Why the World Fell for Sam Bankman-Fried

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Why the World Fell for Sam Bankman-Fried
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Despite ample reasons to be skeptical of cryptocurrency schemes, the notion of the eccentric genius accomplishing extraordinary things was irresistible.

“The age of the password has come to an end; we just haven’t realized it yet. And no one has figured out what will take its place. What we can say for sure is this: Access to our data can no longer hinge on secrets—a string of characters, 10 strings of characters, the answers to 50 questions—that only we’re supposed to know. The Internet doesn’t do secrets. Everyone is a few clicks away from knowing everything.

Honan goes on to write that the future of passwords will be multifaceted systems that cross-reference personal identity information with geolocation and biometric data. More secure passwords will require a trade-off—convenience for privacy—and the whole endeavor might feel a little bit creepy, all for the sake of thwarting creepy scammers. So far, much of that has proven true.

We still use passwords, though, those nonsensical multi-character strings that we now store in another app with a password of its own. As WIRED’s Lily Hay Newman pointed out last year, passwords are still “.” And truly password-less schemes often require people to buy new devices, or at least own a smartphone, along with at least one other device. Kudos to Honan for mostly accurate soothsaying. But hopefully our next vision for the future includes fewer devices, not more.

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