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Elizabeth Warren says that the Crypto is rife with scams as $80 million was stolen in a 6 month span. She fails to mention the $11.11 Billion US banks were fined for shady business & the $12 Billion consumers lost to banks from overdraft fees in 2020!

Elizabeth Warren says that the Crypto is rife with scams as $80 million was stolen in a 6 month span. She fails to mention the $11.11 Billion US banks were fined for shady business & the $12 Billion consumers lost to banks from overdraft fees in 2020!



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38 Comments

  1. This is a ridiculous take. Nobody is harder on the banks than her. It’s wild how this community just blindly upvotes anyone who parrots the “politicians are bad” incessant talking point that comprises about 50% of the posts on this sub.

  2. I don’t like how this discussion gets framed.

    Warren is at least partly correct. The “crypto” market is rife with scams and most alts serve no use case other than to separate clueless investors from their hard earned money. On a per capita basis, I’d wager that “crypto” is way more scam-ridden than banking or Wall Street.

    The real questions are: Does any authority have a right to regulate such a market? Should investors be free to do whatever the hell they want with their money? Are authorities even capable of regulating such an industry in a sensible way?

    And we should also ask Warren and co the reverse: Given that crypto is so obviously ridden with scams, why do people continue to pump their money into it? Are they just stupid, or is it more nuanced than that? Could it have anything to do with stagnating wages, pathetically low interest rates on savings accounts, and sky rocketing costs of living? Perhaps people are more willing to gamble as it’s the only way to get ahead?

  3. How will she stop scams in crypto? Can’t stop it in fiat either. Hell if someone steals your car the police hardly give a shit, it’s all performative theater to try and remain relevant and to probably try to steal from the people who have done well out of crypto.

  4. Warren is from where I live in MA. I’ve voted for her because she sticks up for the little guy typically. Bitcoin presents a permanent path for the little guy to protect themselves and seek independence. I don’t think that if she really understood what a brilliant invention Bitcoin is and all the good it does, she would be a roadblock to progress. My theory is that she doesn’t understand the difference between Bitcoin and shitcoins.

  5. Attacking her on this specific comment isn’t necessarily fair. She isn’t wrong, nor was she arguing for why fiat is better scam-wise. She’s literally spent her entire career fighting the same issue.

    I disagree with her angst, and I’d probably disagree with the specific regulations she’d like to implement… but c’mon, the outrage in this comment thread is a bit unreasonable.

  6. Crypto is just a currency used to transfer value during a scam. You can scam people with every currency.

    Am I right to think this feels like victim blaming? Instead of fighting the scams she wants to fight crypto.

What do you think?

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