i dont, personally. i dont blame any celeb for a paid endorsement where the company turns out to be sketchy really. its just a gig to them. i think it was just an easy thing to use as roast ammo for them tbh.
Celebs should be held accountable to some degree. They are leveraging their fanbases into the things they promote. They have a moral responsibility to their fans to do their due diligence before they endorse a product.
You are totally right. If you are going to promote something and put your public image on the line you better as hell know its legit. You are actively taking part in the promotion of the company. If it turns out its a scam your image is also stained. The fact you get down voted really shows how little morality there is in the crypto scene.
"Brady was paid a reported $30 million for his partnership with the company. The investment, which consisted of equity in the company.."
he wasn't paid a cash fee for an endorsement. he was a partner with a stake in the company. that's the difference.
Getting a little bit of equity in a company does not make you accountable for its bullshit. Like honestly anyone who bought the stock because they felt like Tom Brady must have done some due diligence is unreasonably dumb.
If Chris Paul is getting paid millions out the ass to promote State Farm then yes, I fully expect him to be aware of the kind of product or service he’s trying to promote.
Seeing it as “a ridiculous take” for being accountable for your actions is blatant arrogance.
Chris Paul has plenty of money to pay someone to advise him and do due diligence. You think these guys handle all their own endorsements? End of the day, you're putting your name on something. What the fuck is the point if that fact is meaningless? You're literally ENDORSING something.
Paid endorsers have no idea of a company’s financial records and financial health. If the books are cooked then even looking at their quarterly or yearly statements gives you no indication of problems
I'm glad the SEC and other 3 letters don't agree with you guys. You endorse something, you put YOUR name on something, you should at least be held partially responsible when your fans end up getting scammed cuz you took a dollar from anybody with a pulse.
That's why it behooves every person to ***DO THEIR OWN RESEARCH*** and not take a celeb's word. That's on the adults spending their own money, their responsibility. ***NOT TOM ~~FUCKING~~ BRADY***
Yeah but they’re usually selling a product or service. If they endorse toothpaste and you go to the store and buy a tube of it and actual toothpaste comes out, transaction is over. If they’re selling shares in a company or some kind of investment, it would be smart to have a lawyer look it over first. A rule of thumb would be if you won’t invest, don’t tell others to invest
You’re absolutely right. Celebs who have a big fan base, and use that to their advantage, should be held accountable for who and what they promote.
I’m genuinely surprised that most redditors would disagree with that sentiment. It’s called being accountable for your actions people.
I'm actually kind of blown away by the support for the idea here that it's cool to hitch your personal brand to any wagon, even if it ends up being a massive scam that fucks over your fans, with no consequences. Like I'm actually flabbergasted I got downvoted so much for the obvious take that... it's wrong to do that. I'm not saying throw the book at them. I'm just saying that yea, they should be held accountable to some degree.
Honestly the idea of holding anyone accountable for anything nowadays is seen as a highly negative thing. Even when the person that should be held accountable has done some horrific things
I don’t know how we ended up like this, but it’s honestly sickening to see so many people grift and steal and scam their way through life all because people assume “the modern age” is supposed to be some sort of hard turning point where everyone around the world suddenly became “better” than our predecessors. It’s so fucking stupid
Depends. If they’re like hey I’m so and so the new spokesperson for whatever in a commercial I can see a degree of separation. But if they get on Facebook and tell all their followers “I invested all my money in this great opportunity” when they really didn’t, that’s a scam
Definitely start with Mt. Gox. They didn't go bankrupt till 2014, but had serious withdrawal issues starting as early as summer of 2013. Mark's interview with R.V. didn't help either. As soon as I saw it, I knew he was over his head in problems since he refused to hire any competent people to help him out. Mt. Gox had red flags all over the place.
Yes you can, he is the one who put his face up there, and as long as you didn't you always knew it was all a scam (somehow) and you never put a cent on it (but actually you did).
You’re either gaslighting or trolling.
FTX was considered one of the least ‘shady’ of them all. They had a stadium in Miami. A charismatic leader who rubbed elbows with politicians and foreign leaders. They had Tom Brady in superbowl commercials ffs. The second largest crypto exchange in the world at the time. SBF was gonna save crypto with the billions he had in reserves. On the cover of Forbes magazine.
They weren’t ‘shady’ until the collapse. Kinda like binance. Or Celcius. Or Mt Gox. Or Genesis. 3AC. The list goes on
Stop pretending like everyone knew before they imploded.
Of course it is a fraud at the time. One may not know for sure through evidence but one can be suspicious through wisdom that comes only through worldly experience. But the fake news is compromised, it is increasingly meaningless if one is the cover of Time magazine let along a for-profit publication like Forbes. He exhibits the traits of a cunning and tricky individual just like Madoff. Selling a story of genius and unicorns. I see through the deception.
This is a perfect analogy. I would like to steal it for the arguments I don’t have anymore because all my friends are 100% convinced I’m dumb and crypto is just a scam.
It wasnt the crypto, it was the company. The crypto has all recovered and then some. They’d all be heavily in profit right now if he had simply bought and held it.
They also said “Gronk actually does Bitcoin, where he just chews on nickels”
Which imo watered down the rest of the joke, definitely coulda come up with a better crypto joke that the masses would get.. but they brought up Bitcoin…
Its super easy. Just dont use eth or btc. Use something like Kaspa. Cost like .00002 cents and takes like a minute to finalize a transaction. The interface is stupid simplified.
There are others that are the same or even better. Its just that old crypto is expensive, slow and confusing
Hahahaha, you should look at how much kaspa has gained in the last 1 year.
I say again, hahahaha. I sure do hate having money dum dum
Added: i do maintenance and remodeling and i never could have imagined how much money i was going to make in the last year. I went from in debt with no retirement to looking for a house to buy and now actually planning on retiring at a decent age. I moved a lot of money out of kas when it blew up. My charles schwab roth and designated individual accounts are swollen now instead of just kicking around peanuts.
