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This should not be legal. It’s not okay to conjure up some arbitrary scheme, consisting of five different cryptocurrencies, and sell the instrument as though it
by runeks 5y ago
This should not be legal. It’s not okay to conjure up some arbitrary scheme, consisting of five different cryptocurrencies, and sell the instrument as though it will always track the price of some stock. It’s not okay to say “well, we thought it would work” when the system crashes. This should be considered as negligence (in properly ensuring that your system will work as advertised before selling to consumers) by the courts.
- hef19898 5y agoThis is causing flashbacks to CDOs from back in 2005-8.
- ajkdhcb2 5y agoSeems ok for the 'existing financial system' to do it. Governments can just do a bailout when it collapses. I think we will continue to see these parallels. The only reason people accept the existing financial system is that they don't understand it and/or it has become normalised. When people are seen trying to pull the same tricks with crypto, there is a justifiable but unfair negative response.