Sam Bankman-Fried's trial begins

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Sam Bankman-Fried's trial begins

Today is the beginning of Sam Bankman-Fried's trial, and it can already count as one of the most pivotal days in crypto history. Even if nothing significant is happening on the stand, he's still here. The reason why this trial of a single man matters for an industry is simple enough: SBF, as he was sometimes called chummily called, has been elevated into a symbol for everything wrong with crypto. And there's a lot to regret.

The reasoning behind Reiners' claim that SBF couldn't happen without crypto was cut out if it was ever given. It is more than fair to say semi-pseudonymous, global money-printing machines that anyone can turn on enable misuse. Crypto is frequently abused for the same reason it's used, these undiscerning tools that don't need to know who is using them or why.

Bankman-Fried Banked on all of it when building his empire, as well as perhaps the most foundational'meme' in crypto: anything can have value if enough people say it does. Crypto prices are going up, but it's the principle reason why CryptoDickButt NFT can have a price at all, he says, but it's the principle reason why crypto prices move up and why something like a CryptoDickButt NFT can have a price at all.