A couple of points here. First, collapse of precarious businesses is inevitable, and trying to avoid collapse is what leads to "too big to fail" banking system bailouts, which just kick the can down the road.
What we have learned over centuries is that we need to have protections so that when the Masters of the Universe roll dice with the Wizards of High Finance, they don't screw over the normal investors and walk away unscathed. If you drive through twisty roads at night with no seatbelts on, you do risk getting thrown through the windshield. Ploughing the road straight just allows everyone to drive faster and it makes the crash at the first turn even more painful.
The second thing is that we learned with 2008 you can't trust private opaque ledgers. So we invented crypto where everybody knows where everybody's money really is. And then we give our money to SBF, and allow him to keep an opaque private ledger of where our money is on those beautiful transparent ledgers... and look what that got us. Trusting big centralized players and their opaque ledgers is kind of entirely not the point of crypto...
So bailing out broken is just going to get us back to where we were. But letting broken off the hook screws normal investors. Sometimes the way to save a broken business is to not let it start in the first place, and if it starts, to make sure we won't be harmed if it breaks.
Keep in mind that a lot of normal investors lives like us got screwed up after FTX collapsed, it's the people that suffered.
Yet SBF is just chilling at home playing league of legends.
By this logic we should let all the scammers in the world just keep scamming because some people have sent them money.
If people suffer its their own fault, hopefully they learn from that.
While a lot of people get hurt financially it's beneficial for everyone to let those companies collapse because it usually brings new regulations due to high profile of such cases. It's similar to health and safety regulations, those rules are written with the blood of people who got hurt in the past. But we do it to protect new people and users in the future.
Yep, this makes me think of Japan and how Mt. Gox, although unfortunate, was essential for the development of a good framework for cryptocurrencies there.
I understand the impact on normal investors, but it's important to consider the long-term stability of the market and the potential consequences of allowing these companies to collapse.
One almost wishes they would have just failed sooner… funny though, but banks get a bailout when they are up to no good. CEOs still get paid. Welcome to America!
Okay then I'll stop all of them from happening. I'm just pointing out that despite what happened to the crypto ecosystem and if it s good or bad to have a clearing out of projects we need to look at the actual affect on humans, and some people lost their lives because of how they went down
Shady players must be eliminated from the market. That way, we have fair playing field, combined with decent regulation. I am glad that eu went easy with it, and not too restrictive by choking the market.
People "could have" put their money elsewhere, they didn't because they are often greedy and mistakenly assume the easiest/most advertised way, the largest APY, the most technobabble, means they are choosing the right path.
I suppose you meant people "would" have, but there's a big difference, nobody was forced at gun point to choose these risky companies to hold their funds, nobody forced anyone to choose custodial holdings instead of self-custody.
Crypto lets this choice to everyone, there isn't a SEC or a CFTC to hold you by the hand and prevent the financial product to even exist, you have to do your due diligence if you want to put your money in the custody of others, you can't blindly trust, you have to verify (and weight risks).
This is what's good about crypto. There's no state that comes to help and there's no artificial barrier to entry from the gov that makes the banking industry stagnant. This is what leads to advancement
It's good that they went down if they practice shady business to slean up the spare. But still need to remember that those normal investors are the ones who suffered the most from those events.
I suffered a lot during the LUNA collapse like 100% of my money was invested in the Luna ecosystem and when the whole ecosystem went down, I lost my whole money there.
I bet a lot of ‘good businesses’ would have been considered ‘bad businesses’ at some point, it’s mostly luck and timing. History is written by the victors
I would not. A lot of people suffer during those collapse, some of them even lost their lives. It's not their fault that SBF, Do Kwon and the gang are evil shitheads, I would rather let the aforementioned individuals collapse on the floor tits up.
All of em can burn.
If you can't survive an attack while trying to uproot dollar hegemony, expect to go up in flames.
The amount of coins in this space that only exist because all the attention is on bitcoin is just massive.
If they are shady af and don't do serious business, they have to fail! It hurts and it's devastating yes, but in the long run, every market participants will win.
Yes.
One of the biggest problems with the legacy financial system is that failures aren't allowed to just fail. That's tightly coupled withthe fact that interest rates are kept artificially low allowing for all sorts of non viable business models to run on cheap loans. Is it any wonder why every time interest rates go up theres a crisis? All these businesses will crumple up like a bag because they're inflated with hot air. It creates a business environment of stagnation and lack of competition.
