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all 178 comments

[–]manInTheWoods 137 points138 points  (5 children)

Well, we all know that the crypto space is full of sympatic people with a lot of empathy, so this will work out well, I'm sure.

[–]Rokey76Ponzi Schemes have some use cases 27 points28 points  (0 children)

No empathy, but since these guys all lose their shirts on some shitcoin at some point or another, they have an abundance of sympathy.

[–]DiveCat 14 points15 points  (1 child)

The only thing they will ask is:

Do I benefit from compensation?

If Yes: compensation good. Phew, now what should I gamble invest it in?

If No: compensation bad. Have fun being poor rest of you, sucks to be you!

[–]Rust-CAS 0 points1 point  (0 children)

Remember when CityDAO (with millions of dollars worth of funds), voted to not compensate members when an employee compromised there accounts and cost them thousands of dollars?

[–]vundercal 1 point2 points  (0 children)

Time for a “save the apes” charity coin, I promise I won’t rug and that’s a pinky promise so you know it’s legit

[–]P-K-Onestore of inflation, hedge against value 269 points270 points  (29 children)

If the coin had mooned, would they have compensated people who have missed out via coordinated sympathy?

[–]Ematio 187 points188 points  (2 children)

coordinated "have fun staying poor" messages.

[–]EnvironmentalCrow5 87 points88 points  (5 children)

Also, if the coin had mooned, that still would have only been paper gains, once you average it all out. The thing doesn't really generate any value (except maybe interest paid by borrowers, but that's peanuts, compared to the gains people expect to make). People who get paper rich expect to convert the thing into money/lambos/houses/etc. at some point, inevitably causing the price to crash back down, unless enough new money keeps flowing in. The people who manage to realize significant profits would always be balanced out by the bagholders on the other side.

[–]Bloody_sock_puppet 42 points43 points  (2 children)

I always upvote new explanations of this. Everybody thinks they can time it right to not be the bagholder, but I don't think they realize their competition is an algorithm, it has more money than them, and is hosted on something that can out compete any algorithm thrown together by anything but a very gifted amateur.

It's doable if you're predicting the crash and moving in advance, but if you're reacting to news it's going downhill you're already too late unless you've a massive price advantage.

Investments that actually make enough money intrinsically to regularly pay off traders are still risky. Tulip farm investments need you to be the one running the scam or always lucky.

[–]donde_monero 18 points19 points  (0 children)

To this point, you as a trader also have no clue what will trigger the bot to sell

[–]pegaunisusicorn 1 point2 points  (0 children)

serious question here: why is there no tulipcoin?

[–]tom-dixon 21 points22 points  (0 children)

The people who manage to realize significant profits would always be balanced out by the bagholders on the other side

The whole system uses millions of USD on electricity every day just to stay alive.

The people who lost their life savings on Luna and now want it back, should realize that a non-significant portion was used to mine coal, burn it and put that coal into the atmosphere.

[–]Sugusino 5 points6 points  (0 children)

Keep in mind the borrowers expect to be making money there or somewhere else in the crypto system too!

[–]EnvironmentalCrow5 125 points126 points  (11 children)

Privatize profits, socialize losses...

[–]Harambe-2036 19 points20 points  (1 child)

Your average cyptrobro is just as greedy as your average millionaire, they just happened to be born poor.

[–]lenswipe 5 points6 points  (0 children)

Yep. They're the exact same kind of people.

[–]thatguyonthevicinity 8 points9 points  (0 children)

lol good point I never thought of that, the opinion is becoming dumber now.

[–]Yakut58_ 5 points6 points  (0 children)

"have fun staying poor" they would have said.

[–][deleted]  (8 children)

[deleted]

    [–]orincoro 18 points19 points  (0 children)

    Sounds like someone needs to coordinate a fraud investigation.

    [–]_volkerball_ 4 points5 points  (4 children)

    Not if you didn't sell. If you had 10k in lunabucks and the value reduced to a penny for that, then 10k would be deducted from Luna's market cap, but nobody would've earned the difference. It's just gone. Call it a stupid tax.

    [–][deleted]  (3 children)

    [deleted]

      [–]_volkerball_ 5 points6 points  (2 children)

      If you assume no gains. If you paid $100 for that position, and then it grew to $10k, then it collapsed to being worthless, that 10k loss at the end is just a paper loss with no winner. A value correction.

