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The victim of crypto crimes are normal clueless people. I absolutely loved and adored bitcoin as a technology from a technical perspective and all the ways it

The victim of crypto crimes are normal clueless people. I absolutely loved and adored bitcoin as a technology from a technical perspective and all the ways it could change things for better. But what it had become is an abomination. Also, “engineers hacking on finance” would've been very noble 20 years ago in a world where engineer/hacker was reminiscent of free software, mozilla, gnu, linux, wikipedia, etc.

mise_en_place 4y ago
Yes I also followed BTC from the early days, 2009 or so. Was on the IRC channel, usually lurking but I was very interested in it as a concept. As a college student I thought it was revolutionary, and neat things could be built on top of it. The future and equitable financial system, or so I thought. Sadly it has fallen far from the tree, as they say, and became another Internet grift.
- tromp 4y ago
  With its halving block subsidies, the bitcoin emission was never equitable. For that, look for a fixed block subsidy, i.e. pure linear emission, which leaves the majority of supply to later generations.
seibelj 4y ago
Novogratz of Galaxy Digital lost billions in the UST collapse as well as having a tattoo of Luna on his arm. He was not a normal clueless person. There are also clueless people who bought SNAP stock the day before it dropped 45%. There are also clueless people who paid $200k for degrees from top tier universities and are now in debt up to their eyeballs with no way to repay. There is simply no way to protect people from cluelessness without banning our freedom.
- woodruffw 4y ago
  The goal of a healthy regulatory environment is not to prevent everyone from frittering their money all the time. It's to keep the worst schemes from affecting as many people as possible.
- haasted 4y ago
  According to this article, Galaxy came out of the whole thing with a pretty nice surplus. https://www.cnbc.com/2022/05/29/who-got-rich-before-terra-stablecoin-collapsed.html https://www.cnbc.com/2022/05/29/who-got-rich-before-terra-st... > In its Q1 earnings filing, Galaxy noted that the largest contributor to its net realized gain on digital assets of $355 million was sales of luna.
- ohgodplsno 4y ago
  You can both be rich and clueless. Which is about 99% of the crypto startup universe
spaceman_2020 4y ago
most DeFi projects are just engineers reading the first paragraph of a finance Wikipedia article and thinking that they can do better. There's a misplaced belief that all regulations around money just popped out of nowhere. In reality, all those regulations were built up over time in response to different scams and schemes. And crypto wants to erase all that learned experience and start from scratch.

mise_en_place 4y ago

Yes I also followed BTC from the early days, 2009 or so. Was on the IRC channel, usually lurking but I was very interested in it as a concept. As a college student I thought it was revolutionary, and neat things could be built on top of it. The future and equitable financial system, or so I thought. Sadly it has fallen far from the tree, as they say, and became another Internet grift.

tromp 4y ago
With its halving block subsidies, the bitcoin emission was never equitable. For that, look for a fixed block subsidy, i.e. pure linear emission, which leaves the majority of supply to later generations.

seibelj 4y ago

Novogratz of Galaxy Digital lost billions in the UST collapse as well as having a tattoo of Luna on his arm. He was not a normal clueless person. There are also clueless people who bought SNAP stock the day before it dropped 45%. There are also clueless people who paid $200k for degrees from top tier universities and are now in debt up to their eyeballs with no way to repay. There is simply no way to protect people from cluelessness without banning our freedom.

woodruffw 4y ago
The goal of a healthy regulatory environment is not to prevent everyone from frittering their money all the time. It's to keep the worst schemes from affecting as many people as possible.
haasted 4y ago
According to this article, Galaxy came out of the whole thing with a pretty nice surplus. https://www.cnbc.com/2022/05/29/who-got-rich-before-terra-stablecoin-collapsed.html https://www.cnbc.com/2022/05/29/who-got-rich-before-terra-st... > In its Q1 earnings filing, Galaxy noted that the largest contributor to its net realized gain on digital assets of $355 million was sales of luna.
ohgodplsno 4y ago
You can both be rich and clueless. Which is about 99% of the crypto startup universe

spaceman_2020 4y ago

most DeFi projects are just engineers reading the first paragraph of a finance Wikipedia article and thinking that they can do better. There's a misplaced belief that all regulations around money just popped out of nowhere. In reality, all those regulations were built up over time in response to different scams and schemes. And crypto wants to erase all that learned experience and start from scratch.