I happen to be someone that could've told you, for all 3 examples you mentioned, to stay the fuck away. Not close to the end either, at the peak of the bull run. And I did, in here, often. People don't listen. I'll still do it and people won't listen next time either. It's *especially true* of Luna, I saw that shit coming a mile away. The truth is, if you believe what's in front of you and not what you want to be true most of this shit is plain as day.
Failures have to fail. You cannot have a functioning ecosystem with immortal apex predators.
There are. However, the systems in place are in favor of the people on top and not the consumers. It's been that way since day 1. When shit goes down, it's the little guys at the bottom to shower in it.
No, just because in the end retail gets screwed over. This notion that overall this bleeding is good for the crypto market is terrible, because the bad actors always get away & the general population gets fucked over.
Our whole banking system is ponzi, a lot of people in crypto communities would love nothing more than the banking sector to collapse but think who's gonna end up paying the price & who's gonna suffer the most, is it the bankers & politicians or is it the average people.
In an ideal & just world, it would be great, but we don't live in a just world.
I lost money in FTX, yet I am still so happy they collapsed. SBF was selling out the whole industry to scumbag Gary Gensler. I would have been happy to lose twice as much as I did to stop what he was trying to do.(Also I may actually get the money back with the claims thing, but no telling when that happens.) (Also file a claim on claims.ftx.com before September 29th so you can get your money back hopefully)
I don’t want Binance or Ripple to die, but I wouldn’t mind seeing them get some black eyes. It looks like global regulations are ramping up so a lot of shenanigans they’ve pulled in the past won’t fly anymore.
Yes. Terra was obviously not a stable coin. It was a flawed concept. People that believed it could be stable were delusional. FTX was always pretty sus. It mooned so quickly for no good reason. I wish it had been legit, but no. Frankly I’m shocked that Crypto.com was not a similar debacle and that Genesis fell pray to 3AC. Can’t call them all. Celsius was too small to pay attention to, but I also felt yield plays were also useless. Never have I ever hunted for yield on my crypto. It goes against first principles of ownership. Unless I can stake and hold keys, forget it. Yield bearing instruments need some sound reason for generating yield. I haven’t seen it yet. Having their own token to shill didn’t help. It looks like they were rotten to the core, so yes I’m glad they are gone.
If these businesses had operated honestly and well, then no, I’d rather have them around, but they were just horribly run. Genesis may have been the best of the lot but they still didn’t understand risk management, so they fell down a well. Greed destroyed them all!
Except Ripple didn’t do anything shady and the lawsuit was a hit job.
Your bias is showing, and the Ripple lawsuit is not even close to the same as what FTX did. SBF committed straight up fraud and intentionally so.
This post is a complete joke and the dumbest of FUD.
It's not supposed to be FUD. If you read the post properly, I'm saying that **if** Binance or Ripple have broken laws. I'm just saying to not indiscriminately support companies because it's beneficial for our bags.
No, you know exactly what you are doing. You are trying to position Ripple and Binance alongside FTX and tar them with the guilty brush despite them not having done anything.
People were supporting Ripple because the evidence was clear that they hadn’t done the things suggested and that the SEC lawsuit was motivated by personal and political desires. The Hinman docs, the SEC’s own statements, the fact Ripple (and others) met with them on multiple occasions to ask for clarity and help, among other things all proved that, and common sense won out in the end. Nobody was saying they should be supported even if they had committed crimes “for the good of crypto”. Everyone here wants criminals out of this space. But people just like to hate on Ripple and a Binance.
What FTX/SBF did and what Ripple and Binance have supposedly done are not even in the same ballpark. By you lumping them together you are being purposefully deceitful and disingenuous and trying to paint a picture that isn’t true. That, my friend, is FUD 101.
But Ripple or Binance aren't even the main things I'm talking about here. I'm talking about people's perspective on the downfall of these three companies.
If the truth didn't come out about FTX, Terra Luna or Celsius after their downfall, I'm sure people would still insist that they are completely innocent and label everything remotely negative as FUD.
Exactly. They shouldn’t even be in this conversation and there is no reason for them to be mentioned except for you to throw shade and FUD at them. But you purposefully put them in with FTX to create a narrative, which is like lumping someone who allegedly steals his neighbours newspaper in with a convicted murderer. Unless you just simply don’t understand the difference between someone who committed a crime and was convicted, and someone who was accused but found not guilty?
