Challenge: explain to a normie that their life savings is gone forever because of mortgage backed derivatives.
Somebody who directly invested in MBS is by definition not a normie.
However, morons spamming TikTok, Twitter, Facebook and every social network to find a sucker to invest in their super 20% profit moon monkey future currency can be found in a minute, reaching hundreds of thousands. Plenty of normies lose their money in this.
My retort was half-baked because two wrongs don't make a right. But it is ironic to see that many normies here don't see how MBS caused massive wealth loss across all investors worldwide without them directly speculating in that asset class. While, so far, this hack hasn't caused a crash in crypto assets.
Of course there is no justice in either case, but at least normal people can see who is most appropriate to behead in the case of the traditional financial catastrophes, in the purely theoretical revolution.
If you got burned by mortgage backed derivatives and lost your life savings, it's ultimately because you were (knowingly or not) speculating on the value of real estate assets and making an assumption about future values of said assets.
In the case of Nomad, it's that you put yourself at risk by using their service you could've lost everything you put in.
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>it's ultimately because you were (knowingly or not) speculating on the value of crypto assets
Not seeing how these are different
They claimed high-risk mortgages would turn AAA by the magic of financial and statistical shenanigans. That's not far from "zero initialized vector" shenanigans.
Investing in AAA securities is not speculation, by financial standards, by the way.
I would argue that it is now after seeing the bullshit the ratings agencies pulled during that fleecing of the world.