I agree. However, I think there's something to be said about how people don't understand what kind of protections are afforded to them by regulation.
A lot of these people were likely acting in some level of good faith, assuming that a company so big it could afford a Super Bowl commercial starring Larry David would never scam them. I know, it's stupid, but people don't understand where the guardrails are, what FDIC insurance really is, what sort of insurance exists on retail brokerage accounts, etc. And they didn't just lose money off of crypto losing value, they lost beyond that amount off of this business co-mingling funds when they were not supposed to.
But I do not feel that badly for anyone whose life was 'ruined' over this for one big reason: they were trying to get rich quick. That's the fact that underpins so much investment in crypto. BTC to the moon! SHTC to the moon! ETCC to the moon! These people were hoping for their 'investments' (speculative gamblings) to explode in value. And they weren't planning on sharing any of it with you or me, not beyond what they're legally required to through taxes (and sometimes, not even that, like you say as well).
A lot of these people were likely acting in some level of good faith, assuming that a company so big it could afford a Super Bowl commercial starring Larry David would never scam them. I know, it's stupid, but people don't understand where the guardrails are, what FDIC insurance really is, what sort of insurance exists on retail brokerage accounts, etc. And they didn't just lose money off of crypto losing value, they lost beyond that amount off of this business co-mingling funds when they were not supposed to.
But I do not feel that badly for anyone whose life was 'ruined' over this for one big reason: they were trying to get rich quick. That's the fact that underpins so much investment in crypto. BTC to the moon! SHTC to the moon! ETCC to the moon! These people were hoping for their 'investments' (speculative gamblings) to explode in value. And they weren't planning on sharing any of it with you or me, not beyond what they're legally required to through taxes (and sometimes, not even that, like you say as well).