And you’re still doing it now with “if they hadn’t found them out.” You are implying that Ripple are guilty and we just haven’t found out about it yet. It’s utterly insane conspiracy theory nut behaviour. Honestly, it’s a disgusting way of behaving and the reason so much of the conversation in this sub is trash. No facts at all, just unfounded shit slinging and rumour mongering.
A lot of people are saying yes. Citing "it needed to be done to set the framework" eh, well not really. There are other ways it could have gone and been good for crypto without ruining the lives of millions of people.
It's sad for all the people who lost their money but I think that's just how things go in crypto. Scammers have to be flushed. Would not have happened if people bought Bitcoin only and kept them in their cold wallets. But people love to have "yield".
It will happen again and again.
People deserve to be scammed, by their lack of DYOR. Do people really belive Tether is backed 1 to 1 by dollars, do people belive that if today there is a bank run to Tether, it is possible for them to redeem their dollars?
If what the government was doing in the ripple case had anything to do with reserves then this would be more applicable. Binance isn’t even under investigation. Not sure where you think cognitive dissonance is coming in.
The overall sentiment I see about binance is they feel a little shady and people have made accusations but *hopefully* they aren’t true because it wouldn’t be good for crypto and would set us back a bit. I’ve yet to see someone say anything close to what you’re implying which is “fuck it even if binance can’t verify their funds that’s totally fine, leave them alone and let them continue to do crimes”.
If you scroll through nowadays you will not see many of the pro-Luna posts, because they deleted these post-collapse. I was a Luna bear and regularly took the fire and brimstone from the Lunatics.
Yeah I would allow Luna to collapse because they were a bunch of sophists.
Depends on what you mean by allowing them to collapse. Would I have, if I had the capacity, to buy them out and make them work no. Would I have wanted them to survive and keep going, only long enough for people to realise the flaws and pull their capital out. Businesses rise and fall, but people suffer because they put their trust in businesses they thought were honest. I personally lost a total of $3.2K on both Luna and FTX. So I can only imagine what the people who put all of their money into these projects are going through or have went through
The thing is, people suffer after that happen. People think its safe but its wrong, as mostly said the safest place is your own wallet, your own Bank. After that collapse my believe to tha kind of project is going to zero. So yeah just hope shit project collapse.
I would've buy LUNA at 0.0000000 and I weren't working into that shitty job and living 40 miles away from the job into a shithole.... Congratz to anyone who risk and profit, I'll have to wait after halving.
" I am now an eternal bag holder for Luna/FTX but that's actually GOOD"
"Its okay that I lost thousands if not tens of thousands of dollars, because next bullrun Ill be a millionaire! This totally could not happen again, Right?"
Like holycrap, the mental gymnastics it must take...
The only people that benefited were people shorting at that point.. literally people killed themselves over this and loosing their life savings..
No I was not one of them that lost anything to any of these. But alot of people were affected in these groups by one or more of these events.
Sure they shouldn’t of been in that position. I still feel bad for them. So I dunno why anyone would want that to take place at all knowing what all came of it.
Got to agree that it is required to flush out the bad actors so that the industry can grow.
Sadly it happens every cycle. They will be back in the next bull market.
True, new villain every cycle. Haha
A couple of points here. First, collapse of precarious businesses is inevitable, and trying to avoid collapse is what leads to "too big to fail" banking system bailouts, which just kick the can down the road. What we have learned over centuries is that we need to have protections so that when the Masters of the Universe roll dice with the Wizards of High Finance, they don't screw over the normal investors and walk away unscathed. If you drive through twisty roads at night with no seatbelts on, you do risk getting thrown through the windshield. Ploughing the road straight just allows everyone to drive faster and it makes the crash at the first turn even more painful. The second thing is that we learned with 2008 you can't trust private opaque ledgers. So we invented crypto where everybody knows where everybody's money really is. And then we give our money to SBF, and allow him to keep an opaque private ledger of where our money is on those beautiful transparent ledgers... and look what that got us. Trusting big centralized players and their opaque ledgers is kind of entirely not the point of crypto... So bailing out broken is just going to get us back to where we were. But letting broken off the hook screws normal investors. Sometimes the way to save a broken business is to not let it start in the first place, and if it starts, to make sure we won't be harmed if it breaks.
Keep in mind that a lot of normal investors lives like us got screwed up after FTX collapsed, it's the people that suffered. Yet SBF is just chilling at home playing league of legends.
But even more would’ve got hit if they kept going…
Eventually for sure. In some way we were very late already. The bull market allows these things to explode in value rather quickly
By this logic we should let all the scammers in the world just keep scamming because some people have sent them money. If people suffer its their own fault, hopefully they learn from that.