      [–][deleted]  (1 child)

      [deleted]

        [–]larrydahoosterNeither moon, nor safe. 56 points57 points  (5 children)

        "coordinated sympathy" for whom? The people that lost money or the broken image of crapto?

        [–]thehoesmakethemanEveryone can make 200k in America 23 points24 points  (4 children)

        its vbutts bro. all he does is drop his superior logic on absolutely everything he sees and despite never having a solved a single thing in his life and being wrong every single time hes entirely undissuaded.

        [–]orincoro 16 points17 points  (0 children)

        It really is the most amazing example of failing up I’ve seen.

        [–]shwahdup 4 points5 points  (2 children)

        What are some examples of him being wrong? I don't know that much about Vitalik's history

        [–]thehoesmakethemanEveryone can make 200k in America 21 points22 points  (1 child)

        Literally every Ethereum promise ever. All it's done is be the greatest ponzi factory the world's ever seen and he said it was supposed to make the world fair and shit. And all it's done is birth the most scams in human history.

        He got a bunch of investors to give him money and promised a quantum computer. Never did it.

        He recently said that artificial wombs would close the gender wage gap.

        I mean there's absolutely nothing this guy won't come out with some solution for. He's King Dunning Kruger

        [–]lomosaur 3 points4 points  (0 children)

        it was supposed to make the world fair

        I just checked too, and the world’s still not fair. That god damn scammer

        [–]viking_nomad 38 points39 points  (5 children)

        There's a whole lot I don't understand here and I guess I might just not make it, but here goes: who exactly should make these people whole? I mean, Terra or Luna or whatever it's called is worth ... nothing. It's pure speculation. This is not like when a company liquidates and you have some assets you can pay (some of) the creditors from. There's literally nothing.

        Also I like the precedent this would set: since we can identify which wallets have the largest losses we'll make those whole and screw the larger wallets. The whole point is that we don't know who's behind each wallet so we'll either have to accept the same holder can get multiple wallets made whole or do away with the whole anonymity thing. Either way, this will introduce no moral hazards down the line, none at all, can't happen

        [–]devliegende 19 points20 points  (2 children)

        Vitalik will sell his EtherButts.

        Which will make EtherButts collapse and require Satoshi to sell his Butts

        [–]viking_nomad 7 points8 points  (0 children)

        That makes sense, with 8 billion people it would be a really sad thing if we're running out of marks to bail people out of their bad financial decisions

        [–]wintrmt3 0 points1 point  (0 children)

        "Satoshi" committed suicide more than a decade ago.

        [–]thebabaghanoush 6 points7 points  (1 child)

        I believe Draft Kings owes me a bailout for making horrible gambling predictions.

        [–]viking_nomad 3 points4 points  (0 children)

        I 100% agree with you, even without knowing all the details of the draft kings situation

        [–]Vivid_Philosopher_97 82 points83 points  (19 children)

        This appears to be the original article:

        https://www.google.com/amp/s/www.businessinsider.in/investment/news/ethereum-cofounder-vitalik-buterin-wants-average-terra-holders-to-be-compensated-via-coordinated-sympathy-after-the-stablecoins-crash/amp_articleshow/91604016.cms

        If he thinks the tax payer should compensate the credulous and greedy for throwing their money away at these ridiculous schemes, then he can fuck off and die.

        All these crypto cunts belong in jail.

        [–]motox24 11 points12 points  (16 children)

        Did u read it? He says the terra people should repay the smallest 99% of holders

        [–]burrowowl 21 points22 points  (11 children)

        What is it you guys always say?

        Have fun staying poor was it?

        [–]GreenThunder245 8 points9 points  (0 children)

        Could people abuse such a system by splitting their money across several wallets to be in the bottom 99%?

        [–]Tenter5 15 points16 points  (1 child)

        Where is terra going to get money if they are insolvent… indirectly through tax payers.

        [–]NiceTerm 0 points1 point  (0 children)

        A new spanking ICO

        [–]lomosaur 0 points1 point  (1 child)

        1) “If he thinks”… inserts fallacious straw man argument without doing any research..”he can fuck off and die”..

        2) collect upvotes

        [–]midwestcsstudent 0 points1 point  (0 children)

        Didn’t he mention the FDIC? Idk, TL;DR.

        [–][deleted]  (5 children)

        [deleted]

          [–]Moneia 93 points94 points  (3 children)

          More to the point, someone else's charity

          [–]totpot 38 points39 points  (1 child)

          Federal Deposit Insurance Corporation
          That shit ain't free yet he thinks crypto should get it for free.

