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Has the mainstream media even bothered to write about some of the individual retail investors who were hoodwinked by these people, or are they just too busy run

Has the mainstream media even bothered to write about some of the individual retail investors who were hoodwinked by these people, or are they just too busy running cover for the perpetrators?

notch656a 4y ago
If crypto people are destroying other crypto people it's basically seen by much of society as beneficial mutual attrition.
- chlodwig 4y ago
  I don't have a lot of sympathy for those who bought into crypto looking to get-rich-quick or to make unrealistic gains for no effort ... But how many normal people bought and lost crypto with FTX because of their Super Bowl ads and celebrity endorsements? How many people thought FTX was just the new normal for investing and they should get in before getting left behind (anaglagous to to how once upon-a-time stocks made a transition for ordinary people from bucket shop gambling to mainstream investing)? Sure would be nice to read an article about normal people who bought crypto with FTX as a result of the mainstream ads and endorsements.
  - jerf 4y ago
    Don't forget about investors who didn't realize they were investors: https://www.msn.com/en-us/money/companies/ontario-teachers-pension-plan-is-latest-ftx-investor-to-mark-venture-investment-to-zero/ar-AA14h1Zg https://www.msn.com/en-us/money/companies/ontario-teachers-p... That's not necessarily a catastrophe: "The FTX loss amounts to less than 0.05% of the pension plan’s total net assets and it remains in a financially strong position, according to a statement on the Ontario Teachers’ Pension Plan website." But, still, that's a lot of people who didn't think/know they were invested in FTX... but they were.
JumpCrisscross 4y ago
> mainstream media even bothered to write about some of the individual retail investors who were hoodwinked by these people The Journal, Times, Financial Times and Bloomberg each ran stories in this vein. They were, without exception, incredibly boring. Gamblers losing money after years of being warned simply isn't a story.
- anonymoushn 4y ago
  "Gamblers losing money" may give people the impression that this was something other than a custodian stealing their funds.
  - JumpCrisscross 4y ago
    > "Gamblers losing money" may give people the impression that this was something other than a custodian stealing their funds Most people aren't bothered by this. It's interesting to those of us in tech and finance. But it's irrelevant to most Americans, who were protected by regulation from doing business with FTX. (Being defrauded and losing assets in hacks are well-established crypto loss modes.)
    - shuckles 4y ago
      Americans were not protected by regulation from doing business with FTX.us, though, and behind the scenes it seems both the entities were the same for practical purposes.
      - JumpCrisscross 4y ago
        Fair enough. I'd still wager that most Americans aren't exposed to FTX US, and those who are came in after years of warnings. I'm sure there are sympathetic victims. But there are more random victims of car robberies in San Francisco every day.
- kevinmrose 4y ago
  So you find these stories about how the people who profited from all of it, and were just "unlucky", to be much more compelling?

Has the mainstream media even bothered to write about some of the individual retail investors who were hoodwinked by these people, or are they just too busy running cover for the perpetrators?

notch656a 4y ago

If crypto people are destroying other crypto people it's basically seen by much of society as beneficial mutual attrition.

chlodwig 4y ago
I don't have a lot of sympathy for those who bought into crypto looking to get-rich-quick or to make unrealistic gains for no effort ... But how many normal people bought and lost crypto with FTX because of their Super Bowl ads and celebrity endorsements? How many people thought FTX was just the new normal for investing and they should get in before getting left behind (anaglagous to to how once upon-a-time stocks made a transition for ordinary people from bucket shop gambling to mainstream investing)? Sure would be nice to read an article about normal people who bought crypto with FTX as a result of the mainstream ads and endorsements.
- jerf 4y ago
  Don't forget about investors who didn't realize they were investors: https://www.msn.com/en-us/money/companies/ontario-teachers-pension-plan-is-latest-ftx-investor-to-mark-venture-investment-to-zero/ar-AA14h1Zg https://www.msn.com/en-us/money/companies/ontario-teachers-p... That's not necessarily a catastrophe: "The FTX loss amounts to less than 0.05% of the pension plan’s total net assets and it remains in a financially strong position, according to a statement on the Ontario Teachers’ Pension Plan website." But, still, that's a lot of people who didn't think/know they were invested in FTX... but they were.

JumpCrisscross 4y ago

> mainstream media even bothered to write about some of the individual retail investors who were hoodwinked by these people The Journal, Times, Financial Times and Bloomberg each ran stories in this vein. They were, without exception, incredibly boring. Gamblers losing money after years of being warned simply isn't a story.

anonymoushn 4y ago
"Gamblers losing money" may give people the impression that this was something other than a custodian stealing their funds.
- JumpCrisscross 4y ago
  > "Gamblers losing money" may give people the impression that this was something other than a custodian stealing their funds Most people aren't bothered by this. It's interesting to those of us in tech and finance. But it's irrelevant to most Americans, who were protected by regulation from doing business with FTX. (Being defrauded and losing assets in hacks are well-established crypto loss modes.)
  - shuckles 4y ago
    Americans were not protected by regulation from doing business with FTX.us, though, and behind the scenes it seems both the entities were the same for practical purposes.
    - JumpCrisscross 4y ago
      Fair enough. I'd still wager that most Americans aren't exposed to FTX US, and those who are came in after years of warnings. I'm sure there are sympathetic victims. But there are more random victims of car robberies in San Francisco every day.
kevinmrose 4y ago
So you find these stories about how the people who profited from all of it, and were just "unlucky", to be much more compelling?