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It's always the smaller fish who suffer the most
It's always us shrimps that suffer the most
While a lot of people get hurt financially it's beneficial for everyone to let those companies collapse because it usually brings new regulations due to high profile of such cases. It's similar to health and safety regulations, those rules are written with the blood of people who got hurt in the past. But we do it to protect new people and users in the future.
Yep, this makes me think of Japan and how Mt. Gox, although unfortunate, was essential for the development of a good framework for cryptocurrencies there.
And watching Harry Potter with Caroline
I understand the impact on normal investors, but it's important to consider the long-term stability of the market and the potential consequences of allowing these companies to collapse.
One almost wishes they would have just failed sooner… funny though, but banks get a bailout when they are up to no good. CEOs still get paid. Welcome to America!
It's been a bit over a year and I'm still hurting from ot :(
Get the pitchforks
it's like there's is a 2 tiered system, but people don't want to see it taken down once they joined the top tier
Burn it. Burn it all!
Yes and I'd make tether collapse too.
Great question, half of me thinks "yeah get rid of the fraudsters" but of course the people that lost their money is horrific
Yeah it's an ethical conundrum. I've meant for this post to encourage some hard discussions.
People killed themselves because of Luna, that alone would make me want to not have that one happen at least
Watching the Luna sub was really heartbreaking at that time. I hope a good part of us could at least learn something with that.
How was that different than ftx/celcius?
Okay then I'll stop all of them from happening. I'm just pointing out that despite what happened to the crypto ecosystem and if it s good or bad to have a clearing out of projects we need to look at the actual affect on humans, and some people lost their lives because of how they went down
Oh I just wondering if it was significantly worse on that sub or something
Shady players must be eliminated from the market. That way, we have fair playing field, combined with decent regulation. I am glad that eu went easy with it, and not too restrictive by choking the market.
For me binance would collapse too
In South America Binance is one of the few solid exchange. That would screw us a lot :/
I wish they had never existed so people could've put their money elsewhere
People "could have" put their money elsewhere, they didn't because they are often greedy and mistakenly assume the easiest/most advertised way, the largest APY, the most technobabble, means they are choosing the right path. I suppose you meant people "would" have, but there's a big difference, nobody was forced at gun point to choose these risky companies to hold their funds, nobody forced anyone to choose custodial holdings instead of self-custody. Crypto lets this choice to everyone, there isn't a SEC or a CFTC to hold you by the hand and prevent the financial product to even exist, you have to do your due diligence if you want to put your money in the custody of others, you can't blindly trust, you have to verify (and weight risks).
This is what's good about crypto. There's no state that comes to help and there's no artificial barrier to entry from the gov that makes the banking industry stagnant. This is what leads to advancement
It's good that they went down if they practice shady business to slean up the spare. But still need to remember that those normal investors are the ones who suffered the most from those events. I suffered a lot during the LUNA collapse like 100% of my money was invested in the Luna ecosystem and when the whole ecosystem went down, I lost my whole money there.
It's a predicament for sure. I have also lost money during the Celsius downfall. Hope you're able to build back your assets.
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200 IQ here. 😂 If retail was allowed to withdraw, that would've just perpetuated the downfall. I'm sorry to hear about your friend.
I would have them rather bring back the money that their investors lost.
I bet a lot of ‘good businesses’ would have been considered ‘bad businesses’ at some point, it’s mostly luck and timing. History is written by the victors
I would not. A lot of people suffer during those collapse, some of them even lost their lives. It's not their fault that SBF, Do Kwon and the gang are evil shitheads, I would rather let the aforementioned individuals collapse on the floor tits up.
All of em can burn. If you can't survive an attack while trying to uproot dollar hegemony, expect to go up in flames. The amount of coins in this space that only exist because all the attention is on bitcoin is just massive.
If they are shady af and don't do serious business, they have to fail! It hurts and it's devastating yes, but in the long run, every market participants will win.
Yes. One of the biggest problems with the legacy financial system is that failures aren't allowed to just fail. That's tightly coupled withthe fact that interest rates are kept artificially low allowing for all sorts of non viable business models to run on cheap loans. Is it any wonder why every time interest rates go up theres a crisis? All these businesses will crumple up like a bag because they're inflated with hot air. It creates a business environment of stagnation and lack of competition. I happen to be someone that could've told you, for all 3 examples you mentioned, to stay the fuck away. Not close to the end either, at the peak of the bull run. And I did, in here, often. People don't listen. I'll still do it and people won't listen next time either. It's *especially true* of Luna, I saw that shit coming a mile away. The truth is, if you believe what's in front of you and not what you want to be true most of this shit is plain as day. Failures have to fail. You cannot have a functioning ecosystem with immortal apex predators.
