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There's a WSJ piece here https://www.wsj.com/articles/terrausd-crash-led-to-vanished-savings-shattered-dreams-11653649201?mod=hp_lead_pos10 https://www.wsj.com/

There's a WSJ piece here https://www.wsj.com/articles/terrausd-crash-led-to-vanished-savings-shattered-dreams-11653649201?mod=hp_lead_pos10 https://www.wsj.com/articles/terrausd-crash-led-to-vanished-... which talks to a couple of the affected investors. From the article it seems that people got persuaded by the seeming respectability combined with the promise of great returns. One of the people they spoke to invested via Stablegains. They also mention how people had taken online investment courses which led to them getting into crypto trading.

nkrisc 4y ago
> They also mention how people had taken online investment courses which led to them getting into crypto trading. That’s the most interesting part, almost sounds like a disguised sales funnel for crypto, because if they’d learned anything about investing from it they might realize much of it seems to good to be true. Certainly you can make good money off crypto if you’re smart enough, many people do. But most people don’t it seems.
- ghaff 4y ago
  >Certainly you can make good money off crypto if you’re smart enough Luck almost certainly has a lot more to do with it than smarts. I can make lots of money playing the lottery too.
  - fortran77 4y ago
    > Certainly you can make good money off crypto if you’re smart enough, many people do. But most people don’t it seems. My thought too. People made money trading baseball cards and beanie babies, too. Doesn't mean they were necessarily smart, or that this was a sustainable way to get income.
- tsol 4y ago
  I feel with investing classes it often works the other way around-- people hear about all these folks getting rich off of crypto or the stock market, feel it sounds like something they can do, and then take an investing class to figure out how to do that. So a lot of people already buy into crypto just based on the fact that everyone has heard stories about crypto millionaires, plus if that's not enough-- there are ads for them at every sports game and Goldman Sachs is invested. At that point it'll take a lot to convince anyone in one of those classes that they're better off investing responsibly

nkrisc 4y ago

> They also mention how people had taken online investment courses which led to them getting into crypto trading. That’s the most interesting part, almost sounds like a disguised sales funnel for crypto, because if they’d learned anything about investing from it they might realize much of it seems to good to be true. Certainly you can make good money off crypto if you’re smart enough, many people do. But most people don’t it seems.

ghaff 4y ago
>Certainly you can make good money off crypto if you’re smart enough Luck almost certainly has a lot more to do with it than smarts. I can make lots of money playing the lottery too.
- fortran77 4y ago
  > Certainly you can make good money off crypto if you’re smart enough, many people do. But most people don’t it seems. My thought too. People made money trading baseball cards and beanie babies, too. Doesn't mean they were necessarily smart, or that this was a sustainable way to get income.
tsol 4y ago
I feel with investing classes it often works the other way around-- people hear about all these folks getting rich off of crypto or the stock market, feel it sounds like something they can do, and then take an investing class to figure out how to do that. So a lot of people already buy into crypto just based on the fact that everyone has heard stories about crypto millionaires, plus if that's not enough-- there are ads for them at every sports game and Goldman Sachs is invested. At that point it'll take a lot to convince anyone in one of those classes that they're better off investing responsibly