Not according to Waco....he thinks investors that open accounts in the Bahamas should be protected by the US Government. That same government that he says over regulates every chance he gets.
Note: anytime you send your money off to an organization that is not insured by the government, you can get scammed and not get your money back. Originally Posted by VitaMan
nope. way too volatile. crypto doesn't pay any dividends, it's a currency not stocks so i'll stick with stocks.People stupid enough to trade in unicorns or fairy dust open accounts offshore to do so.....and you think the government should spend taxpayers dollars trying to make thesecdumbasses whole?
as usual you gloss over the facts. the exchange was a legit business. upfront, presumably, so was the hedge fund. each were separate entities as they should be for obvious business reasons. the problem for the exchange users who should never have been tied to the hedge fund is that sammy boi controlled both. the exchange users were true innocent victims. the hedge fund, which i understand was private so was not open to typical investors, who knows who put money into it? some large institutional players did and they got burned. their risk is risk. they should know better. the exchange users had no risk at all. the exchange is for people wanting to convert one crypto for another. simple enough for you?
the hedge fund was the problem. it deals in FTT which is a crypto currency sammy boi created. the bulk of his hedge fund was backed by it. the hedge fund got overextended and to prop it up sammy boi illegally took customer funds from the exchange to put in the hedge fund. this caused a run of people trying to take out funds from the exchange and finding their accounts empty. then it all fell apart including the hedge fund.
some rival chinese dude in part caused it, by saying publicly that the hedge fund was in danger and thus the panic run on the exchange. by then for the exchange customers it was too late, sammy boi had already moved their funds.
you can argue sammy boi wasn't a conman at all. he certainly is a criminal now for taking the exchange customer's funds. sammy boi had a few years of legit experience as a junior trader for an established firm, as did several of the others including that butt ugly ex-gf of his. they thought that after just a few years in the industry, they knew enough about the game to run their own hedge fund, one largely backed by his own crypto currency and found out the hard way they were in way over their heads.
so now that i've explained it to ya, back to your ill-informed and snarky dismissal of the victims, the exchange users. not anyone involved in the hedge fund. i presume you have at least one and probably several (as i do) investment accounts, yes? and let's state the fact that while individuals can make trades directly with a standard brokerage account, an individual can't go out and buy stocks without a brokerage account. clear enough?
so let's say whoever is your brokerage firm suddenly makes bad institutional investments on their own positions and to cover it they empty your brokerage account and all their other individual customer accounts trying to cover their asses.
are you a victim? would you like it if some snarky dude on the internet says "i say fuck 'em!" for getting all your assets stolen?
you'd be yelling yer head off "I AM A VICTIM!!" and you know it.
the exchange users are innocent victims. just like you would be. Originally Posted by The_Waco_Kid
People stupid enough to trade in unicorns or fairy dust open accounts offshore to do so.....and you think the government should spend taxpayers dollars trying to make thesecdumbasses whole? Originally Posted by WTF
What is it you want the government to do for these folks who were greedy, did very little due diligence and invested in an unregulated market?
Am I being too mean? You want me to hold their greedy little hands? Wipe their tears away?
You thinking I should feel sorry for folks who invested in pixie dust is ridiculous. Are you sure you're a Conserative? Originally Posted by WTF
The so called "innocent victims" were trading in crypto, in an unregulated exchange.
With high rewards come high risks.
And trading in a so called commodity that was compared the the Dutch Tulip catastrophe sounded stupid af to me.
I had a girlfriend of mine...a friend who was female would be a better description...try and talk me into buying Bitcoin but she could not explain to me how our dollar, with the backing of our military was safer than this encrypted magical coin backed by pixie dust.
So while it is tragic that folks lost money in this FTX exchange, let us not forget why (greed) and what (magical coin) they were engaged in. Originally Posted by WTF
This is like you jumping in the Lions den at the zoo and can't seem to believe that you got your arm bitten off.
"Someone stole my arm at THE ZOO!"
"No son, your silly ass jumped in the Lion's den and got your jacking off arm bitten off!"
You keep claiming they should be safe at the zoo and I keep telling you , in regulated places, you are. Originally Posted by WTF
Let me get this straight....if you invested 1000 dollars in Bitcoin and were stupid enough not to cash out, instead you transfered it to FTX IN THE BAHAMAS...an unregulated market and you want my sympathy?
In your scenario, they only lost one thousand dollars!
I'll tell you what....if you can find me someone whose money was unknowingly stolen from a brokage house or one of our fine regulated bank...deposited in Sam's exchange and they then lost all their money....I'd feel sorry for them but....I'm pretty sure they have legal recourse to get THEIR money back.
You seem to forget where it was they deposited their money! An unregulated exchange! Originally Posted by WTF
Time for a commercial break between the salvos of TWK and WTF:
Shaq distances himself from crypto and FTX collapse:
‘”I was just a paid spokesperson” Originally Posted by VitaMan