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How magical thinking enabled the rise of FTX — and led to its fall

The collapse of the exchange exposes deep contradictions at the heart of the crypto sector

A few months ago at a raucous tech conference in Toronto, I got chatting to some crypto evangelists who were keen to extol the joys of decentralised finance or, as they like to call it, “DeFi”.

With reverential fervour, they declared that they loved digital assets because there were no hierarchies: anyone could deal in bitcoin, for instance, without having to rely on centralised gatekeepers such as banks.

What about the exchanges, I asked, pointing out that much crypto activity was taking place on these centralised hubs. Economic sociologist Koray Çalışkan notes that more than 90 per cent of bitcoin traded in 2021 was kept in crypto exchanges.

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吉蓮•邰蒂

吉蓮•邰蒂(Gillian Tett)擔任英國《金融時報》的助理主編,負責全球金融市場的報導。2009年3月,她榮獲英國出版業年度記者。她1993年加入FT,曾經被派往前蘇聯和歐洲地區工作。1997年,她擔任FT東京分社社長。2003年,她回到倫敦,成爲Lex專欄的副主編。邰蒂在劍橋大學獲得社會人文學博士學位。她會講法語、俄語、日語和波斯語。

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