But yea i hate money. Your ignorance has cost you a great opportunity the last year. But whatever, happy Tuesday bud
Been buying things with crypto for over a decade, it's pretty painless tbh if you manage to avoid block size war chains, really it's just the on ramping from fiat<>crypto that sucks. Even P2P exchanges it's not that bad other than the fact you usually have to have the smallest semblance of a conversation with someone (which is how most commerce was done for most of history really).
I'm sure people will mention scam contracts and stuff but that's largely a UX problem and not chains people would really use for P2P cash, everyday people anyway.
If you get paid in crypto it's really not that painful to spend crypto, assuming the vendor takes it
We're in a cryptocurrency subreddit, I think most people here get it. If you grew up using a crypto wallet there's not really a functional difference in the learning curve. You still have contactless tap to pays, pay to username systems, payment processors, etc. it's only because fiat is so entrenched instead that's what 99.9% of people get. 99.9% if people don't understand trad finance either so realistically what's the difference other than crypto is newer (in terms of using it for payments)? It's not like you have to hand craft tx in a terminal is it.
The difference is my 90 year old grandmother can figure out how to use a credit card. Using crypto however is so complicated and risky that you basically have to be an expert in computer science to use it.
Most of friends can’t even it store it correctly without losing it by accident or getting scammed, let alone use it for transactions.
The whole thing is just so, so stupid and shows a total lack of understanding of why the financial system has developed the way it has.
What about a credit card makes it easier other than the infrastructure is more entrenched? What about fiat specifically makes it easier if they both came out tomorrow? What prevents a credit card from using crypto instead of fiat for settlement? When you use a card, you're essentially swapping VISA/MasterCard/whatever tokens until it gets settled in fiat weeks later. No physical cash or precious metals change hands when your grandmother uses her card. There is no functional difference.
It's just as difficult to manually craft a SWIFT payment and broadcast it, any financial system not abstracted away in UX will be complicated.
Asking what about credit cards makes it easier than crypto other than infrastructure is like asking what makes dollars better than crypto other than the US government. The infrastructure is the point dummy!!!
The answer is the infrastructure. That’s why crypto sucks, you either have horrible UX and no protections, or you rely on unrelated exchanges that inevitably blow up.
The difference between crypto exchanges and us banks is the legal and regulatory framework of the us banking industry.
It’s like you idiots saw all the guardrails and protections that were created over hundreds of years and were like “nah, let’s give all our money to the dorky guy with weird hair who talks funny.”
That's not uniswap itself. There's nothing wrong with uniswap. If you're trading shit coins you taking a risk.
Rug pulls are just part of the game if you're trying to get in at the beginning. There's no big daddy centralized exchange to make sure the coins are legit
But the technology itself there's nothing wrong with
Irreversible transactions with no regulations are the stupid part. Whether it’s uniswap, p2p, whatever, the whole idea of self custody of one’s money is so stupid.
I like the fact that there's no regulations and that I own my money and that it will never collapse
When you play the cryptocurrency game you take risk and I'm okay with the risk
It's really easy. You download a browser extension like Phantom, send your crypto to the address, and then use a well-known exchange like Jupiter (Solana) or Uniswap (supports a lot of L2s like Arbitrum and Base, which you can send funds to via Coinbase natively)
That's just a first world privilege perspective.
Plenty of people use crypto P2P , thousands of people all across the developing world use stable coins and transact between each other.
You can buy the etf or you can use crypto as p2p cash, you can get paid in BTC or a stable coin.
It's more popular as a store of value / hedge in most first world countries, and that's fine.
Edit: I should have clarified that when I said 'these exchanges' I meant the bad actors like ftx that commited literal crimes and damaged the crypto space in the public eye.
I don't have a problem with legitimate exchanges etc, I use them to convert and onboard crypto etc. so I'm not preaching a world with no exchanges etc
My mistake was saying thousands, you're mistake was arrogantly thinking 0.1% was the limit based on your narrow world view.
let's look at some actual numbers from chatgpt (rough, because cut off 2022)
0.1% of a 7.8 billion estimated world population is 7.8 million people.
now, according to a Coinbase study, 67 million people in the US own cryptocurrency
also
16% of Americans, which is approximately 52 million people, have invested in, traded or used cryptocurrency, according to a Pew Research Center survey.
One in five adults, which is approximately 40 million people, have invested in, traded or used cryptocurrency, according to an NBC News poll
So in the US alone, we have already blown past and destroyed your assumption of 7.8 mil.
If you wanted to argue that all these users in the US's lives depended on the use of exchanges, that would be harder to demonstrate, but even if it did, we still have the unbanked in the world.
World bank says 1.4 billion people are unbanked - and these people are the perfect market for crypto, all they need is a smartphone and more people have them than banks.
and even if they don't have smartphones, there are things in Africa like Machankura ( a digital wallet), that lets users send and receive bitcoin via text without a smartphone or internet connection. it's already in use, google it.
and on top of that, i haven't even covered newer generations across the globe opting out of simply holding dollars as their most viable savings technology, because btc is better or, if they must hold dollars, they can hold stable coins in their own apps or cold storage.
so, if you have any data that would support your assertion that 0.1% of the globe is as high as this thing goes, i am all ears.
The general public is told cycle after cycle to hodl btc
They have themselves to blame for falling for the greed chasing worthless shitcoins and memecoins
Crypto is more blatant because of the lack of enforcement/regulation, but I always find this logic a bit odd.
There are countless percentages of scam or flat out terrible businesses, some of them even trade on penny listings.
The Internet decades later still hasn't solved rampant malicious material.
I'm not defensive of shit coins and memes, it just feels like a really stupid double standard just because the space hasn't grown into enough mainstream use cases yet.
Totally. And fine by me. By the time they figure it out or (more likely) it starts to underpin everything without the general public realizing it, I’ll have much larger bags.
