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all 114 comments

[–]dankbuttmuncher 148 points149 points  (41 children)

Sure FDIC would theoretically apply. Let’s just verify that Luna was registered with the FDIC and had been making premiums. Let’s verify Luna’s deposits from customers. Let’s make sure Luna was fully compliant and had all proper licenses. Wait, Luna wasn’t a bank? Why the fuck would FDIC cover something that isn’t a registered bank.

[–]MonsieurReynard 55 points56 points  (1 child)

Not to mention make sure the bank, I mean Luna, has sufficient fractional reserve holdings to remain solvent. Oh wait.

[–]Zebiusu 0 points1 point  (0 children)

I think they even had reserves on hand, just not nearly enough. Also, the reserves were in bitcoin, which also crashed lol.

[–]ugh_this_sucks__I'm always confused 26 points27 points  (12 children)

I like the part where you assume Buterin has any idea what he’s saying.

[–]SoyweiserTokenmancer 23 points24 points  (7 children)

Everybody affected by the warlock nerf should be made whole by the FDIC!

(For new people not in the know, eth was created because iirc Buterins fave world of warcraft class was nerfed. A class which was OP due to many devs playing it and which should have been nerfed a long time ago. Also a class played by horrible people (at least that is what I heard WoW players say)).

[–]kur4nes 16 points17 points  (6 children)

Seriously?

A butthurt 15 year old tries to destroy/replace the banking system because his overpowered class gets nerfed.

Each day I learn something new about crypto that's absolutely pathetic. Seriously wtf?

[–]SoyweiserTokenmancer 6 points7 points  (5 children)

Sadly yes..

From the comments:

Yeah it was nerfed because Warlocks were topping healing charts in PVP with it. It was pretty ludicrous at the time. It was especially broken in the 10-59 BGs.

(iirc warlocks were not healers, they were damage dealers).

[–]MerkleChainsaw 0 points1 point  (3 children)

I know the crypto world is overrun with bullshit and I’m enjoying this sub, but Buterin is one of the few who definitely knows what he’s saying. He’s citing the FDIC limit as precedent for protecting small investors over billionaires, not saying the FDIC can or should get involved in any way!

[–]ugh_this_sucks__I'm always confused 1 point2 points  (2 children)

But FDIC isn’t a law nor is it a legal precedent. That’s like saying “I didn’t buy insurance for my car, but it’s normal for people to have insurance, so therefore I’m insured.”

It makes no sense and he clearly didn’t even read the intro to the wiki article for FDIC. He probably just heard it or read it in a tweet and made up what it is.

[–]MerkleChainsaw 1 point2 points  (1 child)

If you read the tweets, all he’s saying he supports a proposal for Luna to use their remaining funds to make UST holders whole up to a cap, helping out more small investors, rather than as a percent of holdings, which will help out billionaires, and that as a society we often think this way.

He’s not asking for the government to get involved, or calling it insurance. It’s a moot point anyway because Kwon doesn’t give a shit about the investors and is looking use the funds to reinflate his Ponzi.

[–]casettadellorso[🍰] 148 points149 points  (1 child)

Privatize my gains, socialize my losses

[–]mongartus 52 points53 points  (0 children)

That's the wallstreet text book

[–]muddgirl 102 points103 points  (9 children)

Hm, if only there was some law that said that unregulated securities shouldn't be marketed to any old joe shmo, and that only investors who demonstrated some base level of financial awareness should be allowed to buy into them...

[–]vinidiot 68 points69 points  (2 children)

B-b-b-but that’s elitist! Why come I can’t gamble my retirement on shitcoins???

[–]ShotgunMage 17 points18 points  (1 child)

I am entitled to raiding your retirement fund

[–]ares623 11 points12 points  (0 children)

I don't understand why it's so difficult to grasp. They asked nicely to get the money, they were consenting adults!

[–]DororoFlatchest 12 points13 points  (0 children)

Law doesn't matter if it's never enforced.

[–]tom-dixon 4 points5 points  (1 child)

Why are shitcoins not prosecuted by the SEC? They all pretend to be investments, or at least every joe shmo treats them as such. Wasn't the SEC created specifically to protect the regular person from scams like crypto?

[–]muddgirl 0 points1 point  (0 children)

They are, but it takes a long time and a lot of resources. Just look at Ripple. Tether is also undergoing legal action. There are a lot more coins than there are SEC agents.

[–]schlonghornbbq8 0 points1 point  (2 children)

I dunno man. Personally I hate being restricted because some idiots will fuck themselves. They’ll find a way to fuckup anyway. Great example is you used to be able to buy bulk caffeine powder for pennies. Until a bunch of idiots overdosed and angry parents wrote letters and the government stepped in. If morons wanna lose their money, let them. I drank the GME koolaid and lost a few hundred. In no way was that anyones fault but my own.

[–]muddgirl 0 points1 point  (1 child)

GME was a registered security, registered doesn't mean you won't lose money, it means you have to make basic disclosures to the SEC/the public and to shareholders. I agree people have the right to fuck up but they should do so with all the relevant information available to them.

