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I'm not sure if this is intentional, but your first link, web3isgoinggreat.com, is a website by the same author as the article. The statement in question is ob

I'm not sure if this is intentional, but your first link, web3isgoinggreat.com, is a website by the same author as the article. The statement in question is obviously true in a literal sense. It is–almost as obviously–used to convey more than just the literal meaning, usually in the sense of "they shouldn't blame anybody", "they shouldn't ask for help", or "they deserve this". It is simply a basic question of humanity that people can get themselves into situations that are terrible in a way that is not proportional to whatever stupidity got them into it. Nobody would say the death penalty is appropriate for speeding, and we therefore help people who are injured in accidents. The details are obviously subjective: a blanket bailout for people losing money in these markets would strike me as inappropriate. But so does obvious glee at their suffering.

cercatrova 4y ago
There are anecdotes, even in this very thread, of people mortgaging their house to invest into crypto. This isn't a case of off-the-cuff investments, one must knowingly and willingly mortgage their house to retrieve the money to put into an investment. At that point, one must take care of their own financial health if they do something so willingly. To your speeding analogy, most of these people are losing proportionally. Unless they're margin trading, if they put in 500k from their house mortgage into a coin which crashes, they lose at most 500k, they don't lose more than that, which is a 1 to 1 proportional amount. Now on the other hand, there are some Robinhood traders who turn 5k into -750k [0], usually through options, and that is what I'd call disproportional, and I have some sympathy for that, often because those people didn't even know their losses could be so large. [0] https://www.cbsnews.com/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/ https://www.cbsnews.com/news/alex-kearns-robinhood-trader-su...

cercatrova 4y ago

There are anecdotes, even in this very thread, of people mortgaging their house to invest into crypto. This isn't a case of off-the-cuff investments, one must knowingly and willingly mortgage their house to retrieve the money to put into an investment. At that point, one must take care of their own financial health if they do something so willingly. To your speeding analogy, most of these people are losing proportionally. Unless they're margin trading, if they put in 500k from their house mortgage into a coin which crashes, they lose at most 500k, they don't lose more than that, which is a 1 to 1 proportional amount. Now on the other hand, there are some Robinhood traders who turn 5k into -750k [0], usually through options, and that is what I'd call disproportional, and I have some sympathy for that, often because those people didn't even know their losses could be so large. [0] https://www.cbsnews.com/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/ https://www.cbsnews.com/news/alex-kearns-robinhood-trader-su...