3 ms·
In the bigger context of how much money people lose in more sophisticated schemes, $150 is really cheap for such an important life lesson to learn.
by 1337biz 9y ago
In the bigger context of how much money people lose in more sophisticated schemes, $150 is really cheap for such an important life lesson to learn.
- mrguyorama 9y agoSounds to me like you've never experienced poverty
- 55555 9y agoDo a lot of people in poverty have $150 in venmo? They know it is zero sum and they are investing with the expectation of profit, yet the only way they can profit is if someone else loses, so how much empathy should we exercise here? An amount equal to the amount they exercised sounds fair to me. Had they lost money in a _deceptive_ ponzi I would have pity.
- dsl 9y agoYes, according to the FDIC 9% of US households have no relationship with a bank. An additional 19.9% are "underbanked" in that they have a checking or savings account, but rely heavily on non-banks for financial services (pay day loan lines of credit, paypal/venmo accounts, primary cash users, etc). This is _households_. The number of teen to twenties in these categories is probably much higher. I know kids who have all their money (hundreds of dollars) in venmo and transfer money to friends to get cash.
- mrguyorama 9y agoWhy do you assume everyone involved in a pyramid scheme understands the math and concepts of pyramid schemes?