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Politics Foreign Affairs Culture Fellows Program

The Wrong Lesson from the Fall of FTX

Sam Bankman-Fried doesn’t discredit decentralized finance. He shows why it’s needed.

US-CRYPTO-FRAUD-FTX-COURT
(Photo by ED JONES/AFP via Getty Images)

When Johannes Gutenberg developed the printing press, he placed Europe at the bleeding edge of what would become both a political and economic revolution. The printing press undermined old monopolies on information and lowered the barriers to the pursuit of knowledge.

While Europe embraced prosperity, the Ottoman Empire banned the printing press in 1485 as it threatened the Empire’s religious legitimacy. It would take the Ottomans nearly three centuries to finally adopt the new technology.