Cryptocurrency is changing the world. One of the first things that it is attacking is the nanny state. This, of course, is horrific for most people. Sure, they clamor how they want freedom, yet the evidence is clear the majority do not. Instead, they want Big Brother to step in and handle things.
Some might think this is not true. However, the number of examples within cryptocurrency are growing.
The bottom line is cryptocurrency is for adults. That means that we each have a personal responsibility to protect our property. Also, the decisions we make fall upon us. We cannot blame others for those choices.
Of course, most, it seems, would prefer to act like 5 year-olds.
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Sue A Kardashian
When is doubt, sue.
This is the norm in America. A lawsuit for every person. The latest are Floyd Merriweather and Kim Kardashian. They are now the targets of lawsuits pertaining to a cryptocurrency called EthereumMax.
Kim Kardashian and Floyd Mayweather are being sued over allegations they misled investors when promoting a little-known cryptocurrency called EthereumMax to their millions of social media followers.
A class action lawsuit filed last Friday in the U.S. District Court for the Central District of California accuses EthereumMax and its celebrity promoters of working together to artificially inflate the price of the token by making “false or misleading statements” in social media posts.
This sounds so awful. Imagine, someone making a false or misleading statement on social media. Naturally, the idea is equally is foreign in the world of advertising. It is hard to believe this actually exists.
Nevertheless, what is at the core of this? Do most really care what Merriweather or Kardashian say or do?
Here is the crux of the matter:
The lawsuit claims that plaintiff Ryan Huegerich, a New York resident, and other investors who purchased EthereumMax tokens between May 14, 2021, and June 17, 2021, suffered losses as a result of the celebrities’ conduct.
So this guy lost money due to the conduct of these two celebrities? In other words, he bought this token based upon what Floyd Merriweather and Kim Kardashian said. Why? Are they noted cryptocurrency or investing experts?
Here we see someone who refuses to accept responsibility for his actions. Him, along with the other investors, were not forced to buy EthereumMax. The reality is they did so because they were enamored by the celebrity, which is the epitome of stupidity.
After all, does someone shop at Home Depot because Ed Harris does commercials for them? While it is possible, at least that store might have what someone wants. The idea of taking investment advice from a celebrity is absurd.
And then to cry foul after it happens because of their conduct borders on laughable.
Of course, we saw something similar with Mark Cuban.
A while back he was making videos how wonderful Ethereum DeFi was and how it was the future. He espoused the merits of what was taking place along with how the decentralized nature enables anyone to participate. Also, the returns would generate a great deal of wealth for people.
That was until Cuban experienced a rug pull. Suddenly he didn't like the decentralized nature of finance and was calling for regulators to get involved.
There use to be a saying about sending strangers on the Internet money.
Source
Personal Responsibility Is Unpopular
We have gotten to the point where responsibility has become very unpopular. It is far easier to blame others for our own mistakes.
This is something we see in the trading world all the time among novice traders. They are so accustomed to the blame game that when their trades do not work out, they blame the market. How insane is that? Yet that is exactly what people do.
Of course, there are scams and criminals out there. The saying Buyer Beware should be etched in everyone's mind. No matter what the realm, we need to be careful with our money.
Making investment decisions based upon the likes of Floyd Merriweather or Kim Kardashian is the epitome of the "a fool and his money..." saying. Perhaps they are investing geniuses. However, to blindly follow anything they say is not very smart without looking into the project is not very smart.
Not your keys, not your cryptocurrency is driving home the point of responsibility. Without Big Brother to step in, it is up to us to determine what we do and who we opt to trust. Simply tossing money at something that is promoted via ads or celebrity endorsements is a great way to become a "victim".
Of course, compounding it by turning around and suing is not accepting responsibility. This is the behavior of a child, lashing out because he or she was hurt.
Does that mean we should have no laws and that all nefarious behavior should be overlooked? Of course not. One if my problems with the SEC is the desire for more regulation. There are enough laws on the books for them to target this type of activity in the cryptocurrency realm. Fraud is illegal and within that agency's power to go after. It also can turn the evidence over for criminal prosecution.
