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There comes a point where you have to ascribe some level of responsibility to the investor. Cryptocurrency is massively ridiculed for scams like this, to the ex

There comes a point where you have to ascribe some level of responsibility to the investor. Cryptocurrency is massively ridiculed for scams like this, to the extent that it's hard to feign ignorance of it. I'm not saying that the scams should be allowed, but telling people to take even the smallest of steps to protect themselves is not victim blaming. People not understanding a 401k or mutual funds isn't a reason for them to not do due diligence.

timcavel 4y ago
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munificent 4y ago
> Cryptocurrency is massively ridiculed for scams like this This is true in the social bubbles you and I likely occupy but very much not (yet) true elsewhere. I have had many conversations with friends and family that are outside of tech asking my what crypto is and if it's something they should invest in because all they see right now is the hype, excitement, and ads from crypto companies.
- yebyen 4y ago
  > all they see right now is the hype, excitement, and ads I think this should really answer the question, and I don't quite understand how anyone can be self-aware enough to recognize these things without also connecting the dots that "companies which do those things to promote their products are not generally trustworthy at-large" I know this phenomenon all too well though. It's the classic formula. "Generally Well-Understood Thing" is familiar to lots of people without need for any special qualification or training to understand the thing across a fairly wide range of functional parameters. "Generally Well-Understood Thing, but On The Internet" on the other hand is a completely new animal with all old assumptions required to be re-examined for a new understanding from first principles, assume we know nothing. The understanding is tried, too many foreign concepts enter the discussion, often the desire to understand "how this is different" results in an under-founded belief or assumption that adding the internet DOES in fact somehow make this thing different than it was before, end with a newly emergent confusion overarching the whole and 9/10 times no further understanding is gained and no connection between the two ideas of "thing" and "thing on the internet" is retained.
  - Seriomino 4y ago
    There was an interview on the radio with a woman who can see in the future. As long as media is somehow seen as normal and people don't question e everything, you need consumer protection laws. It's that easy.
criddell 4y ago
Some cryptocurrency company is advertised on the shirts of baseball umpires. Matt Damon does a commercial for some crypto company. It’s everywhere! If you watch cable news you will see a commercial for a crypto company followed by a Vanguard commercial followed by a Fidelity commercial. In the wider world it is not massively ridiculed and is presented in the same way that more traditional investment companies are.
- deleted 4y ago
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TameAntelope 4y ago
USDT was far more stable and secure than any typical scam, so we're well past the "smallest steps to protect [yourself]" line here. "The currency might collapse in on itself"? Yes, that's a valid concern. But, "Do Kwon might steal your money." is not a reasonable thing to expect people to be concerned about.
ryan_lane 4y ago
You can't do due diligence on a cryptocurrency, because they're based on nothing. Cryptocurrencies aren't investments. They're gambling, and regulations should require advertising, exchanges and NFT platforms to say that.

timcavel 4y ago

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munificent 4y ago

> Cryptocurrency is massively ridiculed for scams like this This is true in the social bubbles you and I likely occupy but very much not (yet) true elsewhere. I have had many conversations with friends and family that are outside of tech asking my what crypto is and if it's something they should invest in because all they see right now is the hype, excitement, and ads from crypto companies.

yebyen 4y ago
> all they see right now is the hype, excitement, and ads I think this should really answer the question, and I don't quite understand how anyone can be self-aware enough to recognize these things without also connecting the dots that "companies which do those things to promote their products are not generally trustworthy at-large" I know this phenomenon all too well though. It's the classic formula. "Generally Well-Understood Thing" is familiar to lots of people without need for any special qualification or training to understand the thing across a fairly wide range of functional parameters. "Generally Well-Understood Thing, but On The Internet" on the other hand is a completely new animal with all old assumptions required to be re-examined for a new understanding from first principles, assume we know nothing. The understanding is tried, too many foreign concepts enter the discussion, often the desire to understand "how this is different" results in an under-founded belief or assumption that adding the internet DOES in fact somehow make this thing different than it was before, end with a newly emergent confusion overarching the whole and 9/10 times no further understanding is gained and no connection between the two ideas of "thing" and "thing on the internet" is retained.
- Seriomino 4y ago
  There was an interview on the radio with a woman who can see in the future. As long as media is somehow seen as normal and people don't question e everything, you need consumer protection laws. It's that easy.

criddell 4y ago

Some cryptocurrency company is advertised on the shirts of baseball umpires. Matt Damon does a commercial for some crypto company. It’s everywhere! If you watch cable news you will see a commercial for a crypto company followed by a Vanguard commercial followed by a Fidelity commercial. In the wider world it is not massively ridiculed and is presented in the same way that more traditional investment companies are.

deleted 4y ago
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TameAntelope 4y ago

USDT was far more stable and secure than any typical scam, so we're well past the "smallest steps to protect [yourself]" line here. "The currency might collapse in on itself"? Yes, that's a valid concern. But, "Do Kwon might steal your money." is not a reasonable thing to expect people to be concerned about.

ryan_lane 4y ago

You can't do due diligence on a cryptocurrency, because they're based on nothing. Cryptocurrencies aren't investments. They're gambling, and regulations should require advertising, exchanges and NFT platforms to say that.