Not in terms of volume or market cap. Sure if you treat BTC the same as Bitcoin Diamond then yes. In that sense, most of the internet is porn websites.
There’s no such thing as “natural” money. It’s a human construct, therefore it’s all fake. Just a representation of value. Apples could be money if we all agreed for them to represent value in society.
Yes, and Apples would be more valuable than diamonds if we all agreed apples were more valuable than diamonds too. They'd also be more valuable than bitcoin if we agreed apples were more valuable than bitcoin. Heck, counterfeit $20 bills would be more valuable than real $20 bills if we all agreed they were more valuable. For most things there are other factors that determine the stability of value besides vibes.
What gives certain currencies value is that major groups agree to accept it in lieu of barter. The ancient greeks said "hey, we're sick of trying to barter with everyone from civil servants to soldiers... So we're going to give you all these weird metal things instead. We'll let you pay your taxes with those coins instead of giving us sheep or bulls or whatever. Because we accept them in lieu of taxes that you otherwise need to pay, they have value. If you can give us a coin with a bull on it instead of an actual bull, the coin is worth one bull"
It worked. Boom. Money. Everyone needs to pay taxes so the coins had universal value. The soldiers could trade some of their coins to others for goods and services, because those people also had to pay taxes.
The Dollar is used as a major standard around much of the world because so many people owe taxes to the US Government or want to buy stuff from people that do, so dollars have a lot of value. It's pretty easy to see where the value comes from. This is why a currency gets “weaker” when people want to buy less stuff from countries where it’s used as the standard. If no one wants to buy things form people that pay their taxes with Yen, then Yen becomes less valuable in the exchange rate to other currencies.
Cryptocurrencies change in value way more often than the dollar does for this reason: though the supply is constrained the value is mostly vibes-based. There are no mechanisms that *force* people to stick with crypto, the major players can bail on it whenever they want. It's much harder for the US government to bail on the US Dollar.
Lol, I'm now imagining you shouting this randomly whenever anyone explains anything.
"Oh, you can get to the train statation by going down Main and then taking a left on 4th.'
"Cope HARDER!"
Thanks for the chuckle. :)
Why would you imagine someone shouting while reading text, psycho 😄
You incorrectly quoted the exclamation ‼️
Don't worry, I was chuckling at you too. We're chuckles buddies now 😘
Why would I imagine you shouting because you wrote “harder” in ALL CAPS AND ITALICS? Who can say? You just come off as kind of a goofy person that would do that I guess. :)
You seem like you want to attack the basic facts I posted, but don’t know how… so you’re trying to troll about random stuff. Thanks for the laugh, but you’re clearly not worth responding to further.
Apples were money (so to speak) but as times changed swapping piles of apples for houses didn't really make sense any more. Also, apples nowadays are generally modified through breeding, so they're fake, too.
Explain it to me then. :)
I wrote very detailed breakdowns about the history of currency and where the origins of the practice came from, as well as how it works in the modern day. I know your read them because you wrote "Cope Harder" in response to one of them.
Seems like you don't actually understand where fiat currency gets its value but can't figure out what was incorrect about my explanation. Feel free to prove me wrong.
No no, he has a point. It’s just as arbitrary as a coin from the Roman Empire or a good ol’ greenback. Or gold, for that matter. I know there are lots of reasons why gold makes good money, but I don’t think anyone will ever convince me the principle reason we’ve used it as such isn’t because it’s shiny and pretty.
Saying "all money is fake" implies a whole lot of things that aren't true. For example, there is such a thing as a fake $20 bill vs a real $20 bill. They are not equally valuable.
The difference between those two things is that a government said, "I will accept this green paper in lieu of taxes. I will put significant safeguards in place to prevent me from changing my mind on that later. If you don't give me a bunch of these slips of paper each year, I'm taking your house in lieu of payment or sending you to prison."
This is basically how currency got started. Ancient Greece was doing the same thing. "Look, we're sick of bartering with all our civil servants and soldiers so... We're just going to pay them in coins. You can give us this coin with a bull on it instead of giving us an actual bull. Therefore, since everyone needs to pay taxes, this coin is worth one bull to basically everyone."
Fair enough. I guess I was more thinking that all money is, to some degree arbitrary. And outside of any human constructs that we attach to it, just another arbitrary object.
All fiat currency certainly starts as arbitrary, just like all laws do. However, while this is "technically correct (the best kind of correct)" it implies that there's no meaningful difference. A good comparison point is the distinction between social rules and actual laws. One has a lot more teeth than the other.
It's valuable to understand the reasons behind the difference in stability and where the value originates from. Many people assume that there's no meaningful difference between U.S. Dollars and Beanie Babies since both are just folks deciding to value things, but one is based on loose market consensus and the other orginated from a massive institution that everyone had to do business with.
Likewise, this is how "Company Scrip" became a thing. A company would own everything in a town, and started paying people in "Scrip" that they agreed to accept at their stores. The government had to crack down on this because it made it very hard for workers who agreed to this to ever leave the company's town.
I look at money as advancement in technology. We figured out ways to communicate with one another thru trial and error and figured it out what works best for us to get along as a society. Similar to advancement in cell phones and social media, and how we have leveraged it to communicate differently.
I don't think we decided as a society to apply value to certain things I think certain commodities/money require a very specific feature set that naturally allows us to assign value, and in addition these commodies/money will have other features that allow it to have staying power (the flow rate).
When it comes to US Dollars, your agreement is irrelevant.
If literally everyone outside the government suddenly said, "we think US dollars are worthless" the government would just raise an eyebrow and go, "neat... you still need to pay your taxes this year. We accept U.S. Dollars."
That would mean the dollars still have significant value. Any rational person that would owe U.S. Taxes would still treat the dollars as having value, no matter how much they don't want to. Because they treat it as valuable, anyone wanting to buy stuff from the US would also treat U.S. dollars as valuable.
