4 ms·

You can go into regulated instruments with little research because they’re regulated. I had friends in Luna. We all told them over and over it was a scam. They

by graeme 4y ago

You can go into regulated instruments with little research because they’re regulated. I had friends in Luna. We all told them over and over it was a scam. They could not listen. “Dock your stuff at terra station, 20%, how are you not in crypto, look at my account size, here are ten explainer videos showing complex gamified mechanics for why I’m a savvy insider” etc I agree regulators dropped the ball, but also at some point people really are almost willfully blind to downsides. We even had the example of Iron and Titan which collapsed similar to Luna and UST.

ksaxena 4y ago
The example of Olympus DAO as well
smt88 4y ago
> also at some point people really are almost willfully blind to downsides I agree with you, but in societies with the concept of bankruptcy, compulsory healthcare, etc., we all bear the burden of their willful blindness. That's why it should be a supply-side solution: people shouldn't be able to sell dangerous/scammy/faulty products at all, because there will always be suckers that the rest of us have to prop up when they launch themselves into poverty,
TylerE 4y ago
I’m convinced no one really believes any of this shit is legit. They just think they’re smart enough that THEY aren’t on the bottom layer of the pyramid.
- dudus 4y ago
  I can attest that's not the case. A lot of people think they found a really good investment and it would be a bad move to not massively invest in it.
puranjay 4y ago
Same. I knew acquaintances who worked in very well paid positions in some of the world's top companies, including investment banks, and they all were so smitten by this new shiny thing that they forgot to do their basic dilligence. I tried to warn them to treat it as a "gotta check on it thrice a day" investment and not a "set it and forget it" investment but they were all lured in by the LUNA "community" and basic greed.

by graeme 4y ago

ksaxena 4y ago

The example of Olympus DAO as well

smt88 4y ago

> also at some point people really are almost willfully blind to downsides I agree with you, but in societies with the concept of bankruptcy, compulsory healthcare, etc., we all bear the burden of their willful blindness. That's why it should be a supply-side solution: people shouldn't be able to sell dangerous/scammy/faulty products at all, because there will always be suckers that the rest of us have to prop up when they launch themselves into poverty,

TylerE 4y ago

I’m convinced no one really believes any of this shit is legit. They just think they’re smart enough that THEY aren’t on the bottom layer of the pyramid.

dudus 4y ago
I can attest that's not the case. A lot of people think they found a really good investment and it would be a bad move to not massively invest in it.

puranjay 4y ago

Same. I knew acquaintances who worked in very well paid positions in some of the world's top companies, including investment banks, and they all were so smitten by this new shiny thing that they forgot to do their basic dilligence. I tried to warn them to treat it as a "gotta check on it thrice a day" investment and not a "set it and forget it" investment but they were all lured in by the LUNA "community" and basic greed.