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by methodical
1322 days ago
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No- by taken advantage of I mean like putting your life savings into a 20% APR yield crypto savings account and getting rugpulled the next week. Funny how you reference being taken advantage of in standard financial institutions as having debt but it is just as easy if not easier to take out loans in the crypto space that people have no chance in hell of paying off. Regardless, that's unrelated to what I was talking about, which was about people getting conned day in and day out in the crypto space. At the very least, this is minimized in the regular financial market which has safeguards in place to protect consumers. Is this system perfect? No. Is it 100x better and safer than the current state of crypto because of lessons of the past and the laws put in place because of them? Yes. If you believe that crypto is in any regard better than the traditional banking system (which it seems you do), please state those claims explicitly. |
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Crypto is extremely speculative and risky and everyone knows it.
Housing on the other hand, get extremely favorable regulation that's unjustified in my opinion. You got the Fed buying mortgage backed securities.
In my view, what is going on in traditional finance is morally wrong much more than in crypto. Unlike crypto were the bubble doesn't effect me, I need to work and pay higher rent and my freedom is restricted as a direct consequences of the evils of traditional finance wether I'm participating in their bubble directly or not.
Many of the things you call "safeguards" of traditional finance are greater evils than nothing at all. Especially safeguards of collateralization, like mortgage.
(And don't get me wrong - I'm very capitalistic in my world view. You can just hardly call capitalism the way the Fed and mortgage dealers acted, and central banking is the bane of modern capitalism).