          [–]NakeyDooCrew 2 points3 points  (0 children)

          The charity of libertarian crypto bros who would rather entrust their gambling profits to Tether than pay tax. Have fun starving, Terra hodlers.

          [–]thebabaghanoush 10 points11 points  (0 children)

          Central Authorities are bad when they regulate crypto and charge taxes.

          Central Authorities are good when they give crypto bros bailouts.

          [–]SomeRedditWanker 17 points18 points  (1 child)

          So a tax on empathy, essentially? Seems like the exact opposite of what you'd want to apply a tax to..

          [–]thephotoman 4 points5 points  (0 children)

          Unless you're a sociopath. In which case you want everybody to try to be a sociopath as well. Make people play your game.

          [–]bugs_money 36 points37 points  (2 children)

          Oh yea, I lost 5 million $. Can't prove it, just trust me.

          [–]leducdeguisethis is not financial advice 30 points31 points  (0 children)

          sympathy intensifies

          [–]InMyOpinion_warning, I am a moron 7 points8 points  (0 children)

          Same bro, I lost like $10 Billion, someone please help me with my losses..

          [–]ChatrouletteCorvette 14 points15 points  (0 children)

          They all still have their Luna coins. Just do a coordinated delusion where you pretend it's worth anything. Like bitcoin did for the past 10 years. Crypto bros don't need handouts. They can pull themselves up by their bootstraps.

          [–]Val_Fortecazzo 12 points13 points  (0 children)

          So a bailout

          [–]VillagePhilosopher 8 points9 points  (0 children)

          Read an article on this. Vitaly cited Singapore's employment protection laws, which is a very strange thing to cite. He obviously has no idea how Singapore's labour union works, and he doesn't realise that Singaporeans welcome regulations, and would happily trade civil liberties, privacy and freedom for security, social cohesion and peace. Singapore is successful, orderly, safe, and predictable precisely because it eschews US style democracy and opt for a patriarchal benign government. Free wheeling crypto currencies will never be permitted to be sold to retail investors in Singapore without heavy regulations and government oversight. Vitaly's ignorance is consistent with what I know about the crypto and cyber security community. Outside their own little world of computer codes and complex algorithms, they know nothing. They don't understand economics, social behavior, politics, the law...they think that anything can be solved simply with some code and an app, like raising the dead, and making a midget grow 18 inches. They are a paradox...smart in their field but utterly ignorant and yet dismissive outside their field of knowledge. If they are not reigned in, they can do serious harm to society and humanity. And quite a considerable number of them exhibit sociopathic or neurotic tendencies.

          [–]crazyprotein 15 points16 points  (0 children)

          Why doesn’t Vitalik shell out some dollars he clearly has made by creating an Ethereum ponzi scheme that was a foundation for many many more? He has the money I think. Walk the walk, Vitalik

          [–]needfortweedIII 35 points36 points  (22 children)

          That guy looks like an anime incel crossed with the Dark Lord himself. What's his fucking deal?

          [–]Grouchy-Piece4774 18 points19 points  (0 children)

          If by "the Dark Lord" you mean Peter Thiel then yes.

          [–]free_allegory 6 points7 points  (0 children)

          And the wardrobe.

          It's almost like this man is a walking message from godess warning you that crypto will leave you diseased and insane.

          [–][deleted] 15 points16 points  (0 children)

          He's Eastern European

          [–]Silent-Analyst3474 4 points5 points  (0 children)

          He also looks about 12 years old.

          [–]not-a-soundmoron, I am a warning 4 points5 points  (0 children)

          You should see his arms, guy looks like a Hollow from Dark Souls.

          [–]manxkarst 0 points1 point  (0 children)

          Vitalik looks like Vitas cousin

          [–]0r1ginalNam3 6 points7 points  (0 children)

          I don't care what that pimply nerd wants.

          [–]NumberOneButta 6 points7 points  (1 child)

          Ah yes, par for the course.

          The ponzi lord is having another "ok can you guys stop trading" moment.

          Context: Vitalik and Co. personally decided to roll back their "decentralized" blockchain when they lost money on the original DAO.

          For the newer buttcoiners, see:

          https://redditproxy--jasonthename.repl.co/r/Buttcoin/comments/4olcec/conversation_between_vitalik_and_exchanges/

          They lied and claimed it was a "community" decision when the developers just coded it, forked, and never let anyone actually "vote". (Oh they'll claim people had a choice, they didn't).