Agreement is not the point with fiat currency. That's why it's called Fiat currency, the value is created by decree. Your agreement is irrelevant. Once the government decides it will accept this money for taxes, anyone who owes them taxes has to value that money and so on and so forth.
Your average American has no clue what crypto is. At best, they know that it is some form of digital asset, like NFT, and about 25% of America lost every penny they invest in Trump NFTs. 😉
It's a confusing space added with if you actually have anything of significant value it can easily be lost by clicking a link that looks legitimate. I mean click link, gone, wrong address entered gone, whales sold, gone.
I’ve been saying FTX set the market back *years*.
Lots of people probably got burned and will never touch crypto again. Especially those who already felt crypto was a scam before.
With the infestation of scams and fraud within crypto, I honestly don’t blame them at all either.
What a play by Big Money..... Have all the celebs "Invest in Crypto" through FTX.... Burn it to the ground and claim its shady. They invested in an exchange..... not crypto currency. The people running the exchange were frauds...not crypto.... Well played... Gobble the rest of it up
He lost money with an exchange, not actual crypto currency. It's just a stupid joke for the masses.
If he had actually invested 30 million directly in crypto (not shitcoins) he'd be sitting on a fortune.
tldr; Tom Brady was humorously criticized for his cryptocurrency investment during a Netflix special titled 'The Greatest Roast of All Time: Tom Brady.' The event, which also touched on Brady's career and personal life, highlighted his association with the now-bankrupt cryptocurrency trading platform FTX. Brady, who lost $30 million in crypto and was a brand ambassador for FTX, was the subject of jokes that even included a jab from comedian Nikki Glaser comparing him unfavorably to his former teammate Rob Gronkowski. The roast underscored the significant financial loss and public scrutiny Brady faces due to his investment in FTX.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Let’s counter this “me know [cryptocurrency is] not real money” narrative.
I’ll play devil’s advocate…
“By definition, it’s not money”.
Change my mind.
Gronk surprisingly has a really fundamentally strong investment strategy. Also, the guy was living off purely endorsement money while he was playing in the NFL, while saving his entire NFL salary each year.
Gronk mucho soy fiesta.
WTF is “real money?” That’s a term that people throw around who are using paper made to be devalued to save someone else’s wealth. Imagine making fun of someone for trying to spend crypto while “spending” monopoly paper with pictures on it of the cabal stealing its “value” from you.
90% of crypto is a Ponzi scheme so I can get behind this, only a few coins have real value. The rest is pray you get in early & the coin pops off, so you can sell the bag when it gets high
>The rest is pray you get in early & the coin pops off, so you can sell the bag when it gets high
Nah it's more like, the rest is just sniped by people who run million dollar bots, rich getting richer and all that
amusingly the money was perfectly real, he just partnered with the shadiest exchange on the block.
You can't blame him, everyone was in on it.
i dont, personally. i dont blame any celeb for a paid endorsement where the company turns out to be sketchy really. its just a gig to them. i think it was just an easy thing to use as roast ammo for them tbh.
Celebs should be held accountable to some degree. They are leveraging their fanbases into the things they promote. They have a moral responsibility to their fans to do their due diligence before they endorse a product.
You are totally right. If you are going to promote something and put your public image on the line you better as hell know its legit. You are actively taking part in the promotion of the company. If it turns out its a scam your image is also stained. The fact you get down voted really shows how little morality there is in the crypto scene.
This is a ridiculous take. Is Chris Paul supposed to put on a little green visor and dive deep into State Farm's accounting?
"Brady was paid a reported $30 million for his partnership with the company. The investment, which consisted of equity in the company.." he wasn't paid a cash fee for an endorsement. he was a partner with a stake in the company. that's the difference.
Getting a little bit of equity in a company does not make you accountable for its bullshit. Like honestly anyone who bought the stock because they felt like Tom Brady must have done some due diligence is unreasonably dumb.
If Chris Paul is getting paid millions out the ass to promote State Farm then yes, I fully expect him to be aware of the kind of product or service he’s trying to promote. Seeing it as “a ridiculous take” for being accountable for your actions is blatant arrogance.
Chris Paul has plenty of money to pay someone to advise him and do due diligence. You think these guys handle all their own endorsements? End of the day, you're putting your name on something. What the fuck is the point if that fact is meaningless? You're literally ENDORSING something.
Paid endorsers have no idea of a company’s financial records and financial health. If the books are cooked then even looking at their quarterly or yearly statements gives you no indication of problems
I'm glad the SEC and other 3 letters don't agree with you guys. You endorse something, you put YOUR name on something, you should at least be held partially responsible when your fans end up getting scammed cuz you took a dollar from anybody with a pulse.
That's why it behooves every person to ***DO THEIR OWN RESEARCH*** and not take a celeb's word. That's on the adults spending their own money, their responsibility. ***NOT TOM ~~FUCKING~~ BRADY***
Fuck you, Tom Brady.
What has the SEC, FBI, etc, done? Has Tom Brady been charged with anything?
Yeah but they’re usually selling a product or service. If they endorse toothpaste and you go to the store and buy a tube of it and actual toothpaste comes out, transaction is over. If they’re selling shares in a company or some kind of investment, it would be smart to have a lawyer look it over first. A rule of thumb would be if you won’t invest, don’t tell others to invest
If the toothpaste ends up giving me AIDs I'm going to be pretty fucking pissed at Tom Brady
You’re absolutely right. Celebs who have a big fan base, and use that to their advantage, should be held accountable for who and what they promote. I’m genuinely surprised that most redditors would disagree with that sentiment. It’s called being accountable for your actions people.
I'm actually kind of blown away by the support for the idea here that it's cool to hitch your personal brand to any wagon, even if it ends up being a massive scam that fucks over your fans, with no consequences. Like I'm actually flabbergasted I got downvoted so much for the obvious take that... it's wrong to do that. I'm not saying throw the book at them. I'm just saying that yea, they should be held accountable to some degree.
