From a selfish point of view, I don’t think most rationalists would benefit significantly from a bit of extra money, so it doesn’t make much sense to be dedicating their truly precious resource (time and attention) to identifying high-risk high-return investments like bitcoin and in this case figuring out how to buy/store them safely. And I’m someone who bought bitcoin for the sake of entertainment.
From an altruistic point of view, yes I expect hundreds of millions of dollars to be donated, and the current flow is consistent with that—I know of 5 million in the last few months, and there’s probably more than hasn’t been declared.
“then it’s no longer so plausible that “hundreds of millions is a substantial fraction as good as billions”.”
At the full community level the marginal returns on further donations also declines, though more slowly: https://80000hours.org/2017/11/talent-gaps-survey-2017/#how-diminishing-are-returns-in-the-community
I would defend the instrumental rationality of having a rule of thumb that unless you’re quite wealthy, you don’t bother looking into anything that appears to be a ‘get rich quick’ scheme, or seek to invest in high-risk high-return projects you can’t evaluate.
Yes sometimes it will fail big, if you miss the boat on bitcoin, or Facebook or whatever. Every strategy fails in some scenarios. Sometimes betting it all on 23 red will have been the right call.
But because it i) lowers risk, ii) saves you wasting time looking into lots of dud investments to find the occasional good one, iii) makes you less of a mark for scams and delusions, I think it’s sensible for most.