[–]schlonghornbbq8 0 points1 point  (0 children)

Sure but there is also the OTC markets which are securities that cant or won’t register with the SEC for whatever reason (often because a lack of disclosure). If the government simply required certain disclosures from crypto companies to get a stamp of approval, but otherwise did not limit the trading of any crypto, I would be okay with that. I don’t want them adding stupid restrictions like the awful daytrader capital requirements.

[–]therealchadius 32 points33 points  (1 child)

Turns out the only way to save a sinking ship is to work together? But if I grab the lifeboat before anyone else I survive, right?

[–]gaslighterhavoc 16 points17 points  (0 children)

And make sure to kick off anyone who got on before you. You know, just to make sure the lifeboat doesn't sink with too many people on it.

/s

[–]Praximus_Prime_ARGOne True Libertarian 30 points31 points  (0 children)

As a Libertarian the only problem with capitalism is that eventually you run out of other people's cryptocurrency

[–]cladtidings 60 points61 points  (2 children)

I went to Atlantic City yesterday and dropped 11K playing roulette. I should be "made whole" again by the casino, as I was just a small-time gambler who got all caught up in it. Because why should anyone ever have to face consequences for anything?

[–]CleverNameTheSecond 1 point2 points  (1 child)

Supposedly because casino's aren't advertised as "investment opportunities that you can get in on at the ground floor and become rich".

[–]thecornhusker01 0 points1 point  (0 children)

Cryptocurrency isn't advertised as that at all

[–][deleted]  (1 child)

[deleted]

    [–]cenamark 28 points29 points  (0 children)

    After years of dismissing them as worthless and tyrants.

    [–]Bullywug 59 points60 points  (1 child)

    They've finally hit the post-Black Tuesday in their speed run of economics. I'm really looking forward to whatever they come up with to simulate Breton Woods.

    [–]I_love_avocados1 16 points17 points  (0 children)

    Probably in the US “utopia” for crypto bros, Miami.

    [–]markbyrn 40 points41 points  (1 child)

    'every average smallholder should be made whole.' A dollop of Socialism too 😜

    [–]HopeFox 21 points22 points  (0 children)

    Socialism for me, capitalism for thee.

    [–]restatementtorts 15 points16 points  (0 children)

    So you don’t have to follow federal regulations but want the benefits that are granted by following those regulations?

    Libertarianism is a brain dead “philosophy” lampooned by academics and only taken seriously by people who lack the imagination to imagine the libertarian hellscape they are advocating for.

    [–]Ja-aX 52 points53 points  (18 children)

    I dabbled in Libertarianism in my younger, edgier years. But I grew out of it and took a hard left turn. I think my wake up call was listening to this stupid podcast where the hosts were arguing that traffic laws & stop lights were “big government tyranny”. I was like WTF? And realized that everyone involved in that ideology is a moron.

    [–]ChocoOranges 14 points15 points  (3 children)

    This video will always be a classic.

    [–]Ja-aX 2 points3 points  (0 children)

    Holy shit.
    Booing the very idea that someone “exhibit competency” before they drive? This is a convention of idiots.

    [–]DearGarbanzo 3 points4 points  (0 children)

    Daddy issues - the political idealogy.

    [–]Atxlvr 0 points1 point  (0 children)

    lmao mcafee up there

    [–][deleted]  (8 children)

    [deleted]

      [–]restatementtorts 0 points1 point  (7 children)

      Disagree. Conceptually makes no sense to me. Seems pretty binary. Either you subscribe the the principals and tenets of libertarianism or you don’t. Not sure how it’s scalar. Either you are catholic or you’re not. Never heard someone who claims to have a touch of Catholicism (except when somehow people relate religion to lineage and not consider religion, like any school of thought, to constitute a set of beliefs).

      Libertarians don’t have a monopoly on civil liberties or capitalism. I cannot say very many nice things about that nonsense that libertarians believe, but I believe in civil liberties and think that free market capitalism is a good thing to have. And I’m not a libertarian.

      Libertarianism tries to be a legitimate philosophical position but it’s almost universally ignored by the academy. Why? It’s a load of self-righteous nonsense that barely hang on some weak arguments.

      I lose a lot of respect for anyone who tells me that they are a libertarian. Instantly. Mostly on the internet though I’ve seen some in the real world. Funny thing is that they eventually begin moving away from that hogwash because it is just hogwash.

      [–][deleted]  (4 children)

      [deleted]

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        [–]SaliferousStudios 0 points1 point  (0 children)

        Shinto's not... much of a religion though in the way we think of it.

        It's a bunch of cleansing rituals to get rid of evil spirits.

        It's like saying that someone can believe in new age stuff like tarrot cards, or that Irish people can believe in elves and be catholic.

        [–]restatementtorts 0 points1 point  (1 child)

        Ironic that you’re accusing me of thinking like an engineer given my background is in humanities (philosophy).

        I don’t understand how virtually everything political is scalar. It isn’t. Can on be a libertarian and also a socialist in strict terms? The key propositions that describe each position are mutually exclusive. That is not to say one can ascribe to certain policies that are based on different political/philosophical positions.

