* There is no free money. Why would there be free money?
* It isn't FDIC insured. Look, it is a lie
* It has ponzi economics, etc
And it would get hand waved away. Agree that authorities dropped the ball, but the way a good con works is the mark wants to get conned, they want to believe there is something too good to be true.
This is not aimed at OP, who opened up, admonished themself, etc.
The world is full of liars, something one learns as one gets older.
This also explains all the hype and starry eyes for LLMs.
> I sincerely hope that I never meet Sam Bankman Fried, because if I did I do not know what I would do but it certainly wouldn't be legal.
Why is this statement not condemned? Of course it's terrible that SBF was a fraud. But insinuating that physical harm is justified is just not ok. They were the naïve ones who bought into the BS, waived away all the warning voices, and now they are threating violence? Not ok.
I feel like you know this, and you’re pretending to not understand this to take some moral high-ground.
When interest rate is below inflation, we do have free money, it's just not for everyone.
Nope, the failure is of the individuals. Sure, regulators deserve some of the blame but nobody forced the individuals to put their money into such ridiculous schemes.
Before the collapse, FTX and crypto had a veneer of respectability. They had ads everywhere and the mainstream press treated them like legitimate financial investments.
The failure here isn't of the individuals who get suckered with crypto bullshit, it's a failure in our ability to regulate and tamp down that kind of bullshit. Shame on the press, government institutions, and of course tech sector VCs, for either shilling for, investing in, or looking the other way while these frauds were taking people to the cleaners.