8 ms·

It would be nice if everyone that held him up (YouTubers and influencers) also saw similar legal actions

by itake 2y ago

sfmike 2y ago
i actually disagree with this philosophy. If you are a small business and you co market or collaborate with another and have no idea about their ethics should you see legal action for them being illicit in any way? How would a youtuber be able to audit and actually get enough information to determine a massive company wasn't above board.
- tekno45 2y ago
  if you're going to tell people to buy stuff, make sure its legit stuff before advertising it. Youtubers aren't indie anymore, they're businesses.
  - dewey 2y ago
    They are YouTubers not auditors, even auditors have a hard time figuring out if companies are legit or not (Wirecard). Why would a YouTuber or influencer be able to do that task as a side thing when getting advertising deals?
    - taormina 2y ago
      Maybe they should take advertising deals from reputable companies? And skip the scam coins? And here’s a hint, they are all scam coins. Promoting a crypto project is just a bad idea.
      - dgfitz 2y ago
        There’s no way the hawk tuah girl was running an illegitimate coin scam. The premise was so solid!
      - dghlsakjg 2y ago
        FTX was considered to be a very reputable company, Bernie Maddoff was a reputable money manager, Enron had quite the reputation, Boeing, VW, Theranos, SVB, etc... Easy to say that you should only do business with reputable entities until you try and figure out who that is.
    - uniclaude 2y ago
      In this specific case it was obvious that Luna was based on dubious economics. It didn’t require auditor skills. Barely high school economics. If YouTubers are not blamed for promoting scams without appropriate disclaimers, the crypto industry will grow the wrong way. Making the promoters responsible for this would help legitimate projects.
    - dylan604 2y ago
      Please don’t hold me liable for spreading misinformation that I have no ability to verify but just trust me mkay!!! Those poor little YouTubers get no sympathy from me.
    - Smithalicious 2y ago
      I understand your point, but I still don't think "I couldn't tell whether this was bullshit or not but I got paid a lot to say it" should be a viable defence. Everything with a healthy dose of nuance in the real world though of course.
  - deleted 2y ago
    [deleted]
- itake 2y ago
  Imagine if the YouTuber was advertising a blandly illegal product, should the be immune too? I hate it when one person in organization gets in trouble, and everyone else gets away Scott free
tremarley 2y ago
This would be reasonable if Terra was a clear scam. But it wasn’t. Terra was a successful blockchain. Investors lost money and they had to blame the leader.
- ErikBjare 2y ago
  It had a death loop which got triggered by market pressure on a stablecoin leading to a run on the native token which actually made it converge to zero: can't get much more unsuccessful than that.
- itake 2y ago
  how is what do did different from what marketers did? I think building something interesting, but not marketing it to investors, should be legal/ok, but the moment you start telling the story of this product being a safe 20% return investment is when you need to get in trouble.
- thot_experiment 2y ago
  "successful blockchain" Ponzi schemes are often successful until they aren't.
  - caminante 2y ago
    The parent also claimed a false premise: Do Kwon wasn't running a "clear" scam. PAYING* 4.5 billion in SEC fines for FRAUD and running around with forged passports check that box for me. *edit: AFAIK, the firm is going through bankruptcy and hasn't necessarily paid anything yet.
  - grecy 2y ago
    The NY stock exchange will be successful right up until it isn’t, the only difference is that it’s backed by a very powerful military.
    - stackghost 2y ago
      >the only difference is that it’s backed by a very powerful military. No, actually there are lots of material differences between the NYSE and Yet Another Shitcoin.
blackeyeblitzar 2y ago
I wonder what the legal line is that makes speech or affiliation into aiding and abetting?
- caminante 2y ago
  Bar is low, but somewhat vague. One example is anti-touting law [0] where you can't pimp a security and not disclose incentives. [0] https://www.afslaw.com/perspectives/alerts/crypto-anti-touting-lawsuits-celebrity-settlements-sec-following-alleged#:~:text=Lohan%2C%20Paul%2C%20Kendra%20Lust%2C,by%20the%20SEC%20in%20SDNY https://www.afslaw.com/perspectives/alerts/crypto-anti-touti....

