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I'm in the minority on this, but frankly I do not see the crime here. Everyone knew how LUNA worked. nothing opaque about its mechanisms. Literally check the c
by WFHRenaissance 4y ago
I'm in the minority on this, but frankly I do not see the crime here.
Everyone knew how LUNA worked. nothing opaque about its mechanisms. Literally check the chain.
Smart money and retail both hit. Jump, 3AC, VCs, and small investors alike wiped out all the same from the same flawed idea.
A transparently bad idea is not a crime, even if no one sees how bad of an idea it is and some people end up offing themselves because of it.
They either knew the risks, or didn't understand the asset.
- quickthrowman 4y ago> Smart money and retail both hit. Jump, 3AC, VCs, and small investors alike wiped out all the same from the same flawed idea. I beg to differ, there was no ‘smart money’ invested in Luna. A 15% yield is an enormous red flag and anyone who put money into it is stupid as hell in my book. To recap: if someone is offering a yield that is 1300 basis points above the risk-free rate, it’s a scam.
- tremarley 4y agoPaying people 15%+ yield is a common marketing cost for new financial opportunities. It's unrealistic long term, but this is obvious and everyone should know this.
- quickthrowman 4y agoI see banks offering $150-200 on $10,000 in new money deposited for 90 days, which works out to 6% - 8% APR. It’s also a fixed dollar amount and limited in size.
- paulryanrogers 4y agoUnbroken chain scams have been illegal since at least Reagan was in office. It's still illegal to exploit someone's ignorance.
- tremarley 4y agoI agree with you. People knew and understood the risks. They lost money when it failed. They just want someone to pay for it. This isn't fair.