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That's what we call the No True Scotsman Fallacy. BlockFi was a crypto bank that promised unlimited returns by investing in crypto. Unregulated, untaxed, unmoni
by tootie 4y ago
That's what we call the No True Scotsman Fallacy. BlockFi was a crypto bank that promised unlimited returns by investing in crypto. Unregulated, untaxed, unmonitored, secret and opaque. An onramp to a federated market where deposits are tied to the value of the overall market for crypto holders. And it failed because it has no safety net by design. That's like saying Robinhood isn't the stock market.
- woah 4y ago> That's like saying Robinhood isn't the stock market. I feel like you're arguing against your own thesis here. If it had turned out that the CEO of Robinhood had YOLO'ed all the customer deposits on GameStop options, would we ask "is this the end of the stock market"?