Rather, I'm suggesting that in the eye of the beholder, a very clear case of fraud might be self-perceived as a bump on the road to lawful, legitimate financial dealings.
So the question is if SBF didn't see himself as committing the same crimes as Madoff (even if he was), would Madoff's sentencing and fate even register as a potential deterrent?
We don't know to what extent prison is a deterrent. It's classic survivor bias - we only get to see the cases where the deterrent failed, not where it succeeded.
Rather, I'm suggesting that in the eye of the beholder, a very clear case of fraud might be self-perceived as a bump on the road to lawful, legitimate financial dealings.
So the question is if SBF didn't see himself as committing the same crimes as Madoff (even if he was), would Madoff's sentencing and fate even register as a potential deterrent?