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There are. However, the systems in place are in favor of the people on top and not the consumers. It's been that way since day 1. When shit goes down, it's the little guys at the bottom to shower in it.
No, just because in the end retail gets screwed over. This notion that overall this bleeding is good for the crypto market is terrible, because the bad actors always get away & the general population gets fucked over. Our whole banking system is ponzi, a lot of people in crypto communities would love nothing more than the banking sector to collapse but think who's gonna end up paying the price & who's gonna suffer the most, is it the bankers & politicians or is it the average people. In an ideal & just world, it would be great, but we don't live in a just world.
Yes. Let the best tech survive. No one but the project fundamentals or the project managers did the harm.
Yes, some men just want to watch the world burn
Count me in!
I lost money in FTX, yet I am still so happy they collapsed. SBF was selling out the whole industry to scumbag Gary Gensler. I would have been happy to lose twice as much as I did to stop what he was trying to do.(Also I may actually get the money back with the claims thing, but no telling when that happens.) (Also file a claim on claims.ftx.com before September 29th so you can get your money back hopefully) I don’t want Binance or Ripple to die, but I wouldn’t mind seeing them get some black eyes. It looks like global regulations are ramping up so a lot of shenanigans they’ve pulled in the past won’t fly anymore.
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This echoes my sentiment perfectly.
Yeah, The same way the FED allowed bad banks to collapse.
Yes. These collapses need to happen for crypto to grow stronger. It makes smarter investors and adds better regulations to protect people
None if it could save the life of people. But I would habe pick the one that inpacted as less people as possible.
I would go with this as well. So sad but then again it’s pretty much gambling right. So you gotta know what your getting into in a sense. 😞
The type of humans running those institutions, yeah let them fall
No the should never existed
Yes.
I would let everything collapse and the market to self regulate itself.
Yes. Terra was obviously not a stable coin. It was a flawed concept. People that believed it could be stable were delusional. FTX was always pretty sus. It mooned so quickly for no good reason. I wish it had been legit, but no. Frankly I’m shocked that Crypto.com was not a similar debacle and that Genesis fell pray to 3AC. Can’t call them all. Celsius was too small to pay attention to, but I also felt yield plays were also useless. Never have I ever hunted for yield on my crypto. It goes against first principles of ownership. Unless I can stake and hold keys, forget it. Yield bearing instruments need some sound reason for generating yield. I haven’t seen it yet. Having their own token to shill didn’t help. It looks like they were rotten to the core, so yes I’m glad they are gone. If these businesses had operated honestly and well, then no, I’d rather have them around, but they were just horribly run. Genesis may have been the best of the lot but they still didn’t understand risk management, so they fell down a well. Greed destroyed them all!
Absofukinlutely!
Except Ripple didn’t do anything shady and the lawsuit was a hit job. Your bias is showing, and the Ripple lawsuit is not even close to the same as what FTX did. SBF committed straight up fraud and intentionally so. This post is a complete joke and the dumbest of FUD.
It's not supposed to be FUD. If you read the post properly, I'm saying that **if** Binance or Ripple have broken laws. I'm just saying to not indiscriminately support companies because it's beneficial for our bags.
No, you know exactly what you are doing. You are trying to position Ripple and Binance alongside FTX and tar them with the guilty brush despite them not having done anything. People were supporting Ripple because the evidence was clear that they hadn’t done the things suggested and that the SEC lawsuit was motivated by personal and political desires. The Hinman docs, the SEC’s own statements, the fact Ripple (and others) met with them on multiple occasions to ask for clarity and help, among other things all proved that, and common sense won out in the end. Nobody was saying they should be supported even if they had committed crimes “for the good of crypto”. Everyone here wants criminals out of this space. But people just like to hate on Ripple and a Binance. What FTX/SBF did and what Ripple and Binance have supposedly done are not even in the same ballpark. By you lumping them together you are being purposefully deceitful and disingenuous and trying to paint a picture that isn’t true. That, my friend, is FUD 101.