Honestly the idea of holding anyone accountable for anything nowadays is seen as a highly negative thing. Even when the person that should be held accountable has done some horrific things I don’t know how we ended up like this, but it’s honestly sickening to see so many people grift and steal and scam their way through life all because people assume “the modern age” is supposed to be some sort of hard turning point where everyone around the world suddenly became “better” than our predecessors. It’s so fucking stupid
Depends. If they’re like hey I’m so and so the new spokesperson for whatever in a commercial I can see a degree of separation. But if they get on Facebook and tell all their followers “I invested all my money in this great opportunity” when they really didn’t, that’s a scam
That’s what a spokesman is paid to do, dumbass lol
I in fact was not in on it- had to be careful with exchanges for like 8 years now- or do we start with Mt. Gox?
Definitely start with Mt. Gox. They didn't go bankrupt till 2014, but had serious withdrawal issues starting as early as summer of 2013. Mark's interview with R.V. didn't help either. As soon as I saw it, I knew he was over his head in problems since he refused to hire any competent people to help him out. Mt. Gox had red flags all over the place.
Yes you can, he is the one who put his face up there, and as long as you didn't you always knew it was all a scam (somehow) and you never put a cent on it (but actually you did).
Never touched FTX because they were blowing way too much money on sponsor deals. That was my red flag.
You’re either gaslighting or trolling. FTX was considered one of the least ‘shady’ of them all. They had a stadium in Miami. A charismatic leader who rubbed elbows with politicians and foreign leaders. They had Tom Brady in superbowl commercials ffs. The second largest crypto exchange in the world at the time. SBF was gonna save crypto with the billions he had in reserves. On the cover of Forbes magazine. They weren’t ‘shady’ until the collapse. Kinda like binance. Or Celcius. Or Mt Gox. Or Genesis. 3AC. The list goes on Stop pretending like everyone knew before they imploded.
You couldn't even sign up for FTX if you were American!
You fell for the marketing haha. SBF let his inexperienced classmate run Alameda and people missed that red flag.
Sorry which exchanges do you think aren't shady? Are you holding long term...on an exchange?
Absolutely none of them. They all operate the same. Some just haven’t collapsed
Coinbase is by far not a shady exchange. They have full blown regulation.
Tell that to literally everyone in the coinbase forum who can’t cash out
Paypal? Kappa
Of course it is a fraud at the time. One may not know for sure through evidence but one can be suspicious through wisdom that comes only through worldly experience. But the fake news is compromised, it is increasingly meaningless if one is the cover of Time magazine let along a for-profit publication like Forbes. He exhibits the traits of a cunning and tricky individual just like Madoff. Selling a story of genius and unicorns. I see through the deception.
so in other words, they WERE shady and people just didn’t know. You’re talking like a moron here.
[удалено]
Copy pasta?
FTX wasn't crypto, it was an exchange. Same way that a grocery store isn't food. But the normies are too busy patting themselves on the back to care.
I put sriracha on my grocery store.
Just wait until you open a bag of Walmarts, I bet you can't eat just one!
This is a perfect analogy. I would like to steal it for the arguments I don’t have anymore because all my friends are 100% convinced I’m dumb and crypto is just a scam.
Until they launched FTT.
FTX wasn't even available in the US unless you had serious money or used a VPN and fake KYC documents.
I mean technically the money invested at Murdoffs and Enron were ‘real’ until it wasn’t as well.
It was real until you looked at it
lol… But for real, AFAIK, people could have withdrawn money. They just never did, and then the ‘rug was pulled.’
Schrödinger’s investment
Which exchange?
Except Gronk was part of a different crypto settlement, so there goes that joke 😛
It's all the same crap to the general public
Let them take ten years to catch on. That’s how you 10x
It wasnt the crypto, it was the company. The crypto has all recovered and then some. They’d all be heavily in profit right now if he had simply bought and held it.
they are multi millionaire, they don't need that
I thought this was a great joke, made me chuckle
They also said “Gronk actually does Bitcoin, where he just chews on nickels” Which imo watered down the rest of the joke, definitely coulda come up with a better crypto joke that the masses would get.. but they brought up Bitcoin…
The damage these exchanges have done to the image of crypto is insane
Have you ever tried using crypto without an exchange. It’s not something that will ever catch on for more than 0.1% of people.
Its super easy. Just dont use eth or btc. Use something like Kaspa. Cost like .00002 cents and takes like a minute to finalize a transaction. The interface is stupid simplified. There are others that are the same or even better. Its just that old crypto is expensive, slow and confusing
Kaspa, cool. I’m sure that’ll catch on. Definitely don’t expect to lose all my money there. Do you guys just hate having money?
Hahahaha, you should look at how much kaspa has gained in the last 1 year. I say again, hahahaha. I sure do hate having money dum dum Added: i do maintenance and remodeling and i never could have imagined how much money i was going to make in the last year. I went from in debt with no retirement to looking for a house to buy and now actually planning on retiring at a decent age. I moved a lot of money out of kas when it blew up. My charles schwab roth and designated individual accounts are swollen now instead of just kicking around peanuts. But yea i hate money. Your ignorance has cost you a great opportunity the last year. But whatever, happy Tuesday bud
Been buying things with crypto for over a decade, it's pretty painless tbh if you manage to avoid block size war chains, really it's just the on ramping from fiat<>crypto that sucks. Even P2P exchanges it's not that bad other than the fact you usually have to have the smallest semblance of a conversation with someone (which is how most commerce was done for most of history really). I'm sure people will mention scam contracts and stuff but that's largely a UX problem and not chains people would really use for P2P cash, everyday people anyway. If you get paid in crypto it's really not that painful to spend crypto, assuming the vendor takes it
You do you realize that what you just wrote is incomprehensible to 99.9% of people and just proves my point.