If Merriweather are Kardashian knowingly involved themselves with a fraud, lock them up and toss away the key. That behavior cannot be tolerated either. However, to blame them for an endorsement, paid or otherwise, when people freely invested, is not taking responsibility for one's actions.
It sucks when people lose money. Often, such as the case of a hack, it is beyond their control. However, there are many times when we are at fault. We are the ones who opt to make a certain investment decision. If the market does not cooperate or we got involved in a scam, that is upon us.
The question that should be asked of the plaintiffs in this is case how much due diligence did they do? Did Mr. Huegerich thoroughly research what EthereumMax was all about? Who were the individuals behind the project? What was the goal? How well financed were they going to be? What problem were they attempting to solve?
It is likely he knows none of these answers.
At the same time, we have a situation that akin to John McAfee. He was out there shilling any coin that would pay him. Of course, with McAfee, he established himself as an technology veteran and a long time proponent of cryptocurrency. He carried some "expertise" within the industry. Can the same be said for Merriweather and Kardashian? Is there anyone who believes these people have any clue what they are talking about when it comes to cryptocurrency.
Evidently so.
A lack of personal responsibility is a cancer among society. If it is always the fault of someone else, then no change can occur. People complain about tyranny then get upset when they misuse the freedom to choose, opting to turn to the tyrants for protection.
Here we have people who are clamoring for "responsible marketing". The claim will be that Merriweather and Kardashian should have known what they were representing. What about "responsible investing". Shouldn't investors have known what they were putting their money into?
Again, personal responsibility is very unpopular these days. Cryptocurrency is going to expose this to the masses. If people want freedom then they best know how to use it. We are seeing a system being developed that will operate outside the bounds of government control. That means if one does something stupid, it is his or her own fault.
Cryptocurrency is bringing to the forefront the concept of trust. We are establishing new paradigms regarding this. No longer is something trustworthy because the government says it is (which often turns out to be a lie anyway, just look at the banks). We can trust the code at the base layer because it is there for everyone to see. However, what is built on top is going to require a novel approach by people. Determining who is involved and what is the acceptable risk one is willing to take is going to be paramount.
Unfortunately, many are not capable of this. They are so indoctrinated into blaming others, nothing is ever their fault. In the cryptocurrency realm, this is a person who will get eaten alive.
At the end of the day, freedom is for adults. One must be willing to accept the responsibility that goes along with it. Cryptocurrency is working to bring freedom to the masses.
Are they willing to embrace what comes along with it?
From the actions we are seeing, that is highly questionable.
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that's the major problem new traders face people tend to invest in crypto especially without making research or any knowledge of that particular project.
Always do your own due diligence.
We cannot say it enough times. Sadly people seem to forget that.
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You're very right. With the freedom that cryptocurrencies brings comes an ensuing requirement to be completely responsible for our action. That's is the freedom crypto gives and anyone who can't accept fully the consequences of their actions in this space is clearly not ready for this supposed freedom
It can be overwhelming since we tend to live in a society that much is scripted for us. These days, there is always someone or something to blame. This is led by politicians who never take responsibility for anything.
This now penetrates every level of society. It gives the likes of the SEC more power to "protect" the people from the vultures out there. Of course, the SEC only feeds the vultures but people do not realize that.
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And as an extension it's mostly responsible to a certain degree for all the vices in our society today, just crazy
A lot of our vices are driven by fear. The fact people succumb to the overwhelming fear base agenda that is shoved down their throats means that we are mired in a society that is paralyzed.
This is what those in power take advantage of.
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Crypto Responsibility also involves staking ability. To endure through rise and fall.
In all one should invest only what he/she is sure will not affect them in the real world.
That is certainly true. That said, nobody likes to be fleeced. It is something I think we all can agree upon.
However, we need to accept responsibility. Our crypto is ours if we so choose. How we treat it is fully our decision.
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I saw the news about Kim Kardashian, Floyd Mayweather, and other celebrities being the target of a new lawsuit for promoting a crypto token called EthereumMax (EMAX). Well, I didn't bother to digest it much because I saw the suing to be irrelevant. Some cases shouldn't be attended to in courts IMO. But I'm not an American so, I can't really tell how things work there.
