[stoplying1]

Uhm, yeah, people made the wrong bet because they fell for another hyped up tech company.

But let's put a fine point on it -- that specifically fell in with a rent-seeking company capitalizing on a decentralizaed space with a centralized platform and then surprise-pikachu'd when they did the same thing as every one before them.

> because when it's not on an exchange you can't convert it back into USD when significant market moving events take place.

Weew, well, idk, if y'all know this, and I'll take the karma hit, but the rest of us that know better than to day trade mostly roll their eyes at this ... crap. And if you WERE "day trading" and didn't manage to pull out, well, maybe day trading isn't in your cards. Go watch YT for a few hours and I'm sure youll be on to your next get rich scheme.

[jbm]

> Go watch YT for a few hours and I'm sure youll be on to your next get rich scheme.

I laughed, hard. Bravo to you.

To be charitable, some people may only be able to afford a normal lifestyle though a successful "get-rich quick" scheme. Think insane markets like Toronto and Vancouver that are flooded with laundered money; how are you going to make enough money for a home without making a YOLO-style bet on something you don't understand (but is portrayed to work for rich people)?

I think far less people would be taken by these scams if their basic needs were more easily paid for.

(Disclaimer: I own zero Crypto, have never owned any Crypto)

[stoplying1]

Oh, oh dear. Um, that was sarcasm. I clearly don't think people should be looking for get rich schemes, on yt or otherwise. It was aimed at the people that think day trading, lottery tickets, or otherwise longshots are a logical response to a hostile market.

Its hard to think of any scam that isn't portrayed as "working out (for the (would be) rich)". Again, a good reason to be wary of such things.

I'm totally in favor of helping struggling folks, taking care of basic needs, etc (though I'm not sure laundered money is the culprit I'd offer). But lord maybe some reasoning skills would also do some wonders. Also, Christ, it pains me how often I think "if only I could sleep with myself stealing money from fools". Because I do know you're right, that's the psychology of why get rich schemes work...

[kypro]

If you have your money invested in some safe government treasuries with a broker you think you can trust until one day you find out to the surprise of both you and the entire financial system that the broker you're keep your government treasuries with are using them as collateral to fund bunch of risky crap they weren't telling you about. Sure you've lost everything but I mean you could have brought the treasuries directly from the government and held them yourself, right?

I highly doubt most people with crypto on FTX were day trading. My guess is most just held their crypto with FTX because like stocks and bonds it's generally easier to hold them with a broker.

The same argument could be made about cash in the bank. Do you keep all your money in cash under your bed or do you trust your bank isn't going to do illegal crap with it? Oh wait, let me guess, I bet you're day trading your cash for food and shelter instead of keeping it locked in a safe buried 10 feet under ground?

My point is in any normal market the government would have stepped in if this were to happen. Crypto investors deserve similar protections as investors in other asset classes. They also deserve our sympathy. These weren't the degenerate gamblers you're paining them as.