How SBF crafted his story to manipulate you
Storytelling is one of the most effective ways to connect with people.
Before you even promote your product, promote your purpose and show people how you want to improve their lives.
This is what brands like Apple and Nike do, and apparently Sam Bankman-Fried (SBF) knows how to tell a story to get people seeing him as something other than what his actions later show.
Everything SBF showed about himself was to make him look relatable, smart, innocent, and unselfish.
He wanted to portray himself as the hero people see themselves in.
This is how SBF played into people’s emotions to become the sweet, likeable underdog (and signs to watch out for in public figures like him).
Everything’s a scam: from his personality to his company
SBF founded FTX in 2019 with the goal to make a bunch of money just to give it all away.
With this statement alone, he becomes crypto’s golden child. Winning over the hearts of the public and even top investors who always spoke highly of him.
Keep in mind, we’re in a time where the word capitalism has a negative tone to it, people are screaming “eat the rich,” and the top 1% are getting richer while inflation is affecting every one else.
He’s not greedy like the other billionaires, he wants to help people, not exploit them!
Reputation laundering
He associates himself with honorable athletes like Tom Brady and Steph Curry, donates to the democratic party, and is vegan to show that he cares about the planet (but he accidentally ate 3,000 shrimp?).
But this facade of effective altruism is just a mind game he’s playing on people that most politicians use to get people rooting for them.
SBF knows reputations are made up of personal ethics. Because people will stand by those who they see doing good for others. It makes them think they will also help them out of a bad situation and into a better future.
He did give away all the money like he promised, problem was that it was customers’ funds.
If you control the narrative, you control how people think
SBF was the 2nd largest donor to the Democratic party in 2020 at around $39 million.
And look who’s doing the investigation into his case👇
If you had a chance to be in legal trouble and ruin your reputation after all the lobbying… I mean hard work you’ve put in, who would you want to have on your side to make sure you avoid any consequences?
Since FTX has gone bankrupt and customers’ funds have all been lost, he hasn’t been arrested, he’s just been hiding out in the Bahamas in his $40 million mansion.
He had a NYT article written about him where the word “fraud” or “illiquid” was never mentioned and was applauded after speaking at a NYT summit where he smiled when asked about funds being suspiciously transferred from FTX after bankruptcy.
The factors that went into creating SBF’s public persona is part of the reason why he’s getting off easy during all of this.
People still hold onto that positive image they have because it was their first impression of SBF.
You only get one chance at a first impression and he pulled it off in a way that some people will always see him as that innocent, selfless, crypto hero.
So don’t be boring, create a story for your brand that puts you as the hero in a world full of greed.
Just make sure not to scam innocent people.