It would be nice if everyone that held him up (YouTubers and influencers) also saw similar legal actions

by itake 2y ago

It would be nice if everyone that held him up (YouTubers and influencers) also saw similar legal actions

i actually disagree with this philosophy. If you are a small business and you co market or collaborate with another and have no idea about their ethics should you see legal action for them being illicit in any way? How would a youtuber be able to audit and actually get enough information to determine a massive company wasn't above board.

tekno45 2y ago
if you're going to tell people to buy stuff, make sure its legit stuff before advertising it. Youtubers aren't indie anymore, they're businesses.
- dewey 2y ago
  They are YouTubers not auditors, even auditors have a hard time figuring out if companies are legit or not (Wirecard). Why would a YouTuber or influencer be able to do that task as a side thing when getting advertising deals?
  - taormina 2y ago
    Maybe they should take advertising deals from reputable companies? And skip the scam coins? And here’s a hint, they are all scam coins. Promoting a crypto project is just a bad idea.
    - dgfitz 2y ago
      There’s no way the hawk tuah girl was running an illegitimate coin scam. The premise was so solid!
    - dghlsakjg 2y ago
      FTX was considered to be a very reputable company, Bernie Maddoff was a reputable money manager, Enron had quite the reputation, Boeing, VW, Theranos, SVB, etc... Easy to say that you should only do business with reputable entities until you try and figure out who that is.
  - uniclaude 2y ago
    In this specific case it was obvious that Luna was based on dubious economics. It didn’t require auditor skills. Barely high school economics. If YouTubers are not blamed for promoting scams without appropriate disclaimers, the crypto industry will grow the wrong way. Making the promoters responsible for this would help legitimate projects.
  - dylan604 2y ago
    Please don’t hold me liable for spreading misinformation that I have no ability to verify but just trust me mkay!!! Those poor little YouTubers get no sympathy from me.
  - Smithalicious 2y ago
    I understand your point, but I still don't think "I couldn't tell whether this was bullshit or not but I got paid a lot to say it" should be a viable defence. Everything with a healthy dose of nuance in the real world though of course.
- deleted 2y ago
  [deleted]
itake 2y ago
Imagine if the YouTuber was advertising a blandly illegal product, should the be immune too? I hate it when one person in organization gets in trouble, and everyone else gets away Scott free

tremarley 2y ago

This would be reasonable if Terra was a clear scam. But it wasn’t. Terra was a successful blockchain. Investors lost money and they had to blame the leader.

ErikBjare 2y ago
It had a death loop which got triggered by market pressure on a stablecoin leading to a run on the native token which actually made it converge to zero: can't get much more unsuccessful than that.
itake 2y ago
how is what do did different from what marketers did? I think building something interesting, but not marketing it to investors, should be legal/ok, but the moment you start telling the story of this product being a safe 20% return investment is when you need to get in trouble.
thot_experiment 2y ago
"successful blockchain" Ponzi schemes are often successful until they aren't.
- caminante 2y ago
  The parent also claimed a false premise: Do Kwon wasn't running a "clear" scam. PAYING* 4.5 billion in SEC fines for FRAUD and running around with forged passports check that box for me. *edit: AFAIK, the firm is going through bankruptcy and hasn't necessarily paid anything yet.
- grecy 2y ago
  The NY stock exchange will be successful right up until it isn’t, the only difference is that it’s backed by a very powerful military.
  - stackghost 2y ago
    >the only difference is that it’s backed by a very powerful military. No, actually there are lots of material differences between the NYSE and Yet Another Shitcoin.

blackeyeblitzar 2y ago

I wonder what the legal line is that makes speech or affiliation into aiding and abetting?

caminante 2y ago
Bar is low, but somewhat vague. One example is anti-touting law [0] where you can't pimp a security and not disclose incentives. [0] https://www.afslaw.com/perspectives/alerts/crypto-anti-touting-lawsuits-celebrity-settlements-sec-following-alleged#:~:text=Lohan%2C%20Paul%2C%20Kendra%20Lust%2C,by%20the%20SEC%20in%20SDNY https://www.afslaw.com/perspectives/alerts/crypto-anti-touti....