Sam Bankman-Fried: belief

Transcript context

…Where in this cycle of this era do you think we are, Let’s call it the social media era. Are we towards the end or are we just at the beginning? Are we in the middle? I think we're a quarter of the way or something. I still think we basically don't know where it ends. I think we're basically still making this up as we go, and that it's probably going to be a while before people feel like, all right, we now understand all the implications that that ended up having for society. I don't think we're close to that. We're starting to understand some aspects of it. But we still haven't quite seen what the new society that that form is. Yeah. I'd love it if we take it to an S&P 500 graph for a moment. News cycles are faster because they're tweet cycles, not editorial cycles. That tends to mean that these market cycles are faster too. It's amazing even just watching the crypto eras, the crypto winters are getting shorter. Of course, this looks similar in the traditional stock market as well. Everything's moving faster, but do you think there's the GDP, the total value being created in the world is accelerating also, or are we just increasing the volatility while the pace of innovation and value creation actually remains either steady or at the same rate that it always has?…

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