GME (Gamestop) up 25% in one day

GME (Gamestop) up 25% in one day

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Discussion

OddCat

2,540 posts

172 months

Saturday 4th June 2022
quotequote all
rfisher said:
Ouch!

Borrowing to invest in Bitcoin suggests that he was desperate to try to get some money to assist his wife with dementia.

Presumably for care costs.

Hopefully the scammers will be brought to justice.
It isn't clear from the article whether:

a) he was really investing in Bitcoin but lost money due to Bitcoin falling (although he should still have half left)

b) whether it was actually a scam and a fabricated crypto platform where he simply sent the money to scammers (who sent him some back at one point as a 'sort of sprat to catch a mackerel' tactic)

In either case, it is highly likely that his bank gave him clear warnings before releasing the money.

Nonetheless, banks are routinely reimbursing scam victims (especially ones who can claim some vulnerability) which basically means all of their other less gullible / less greedy customers have to subsidise those who exhibit poor judgement and do insufficient checking. Which is basically Moral Hazard in action.

WY86

1,334 posts

28 months

Saturday 4th June 2022
quotequote all
OddCat said:
It isn't clear from the article whether:

a) he was really investing in Bitcoin but lost money due to Bitcoin falling (although he should still have half left)

b) whether it was actually a scam and a fabricated crypto platform where he simply sent the money to scammers (who sent him some back at one point as a 'sort of sprat to catch a mackerel' tactic)

In either case, it is highly likely that his bank gave him clear warnings before releasing the money.

Nonetheless, banks are routinely reimbursing scam victims (especially ones who can claim some vulnerability) which basically means all of their other less gullible / less greedy customers have to subsidise those who exhibit poor judgement and do insufficient checking. Which is basically Moral Hazard in action.
Yeah but that doesn’t fit with Condi’s view, he likes sharing that article.

bitchstewie

51,414 posts

211 months

Sunday 5th June 2022
quotequote all
rfisher said:
Ouch!

Borrowing to invest in Bitcoin suggests that he was desperate to try to get some money to assist his wife with dementia.

Presumably for care costs.

Hopefully the scammers will be brought to justice.
Fair point I suppose if you're that desperate you don't think straight.