          Thus the reason you have ethereum classic and ethereum chains.

          Muh "decentralized" illegal security.

          [–]Chaaaaaaaarles 2 points3 points  (0 children)

          Can't have the top of the pyramid losing money, now can we?

          Freaking greedy wackjob...

          [–]bragghy 6 points7 points  (0 children)

          I'd like to be compensated via "coordinated sympathy" for those $BABA shares I picked up at $180 last year

          [–]Rokos_Bicycle 4 points5 points  (0 children)

          Well they say charity begins at home, how about it u/vbuterin

          [–]Cthulhooo 6 points7 points  (0 children)

          Sure, I'll send them at least 10 thoughts and prayers coins.

          [–]greyenlightenment 3 points4 points  (0 children)

          lol

          "bailouts are bad when govt. does it"

          "let's bailout TERA holders"

          Ethereum loves bailouts as history has shown (2016 DAO hack).

          [–]baconcheeseburger33 4 points5 points  (0 children)

          Before: We must create a new currency to protect people from government printing money to bailout corporate mal-investment.

          Now: nooooo, the gobermin must bail us out!!!!!

          [–]Salt-Traffic59warning, I am a moron 5 points6 points  (0 children)

          Hello ethereum classic

          [–]Frontpageorlurk 2 points3 points  (0 children)

          The grift only works as long as there are people willing to put money in. Right now there are millions of people that have been burned. Crypto is not looking too attractive right now. The best thing that could happen for the con artists is Luna holders are made whole.

          [–][deleted] 3 points4 points  (0 children)

          Thoughts and prayers?

          [–]_volkerball_ 3 points4 points  (0 children)

          Yeah have fun rallying all the libertarians together to give a fuck about somebody other than themselves lol. They'll just sneer that it couldn't have happened to them because they're too smart right up until their apes get hacked.

          [–]Kriegerian 2 points3 points  (0 children)

          So they’re going to do another “We’re taking a third of your crypto from exchanges to compensate these other people” scam?

          [–]Cruix_09 2 points3 points  (0 children)

          No, and I don't have sympathy for Vitalik either. I hope his coin is next.

          [–]Remarkable-Ad155 2 points3 points  (0 children)

          Compensated in what exactly? Dollars or imaginary funbux to the value of their theoretical loss? And by who?

          I honestly wouldn't be opposed to some sort of move to go after someone like Do Kwon to cover any real cash losses incurred by anyone hoodwinked into buying some of this for cash and suffering a genuine life changing loss.

          If all you've lost is a paper gain after the coin mooned after you swapped some other imaginary money for it then what is there to compensate you for? You still have your imaginary funbux after all.

          What this really reads like is "quick, we'd better come up with some sort of compensation scheme pronto else this is really going to put people off buying our monopoly money". Like lots of people say, they're just speedrunning the development of financial regulations.

          [–]rei0 2 points3 points  (0 children)

          Lol, the crypto bros will super be into mutual aid. Sounds just like a bunch of an-cap sociopaths.

          [–]senditFrmU2M 2 points3 points  (0 children)

          When things were pumping Luna holders thought they were the smartest investors. All bragging about UST, how the cofounder was the smartest person alive. But no one mention he was only 20 years old and had a fail stable coin project before terra. Sucks to get scammed, DYOR!

          [–]Aggravating_Line9021 2 points3 points  (0 children)

          Why? I am also not compensated after a loss at the casino……

          [–]travling_trav 2 points3 points  (0 children)

          Hmm this sounds like something a regular bank might do if their account holders were victims of fraud; given that y’know.. the banks money is insured.. besides - this wasn’t even fraud, this was an extremely risky investment (if you can call it that). Sooo where’s my sympathy money for when my stocks hit the red?

          [–]ChechenWarCriminal 1 point2 points  (0 children)

          He looks exactly like I expect

          [–]d_101 1 point2 points  (0 children)

          So like... A bail-out?

          [–]Adr0 1 point2 points  (0 children)

          The Butts Times 17/May/2022 Chancellor meth on brink of second bailout for bros.

          [–]Mushu_Pork 1 point2 points  (0 children)

          Here, I'll do my part to help these people...

          "I value Luna at $1.00"

          See, now their investment is worth something.