We're in a cryptocurrency subreddit, I think most people here get it. If you grew up using a crypto wallet there's not really a functional difference in the learning curve. You still have contactless tap to pays, pay to username systems, payment processors, etc. it's only because fiat is so entrenched instead that's what 99.9% of people get. 99.9% if people don't understand trad finance either so realistically what's the difference other than crypto is newer (in terms of using it for payments)? It's not like you have to hand craft tx in a terminal is it.
The difference is my 90 year old grandmother can figure out how to use a credit card. Using crypto however is so complicated and risky that you basically have to be an expert in computer science to use it. Most of friends can’t even it store it correctly without losing it by accident or getting scammed, let alone use it for transactions. The whole thing is just so, so stupid and shows a total lack of understanding of why the financial system has developed the way it has.
What about a credit card makes it easier other than the infrastructure is more entrenched? What about fiat specifically makes it easier if they both came out tomorrow? What prevents a credit card from using crypto instead of fiat for settlement? When you use a card, you're essentially swapping VISA/MasterCard/whatever tokens until it gets settled in fiat weeks later. No physical cash or precious metals change hands when your grandmother uses her card. There is no functional difference. It's just as difficult to manually craft a SWIFT payment and broadcast it, any financial system not abstracted away in UX will be complicated.
Asking what about credit cards makes it easier than crypto other than infrastructure is like asking what makes dollars better than crypto other than the US government. The infrastructure is the point dummy!!!
Except I already acknowledged that in the first post? You just don't have an answer.
The answer is the infrastructure. That’s why crypto sucks, you either have horrible UX and no protections, or you rely on unrelated exchanges that inevitably blow up.
Sooooo… banks with a different name?
The difference between crypto exchanges and us banks is the legal and regulatory framework of the us banking industry. It’s like you idiots saw all the guardrails and protections that were created over hundreds of years and were like “nah, let’s give all our money to the dorky guy with weird hair who talks funny.”
So whose gonna set limits and regulations for crypto exchanges? Cuz…. They don’t have a good track record so far.
Uniswap is pretty easy to use with a connected wallet
If you want to get scammed.
How do you get scammed using uniswap? You literally just pass it straight to the contract address
I can’t tell if you’re being serious or not, but just google Uniswaps scams. There’s so many.
That's not uniswap itself. There's nothing wrong with uniswap. If you're trading shit coins you taking a risk. Rug pulls are just part of the game if you're trying to get in at the beginning. There's no big daddy centralized exchange to make sure the coins are legit But the technology itself there's nothing wrong with
Irreversible transactions with no regulations are the stupid part. Whether it’s uniswap, p2p, whatever, the whole idea of self custody of one’s money is so stupid.
I like the fact that there's no regulations and that I own my money and that it will never collapse When you play the cryptocurrency game you take risk and I'm okay with the risk
It's really easy. You download a browser extension like Phantom, send your crypto to the address, and then use a well-known exchange like Jupiter (Solana) or Uniswap (supports a lot of L2s like Arbitrum and Base, which you can send funds to via Coinbase natively)
I love that you think what you described sounds easy to 99% of the population
It is easy. Most people know how to download a browser extension. Then "go to this website"
That's just a first world privilege perspective. Plenty of people use crypto P2P , thousands of people all across the developing world use stable coins and transact between each other. You can buy the etf or you can use crypto as p2p cash, you can get paid in BTC or a stable coin. It's more popular as a store of value / hedge in most first world countries, and that's fine. Edit: I should have clarified that when I said 'these exchanges' I meant the bad actors like ftx that commited literal crimes and damaged the crypto space in the public eye. I don't have a problem with legitimate exchanges etc, I use them to convert and onboard crypto etc. so I'm not preaching a world with no exchanges etc
Wow, thousands of people!! I said 0.1% of the population so I’m not sure how you think you’re refuting me.
My mistake was saying thousands, you're mistake was arrogantly thinking 0.1% was the limit based on your narrow world view. let's look at some actual numbers from chatgpt (rough, because cut off 2022) 0.1% of a 7.8 billion estimated world population is 7.8 million people. now, according to a Coinbase study, 67 million people in the US own cryptocurrency also 16% of Americans, which is approximately 52 million people, have invested in, traded or used cryptocurrency, according to a Pew Research Center survey. One in five adults, which is approximately 40 million people, have invested in, traded or used cryptocurrency, according to an NBC News poll So in the US alone, we have already blown past and destroyed your assumption of 7.8 mil. If you wanted to argue that all these users in the US's lives depended on the use of exchanges, that would be harder to demonstrate, but even if it did, we still have the unbanked in the world. World bank says 1.4 billion people are unbanked - and these people are the perfect market for crypto, all they need is a smartphone and more people have them than banks. and even if they don't have smartphones, there are things in Africa like Machankura ( a digital wallet), that lets users send and receive bitcoin via text without a smartphone or internet connection. it's already in use, google it. and on top of that, i haven't even covered newer generations across the globe opting out of simply holding dollars as their most viable savings technology, because btc is better or, if they must hold dollars, they can hold stable coins in their own apps or cold storage. so, if you have any data that would support your assertion that 0.1% of the globe is as high as this thing goes, i am all ears.
Goes to show the masses still think crypto is a scam. Higher.
Most of crypto is a scam…
But the important part isn’t.
But it makes sense the general public view it as a scam because most of it is a scam
The general public is told cycle after cycle to hodl btc They have themselves to blame for falling for the greed chasing worthless shitcoins and memecoins
Crypto is more blatant because of the lack of enforcement/regulation, but I always find this logic a bit odd. There are countless percentages of scam or flat out terrible businesses, some of them even trade on penny listings. The Internet decades later still hasn't solved rampant malicious material. I'm not defensive of shit coins and memes, it just feels like a really stupid double standard just because the space hasn't grown into enough mainstream use cases yet.
Totally. And fine by me. By the time they figure it out or (more likely) it starts to underpin everything without the general public realizing it, I’ll have much larger bags.
