The "What is happening?" and "How is it happening?" sections of the article spen...

anaphor · on July 30, 2020

I disagree with the idea that traditional legal financial services commit less fraud than cryptocurrency scams do. They just get away with it easier.

> Normally these frauds are recognized for what they are quite quickly and the courts and regulatory bodies can clean up the mess and rectify the damages to those who have been misled

That just comes off as total BS to me. How many regular people were awarded damages after the 2008 meltdown, which was due to massive fraud in the mortgage industry?

still_grokking · on July 30, 2020

> regulatory bodies can clean up the mess and rectify the damages to those who have been misled

That seems true. The system relevant banks got their bailout. Regular people OTOHS are not system relevant. So everything's fine. /s

yarrel · on July 30, 2020

"Legal financial services are bailed out by the state when they destroy the economy, cryptocurrencies don't do that" doesn't take 900 words.

knorker · on July 30, 2020

Except when they do get bailed out. Eth.

isoskeles · on July 31, 2020

What exactly are you referring to? Can you link an article to explain, as it sounds like you're saying Ethereum was bailed out by the federal government.

knorker · on Aug 4, 2020

ETH core developers bailed out the rich-in-ETH people who lost money due to the bug in The DAO by forking the currency.

Capitalism for the poor, socialism for those close to the core developers.