Re:White hat hacker awarded $2M for fixing ETH-creation bug
by dahart on Sunday February 13, 2022 @11:40AM
(#30323004)
Boy do we have the strangest hang ups over people getting lucky. Your link is mostly spinning an untrue story. It’s only a tiny collection of anecdotes, and it’s cherry picking and mostly not true.
This bankruptcy thing is a myth that seems to have been made up and won’t die. I’ve looked into this in the past and the only stats I could find that back it up are based on small winnings, not large winnings, contrary to your redditor’s claims, and the bankruptcy rates were temporary. Get this: the bankruptcy rates went down 2 years after winning between $50k-$150k, and then 3 years after that they returned back to normal. The returning back to normal from a low point was cherry-picked and reported widely as bankruptcy rates going up. Misleading, right? Here’s the Florida study this misinformation was based on: https://eml.berkeley.edu/~cle/laborlunch/hoekstra.pdf
This bankruptcy thing is a myth that seems to have been made up and won’t die. I’ve looked into this in the past and the only stats I could find that back it up are based on small winnings, not large winnings, contrary to your redditor’s claims, and the bankruptcy rates were temporary. Get this: the bankruptcy rates went down 2 years after winning between $50k-$150k, and then 3 years after that they returned back to normal. The returning back to normal from a low point was cherry-picked and reported widely as bankruptcy rates going up. Misleading, right? Here’s the Florida study this misinformation was based on: https://eml.berkeley.edu/~cle/laborlunch/hoekstra.pdf
The National Endowment for Financial Education has issued a press release about this bankruptcy misinformation: https://www.nefe.org/news/2018/01/research-statistic-on-fina...