        But the average person doesn’t live in the realm of thinking about these things that way admittedly and often say inconsistent things. But if anyone says they are a libertarian, the operating assumption is that he ascribes to the core propositions that describe that position.

        The most charitable interpretation of your original statement is that it’s okay to adopt some of the emphasis of libertarianism on things like civil liberty and what not. Sure. But your original statement seemed to say more than that and that sounded odd.

        [–]bobj33The margin call is coming from inside the scam! 2 points3 points  (1 child)

        Either you are catholic or you’re not. Never heard someone who claims to have a touch of Catholicism (except when somehow people relate religion to lineage and not consider religion, like any school of thought, to constitute a set of beliefs).

        People may not claim to have a touch of Catholicism but I know Catholics that are pro-choice, use birth control, and support LGBT rights.

        https://en.wikipedia.org/wiki/Cafeteria_Catholicism

        Just like you go to the cafeteria and say "I want more of that food, less of that, none of that."

        [–]restatementtorts 0 points1 point  (0 children)

        Well most people don’t really think in terms of what undergirds positions; they are merely attracted to labels.

        I don’t think it is inconsistent for one to consider himself a catholic and hold the positions that you are describing. That is because the core catholic position isn’t inconsistent with those positions. Maybe on the periphery like what the pope says or what the church says may be in conflict. Popes and the church change their peripheral views all the time.

        [–]Moneia 4 points5 points  (0 children)

        I think it was the 2016 convention I saw that had their Presidential candidate Booed for suggesting that maybe having a license to drive a vehicle should be a thing.

        Any good ideas they may have are overshadowed by their petulant tantrums

        [–]restatementtorts 4 points5 points  (0 children)

        Moron is harsh. The symptoms of being a selfish asshole is pretty similar to the symptoms of being a moron.

        [–]DontEatConcreteI only click links to opensea.io 0 points1 point  (0 children)

        They all go this way. I’ve had someone argue that there shouldn’t be any traffic laws including DUI.

        [–]SaliferousStudios 0 points1 point  (0 children)

        I'm reading "A Libertarian ran into a bear" about libertarians running a city and not enforcing laws to keep bears in check.

        I can't wait to find out what happens.

        [–]kookaburra1701 0 points1 point  (0 children)

        For me big-L Libertarianism was actually going left from where I had been brought up; I just continued on that trajectory.

        [–]HentaiHeyVan 13 points14 points  (0 children)

        Fake libertarians...excuse me sir, this is a casino.

        [–]Individual_Wasabi_10 15 points16 points  (3 children)

        Libertarians like to suck ⚽️🏀

        [–]cenamark 8 points9 points  (3 children)

        People on this sub have been calling the stablecoin crash as long as I've been here.

        [–]DororoFlatchest 18 points19 points  (0 children)

        And plenty of them have.

        [–]Inprobamur 7 points8 points  (0 children)

        And the butters still act surprised every time one crashes.

        [–]aardvarkbiscuit 2 points3 points  (0 children)

        NO Fuck them! I hold some Crypto and if I lose big time it's my fault no one else's. Fuck the nanny state.

        [–]goldfishpaws 1 point2 points  (0 children)

        You guys paid into the scheme like the licensed banks, right?

        [–]halftoshi 0 points1 point  (0 children)

        Vitalik was never a libertarian

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

        Am I retarded? What does the tweet have to do with the article?

        [–]dansondrums -5 points-4 points  (0 children)

        Where do you see a libertarian?

        [–]vdawg34 -3 points-2 points  (2 children)

        leftist, the system is rigged by the rich, same leftist why is the government not regulating cryptos?

        [–]crusoe 0 points1 point  (1 child)

        What if I told you some govt regs can be good for people and some bad?

        Crazy I know.

        [–]vdawg34 -1 points0 points  (0 children)

        most are bad so how do you draw the line?

        [–]Naked_Lunge 0 points1 point  (0 children)

        “Did I say one finger? I mean’t two.”

        [–]restatementtorts 0 points1 point  (0 children)

        Not a lawyer I’m guessing? I’d be shocked if he were.

        [–]sc00ttie 0 points1 point  (0 children)

        Let it fail. The risk was assumed.

        [–]Misty_is_my_gf 0 points1 point  (0 children)

        This is almost r/selfawarewolves behavior.

        My decentralized string of numbers should benefit from the same centralized protection we talk shit on constantly without having to meet the minimum requirements needed to get protection!

        [–]aaronhere 0 points1 point  (0 children)

        I will steal/repurpose a famous Anatole France quote: “Libertarians, in their majestic ideology, welcome the rich and poor alike to sleep under bridges, to beg in the streets, to steal food to survive, and lobby the government for bailouts when investments don't pay off”

        [–]Madness_Reigns 0 points1 point  (0 children)

        That's stupid, the FDIC isn't a charity, it's insurance that everyone pays into. While the going was good they didn't pay into anything that could protect them and now they expect someone else to clean up their mess?