3 ms·
I think you're mainly talking about the large investors here who I generally agree were willing participants in scummy behavior, but there were other people hur
by pr0zac 4y ago
I think you're mainly talking about the large investors here who I generally agree were willing participants in scummy behavior, but there were other people hurt in this that I feel deserve some sympathy, namely a lot of the naive retail investors who lost their shirts. Yes, a portion of those were also greedy people hoping to take advantage of others but a lot of them weren't.
I think a little talked about part of the crypto investment boom among "normies" is that a lot of those people felt completely left behind by capitalism, constantly underwater financially, with no way to catchup or reach financial security. Crypto then got sold to them by the grifters and media as a way out, an amazing, full proof chance to get free. Theres a reason they were paying people Matt Damon and Larry David to do their commercials. Yes, putting your life savings in crypto is obviously a hugely risky and bad idea but most people lack the financial education necessary to recognize that a project promising you 20% APY is unsustainable and even those that do may still go for it because they see it as their one chance to stop drowning.
These aren't ancap millionaires living in the Bahamas, rubbing elbows with politicians and flaunting their $150k NFTs on Twitter, its people like my friend whos a single dad trying to raise two kids with autism while dealing with chronic health issues from his military service who lost most of his (negligible) savings when Celsius blew up. Yes, I'd been telling him for years how he shouldn't be taking risks on stuff like this and how they are all obviously scams and yes he was really stupid for not listening to me and everyone else and he does deserve some blame for his decisions but he wasn't in it for evil or greedy reasons. Dude just wanted to be able to afford counseling services for his kids and got tricked into giving people like SBF his money in hopes of being able to do so and is completely fucked now as a result.
I'm possibly being too empathetic and willing to remove blame from people who made bad choices due to hard circumstances (maybe because I have such a close anecdote). I guess I just feel like theres a large number of the victims that were the suckers the grifters were siphoning money away from and the impact on those people isn't really being discussed.