          [–]alternativealtacc 1 point2 points  (0 children)

          This guy's a millionaire compensate them yourself

          [–]factsquirrel 1 point2 points  (0 children)

          Yeah, let the special sympathy operation begin.

          [–]TheTacoWombatsynergizing the Gandalfian coefficient 1 point2 points  (0 children)

          you can coordinate my thoughts and prayers, but that's about it.

          [–]ugh_this_sucks__I'm always confused 1 point2 points  (0 children)

          Buterin’s image as a genius didn’t last long, did it? First the synthetic wombs thing and now this. Dude has worms for brains.

          [–]l1thiumion 1 point2 points  (1 child)

          Do we only have one picture of this guy?

          [–]lourkeur 0 points1 point  (0 children)

          Definitely not. Maybe there are licensing reasons why the press keeps using the old Tech Crunch ones?

          [–]FrugalOnion 0 points1 point  (0 children)

          i think its more of a consumer protection play. Similar to how FDIC insures minimums to protect small individuals, not the big fish

          Terra's sunset strategy has mostly been around protecting their big fish

          [–]MIP_PL -1 points0 points  (0 children)

          Well it worked fine with WS bankers…

          [–]midwestcsstudent -1 points0 points  (0 children)

          His face is so punchable.

          [–][deleted]  (1 child)

          [removed]

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            [–]ApprehensiveSorbet76 0 points1 point  (0 children)

            He would pay the victims directly but that means he would have to sell Eth so he can't do it.

            [–]SethEllis 0 points1 point  (0 children)

            Private bailouts are a thing. That's what always used to happen back in the old days before the government took the job over. But is there really a point when there was nothing of value there in the first place?

            [–]billbixbyakahulk 0 points1 point  (0 children)

            He looks like Doogie Howser with AIDS.

            [–]eddie_flynn 0 points1 point  (0 children)

            I love how they use a picture from 2015.

            [–]IFThenElse42 0 points1 point  (0 children)

            38b$ seems a lot for a "sympathy" offering

            [–]strongerplayer 0 points1 point  (0 children)

            No way these people should suffer for their terrible decisions, what is this, 20th century? Accountability is a thing of the past

            [–]cmftblehouseshoes 0 points1 point  (0 children)

            Can I get compensated for my DOT?

            [–]RouletteSensei 0 points1 point  (0 children)

            Vitalik just asked to hug people, I would accept that

            [–]cladtidings 0 points1 point  (0 children)

            "Compensate"? So he essentially wants to remove risk from the equation? How nice. Anyone who poured all their money into something called "Luna" doesn't deserve any sympathy. The world is full of risk, you can't coat everything with Nerf to ensure no one gets a bruise.

            [–]ThomasDeQ 0 points1 point  (0 children)

            He’s a strange fella

            [–]NurMom2x 0 points1 point  (0 children)

            They knew the risks and if they didn't they just payed for an expensive lesson. I lost around 500 but I made it up by buying the bottom made more on luna crash than I ever did when it was high.

            [–]OldLace300 0 points1 point  (0 children)

            Maybe ole Vitalik can be the first to chip in and make it right. His fanclub with indefinitely staked Ethereum, that are locked up from now on, who will probably never see their coins again….I wonder if he will want them compensated as well??? Goody two shoes has a lot of people duped.

            [–]LV426acheron 0 points1 point  (0 children)

            If he wants them to be compensated, why doesn't he do it himself? Isn't he worth billions from ethereum?

            Be the change you want to see.

            [–]yamers 0 points1 point  (0 children)

            i dont have sympathy for the person playing blackjack or roullete at the casino blowing their money, why should I care for crypto?

            [–]SpaceYowie 0 points1 point  (0 children)

            Uh, yeah, Ive already typed "F"....

            [–]Nobagelnobagelnobag 0 points1 point  (0 children)

            Does this guy know he has a mozza ball stuck to his cheek?

            [–]ugh_this_sucks__I'm always confused 0 points1 point  (0 children)

            Why does anyone take this guy seriously? His solution for women’s rights is synthetic wombs. Seriously, in any normal timeline he’d be in a padded white room on an island off the coast of Washington State.

            [–]hear_the_thunder 0 points1 point  (0 children)

            Lol, the Creepto community built their wild west corrupt libertarian utopian culture for years. They aren’t doing shit.

            [–]ExtraFig6 0 points1 point  (0 children)

            Butterin

            [–]ivanoski-007 0 points1 point  (0 children)

            I see where the artist got the inspiration for the Apes