Going Infinite: The Rise and Fall of a New Tycoon is Michael Lewis's 2023 non-fiction book detailing the spectacular rise and collapse of the cryptocurrency exchange FTX and its founder, Sam Bank
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Going Infinite: The Rise and Fall of a New Tycoon is Michael Lewis's 2023 non-fiction book detailing the spectacular rise and collapse of the cryptocurrency exchange FTX and its founder, Sam Bankman-Fried.
Summary
The book provides a psychological portrait of Sam Bankman-Fried (SBF) from his childhood through his time as a high-frequency trader and his founding of the multi-billion dollar crypto exchange FTX. Lewis had unparalleled access to Bankman-Fried, including during the period when the company was collapsing in November 2022. The narrative traces SBF's belief in "effective altruism" and his unconventional approach to life and business, which involved a disregard for traditional rules and corporate controls, ultimately leading to the firm's downfall. Lewis explores the chaos behind the scenes, contrasting SBF's internal confidence with the eventual $8 billion debt and the criminal charges he faced. The book was published on October 3, 2023, coinciding with the beginning of Bankman-Fried's fraud trial, in which he was eventually convicted on all seven counts.
Key Themes
- Psychological Portrait: Lewis portrays Bankman-Fried as a gifted "thinking machine" who calculated life in terms of expected value and probabilities, often appearing neuroatypical and detached from social norms and human emotions.
- Effective Altruism: A significant portion explores the philosophy of effective altruism, which guided SBF's stated motive to make as much money as possible to donate it for the good of humanity, including preventing existential risks like AI turning on mankind.
- Corporate Governance Failure: The book highlights the complete absence of proper financial controls and oversight at FTX and its affiliated trading firm, Alameda Research, which an appointed CEO described as an unprecedented failure.
Reviews and Reception
The book has received mixed reviews, with critics and readers praising Lewis's storytelling prowess but expressing concerns over his portrayal of Bankman-Fried.
- Praise: Reviewers from sources like the New Yorker and The Atlantic have called the book "wildly entertaining," "perfectly paced," and an "instant classic" for its readable prose and ability to humanize the complex story. Many found it an insightful and unique look into the world of crypto and the mind of its central figure.
- Criticism: Other reviewers, including some customers on Amazon and critics from the Washington Post, felt Lewis was too credulous, overly sympathetic to SBF, and insufficiently critical of the fraud that occurred. Some readers found that Lewis didn't adequately cover the impact on small-time investors or the technical aspects of the cryptocurrency itself.
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