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wat
Didn’t people go to jail for fraud in your example?
(Lol I know bankers don’t go to jail for fraud though)
he didn’t profit off of it
that’s not just me doing my ‘talk shit about bj’ thing; i mean flipping JPEGs is so wildly different than those weird lending protocols that the only way to confuse the two is if one had no idea what they were talking about
Sometimes they are inconvenienced and have to launder their illegal gains through their sons pretending to be poker pros.
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Found guilty but not sentenced yet
My point is you guys are overestimating the amount of fraud, scams and hacks in this space because of clickbait articles and your own desire to see the world a certain way. It’s the same stuff that warps the minds of the trumpers and antivaxers. The algorithm knows you like stories about crypto losers so you get served up so many you end up thinking the space is so full of fraud that it’s insane
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wait i almost forgot don’t we already have enough bicycles?
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Bitcoin is not a fraud.
Ethereum not a fraud.
Even NFTs are not fraudulent.
The crypto institutions like exchanges, algorithmic stable coins, yield farming, crypto banks are rampant with fraud.
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You are so close to getting it. Keep going.
Peloton not a scam!
I mean, that’s not entirely unfair. Otoh “banks are predatory and the solution is banks but without laws” is a shockingly dumb take, and “people too dumb or ignorant deserve to be robbed” is just super offensive scam artist card cheat ethos that deserves all the scorn. Aita for pointing it out? Fine, I’m ok with that.
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You do see how this is a distinction without a difference, right?
You are not imo. You disagree with people in ways that don’t come across as contemptuous and spiteful. Although I don’t think your characterization really gets to the heart of what’s actually being said.
To paraphrase something somebody in (I think) the Discord said awhile back, there’s a certain degree of nihilism to a lot this crypto stuff. Like sure, there are crypto true believers who envision some decentralized technotopia on teh blockchainz, but there’s also a large faction that thinks everything is so hopelessly broken and corrupt that yeah, fuck it, why not have an algorithmic stablecoin that self-referentially maintains its own peg to another currency through smoke and mirrors? The way “real world” currencies function is just as absurd, but nowhere near as entertaining.
We have Riverman and others ITT mocking people who signed up for 20% APR through dubious investment schemes when an indexed fund returned roughly the same amount last year in no small part due to a pandemic money printer going brrrrr, and all of that nonsense is now on the brink of a really ugly recession or stagflation or idk wtf.
Which company did more damage to the economy and retail investors - Three Arrows Capital or Enron? (Spoiler: It was Enron, by a lot)
There’s a pretty big part of me that doesn’t even care anymore and just wants to roll the dice for the lulz. Maybe I 100x on some stupid shitcoin. Maybe the global economy collapses. Whatever. Everything is hopelessly broken. At least the crypto stuff makes me laugh.
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i was about to pull a “oh man wait until you guys hear about enron” but i didn’t want to seem old
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The funniest story in The Smartest Guy in the Room was about that Asian exec who frequented escort parlors. When going out with his subordinates he told them that after aforementioned leisures he goes to a gas station and sprinkles gas on himself so his wife can’t smell the escorts. One minion replied: “Won’t she think that you’re fucking the gas attendant then?” Everybody laughed, including the exec. Next week the minion was abtruptly relocated to Bumfuck, Alaska.
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Presented without comment
https://twitter.com/dougpolkvids/status/1545910721338216449?s=21&t=He1WRPSY33QCNenmBlQbxA
wtf lol