Wherever Riverman goes the party goes.
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These high interest crypto corps really really really took advantage of the retail âinvestorâ that bought into the: âbanks are evil, steal your money via inflation, corrupt FED centralized financeâ.
They donât really understand investing, but they really hate legacy financial system for a variety of reasons.
And rightfully so.
tbf, theyâre not wrong about that. Well, maybe the Audit The Fed! stuff is dumb, but theyâre not wrong that traditional financial systems are screwing over their customers and rige with scams and fraud.
The questionable part is solving the problem by creating a new system that removes existing barriers to scam artists.
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Itâs perfectly acceptable to despise what wall street did in 2008 and all the fed money printer brrrr like no tomorrow.
And crypto fraudsters pray on that like a pedophile in a playground.
âEarn 10-18% yield here with us and beat inflation!â
I agree.
But what do you mean by traditional financial system screwing over their customers? Thereâs plenty of scam and grift in trad finance, however the main function has been:
- Getting you a mortgage to buy your house
- Bonds
- Commercial real estate financing.
- Stocks
Thereâs the scam part like life insurance / credit card fees but it isnât rug pulls levels of scam.
Once upon a time the fraud in more traditional finance like stock trading was just as bad as the rug pull levels of fraud happening in the crypto world. It took a heavy regulatory lift over many decades to wrangle securities fraud to the point where we barely notice it happening. But the entire 20th century was just jam packed full of terrible stock speculation stuff that is thoroughly illegal now.
By the way, there is still a lot of securities fraud but it is mostly with small players, not big institutions. Mostly stuff like relatively small time real estate scams where someone sets up an illegal or even fictional real estate trust that collects investor money to buy real estate ventures. Most of the securities fraud these days comes from either people doing this with no licensing and no proper disclosure or regulatory compliance, or doing it as a pure Ponzi with no actual properties being bought or sold in the fictional fund. Whatâs really jarring about crypto is seeing the main stream advertising for the exchanges and stuff like that. You donât see ads with Matt Damon telling you to be bold and pool your money with other people to get in on super secret canât miss real estate opportunities.
Probably the most prevalent issue with traditional asset management now is that it is absolutely crystal clear in the securities law and described clearly on page 11 of the fine print attached to the advisor agreement that securities advisors in the US donât have to put the clientâs interest ahead of their own interest, they only need to sell you an investment product that is âsuitableâ for you. That doesnât mean that itâs the best product for you, or that they canât pick the most expensive of all possible suitable products for you. But notwithstanding all this, any advisor that wants to keep clients works very hard to leave them all with the impression that the advisor is looking out for the client and taking care of the client. The gap between what clients think the advisor is obligated to do and what the advisor is actually obligated to do is a HUGE gap.
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What happened to the âLCâ thread? I think itâs important that we have maintain a LC crypto thread because otherwise people get very angry about fraud links drowning out all the substantive crypto discussion.
Did someone yeet the other crypto thread?
Other thread is still there, but this thread needs to retain the âLCâ title, so that people know to go there for all of the substantive crypto/blockchain discussion.
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Nobody gets mad about the fraud stories. People get mad when theyâre accompanied by spiteful, contemptuous, and blatantly dishonest insinuations that anybody here ever endorsed or bought into that shit.
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The Crypto Thread: BAD (only post when Crypto is going down)
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If thatâs all limited to the LC thread, then we can give the mods a break on the complaining about it, yes? Anyone not interested in it can continue with the ongoing substantive crypto/blockchain discussion in the non-LC thread.
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Just let me know which thread I can poast in and not get yelled at.
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Imjosh never said HFSP, stop being a stupid disgusting liar.
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Rivermang did:
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Ahaha who is complaining lol wtf are you even talking about?