The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[VirtualLarry]

Stuff like crypto is high risk and people should understand this. If you get your stock advice off some Youtuber or Tiktoker then that risk should be on you.

Then you should have to be an "accredited" investor to use / trade crypto or buy NFTs.

 

[Brainonska511]

Honestly I think it's dumb to hold people accountable for promoting any crypto or stock. People should still do their own research or get a financial advisor before they put a big sum of money into any form of investment. The only person that should be responsible is the person doing the investing themselves. Stuff like crypto is high risk and people should understand this. If you get your stock advice off some Youtuber or Tiktoker then that risk should be on you.

Influencers and celebrities should think twice before they attach their names to dubious things, because for whatever reason, people put stock in that. Actions have consequences, and their actions encouraged people to make dubious financial decisions, so now they get to face the music for their promotions.

 

[Red Squirrel]

Then you should have to be an "accredited" investor to use / trade crypto or buy NFTs.

Why? If an individual wants to risk it, then it should just be on them.

People should be responsible for their own decisions.

 

[Brainonska511]

Why? If an individual wants to risk it, then it should just be on them.

People should be responsible for their own decisions.

Businesses spend money on advertising because it works, and they pay money to influencers and celebrities to be brand leads because it makes their advertising more effective. You're just giving businesses who lie and cheat a way out of having to be honest brokers when dealing with the public.

And with that whole transaction above, celebrities have to do their own due diligence before they tie their own brand together with some third party.

 

[Red Squirrel]

Businesses spend money on advertising because it works, and they pay money to influencers and celebrities to be brand leads because it makes their advertising more effective. You're just giving businesses who lie and cheat a way out of having to be honest brokers when dealing with the public.

And with that whole transaction above, celebrities have to do their own due diligence before they tie their own brand together with some third party.

Not sure what that has to do with ads. Investment stuff is unpredictable and people need to realize this. Some influencer might have a hunch and say "I'd invest in that if I were you" but at the end of the day it should be your decision to do it or not. It's like trying to hold scientists accountable for not predicting earthquakes accurately.

It seems in this society nobody wants to take responsibility for themselves and always wants to blame or mandate someone else to do or not do something.

 

[Brainonska511]

Not sure what that has to do with ads. Investment stuff is unpredictable and people need to realize this. Some influencer might have a hunch and say "I'd invest in that if I were you" but at the end of the day it should be your decision to do it or not. It's like trying to hold scientists accountable for not predicting earthquakes accurately.

It seems in this society nobody wants to take responsibility for themselves and always wants to blame or mandate someone else to do or not do something.

It's funny that you think consumers somehow have perfect information and capacity to due some sort of full due diligence on everything. We're also not talking about investing in some random startup. We're talking about companies that made it deliberately easy for people to sign up and quickly purchase investments of dubious quality, while those same companies were burnishing the quality of their brand with celebrity endorsement, to further mislead Joe Consumer.

And many of those consumers have taken personal responsibility: they took a bath on those investments. Even if they succeeded in their lawsuits against the influencers and companies, they might only ever recover a fraction of what they put in.

I don't know why you like to give liars and cheats such a big pass. I bet you were rooting for the penny stock scammers in Boiler Room too, because those old people should have known better, right?

 

[Red Squirrel]

It's just ridiculous to hold someone else responsible for their bad decision. Most sane people know NFTs and crypto is high risk investing and if they don't it means they really didn't do enough research in what they're investing in. Same idea as how if someone trips and falls on your land they can sue you. It's ridiculous that this is the norm. We shouldn't have to constantly worry about being screwed over by a lawsuit because someone couldn't take responsibility for themselves. This sort of approach to everything is why insurance premiums (car, property, business etc) are so expensive. I guess it's best to avoid talking about investing on social media to prevent this sort of issue. If I say in a video that I made good money with doge coin someone could interpret that as advice then sue me if they lose it all because they decided to put their children's college fund in it.

 

[dullard]

Honestly I think it's dumb to hold people accountable for promoting any crypto or stock. People should still do their own research or get a financial advisor before they put a big sum of money into any form of investment. The only person that should be responsible is the person doing the investing themselves. Stuff like crypto is high risk and people should understand this. If you get your stock advice off some Youtuber or Tiktoker then that risk should be on you.

The way it I heard it described on the news was that there is a fundamental difference between financial purchases and other purchases. For example, most people understand perfume and exactly what it does. If you buy it, decide you don't like the smell, then you are out a tiny bit of money and move on. But with financial investments, it isn't a tiny bit of money. It often is thousands of dollars possibly even life savings. And financial investments are not simple nor do many people understand them nor exactly what they do. So, at least in the US there are strict advertising laws when it comes to financial purchases.

