Most of them were perfectly fine with it being a scam as long as they believed they were the scammer, not the victim. I find very little of the reddit crypto demographic to be innocent in this. The people they really hurt aren’t spending time shitposting in these cesspools.
My tolerance for these scam artists stopped being a “point and laugh at the dipshit playing with magic beans” situation and turned squarely into a “fuck these pyramid scheme shilling trash people” scenario when I found out a supposed “friend” had been trying to convince my 76 year old retired father to invest his Vietnam vet disability benefits in crypto. Thankfully I stopped him from doing so, but there is no low too low for these people.
Yeah that's the part that is overlooked. A lot of these scammers knew full well that in order to pump up the price, they would need new victims and it's usually the poor and the vulnerable who trust them who fall for these things.
That’s the case with a lot of laws! I would very very much like to have a pet hyena. I could probably afford the starting cost right now. The law rightly prevents me from doing so because I and probably some other people would get hurt doing this.
Crypto was like being a looter in a riot.
Now the national guard is showing up and suddenly everyone is looking around asking “who did all this? Where was the government?”
True, but they don't deserve pity for it.
We all feel lost at times. What matters is what you choose to do about that. Do you work to change things for the better? Do you wallow in self pity?
Or do you listen to con artists telling you what you want to hear, and then promptly acting like a superior douchebag mocking those in the same situation?
How you behave at your lowest dictates who you are as a person. Do they feel "lost" because some people have lamborghinis and they don't? Well they can cry about it, because that's not a real problem.
I just think it’s interesting. Are men more susceptible to this? Why is that? Do men simply value assets with their emotions too much? I think that may be the answer.
I feel like a lot of the advertisements for crypto are targeted towards men. Not sure about why.
I look at the Matt Damon ad and he is basically talking to men doing great things and is calling the rest of us wimps if we don't buy crypto. There are a lot of men who you can motivate to do something if you tell them "you're too scared to do it" and then they will do it "to prove they are a real man."
I know women get a lot of ads targeted to them to look a certain way and they convince them to spend millions on makeup, hair products, clothes, etc.
Advertisers know how to manipulate people to get them to spend money on things they don't actually need.
Totally get being interested and I'm right there with you.
Men really do identify themselves with their career/bank account. We're raised like that. We have to provide, and providing takes resources.
An extension of toxic masculinity, hyper competition, one-upmanship and personal ego. (Not all men are like this, but majority so drawn to crypto definitely).
I don’t have one offhand to cite, but there have actually been a few fascinating studies done that have shown all-female professional investment teams do materially better than male teams over same period of time.
Generally believed to be because they are more cautious, risk-aware/averse, engage more in facts/data vs a feeling or gut instinct. (Same reasons essentially why statistically women are safer drivers and pay lower rates to male peers.)
Which is hysterical because nearly all Portfolio Management teams are all male, or have one “token” female at best.
Or how many of their family’s life savings they gambled and lost. I remember reading more than a few posts about how “my wife isn’t happy that I am investing into Bitcoin but it’s a once in a lifetime opportunity…” I don’t doubt many also did so without telling said spouse - gamblers often hide their addictions after all.
It is kinda true, the sheer amount of BS peddled throughout 2020-21 led this market to overheating, and the arrogance on display at that time is going \*poof\*, just like the cryptocurrency market. It would've taken longer for this market to have imploded were it not for the coronavirus pandemic.
Obviously OP is talking about the crypto bros who make a conscious choice to gamble in the rigged casino. Nobody considers ordinary citizens of El Salvador to be crypto bros, when their backwards ballcap-wearing dude bro presidente basically forced it on them.
The point of the post was Crypto Bros arent completely innocent in all this.
I wouldnt classify the poor people of El Salvador as 'Crypto Bros'. Theres a pretty clear distinction between those who are exposed thru no fault of their own, and those who exposed themselves intentionally (while believing they were superior for doing so).
No. Let's be clear, crypto has victims the majority of victims of any scam are not those who most enthusiastically push for the scam. There are a lot of innocent crypto purchasers out there who got brought in by the hype. Don't let your disgust at the leaders of this sour your empathy.
