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People made SEC and FTC complaints about both FTX and the Earn program at Gemini which received no attention. I think the theory that they're intentionally ena
by nullc 3y ago
People made SEC and FTC complaints about both FTX and the Earn program at Gemini which received no attention.
I think the theory that they're intentionally enabling scams though fails occam's razor. A simpler explanation is that they're lazy and dysfunctional, it's much much easier to prosecute a scam AFTER its vanished everyone money than before.
- jongjong 3y agoIt reminds me of Grey's law "Any sufficiently advanced incompetence is indistinguishable from malice." At that point you may as well admit the system is malicious by design as its complexity facilitates advanced incompetence.
- nullc 3y agoMaybe, but are we worse off with enforcement bodies that fail to go after many things than with none at all? As far as the sponsorship. I think that is largely due to the general advantage scams have: Real systems have limits and honest people will be willing to admit to them. A scam can promise the moon because they're not beholden to the truth or reality. Parties who aren't thoughtful will flock to the scams that promise them all they want to hear: "Our blockchain is green, organic, whole food, and promotes equality for disenfranchised African dwarfs at unlimited scale!" --- "Sounds great, you rank 10/10 according to our metrics, here's a grant!"