he was above such considerations.
— William MacAskill (@willmacaskill) November 11, 2022
“I recognize that others, both within and outside the community, have expressed concerns about the potential misuse of EA concepts in ways that could be detrimental,” Macaskill noted. “I previously thought these concerns, while deserving of serious consideration, seemed speculative and unlikely. I may have been mistaken.”
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