FTX Tapped into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by twawaaay on Thursday November 10, 2022 @04:56PM (#33554025)

That's because it is all built on greed and a lot of lies.

The only time you actually are part of the trustless system is when you are sole custodian of any private keys necessary to access the coins.

The issue with this is that a whole lot of people have no idea what it is, how it works, how to be part of the system and how to keep keys secure and safe at the same time.

And it is fine. People can't know everything.

But one thing I know, if you buy stuff you do not understand and then you loose money, it is on you.

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by zen21 on Thursday November 10, 2022 @10:39PM (#33557060)

What about if you buy something you thought you understood, but that’s only because you were lied to?

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by tartoran on Thursday November 10, 2022 @11:08PM (#33557216)

Still on you. Who did you trust that lied to you? Then starting to ask oneseld: Why did you trust them in the first place. Understanding that part would make it possible not fall for it the second time.

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by zen21 on Thursday November 10, 2022 @11:48PM (#33557407)

Luckily in many cases this is in fact not “on you”, but rather is a crime, or is subject to civil litigation depending on the nature of the fraud in question. This helps to avoid instances of retributive violence, which is the general solution when a legal system isn’t available.

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by lupire on Friday November 11, 2022 @01:37AM (#33557938)

That's fiat thinking, which is exactly what crypto people want to avoid.

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by zen21 on Friday November 11, 2022 @09:40AM (#33561347)

How do they plan to avoid violence when there are betrayals of trust?

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by twawaaay on Friday November 11, 2022 @04:43AM (#33558775)

There has never been a shortage of liars of every kind that seek to steal your money. Somewhat rarer, incompetents who handle your property stupidly. If you care for your money at all, the only person to fault is you.

I can try to seek "justice", but this rarely happens with cons that really know what they are doing. It is what I call victim thinking. That you do something stupid and then get bailed out by some authority.

[ Parent | on HN ]

Re:FTX Tapped into Customer Accounts to Fund Risky Bets, Set... by zen21 on Friday November 11, 2022 @09:41AM (#33561369)

It seems like you believe that trusting anyone is stupid.

[ Parent | on HN ]