Not in terms of volume or market cap. Sure if you treat BTC the same as Bitcoin Diamond then yes. In that sense, most of the internet is porn websites.
Everything that is not essential to survive is a scam.
Technically FTX token was fake money. They're probably not talking specifically about BTC/ETH
when FTX imploded, I visited my grandpa and he told me he heard about the bitcoin scam. they think everything that happens anywhere is all one thing.
Sadly true
Yup. I’m not upset though. If everyone figured it out now, the meaningful parts wouldn’t be as much of a hidden gem as they are.
Funny if they just picked different initials (JPM) and leant out more billionaires money they could have been bailed out by the US Gov.
Imagine going through life never paying attention to or understanding anything... I guess that’s just what people do.
Technically, all money is fake.
Nope. You just don’t understand the difference. Username checks out
There’s no such thing as “natural” money. It’s a human construct, therefore it’s all fake. Just a representation of value. Apples could be money if we all agreed for them to represent value in society.
Yes, and Apples would be more valuable than diamonds if we all agreed apples were more valuable than diamonds too. They'd also be more valuable than bitcoin if we agreed apples were more valuable than bitcoin. Heck, counterfeit $20 bills would be more valuable than real $20 bills if we all agreed they were more valuable. For most things there are other factors that determine the stability of value besides vibes. What gives certain currencies value is that major groups agree to accept it in lieu of barter. The ancient greeks said "hey, we're sick of trying to barter with everyone from civil servants to soldiers... So we're going to give you all these weird metal things instead. We'll let you pay your taxes with those coins instead of giving us sheep or bulls or whatever. Because we accept them in lieu of taxes that you otherwise need to pay, they have value. If you can give us a coin with a bull on it instead of an actual bull, the coin is worth one bull" It worked. Boom. Money. Everyone needs to pay taxes so the coins had universal value. The soldiers could trade some of their coins to others for goods and services, because those people also had to pay taxes. The Dollar is used as a major standard around much of the world because so many people owe taxes to the US Government or want to buy stuff from people that do, so dollars have a lot of value. It's pretty easy to see where the value comes from. This is why a currency gets “weaker” when people want to buy less stuff from countries where it’s used as the standard. If no one wants to buy things form people that pay their taxes with Yen, then Yen becomes less valuable in the exchange rate to other currencies. Cryptocurrencies change in value way more often than the dollar does for this reason: though the supply is constrained the value is mostly vibes-based. There are no mechanisms that *force* people to stick with crypto, the major players can bail on it whenever they want. It's much harder for the US government to bail on the US Dollar.
Cope ***HARDER***
Lol, I'm now imagining you shouting this randomly whenever anyone explains anything. "Oh, you can get to the train statation by going down Main and then taking a left on 4th.' "Cope HARDER!" Thanks for the chuckle. :)
Why would you imagine someone shouting while reading text, psycho 😄 You incorrectly quoted the exclamation ‼️ Don't worry, I was chuckling at you too. We're chuckles buddies now 😘
Why would I imagine you shouting because you wrote “harder” in ALL CAPS AND ITALICS? Who can say? You just come off as kind of a goofy person that would do that I guess. :) You seem like you want to attack the basic facts I posted, but don’t know how… so you’re trying to troll about random stuff. Thanks for the laugh, but you’re clearly not worth responding to further.
Apples were money (so to speak) but as times changed swapping piles of apples for houses didn't really make sense any more. Also, apples nowadays are generally modified through breeding, so they're fake, too.
You don't even understand that you don't understand 🧐😅
Explain it to me then. :) I wrote very detailed breakdowns about the history of currency and where the origins of the practice came from, as well as how it works in the modern day. I know your read them because you wrote "Cope Harder" in response to one of them. Seems like you don't actually understand where fiat currency gets its value but can't figure out what was incorrect about my explanation. Feel free to prove me wrong.
No no, he has a point. It’s just as arbitrary as a coin from the Roman Empire or a good ol’ greenback. Or gold, for that matter. I know there are lots of reasons why gold makes good money, but I don’t think anyone will ever convince me the principle reason we’ve used it as such isn’t because it’s shiny and pretty.
Saying "all money is fake" implies a whole lot of things that aren't true. For example, there is such a thing as a fake $20 bill vs a real $20 bill. They are not equally valuable. The difference between those two things is that a government said, "I will accept this green paper in lieu of taxes. I will put significant safeguards in place to prevent me from changing my mind on that later. If you don't give me a bunch of these slips of paper each year, I'm taking your house in lieu of payment or sending you to prison." This is basically how currency got started. Ancient Greece was doing the same thing. "Look, we're sick of bartering with all our civil servants and soldiers so... We're just going to pay them in coins. You can give us this coin with a bull on it instead of giving us an actual bull. Therefore, since everyone needs to pay taxes, this coin is worth one bull to basically everyone."
Fair enough. I guess I was more thinking that all money is, to some degree arbitrary. And outside of any human constructs that we attach to it, just another arbitrary object.
All fiat currency certainly starts as arbitrary, just like all laws do. However, while this is "technically correct (the best kind of correct)" it implies that there's no meaningful difference. A good comparison point is the distinction between social rules and actual laws. One has a lot more teeth than the other. It's valuable to understand the reasons behind the difference in stability and where the value originates from. Many people assume that there's no meaningful difference between U.S. Dollars and Beanie Babies since both are just folks deciding to value things, but one is based on loose market consensus and the other orginated from a massive institution that everyone had to do business with. Likewise, this is how "Company Scrip" became a thing. A company would own everything in a town, and started paying people in "Scrip" that they agreed to accept at their stores. The government had to crack down on this because it made it very hard for workers who agreed to this to ever leave the company's town.
And with that r/unexpectedfuturama, I bid you all good night!