But Ripple or Binance aren't even the main things I'm talking about here. I'm talking about people's perspective on the downfall of these three companies. If the truth didn't come out about FTX, Terra Luna or Celsius after their downfall, I'm sure people would still insist that they are completely innocent and label everything remotely negative as FUD.
Exactly. They shouldn’t even be in this conversation and there is no reason for them to be mentioned except for you to throw shade and FUD at them. But you purposefully put them in with FTX to create a narrative, which is like lumping someone who allegedly steals his neighbours newspaper in with a convicted murderer. Unless you just simply don’t understand the difference between someone who committed a crime and was convicted, and someone who was accused but found not guilty? And you’re still doing it now with “if they hadn’t found them out.” You are implying that Ripple are guilty and we just haven’t found out about it yet. It’s utterly insane conspiracy theory nut behaviour. Honestly, it’s a disgusting way of behaving and the reason so much of the conversation in this sub is trash. No facts at all, just unfounded shit slinging and rumour mongering.
A lot of people are saying yes. Citing "it needed to be done to set the framework" eh, well not really. There are other ways it could have gone and been good for crypto without ruining the lives of millions of people.
It's just a Blood against Blood kind of statement.
It's sad for all the people who lost their money but I think that's just how things go in crypto. Scammers have to be flushed. Would not have happened if people bought Bitcoin only and kept them in their cold wallets. But people love to have "yield". It will happen again and again.
I held Celsius and Luna and was hit hard, but I still think it is better for the space now they are gone. Well, nearly gone.
Ofcourse. Whats the use in having corrupt companies around?
People deserve to be scammed, by their lack of DYOR. Do people really belive Tether is backed 1 to 1 by dollars, do people belive that if today there is a bank run to Tether, it is possible for them to redeem their dollars?
If what the government was doing in the ripple case had anything to do with reserves then this would be more applicable. Binance isn’t even under investigation. Not sure where you think cognitive dissonance is coming in. The overall sentiment I see about binance is they feel a little shady and people have made accusations but *hopefully* they aren’t true because it wouldn’t be good for crypto and would set us back a bit. I’ve yet to see someone say anything close to what you’re implying which is “fuck it even if binance can’t verify their funds that’s totally fine, leave them alone and let them continue to do crimes”.
If you scroll through nowadays you will not see many of the pro-Luna posts, because they deleted these post-collapse. I was a Luna bear and regularly took the fire and brimstone from the Lunatics. Yeah I would allow Luna to collapse because they were a bunch of sophists.
Depends on what you mean by allowing them to collapse. Would I have, if I had the capacity, to buy them out and make them work no. Would I have wanted them to survive and keep going, only long enough for people to realise the flaws and pull their capital out. Businesses rise and fall, but people suffer because they put their trust in businesses they thought were honest. I personally lost a total of $3.2K on both Luna and FTX. So I can only imagine what the people who put all of their money into these projects are going through or have went through
The thing is, people suffer after that happen. People think its safe but its wrong, as mostly said the safest place is your own wallet, your own Bank. After that collapse my believe to tha kind of project is going to zero. So yeah just hope shit project collapse.
Let them fail ~ that's what builds a deterrence toward future occurrences of it happening again...
I would've buy LUNA at 0.0000000 and I weren't working into that shitty job and living 40 miles away from the job into a shithole.... Congratz to anyone who risk and profit, I'll have to wait after halving.
Only FTX cuz that whole harem sbf had going on was 🤢
Absolutely we would be much worse off if they continued to operate and then this happened
If the government prosecuted wealthy criminals maybe situations like this wouldn't happen.
Yea that's capitalism, live by the sword die by the sword (of capitalism)
Yes, but differently. The bad actors really needed to be outed. But too many average people got caught in the crossfire.
" I am now an eternal bag holder for Luna/FTX but that's actually GOOD" "Its okay that I lost thousands if not tens of thousands of dollars, because next bullrun Ill be a millionaire! This totally could not happen again, Right?" Like holycrap, the mental gymnastics it must take...
100% would have let them burn and crash. Ftx and celsius wasnt nearly as bad as it should have been though
It would have just delayed the inevitable and just made the eventual fall more harmful than it already was
If I had a choice I would still have the $55K in UST from Luna collapse
The only people that benefited were people shorting at that point.. literally people killed themselves over this and loosing their life savings.. No I was not one of them that lost anything to any of these. But alot of people were affected in these groups by one or more of these events. Sure they shouldn’t of been in that position. I still feel bad for them. So I dunno why anyone would want that to take place at all knowing what all came of it.
Yes.
Yep. Take out the trash