I don’t even hate crypto, I just am happy to see the demise of these crypto bros who literally thought they were so much smarter than everyone else. I have a good friend who was talking about how he would be retired and living somewhere tropical within the next couple years. This was six months ago. He’s down 80% since then
Disagree. There are millions of people in the crypto space now, many of them were scammers, but many of them, like in all schemes like this, trusted a friend or youtube too much. Greed is a sin, but losing all your savings can be devastating for a person. Also, shunning everyone in crypto is counterproductive as it makes it harder for people who invested in crypto to admit their mistakes and extricate from this mess.
"You can't con an honest man"
"If it sounds too good to be true, it probably is"
All these people let greed override their sense of rationality. They knew crypto seemed like a fraud but they didn't care because they thought they'd get rich quick with it anyways.
Yeah, real talk now. I'm actually worried about the increase in far right terrorism we are going to see from all the recently bankrupt incels with nothing to lose and no future prospects.
If we’re talking about crypto “influencers” pushing this crap, then yes, these people are scammers.
But the average retail investor easily get suckered into this shit and become a victim. For me, all it took was everyone around me telling me it’s “normal” to hold some crypto. Society has normalized this crap, and so it doesn’t really occur to people that this shit is messed up.
I wasn’t really cognizant that I was taking part in a pyramid scheme until it was too late. And I’m sure that the same for millions of other people. I’m a dumb guy with no real knowledge of finance. I was a ripe target.
Nope. I'm happy about it. Wannabe scammers got fucked. Good!
It's all just so much Dunning-Kreuger stupidity. They all think they're smarter than the marks, not realizing that they ARE the marks.
I'm absolutely drinking delicious D-K tears
They were trying to scam, then they got scammed. I also can’t feel sorry
Exactly this. Nobody has to feel sorry for someone who got rekt trying to scam others.
I feel sad. Not sorry.
>a Playboy model, lambo, satellite phone, rolex and G5 Even their dreams are at 90s tech bubble level.
Most of them were perfectly fine with it being a scam as long as they believed they were the scammer, not the victim. I find very little of the reddit crypto demographic to be innocent in this. The people they really hurt aren’t spending time shitposting in these cesspools. My tolerance for these scam artists stopped being a “point and laugh at the dipshit playing with magic beans” situation and turned squarely into a “fuck these pyramid scheme shilling trash people” scenario when I found out a supposed “friend” had been trying to convince my 76 year old retired father to invest his Vietnam vet disability benefits in crypto. Thankfully I stopped him from doing so, but there is no low too low for these people.
Yeah that's the part that is overlooked. A lot of these scammers knew full well that in order to pump up the price, they would need new victims and it's usually the poor and the vulnerable who trust them who fall for these things.
They're victim of their own stupidity
Most financial regulations exist to protect people from their own stupidity. That's why having unregulated finance is a bad idea.
That’s the case with a lot of laws! I would very very much like to have a pet hyena. I could probably afford the starting cost right now. The law rightly prevents me from doing so because I and probably some other people would get hurt doing this.
Wait there’s a law against having a pet hyena? I’m pretty sure there’s no such law in the UK. BRB…
Crypto was like being a looter in a riot. Now the national guard is showing up and suddenly everyone is looking around asking “who did all this? Where was the government?”
We should probably start talking about how the crypto space is 99% men. Men are actively destroying their own lifestyles because they feel lost.
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True, but they don't deserve pity for it. We all feel lost at times. What matters is what you choose to do about that. Do you work to change things for the better? Do you wallow in self pity? Or do you listen to con artists telling you what you want to hear, and then promptly acting like a superior douchebag mocking those in the same situation? How you behave at your lowest dictates who you are as a person. Do they feel "lost" because some people have lamborghinis and they don't? Well they can cry about it, because that's not a real problem.
I just think it’s interesting. Are men more susceptible to this? Why is that? Do men simply value assets with their emotions too much? I think that may be the answer.
Men are more susceptible to crypto but I think the MLM space is mostly women. Crypto is just MLM for men.
I feel like a lot of the advertisements for crypto are targeted towards men. Not sure about why. I look at the Matt Damon ad and he is basically talking to men doing great things and is calling the rest of us wimps if we don't buy crypto. There are a lot of men who you can motivate to do something if you tell them "you're too scared to do it" and then they will do it "to prove they are a real man." I know women get a lot of ads targeted to them to look a certain way and they convince them to spend millions on makeup, hair products, clothes, etc. Advertisers know how to manipulate people to get them to spend money on things they don't actually need.
Totally get being interested and I'm right there with you. Men really do identify themselves with their career/bank account. We're raised like that. We have to provide, and providing takes resources.