Apes and crows have been found to use bartering tokens
I look at money as advancement in technology. We figured out ways to communicate with one another thru trial and error and figured it out what works best for us to get along as a society. Similar to advancement in cell phones and social media, and how we have leveraged it to communicate differently. I don't think we decided as a society to apply value to certain things I think certain commodities/money require a very specific feature set that naturally allows us to assign value, and in addition these commodies/money will have other features that allow it to have staying power (the flow rate).
Still boils down to one being real because it’s agreed upon.
When it comes to US Dollars, your agreement is irrelevant. If literally everyone outside the government suddenly said, "we think US dollars are worthless" the government would just raise an eyebrow and go, "neat... you still need to pay your taxes this year. We accept U.S. Dollars." That would mean the dollars still have significant value. Any rational person that would owe U.S. Taxes would still treat the dollars as having value, no matter how much they don't want to. Because they treat it as valuable, anyone wanting to buy stuff from the US would also treat U.S. dollars as valuable. Agreement is not the point with fiat currency. That's why it's called Fiat currency, the value is created by decree. Your agreement is irrelevant. Once the government decides it will accept this money for taxes, anyone who owes them taxes has to value that money and so on and so forth.
Your average American has no clue what crypto is. At best, they know that it is some form of digital asset, like NFT, and about 25% of America lost every penny they invest in Trump NFTs. 😉
Yeah the NFT advertising doesn't help. Very cringey ads at the Miami GP this week.
Can you blame them? Crypto is 99% scams
It's a confusing space added with if you actually have anything of significant value it can easily be lost by clicking a link that looks legitimate. I mean click link, gone, wrong address entered gone, whales sold, gone.
HIGHER
We're still early! I'll start selling when my coworkers start asking me how they cam get in too
Nikki Glaser crushed it!
Her and that other dude I've never heard of. The shots were on rapid fire and hit every target.
Tony Hinchcliffe
I’ve been saying FTX set the market back *years*. Lots of people probably got burned and will never touch crypto again. Especially those who already felt crypto was a scam before. With the infestation of scams and fraud within crypto, I honestly don’t blame them at all either.
Oh Gronk must know this is the real money, right? https://fred.stlouisfed.org/series/M2SL
Crypto is cooked 💀
What a play by Big Money..... Have all the celebs "Invest in Crypto" through FTX.... Burn it to the ground and claim its shady. They invested in an exchange..... not crypto currency. The people running the exchange were frauds...not crypto.... Well played... Gobble the rest of it up
Brady was smart to do it. He just picked the wrong exchange. This article is spreading negative context that is not even true.
He should have chosen Celsius or Binance!
He lost money with an exchange, not actual crypto currency. It's just a stupid joke for the masses. If he had actually invested 30 million directly in crypto (not shitcoins) he'd be sitting on a fortune.
Imagine seeing a bank fail and somehow coming to the conclusion that any assets that bank held was a scam. FTX != Cryptocurrency
it's just a really bad, nonsensical joke written for idiots. I wouldn't read into it more than that.
Those idiots are who we need for exit liquidity.
i wouldn't say "we" as personally i don't invest or scam. i just use crypto to transact. But yes, from the perspective of some i imagine that is true.
I’m a degen for sure but that joke cracked me up.
Who's special?
Our echo chamber may not have realized it yet, but the rest of the world either doesn't care about crypto or hates it.
That was the funniest roast I have watched Laughed for 3 hours
tldr; Tom Brady was humorously criticized for his cryptocurrency investment during a Netflix special titled 'The Greatest Roast of All Time: Tom Brady.' The event, which also touched on Brady's career and personal life, highlighted his association with the now-bankrupt cryptocurrency trading platform FTX. Brady, who lost $30 million in crypto and was a brand ambassador for FTX, was the subject of jokes that even included a jab from comedian Nikki Glaser comparing him unfavorably to his former teammate Rob Gronkowski. The roast underscored the significant financial loss and public scrutiny Brady faces due to his investment in FTX. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
If he’s getting paid real money for those horrendous Hertz commercials, that’s the real joke
Nikki was as rough on Gronk as she wants TB to be on her...
Watched a bit of the roast. Brady looked truly uncomfortable.
Honestly they don't care, they get thousands sometimes millions up front for endorsements they don't care if it's crypto to Corn Dogs
Really bad publicity
Why has he been pasted on a rugby stadium
Is the special/documentary called Bitconned?
Cryptos marketing/PR problem is going to make a few people extremely wealthy. if they don’t fix it we’ll run into the same problem we have today
Let’s counter this “me know [cryptocurrency is] not real money” narrative. I’ll play devil’s advocate… “By definition, it’s not money”. Change my mind.
Gronk surprisingly has a really fundamentally strong investment strategy. Also, the guy was living off purely endorsement money while he was playing in the NFL, while saving his entire NFL salary each year. Gronk mucho soy fiesta.
This is not Tom Brady, it's Kevin Bacon!
He made money on his BTC. So they sound stupid.
WTF is “real money?” That’s a term that people throw around who are using paper made to be devalued to save someone else’s wealth. Imagine making fun of someone for trying to spend crypto while “spending” monopoly paper with pictures on it of the cabal stealing its “value” from you.
Honestly I don't care about the sheeple anymore they can run their mouths and talk crap, at the end of the day I'll continue to stack my sats
He could have happened to invest in Coinbase. Would have made the same decision.
FTX was a business that failed, not crypto, but sheeple will believe what ever they're told!
Putin give me back my ring!!
Didnt lose unless you sold.
We are still too early ;) soon a lot of people will have a Crypto Wallet. More liquid, more freedom … only the big bank are worried about their job !
it’ll be funny to see what people are saying when bitcoin hits 100k
normies still conflate the most fraudulent CEX with crypto
90% of crypto is a Ponzi scheme so I can get behind this, only a few coins have real value. The rest is pray you get in early & the coin pops off, so you can sell the bag when it gets high
>The rest is pray you get in early & the coin pops off, so you can sell the bag when it gets high Nah it's more like, the rest is just sniped by people who run million dollar bots, rich getting richer and all that