Many have noted that the incoming Trump administration is shaping up as a kakistocracy — rule by the worst. But if you look at who has influence, especially crypto and fintech in general, it's also shaping up as a scamistocracy: rule by ripoff artists 1/ https://www.cnbc.com/2024/11/22/synapse-bankruptcy-thousands-of-americans-see-their-savings-vanish.html
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1, invest in an Un-Insured institution
2, invest more than the guaranteed amount
3, fail to diversify investments
After I sold my home, I paid off all my debts, invested part, and put the bulk into high yield INSURED plans. I've trebled that money in 13 years.
Kakistocracy.
Kleptocracy.
All of the above.
Believing in too-good-to-be-true interest rates & not going for a direct relationship with an FDIC insured institution - not wise.
There is no free lunch
Company tells you about a great deal? There’s something in it for *them*
Remember:
1st rate people hire 1st rate people.
2nd rate people hire 3rd rate people.
These are bottom rate people.
ETF is the start and 100k BTC is the bait. When banks and insurance companies will invest retail money in crypto will be the beginning of the end.
https://wallstreetjournal-ny.newsmemory.com/?publink=3e9619aa0_134d561
The GOP has been attacking education for decades, winnowing basic knowledge and critical thinking skills. At first, it was to gain and keep political power, but now they seem to have figured out how to profit from it.
Why not shear the sheep when they proudly announce themselves?
Marc Andreessen and Ben Horowitz not getting burned (and most likely profited) explains why Sankaet Pathak has been able to raise $11million from investors for his next project.
When trump gets rid of the FDIC this will seem quaint.
The republicans want to make America great again, but so far, their only idea is to kill off anyone who is dumb enough to believe their rhetoric.
These things take time.
People with that kind of money to invest ($100k) aren't being turned away by "traditional banks" 🧐
So why risk it all with a dodgy app nobody's heard of? They saw the dollar signs and "too good to be true" interest rates and skipped due diligence 🤷🏼
Are we expected to feel pity for these folks?
New York Times Pitchbot
@DougJBalloon
If the government won’t bail out my Silicon Valley Bank holdings, I’m going to become an even bigger libertarian.
1. A retired tech person from the days nothing worked easily;
2. Not trying to balance jobs, kids, home;
3. Reading 2 or 3 newspapers a day.
I have sympathy for folks who are just tired, see claims that look right, and make a call w/o extensive investigation. Life is hard.
Synapse is owned by Sankaet Pathak. He’s already moved on to a new venture in robotics & raised $millions. Our lives are a joke to these people.
I don't have the energy to put up the question mark.
https://www.youtube.com/watch?v=jEBnrzNuUSA
The money her organization took in ALL disappeared.
This is one of the largest frauds EVER but it was not covered in the US at all.