When it comes to cryptocurrency Investments, one should always be ready to take responsinility for his or her actions and not trying to blame anyone. I asked myself, if those involved actually made a 1000x or 100x, would they give anything to Kim or Floyd? Absolutely not!
It's often said, do your own research before investing and invest only what you can afford to lose. So, you are right, cryptocurrency trading and investments is for adult. Adults not in age but with the mindset.
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All true. Nobody can force me to push the buy button. It is something I do of my own free will. Thus, the outcome is based upon my decision.
There are a lot of scams I broke even on because I dont invest. I never sent money to the Nigerian Prince who emailed me nor will I blindly throw money into a token because some celebrity said to.
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In the end, wisdom is profitable.
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What about Doge victims of Musk? It is a good lesson that we shouldn't invest according to someone's words. Do It For Yourself.
Following Musk is with cryptocurrency is no smarter than McAfee or anyone else. The difference is Musk could be a holder of DOGE not just a promoter of it. Rumors are he has some Bitcoin as do his companies.
That said, do not buy DOGE because Musk says to. Now if you think Tesla might start to accept DOGE as payment, that is a different story.
As always do you own research.
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I wouldn't want someone to bankrupt.
I believe being able to think for ourselves is one of the freedom we as humans have.
When something like this happens,its sad we just want someone to blame for our fu*k ups. Whereas, we are the one who got involved, its not like Kim or mayweather put a gun to anyone's head to buy their shit coin or whatever it is.
This will further shed light on reasons why we as humans need to think for ourselves and do our own research.
I'm sure there are others who saw this same ads but didn't get into it, why few did a little research and won't put their money in a project that's unsustainable.
They chose to buy so I think stuffs like this should cause for filling a lawsuit against anyone.
What if it was an ads or someone who's not a celebrity would it be the same story.
You're 100% right. Crypto is not for kids.
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I dont even look at the ads since I tend not to believe them. Buying a crypto based on an ad is akin to buying a penny stock; senseless.
Of course, as a trade trying to catch a pump, perhaps worth a lottery ticket if one feels inclined. But realize it is a roll of the dice.
It seems thinking for oneself is absent these days.
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Very absent.
It's high time people wake up to start looking at what's real and what's not.
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I'm actually a little torn on where to land on this.
Completely agree with everything you said, and I appreciate the overall message, but in this case it is possible these celebrities were using their status in a scam of sorts, and just getting sued isn't the final word on it.
While I understand the feeling of general disgust when regarding this as a lack of responsibility, which I, too, have not doubt it was, I also tend to want to welcome this so the masses can hear this discussion, specifically, play out.
We do live in a world that tells us we're looked after and we have been conditioned to turn to authority rather than handle our own problems, which is fine if the situation actually calls for it, but more often than not there's no need and it's more detrimental that helpful in the long run.
So, to sum it up, I think this is actually a pretty good thing for a few reasons...
depending, of course on whether it works out as it should, or if it's just another talking point for assholes who want control...
So anyone who touts anything should be sued in your opinion if it doesnt work out?
So if you make a comment on YouTube touting Hive, lets say, and it goes down, you are eligible to be sued also?
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Absolutely not. I didn't mean to indicate that. I don't think people should be hassled for having an opinion. I'm speaking specifically to point that if celebrities use influence to shill anything fraudulently the public should at least know the details and charges should be pursued, but we already do that so I don't think I'm advocating for anything new or unwarranted.
In this case, specifically, I don't know enough details to know if there is legit concern there was a pump and dump strategy in place or if it really is as simple as it seems, that Kimmy saw something of interest and happened to mention it in passing, but the environment is pretty primed for celebrities to step in and take advantage in shady ways, so I don't really think this is surprise to see unfold.
I think the confusion in what I was saying earlier comes from the point I meant to make about the circus that will likely unravel around all this, putting on public display the idea that personal responsibility is making it's way back into the mainstream. If there isn't a scam or intent to defraud uncovered, or, even better, it gets thrown out of court for all the reasons it should be thrown out, that's a pretty solid message telling everyone personal accountability matters.
