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> As the crypto grift circus expanded crypto != FTX

by ur-whale 4y ago

rejectfinite 4y ago
The medium is the message. Crypto enabled this.
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wpietri 4y ago
Oh? You're saying that FTX was the only bad thing to happen in the crypto space? This sort of tedious, disingenuous quibbling is exactly why I'm grateful to the people I mentioned. Because instead of having to laboriously find all the failures, I can just tell you that all of this is documented in David's books, Amy's blog, and Molly's projects like https://web3isgoinggreat.com/ https://web3isgoinggreat.com/
lolinder 4y ago
The crypto grift isn't limited to FTX, it's nearly everywhere in crypto. My great-uncle (who's constantly trying to find the one big break that'll make him rich) was working on starting a crypto token before everything collapsed. He is in his seventies and knows nothing about tech or finance, but he knew crypto was the place for people who want to make quick cash. The whole industry has become a haven for grifters. That there are a few sincere projects doesn't change that.
- notch656c 4y ago
  The government made this thing called "accredited investor" which is just code for not one of the poors. I wish it wasn't necessary for the poors to use crypto to moonshot on various grifts.
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  - stouset 4y ago
    Considered from an alternate perspective, the thing that has allowed crypto to become the massive grift that is has is the ability for anyone and everyone to speculate on it without any kind of oversight, regulation, insider trading protection, or guard rails of any kind. I won't speak specifically to the current reglatory definition of "accredited investor" which is certainly worthy of some criticism, but the "investments" that being one opens you up to are—on the whole—significantly worse than just parking your money in a whole-market index fund. The few opportunities that are actually worth investing in are rare and generally require being on a first-name basis with the right people. Not to mention, of course, knowing a priori who those right people are. Merely having a bunch of dollars in the bank and wanting outsized returns puts you squarely in the realm of suckers who will be soon parted from their money by both hucksters and well-meaning idiots. Having almost no dollars in the bank puts you at an even worse disadvantage.
    - notch656c 4y ago
      Yes I believe the poors ought to be able to drop bands on a well meaning idiot just as easily as the truck stop stripper.
      - jakelazaroff 4y ago
        What exactly is the upside of the scenario you're envisioning? Right now it just sounds like you wish the accredited investor rule didn't exist because it makes it harder to scam poor people.
        notch656c 4y ago
        I would use "scam" in the sense of offering unregistered securities. Not in the sense of willful fraud. In that sense yes I think the poors should have as much right to buy into a scam as the accredited investor.
Fnoord 4y ago
Tether isn't FTX either. And yet, both are scams.
jjeaff 4y ago
Pedo Catholic Priests != Catholic Church

> As the crypto grift circus expanded crypto != FTX

rejectfinite 4y ago

The medium is the message. Crypto enabled this.

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wpietri 4y ago

Oh? You're saying that FTX was the only bad thing to happen in the crypto space? This sort of tedious, disingenuous quibbling is exactly why I'm grateful to the people I mentioned. Because instead of having to laboriously find all the failures, I can just tell you that all of this is documented in David's books, Amy's blog, and Molly's projects like https://web3isgoinggreat.com/ https://web3isgoinggreat.com/

lolinder 4y ago

The crypto grift isn't limited to FTX, it's nearly everywhere in crypto. My great-uncle (who's constantly trying to find the one big break that'll make him rich) was working on starting a crypto token before everything collapsed. He is in his seventies and knows nothing about tech or finance, but he knew crypto was the place for people who want to make quick cash. The whole industry has become a haven for grifters. That there are a few sincere projects doesn't change that.

notch656c 4y ago
The government made this thing called "accredited investor" which is just code for not one of the poors. I wish it wasn't necessary for the poors to use crypto to moonshot on various grifts.
- deleted 4y ago
  [deleted]
- stouset 4y ago
  Considered from an alternate perspective, the thing that has allowed crypto to become the massive grift that is has is the ability for anyone and everyone to speculate on it without any kind of oversight, regulation, insider trading protection, or guard rails of any kind. I won't speak specifically to the current reglatory definition of "accredited investor" which is certainly worthy of some criticism, but the "investments" that being one opens you up to are—on the whole—significantly worse than just parking your money in a whole-market index fund. The few opportunities that are actually worth investing in are rare and generally require being on a first-name basis with the right people. Not to mention, of course, knowing a priori who those right people are. Merely having a bunch of dollars in the bank and wanting outsized returns puts you squarely in the realm of suckers who will be soon parted from their money by both hucksters and well-meaning idiots. Having almost no dollars in the bank puts you at an even worse disadvantage.
  - notch656c 4y ago
    Yes I believe the poors ought to be able to drop bands on a well meaning idiot just as easily as the truck stop stripper.
    - jakelazaroff 4y ago
      What exactly is the upside of the scenario you're envisioning? Right now it just sounds like you wish the accredited investor rule didn't exist because it makes it harder to scam poor people.
      - notch656c 4y ago
        I would use "scam" in the sense of offering unregistered securities. Not in the sense of willful fraud. In that sense yes I think the poors should have as much right to buy into a scam as the accredited investor.

Fnoord 4y ago

Tether isn't FTX either. And yet, both are scams.

jjeaff 4y ago

Pedo Catholic Priests != Catholic Church