"I was still fairly certain that huge swaths of crypto were essentially a pyramid scheme, but the bubble hadn’t popped. The industry was doing great. It seemed quite possible that the craze could continue far beyond my deadline. Or maybe crypto would gain so many followers that it would become unstoppable. I had no idea what the ending of the book was going to be. After we’d spent a few hours together, I decided to ask Bankman-Fried for advice. This was half interview tactic, half genuine cry for help. I didn’t expect him to tell me his whole industry was really a fraud. But I wanted to see if he might be willing to point me in the right direction. So I laid out my whole narrative dilemma. I told him my theory: that the coin called Tether, the supposedly safe crypto-bank that served as the backbone for a whole lot of other cryptocurrencies, could prove to be fraudulent, and how that could bring down the whole industry. Bankman-Fried said that I was wrong. Crypto wasn’t a scam, and neither was Tether. But he wasn’t offended by my question. He said he totally understood my problem. Then he did something that didn’t strike me as strange at the time. But knowing what I know now, I can’t help but wonder if he was trying to make some kind of winking confession. Bankman-Fried cut me off, nodding, as I tried to explain more. His tone turned chipper. He said: “It’s like the narrative would be way sexier if it was like, ‘Holy shit, this is the world’s biggest Ponzi scheme,’ right?” Right."