At least I think that's what I meant. I've had a busy day and may well have a wire crossed somehwere...
Absolutely not. I didn't mean to indicate that. I don't think people should be hassled for having an opinion. I'm speaking specifically to point that if celebrities use influence to shill anything fraudulently the public should at least know the details and charges should be pursued, but we already do that so I don't think I'm advocating for anything new or unwarranted.
In this case, specifically, I don't know enough details to know if there is legit concern there was a pump and dump strategy in place or if it really is as simple as it seems, that Kimmy saw something of interest and happened to mention it in passing, but the environment is pretty primed for celebrities to step in and take advantage in shady ways, so I don't really think this is surprise to see unfold.
I think the confusion in what I was saying earlier comes from the point I meant to make about the circus that will likely unravel around all this, putting on public display the idea that personal responsibility is making it's way back into the mainstream. If there isn't a scam or intent to defraud uncovered, or, even better, it gets thrown out of court for all the reasons it should be thrown out, that's a pretty solid message telling everyone personal accountability matters.
At least I think that's what I meant. I've had a busy day and may well have a wire crossed somehwere...
The cryptocurrency space is growing. While there are many misconceptions surrounding the technology, there are also a lot of legitimate reasons for people to consider it.
Good thing all of us here throw out the DYOR line in most of our posts. That should keep us safe from stuff like this. :) I wonder how different this situation would be if they had thrown that out there. Who knows. I think you are right though. The world is devolving into a not my fault kind of place.
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It still doesnt protect one from a lawsuit. They could still be sued. The chances of winning might be small but that never stops the lawsuits flying.
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Right, I am thinking if you at least have a disclaimer it might make it get dismissed even more quickly.
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It's a problem in society that none of them wants to be held responsible for anything. Why did this person buy into a crypto without doing any research? There is no real reason other than you were not thinking. Even in stocks, people understand that buying a stock like that is dangerous.
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Beats the crap out of me. I guess some just cannot help being dumbasses when it comes to money.
Why do people send thousands of dollars when they get the Nigerian prince emails? Pure foolishness.
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Hilarious
I sometimes have trouble wrapping my head around why these poorly worded emails, full of grammatical errors and mis-spellings could be portrayed as coming from a lawyers office?
And ostensibly from a lawyer who didn’t know how to open a free bank account in America?
My incredulity at the uselessness of such ploys is only surpassed by my recognition that they wouldn’t send these emails out unless they got responses to them.
That realization is truly stupefying.
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My dad always said:
If your big enough to do something, your big enough to own the consequences…
Sadly this persons dad was silent or not heard on the topic of personal responsibility.
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you wrote that name on purpose, right?
Kardashian, Trevon James, Carlos Matos... same shit. People just want to get rich over night and crypto appeals to them as if it could make that possible.
You know what, these investing based on such judgement deserves their loss.
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Sad and painful reminders of the mindless behavior people practice on a regular basis.
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Everything needs to be under control and that is only for adults to handle when it comes to crypto
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Sad reality is people cannot think for themselves and why they end up crying foul when things don't work out. I think it is today's society as everyone believes what they read and thinking requires using your brain. We must all be geniuses compared to the average person by being involved early and succeeding in what we are doing. Taking responsibility and doing something is all it takes.
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Sad but true
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I was born and raised in America and served in the Military. In Hive I noticed everyone uses the disclaimer "I am not a financial advisor, I am not an expert, this is not financial advise, just my opinion"
I have always found this disclaimer a bit funny because who in their right mind would take financial advice from an anonymous author.
After reading your post I will take that disclaimer more seriously as I had no idea how litigious people are.
Hi @taskmaster4450
I laugh and cry at this post.
I agree that people do a poor job of taking responsibilities for their actions, and this deficiency underlies many issues in our society. This lawsuit as you point out illustrates this point perfectly.
DYOR is the mantra in cryptocurrency social media
Do Your Own Research
It is the crypto equivalent of take responsibility for your own actions, and such responsibility is sadly lacking.
As my dad used to say, if your big enough to do something, you are also big enough to take responsibility for the consequences.
Nice post.
@shortsegments
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