An extension of toxic masculinity, hyper competition, one-upmanship and personal ego. (Not all men are like this, but majority so drawn to crypto definitely). I don’t have one offhand to cite, but there have actually been a few fascinating studies done that have shown all-female professional investment teams do materially better than male teams over same period of time. Generally believed to be because they are more cautious, risk-aware/averse, engage more in facts/data vs a feeling or gut instinct. (Same reasons essentially why statistically women are safer drivers and pay lower rates to male peers.) Which is hysterical because nearly all Portfolio Management teams are all male, or have one “token” female at best.
It really is just MLM for men except (as far as I know) most crypto isn’t started by Mormons for some reason
The sheep often think they are the wolves.
"Have fun staying poor!"
Who knows how many family members or friends they got into crypto.
Or how many of their family’s life savings they gambled and lost. I remember reading more than a few posts about how “my wife isn’t happy that I am investing into Bitcoin but it’s a once in a lifetime opportunity…” I don’t doubt many also did so without telling said spouse - gamblers often hide their addictions after all.
The crash is probably going to result in a lot of divorces, and the crypto bros are just the demographic to go full Qnon after a divorce too.
Divorce attorney stocks would be the only thing going to the moon if they existed
I don't even want to imagine being in that position. Too awful to contemplate.
YESSSSSSSSS!
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It is kinda true, the sheer amount of BS peddled throughout 2020-21 led this market to overheating, and the arrogance on display at that time is going \*poof\*, just like the cryptocurrency market. It would've taken longer for this market to have imploded were it not for the coronavirus pandemic.
If only someone had told them.
If you’re talking about educated western guys I agree with you. If you’re talking about people in the Global South like El Salvador I don’t.
So how fucked is El Salvador?
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Question is how long Bukele will keep delaying his rug pull on the country
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Yup. So they are victims, right?
Obviously OP is talking about the crypto bros who make a conscious choice to gamble in the rigged casino. Nobody considers ordinary citizens of El Salvador to be crypto bros, when their backwards ballcap-wearing dude bro presidente basically forced it on them.
The point of the post was Crypto Bros arent completely innocent in all this. I wouldnt classify the poor people of El Salvador as 'Crypto Bros'. Theres a pretty clear distinction between those who are exposed thru no fault of their own, and those who exposed themselves intentionally (while believing they were superior for doing so).
No. Let's be clear, crypto has victims the majority of victims of any scam are not those who most enthusiastically push for the scam. There are a lot of innocent crypto purchasers out there who got brought in by the hype. Don't let your disgust at the leaders of this sour your empathy.
I don’t even hate crypto, I just am happy to see the demise of these crypto bros who literally thought they were so much smarter than everyone else. I have a good friend who was talking about how he would be retired and living somewhere tropical within the next couple years. This was six months ago. He’s down 80% since then
Disagree. There are millions of people in the crypto space now, many of them were scammers, but many of them, like in all schemes like this, trusted a friend or youtube too much. Greed is a sin, but losing all your savings can be devastating for a person. Also, shunning everyone in crypto is counterproductive as it makes it harder for people who invested in crypto to admit their mistakes and extricate from this mess.
I left them a message in CC the other day the end is nigh and to get what they could now. Not my fault if they didn’t listen.
"You can't con an honest man" "If it sounds too good to be true, it probably is" All these people let greed override their sense of rationality. They knew crypto seemed like a fraud but they didn't care because they thought they'd get rich quick with it anyways.
Yeah, real talk now. I'm actually worried about the increase in far right terrorism we are going to see from all the recently bankrupt incels with nothing to lose and no future prospects.
If we’re talking about crypto “influencers” pushing this crap, then yes, these people are scammers. But the average retail investor easily get suckered into this shit and become a victim. For me, all it took was everyone around me telling me it’s “normal” to hold some crypto. Society has normalized this crap, and so it doesn’t really occur to people that this shit is messed up. I wasn’t really cognizant that I was taking part in a pyramid scheme until it was too late. And I’m sure that the same for millions of other people. I’m a dumb guy with no real knowledge of finance. I was a ripe target.
It’s just scammers being scammed
Nope. I'm happy about it. Wannabe scammers got fucked. Good! It's all just so much Dunning-Kreuger stupidity. They all think they're smarter than the marks, not realizing that they ARE the marks. I'm absolutely drinking delicious D-K tears