“I never thought that a publicly traded company would gamble my money away,” Cosey said. “That’s the risk that I didn’t understand.”
"“I was dumb enough to trust them,” he said.
Like many others, the Chicago man said he had been drawn to Voyager because it was publicly traded but also offered a high yield on the coins he held. He believed his money to be safe with Voyager since the company so often touted its low-risk profile and FDIC insurance. Distrustful of traditional big banks, the Chicago man thought a publicly traded crypto financial company would be more transparent.
“I was wrong,” he said. “Voyager was no different and actually much worse.”"
Ok, I will admit this article does have somewhat compelling stories of loss, but even these people still don’t seem to be asking for consumer protections and regulations even though they’re exactly the sort of people who need them. Also, this guy:
“It’s ruined me,” said a 25-year-old financial adviser in the Chicago area. “I have to start my whole life again.”
There’s at least three different Onion headlines in that quote.
If it was labeled FDIC insured that seems pretty shady. Other than that, these companies absolutely disclosed what customers were getting into. You can read my earlier posts in this thread which were based on just reading the websites of these kind of companies, the risks should have been known by investors. Zero sympathy for these people, made a high risk investment and lost.
Apparently, this is a real ad?
https://twitter.com/SimplyBeverages/status/1536705334940688385?s=20&t=zOoQKnDY7awb1vR49lPRkA
Businesses disclosed information that literally advertised their insolvency.
Not a big fan of the “unsophisticated investors deserve to lose their retirement funds” takes.
From what I have read Voyager strongly implied that USD with them was FDIC insured, when in fact it just meant that the bank that they dealt with was FDIC insured.
99% of the advertisements I see are scams. What does that say about Google/Twitter/etc?
i’m still stuck from amway couldnt even make it into crypto
I mean the younger generation can see the writing on the wall with the way things are headed, the costs of owning property in any metropolitan area, can you fault them for gambling their disposable income on whopper coin? Getting 8% on your meager savings in the market still isn’t enough to buy a home when you get to your 30’s. Running it up with crypto does truly seem like the only out people have left, and then if you lose it you go back to living paycheck to paycheck and paying jacked up rents, so what? Just back to normal. I mean sure that seems really dumb to entitled well off people. But is it that dumb if you know you’re never going to be able to buy your own home the traditional way working hard and saving what you can?
:vince4:
lol
Think about how many scams could have been avoided if people just knew about ibonds
i got this far and then stabbed myself in the eyeballs so i’ll read the rest but i gotta TTS or braillee this mf up 1 sec brb
let’s say I’m john Q idiot and I have 75k in cash burning a hole in my pocket in July 2022
single, unmarried, young, clueless. where does she invest? what % crypto are you going on any portfolio like this? if any, what kind and how are you storing it?