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Meh. it's really easy to spot scams in crypto (unlike traditional securities, which is kind of the whole point) and it's also pretty easy to avoid losing funds
by notwokeno 4y ago
Meh. it's really easy to spot scams in crypto (unlike traditional securities, which is kind of the whole point) and it's also pretty easy to avoid losing funds to a failed exchange.
If you're not willing to spend the hour total of research required to use crypto safely then don't use it.
- deleted 4y ago[deleted]
- gpderetta 4y agoYou mean the use of the crypto word gives it away?
- notwokeno 4y agoNot everything in crypto is a scam. It's easy to tell with eg tokens by checking the contract: if the organization behind the tokens can issue arbitrary numbers of new tokens or replace the contract then it's a scam. The FTX token would have failed this test if anyone involved had cared to look. This is something you can't do with securities and it's why I'm not convinced regulators really need to be as closely involved.
- TylerE 4y agoUh? Companies issues new shares all the time. In any case your username makes me strongly suspect you are not arguing in good faith, but merely propagandizing/shilling.
- notwokeno 4y agoTokens aren't shares (if they wanted to issue shares they would have just done an IPO) and if you follow my rule you're extremely unlikely to get scammed. I don't know what to tell you if you're going to assume the other side isn't arguing in good faith although I feel the same way about most of the anti-crypto people here.
- davidgerard 4y ago> Not everything in crypto is a scam but if you assume it is, you'll basically be correct
- vgatherps 4y agoIf it just took an hour of research to meaningfully know that FTX had stolen customer funds, there wouldn’t have been 8bn stolen. This argument keeps getting trotted out yet people keep getting hit with more and more sophisticated scams, on and off chain, not to mention hacks which you won’t discover with just an hour of research.
- notwokeno 4y agoFTX was really obvious. I saw it before and lumped it in with the half dozen other scams I see every time I mess with crypto. The people scammed fall into two categories: 1) People who shouldn't have been using crypto at all because they can't handle it. 2) People deliberately misusing other people's money who did actually know better. I think a large amount of the stolen funds fall into the second category.