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> As for the others, if people listen to a football/movie/fashion/etc star for investment advice, I think they should know what to expect. That was my first im

by im3w1l 3y ago

> As for the others, if people listen to a football/movie/fashion/etc star for investment advice, I think they should know what to expect. That was my first impulse, but then I realized that I would never do such a thing myself. And that really, the regulation should mainly be about protecting the interests of those that would. Adding a layer of bureaucracy and requiring promoters to due diligence, on the plus side it will help protect people, on the minus side it will cut into the margins of these celebrities and the industries around them, which could lead to the sector shrinking and worse entertainment. That tradeoff needs to be made with the people that stand to be affected the most in mind.

s1artibartfast 3y ago
This is ridiculous. Promotors should be more responsible than the Regulators? If it was obviously a fraud at the time, the police and SEC should have shut it down. Why expect some random celebrity to do more diligence and gatekeeping than the officials that license FTX? If a product is legal to sell, and legal to advertise, then actors should not be held responsible.
- richbell 3y ago
  > If a product is legal to sell, and legal to advertise, then actors should not be held responsible. FTX was in a legal gray area. They were using customer funds in part to make large campaign donations and influence the, at the time hotly debated, regulatory decisions about cryptocurrency.
- nullc 3y ago
  > Why expect some random celebrity The "random" celebrities were paid tens of millions of dollars, that's why. It's a separate question about the failure of regulators and law enforcement. It turns out that more than one party can do something wrong.
explaininjs 3y ago
I unilaterally reject any policy proposals predicated upon “I’m better than most other people and I know what’s best for them”.
- im3w1l 3y ago
  Yes it's very important to pay attention to how the victims feel about the whole thing. Whether they think they themselves should have known better or think they should have been better protected.

by im3w1l 3y ago

s1artibartfast 3y ago

This is ridiculous. Promotors should be more responsible than the Regulators? If it was obviously a fraud at the time, the police and SEC should have shut it down. Why expect some random celebrity to do more diligence and gatekeeping than the officials that license FTX? If a product is legal to sell, and legal to advertise, then actors should not be held responsible.

richbell 3y ago
> If a product is legal to sell, and legal to advertise, then actors should not be held responsible. FTX was in a legal gray area. They were using customer funds in part to make large campaign donations and influence the, at the time hotly debated, regulatory decisions about cryptocurrency.
nullc 3y ago
> Why expect some random celebrity The "random" celebrities were paid tens of millions of dollars, that's why. It's a separate question about the failure of regulators and law enforcement. It turns out that more than one party can do something wrong.

explaininjs 3y ago

I unilaterally reject any policy proposals predicated upon “I’m better than most other people and I know what’s best for them”.

im3w1l 3y ago
Yes it's very important to pay attention to how the victims feel about the whole thing. Whether they think they themselves should have known better or think they should have been better protected.