Comment by skaag | Hacker News Reader

Comment by skaag | Hacker News Reader

Parent Full thread

I'm an indirect victim via BlockFi (headed by Zach Prince), which did business with FTX and lost my money as a result. I held 33 ETH in a BlockFi BIA account, and only recently got 4 ETH back. I don't know if I will ever recover the rest of my funds.

I don't know what your financial situation is but I'm not rich, and it is extremely painful to look at ETH trading at above $3000 and realizing my rainy day fund has been stolen by criminal nincompoops.

My personal values dictate that I be significantly more careful with money when it is someone else's money. Even if you gave me $20 to get you a Burrito, I'll get you the best deal, tip the minimum, and give you your exact change. I'd even give you a few cents more just in case because I don't want to be owing you anything.

So when a group of people behaves irresponsibly with people's money it boils my blood. He deserves every jail year he got, just on the hubris alone.

>So when a group of people behaves irresponsibly with people's money it boils my blood. He deserves every jail year he got, just on the hubris alone.

I don't want to rub on your wound but you need to take some responsibility as well. You knew crypto was risky. You knew many exchanges have scammed and went under, taking their customer's funds with them. It's arguable that every crypto exchange is shady and it's inevitable that every single one them will fall.

You should also blame the laws because exchanges and most crypto are clearly securities. But our law makers have been slow to respond and have probably been paid off by crypto money.

Not that I would lose sleep in anger over my missing ETH (I was not hit by this, I did not have anything touching FTX), but I think your take is a little unreasonable when FTX clearly acted in a way that is directly illegal to do as a financial institution. I don't keep my life savings in crypto either, too risky, but still.

Crypto has been largely unregulated. People who gamble with crypto should know that.

In fact, the same crypto bros argue that they should NOT be regulated.

Cryptocurrency is different because the primary value proposition is the "law of the jungle" market economics. The value of your tokens comes from the general swirl of criminal activity. You can't say you deserve the upside but not the downside risk.

Is false

Reply on news.ycombinator.com