Some actors should do their own research before they do an ad for a financial investment. The person that should be responsible for advertising crap is the person doing the promotions themselves. If you get your jobs from some foreign money launderer, maybe you should stick to marketing shoes.

 

[Noid]

Hmmm ,, I remember some famous names during the NFL season last year. Even the Super bowl if I remember correctly ... I wonder how much FOX, ESPN and the NFL and all the Celeb's could be worth ... Seriously, there are too many to pursue ...

 

[IronWing]

Crypto isn’t just high risk investing though. It’s gambling where the house decides to simply steal your winnings. With regular casinos, the house doesn’t do that.

 

[DrMrLordX]

Honestly I think it's dumb to hold people accountable for promoting any crypto or stock. People should still do their own research or get a financial advisor before they put a big sum of money into any form of investment. The only person that should be responsible is the person doing the investing themselves. Stuff like crypto is high risk and people should understand this. If you get your stock advice off some Youtuber or Tiktoker then that risk should be on you.

Depends, are we talking Ronaldo or Logan Paul? It's not all the same thing.

 

[VirtualLarry]

wtf.

Edit: TL;DR: Dude FOMO's into crypto-mining, too late, using his business CCs. Says something about paying $3000 for each of a pair of 3090 cards. Seems like he was blind-sided by the Merge and didn't hit break-even.

 

[Red Squirrel]

Ouch, putting that kind of money into mining, especially with credit, is pretty dumb. Maybe he can get into AI and make use of those cards for that or something.

 

[VirtualLarry]

I put some money into some GPUs late 2020, just as the Bull market was starting. I didn't go into debt, though, or did I? I may have used installment payments. 0% interest though.

 

[MrSquished]

Ouch, putting that kind of money into mining, especially with credit, is pretty dumb. Maybe he can get into AI and make use of those cards for that or something.

do you know what an APK is?

 

[KMFJD]

https://www.wired.com/story/binance-settlement-transaction-histories/

~Binance’s settlement requires it to offer years of transaction data to US regulators and cops, exposing the company—and its customers—to a “24/7, 365-days-a-year financial colonoscopy.”

Lmao, this doesn't sound good

~The crackdown doesn't just mean a chastened Binance will have to change its practices going forward. It means that when the company is sentenced in a matter of months, it will be forced to open its past books to regulators, too. What was once a haven for anarchic crypto commerce is about to be transformed into the opposite: perhaps the most fed-friendly business in the cryptocurrency industry, retroactively offering more than a half-decade of users' transaction records to US regulators and law enforcement.

 

[Noid]

Lmao, this doesn't sound good

Only if you are a criminal. ( drugs, guns, tax evasion, extortion, corporate ransom attacks ... etc )

 

[Noid]

del

 

[dullard]

Only if you are a criminal. ( drugs, guns, tax evasion, extortion, corporate ransom attacks ... etc )

You just listed all the reasons to use crypto though.

 

[crashtech]

There used to be this little legal principle called the presumption of innocence. It seems to have fallen out of fashion lately.

 

[dullard]

There used to be this little legal principle called the presumption of innocence. It seems to have fallen out of fashion lately.

That only applies to juries. It never has applied to general discussion, the media, most of the government*, or forums like this. Other than juries, we operate on the presumption of guilt. Just head over into P&N and see how everyone pounces on the first rumor of anything.

* Imagine if a president presumed an attacking country was innocent until found guilty in a court of law. We couldn't defend ourselves for years or for however long they can delay a court case!

 

[JEDI]

That only applies to juries. It never has applied to general discussion, the media, most of the government, or forums like this. Other than juries, we operate on the presumption of guilt. Just head over into P&N and see how everyone pounces on the first rumor of anything.

Trump rushed to hospital and is pronounced DoA.
No, not true (for either)

 

[KMFJD]

Only if you are a criminal. ( drugs, guns, tax evasion, extortion, corporate ransom attacks ... etc )

or cheating on taxes (?)

 

[DrMrLordX]

There used to be this little legal principle called the presumption of innocence. It seems to have fallen out of fashion lately.

This crowd doesn't wanna hear all that.

 

[crashtech]

That only applies to juries. It never has applied to general discussion, the media, most of the government*, or forums like this. Other than juries, we operate on the presumption of guilt. Just head over into P&N and see how everyone pounces on the first rumor of anything.

* Imagine if a president presumed an attacking country was innocent until found guilty in a court of law. We couldn't defend ourselves for years or for however long they can delay a court case!

No it doesn't. It applies to Western governments assessing the actions of individuals, which is the context of this discussion. Dragging foreign policy into this is a red herring, bad enough, but dragging P&N into this really tells me what a good little authoritarian you are.