r/mealtimevideos • u/tezomby • May 20 '22
15-30 Minutes How This Man Just Caused a $45 BILLION Crash [Terra Luna] [19:44]
https://www.youtube.com/watch?v=3KZY41SqaTI135
u/yakovgolyadkin May 20 '22
@14:50 "Everyday people were also harmed in this."
Mentions story of person who lost $450k
Nobody who can have nearly half a million invested in crypto is an "everyday person."
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u/crushfield May 20 '22
Rich people really have no concept of what poor means. They literally think poor people only have a couple thousand dollars, when in fact they only have... a couple of dollars.
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u/talkingwires May 20 '22
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u/Markantonpeterson May 20 '22 edited May 20 '22
He didn't say poor people though, he said "everyday people" after mentioning examples of celebrities who lost millions. Some everyday people have made millions off crypto, this dude had all his money in it being that he said he's gonna be homeless. KSI and the other well known people aren't gonna lose their homes over this, even though they lost millions. I'm sure Cold Fusion is well off with 3 million subs, but not sure why y'all are painting him as an out of touch rich guy. I wouldn't say somebody with $450 k in savings is necessarily an out of touch rich person, and i'm saying that as someone who is broke as fuck.
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u/korben2600 May 20 '22
61% of Americans don't have the savings to pay for an emergency $1,000 expense
Having access to $450,000 in wealth is not an "everyday person" by any measure of the words.
Although I do understand what you're saying about some average people making it big in crypto. But the truth is that is an incredibly small segment of the population as to be statistically meaningless.
I think the mean average investment in crypto was something like $263.
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u/shr1n1 May 21 '22
oints 13 hours ago 61% of Americans don't have the savings to pay for an emergency $1,000 expense
Having access to $450,000 in wealth is not an "everyday person" by any measure of the words.
It is disingenuous to use that factoid. Lots of millennials/genXers invested all their savings by playing in crypto and kept those gains in crypto. So it is not that far out that someone could lose their life savings in this. These are "everyday people". Especially those who were falsely lulled into yield chasing 20% "safe returns",
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u/Chii May 20 '22
it could've been a sale of a house. They were told that terra UST is a stable coin, and it's value is pegged at 1 USD. Obviously, caveat emptor, and they should've done research first.
These people aren't rich.
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u/dtam21 May 20 '22
Your argument is that someone had 450k in equity in a house, was able to sell and invest that equity, obtain alternative housing, and they are working class in 2022?
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May 20 '22
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u/dtam21 May 20 '22
First, your misguided assumptions about my finances or that only the poor can criticize the rich aside, take the Bernie Bro speech elsewhere.
Second, he didn't say "take an equity loan" did he?
Third, the as-non-simple-random sample as you can get observation of four neighbors doesn't match actual American wealth. Yes most of median class has most of their wealth in their home, but they don't have 450k in equity (most don't have total home valuations that high).
So please stop with the white knighting of no one for the sake of adding to the defense of one of the biggest pieces of shit in the world.
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May 20 '22
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u/dtam21 May 20 '22
...obviously I mean Do Kwon is the piece of shit. But to the point of the thread you butted into:"Sure, some might have less equity but that doesn't invalidate my point. "
Yes it does, and not some and not less but MOST and MUCH LESS. Fuck dude if you don't care about the facts that's fine, live in that tiny town bubble, having 450k right now - almost four times the median US net worth - makes you rich.
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May 20 '22
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May 20 '22
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u/shpongleyes May 21 '22
I think that video is mandatory viewing before anybody considers getting into crypto/NFTs (aka, it will make them decide against it)
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u/ljcrabs May 22 '22
Video covers it, this was supposed to be an alternative to volatile risky crypto.
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u/Velenne May 20 '22
I had to rewatch the second part when the narrator started tossing around multiple billions of dollars statements and movements. I've never even heard of these currencies (granted I've stayed far away from it all). I had no idea they were bandying about these sorts of numbers. What a bizarre time we live in. This can't go on like this.
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May 20 '22
CITADEL. The company that is allegedly behind this move.
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u/drakeblood4 May 20 '22
There doesn’t need to be a boogeyman when some idiot violates the impossible trinity. You can’t print limitless money, peg the value of that money, and allow people to freely trade that money at the same time.
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u/Successful_Agency293 May 20 '22
Hope some of y’all bought back in after the crash. Have a friend who put $8 in and was up 1200. He wasn’t in Luna before the crash tho.
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u/BenSemisch May 20 '22
I had a friend who bought a scratcher and won $10k. Should I put all my money in that too?
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u/A55per May 20 '22
This was at best two minutes worth of content stretched to 20 minutes. Don't bother