4 ms·

If they just wanted stability they should not have mortgaged their home to invest in something they did not understand

olliej 4y ago
Fuck off, these were largely people who thought they were putting their life savings in with companies that were guaranteeing returns that were not outrageous, and were by and large being advertised as high interest savings accounts They were doing what the “experts” were telling them was the right thing to do. Fuck off with your victim blaming BS.
- oneoff786 4y ago
  You don’t mortgage your house for a high interest savings account. It’s just stupid. Sure. They were manipulated. But there has to be some point at which adults are accountable for basic financial responsibility. You should not trust someone so much that you bet your home on it. That’s idiotic. If you can’t hold someone accountable for such decisions you are basically saying they should not be allowed to manage their own finances. People need to have critical thinking skills. If someone wanders into the wilderness and gets mauled by a bear they’re a victim but it’s largely a fault of their poor judgement. And it’s absolutely fair to criticize their reasoning.
  - olliej 4y ago
    Yes you do. If you have the money to pay off your house, you are likely better off getting a very low interest rate mortgage (which you will be able to do as you can provide 100% security for the loan) and put your vast pile of money into a higher rate CD or similar. Or even some of it in low-medium risk index fund. If you were a company, it would likely be seen as financial mismanagement not to do that. That's why companies that have more money than is possibly reasonable still have loans. But anyway that's beside the point. These people are not claiming to be victims due to crypto crashing, in fact many have their entire balance with Voyager in US dollars/USDC (which I just checked, is still 1:1 with USD). They are complaining that they went to withdraw the money that was in their account, and Voyager wouldn't let them, and then declared bankruptcy. Even at this point it would be more annoying than anything else, as Voyager had stated that they were FDIC insured so everyone's deposits were insured in the case that Voyager failed/declared bankruptcy. Only then was it disclosed that Voyager had been lying about that, and in fact there was no deposit insurance, and they had stolen the content of everyone's accounts. What you are saying is no different from, say, BofA declaring bankruptcy and that it wasn't actually FDIC insured so everyone has lost the money in their bank accounts; then I turn around and say that it's those people's fault as they didn't understand BofA's financials, and that the people who lost money didn't verify the FDIC insurance themselves. I sure as hell don't understand Wells Fargo's financials, and rely on them not lying about being FDIC insured.
    - oneoff786 4y ago
      > Yes you do. If you have the money to pay off your house, you are likely better off getting a very low interest rate mortgage (which you will be able to do as you can provide 100% security for the loan) and put your vast pile of money into a higher rate CD or similar. Or even some of it in low-medium risk index fund. Typically small net returns with long tail risks that include you losing your home. Seems like garbage advice to me. > These people are not claiming to be victims due to crypto crashing, in fact many have their entire balance with Voyager in US dollars/USDC (which I just checked, is still 1:1 with USD). They gave money to a company they did not understand. The company lost the money. As far as I can tell the company only claimed that US dollars were insured not that it really matters. > What you are saying is no different from, say, BofA declaring bankruptcy and that it wasn't actually FDIC insured so everyone has lost the money in their bank accounts; then I turn around and say that it's those people's fault as they didn't understand BofA's financials, and that the people who lost money didn't verify the FDIC insurance themselves. I sure as hell don't understand Wells Fargo's financials, and rely on them not lying about being FDIC insured. Bank of America is a very old company subject to regulation and is not suggesting anything about big returns. Hardly comparable By all means, let’s regulate companies. But let’s not pretend people aren’t accountable for validating their own investments.

Fuck off, these were largely people who thought they were putting their life savings in with companies that were guaranteeing returns that were not outrageous, and were by and large being advertised as high interest savings accounts They were doing what the “experts” were telling them was the right thing to do. Fuck off with your victim blaming BS.

oneoff786 4y ago
You don’t mortgage your house for a high interest savings account. It’s just stupid. Sure. They were manipulated. But there has to be some point at which adults are accountable for basic financial responsibility. You should not trust someone so much that you bet your home on it. That’s idiotic. If you can’t hold someone accountable for such decisions you are basically saying they should not be allowed to manage their own finances. People need to have critical thinking skills. If someone wanders into the wilderness and gets mauled by a bear they’re a victim but it’s largely a fault of their poor judgement. And it’s absolutely fair to criticize their reasoning.
- olliej 4y ago
  Yes you do. If you have the money to pay off your house, you are likely better off getting a very low interest rate mortgage (which you will be able to do as you can provide 100% security for the loan) and put your vast pile of money into a higher rate CD or similar. Or even some of it in low-medium risk index fund. If you were a company, it would likely be seen as financial mismanagement not to do that. That's why companies that have more money than is possibly reasonable still have loans. But anyway that's beside the point. These people are not claiming to be victims due to crypto crashing, in fact many have their entire balance with Voyager in US dollars/USDC (which I just checked, is still 1:1 with USD). They are complaining that they went to withdraw the money that was in their account, and Voyager wouldn't let them, and then declared bankruptcy. Even at this point it would be more annoying than anything else, as Voyager had stated that they were FDIC insured so everyone's deposits were insured in the case that Voyager failed/declared bankruptcy. Only then was it disclosed that Voyager had been lying about that, and in fact there was no deposit insurance, and they had stolen the content of everyone's accounts. What you are saying is no different from, say, BofA declaring bankruptcy and that it wasn't actually FDIC insured so everyone has lost the money in their bank accounts; then I turn around and say that it's those people's fault as they didn't understand BofA's financials, and that the people who lost money didn't verify the FDIC insurance themselves. I sure as hell don't understand Wells Fargo's financials, and rely on them not lying about being FDIC insured.
  - oneoff786 4y ago
    > Yes you do. If you have the money to pay off your house, you are likely better off getting a very low interest rate mortgage (which you will be able to do as you can provide 100% security for the loan) and put your vast pile of money into a higher rate CD or similar. Or even some of it in low-medium risk index fund. Typically small net returns with long tail risks that include you losing your home. Seems like garbage advice to me. > These people are not claiming to be victims due to crypto crashing, in fact many have their entire balance with Voyager in US dollars/USDC (which I just checked, is still 1:1 with USD). They gave money to a company they did not understand. The company lost the money. As far as I can tell the company only claimed that US dollars were insured not that it really matters. > What you are saying is no different from, say, BofA declaring bankruptcy and that it wasn't actually FDIC insured so everyone has lost the money in their bank accounts; then I turn around and say that it's those people's fault as they didn't understand BofA's financials, and that the people who lost money didn't verify the FDIC insurance themselves. I sure as hell don't understand Wells Fargo's financials, and rely on them not lying about being FDIC insured. Bank of America is a very old company subject to regulation and is not suggesting anything about big returns. Hardly comparable By all means, let’s regulate companies. But let’s not pretend people aren’t accountable for validating their own investments.