4 ms·

I'm excited with the emergence of cryptocurrencies and the new equity crowdfunding JOBS Act, but I fear what scams people will exist, once people gather these t

by dataker 12y ago

I'm excited with the emergence of cryptocurrencies and the new equity crowdfunding JOBS Act, but I fear what scams people will exist, once people gather these two.

javert 12y ago
I don't worry about that. Poor people who can't afford to lose money generally don't invest in online ponzi schemes that require the use of exotic digital currencies. Realistically, the "investors" are people who want to gamble with their money. Who cares if they lose it?
- markmassie 12y ago
  The millions of dollars raised by scammers through crowdfunding proves otherwise [1]. [1] http://pando.com/tag/scampaign/ http://pando.com/tag/scampaign/
  - javert 12y ago
    Well, I was talking about high-yield investments and you are talking about crowdfunding. But that is my fault because the person I replied to was also talking about crowdfunding. However, I don't think people are spending money they can't afford to lose on crowdfunding projects, either. They are spending money they can afford to lose.
    - nl 12y ago
      That simply isn't true. Read this thread for many anecdotes about how desperate people are often the easiest marks for schemes involving ways to get unbelievable returns.
- omegavesko 12y ago
  You're forgetting that many people are poor because they never got proper financial education. They're poor because they can't handle money, not the other way around. In fact, this demographic is probably the primary target of schemes like this. If you're smart enough to handle your money well, you're smart enough to not fall for stuff like this.
  - javert 12y ago
    > You're forgetting that many people are poor because they never got proper financial education. No, that's not right. You sound like someone who has not known a lot of actual poor people. Of course maybe you have.
    - omegavesko 12y ago
      I live in Serbia. Yes, I've known many poor people. By western standards I'm fairly poor myself. I'm not saying all poor people are poor by their own fault. Far from it, especially given where I live. But it is definitely the case for many, and for some people I've known as well.

by dataker 12y ago

I'm excited with the emergence of cryptocurrencies and the new equity crowdfunding JOBS Act, but I fear what scams people will exist, once people gather these two.

javert 12y ago

I don't worry about that. Poor people who can't afford to lose money generally don't invest in online ponzi schemes that require the use of exotic digital currencies. Realistically, the "investors" are people who want to gamble with their money. Who cares if they lose it?

markmassie 12y ago
The millions of dollars raised by scammers through crowdfunding proves otherwise [1]. [1] http://pando.com/tag/scampaign/ http://pando.com/tag/scampaign/
- javert 12y ago
  Well, I was talking about high-yield investments and you are talking about crowdfunding. But that is my fault because the person I replied to was also talking about crowdfunding. However, I don't think people are spending money they can't afford to lose on crowdfunding projects, either. They are spending money they can afford to lose.
  - nl 12y ago
    That simply isn't true. Read this thread for many anecdotes about how desperate people are often the easiest marks for schemes involving ways to get unbelievable returns.
omegavesko 12y ago
You're forgetting that many people are poor because they never got proper financial education. They're poor because they can't handle money, not the other way around. In fact, this demographic is probably the primary target of schemes like this. If you're smart enough to handle your money well, you're smart enough to not fall for stuff like this.
- javert 12y ago
  > You're forgetting that many people are poor because they never got proper financial education. No, that's not right. You sound like someone who has not known a lot of actual poor people. Of course maybe you have.
  - omegavesko 12y ago
    I live in Serbia. Yes, I've known many poor people. By western standards I'm fairly poor myself. I'm not saying all poor people are poor by their own fault. Far from it, especially given where I live. But it is definitely the case for many, and for some people I've known as well.