CryptoDrover Posted December 19, 2018 Share Posted December 19, 2018 Always keep an eye out for what the Big Squid and J(Puke)Morgan do behind the headlines: And especially this Wicked Witch of the East. https://www.zerohedge.com/news/2018-12-18/blythe-masters-quits-ceo-fin-blockchain-startup xrphilosophy, Kakoyla and GrayFox 2 1 Link to comment Share on other sites More sharing options...
GrayFox Posted December 21, 2018 Share Posted December 21, 2018 On 12/19/2018 at 3:18 AM, CryptoDrover said: Always keep an eye out for what the Big Squid and J(Puke)Morgan do behind the headlines: And especially this Wicked Witch of the East. https://www.zerohedge.com/news/2018-12-18/blythe-masters-quits-ceo-fin-blockchain-startup I was keenly keeping an eye on her company Digital Asset. Arguably it could have been a big Ripple competitor especially with a CEO tied to a huge bank and she is huge in banking and I remember reading an article where her company worked with the Australian central bank on a project which is what put her on my radar. This has been an interesting month as all the big Ripple competitors have their CEOs abandoning ship. The thing that scares me the most is she played a role in creating the credit default swaps leading to the financial crisis of 2008. The banks might love her but she is Satan incarnate to the people that lost their houses. CryptoDrover, Cesar1810 and xrpmommy 2 1 Link to comment Share on other sites More sharing options...
Rey Posted December 21, 2018 Share Posted December 21, 2018 To each his/her opinion. My opinion is that hating Blythe Masters for inventing the credit default swap financial instrument is like hating the Wright brothers for inventing airplanes. A victim of an air raid would possibly do so ... Anyway, I think that most of us wouldn't be smart enough to achieve the same as Blythe has done, at least I am not. At the time of designing the CDS she was only about 25 years old. I wish you all Happy Holidays and a healthy and prosperous 2019. aavkk 1 Link to comment Share on other sites More sharing options...
thinlyspread Posted December 21, 2018 Share Posted December 21, 2018 (edited) Ugh, Zero Hedge! Every article is the same angry, paranoid, right-wing leaning libertarian, anti-gubmint, anti-FED, end of the world, trash. Edited December 21, 2018 by rippledigital Link to comment Share on other sites More sharing options...
Valhalla_Guy Posted December 21, 2018 Share Posted December 21, 2018 1 hour ago, GrayFox said: The thing that scares me the most is she played a role in creating the credit default swaps leading to the financial crisis of 2008. The banks might love her but she is Satan incarnate to the people that lost their houses. How can she possibly be responsible for those that overspent on their homes? Banks were not the reason people lost their homes. Irresponsible spending (borrowing) is why those folks, in over their heads, finally went under. Don’t hate on the banks, we would all be living in tents without them. The only predatory lender is the US college loan system. Colleges victimize a lot of children, trying to get a start on life. Personal responsibility is the key. Being wealthy has very little to do with how much money you make each month, rather it is all about how much money you SPEND each month. aavkk and GrayFox 2 Link to comment Share on other sites More sharing options...
GrayFox Posted December 21, 2018 Share Posted December 21, 2018 (edited) 34 minutes ago, Valhalla_Guy said: How can she possibly be responsible for those that overspent on their homes? Banks were not the reason people lost their homes. Irresponsible spending (borrowing) is why those folks, in over their heads, finally went under. Don’t hate on the banks, we would all be living in tents without them. The only predatory lender is the US college loan system. Colleges victimize a lot of children, trying to get a start on life. Personal responsibility is the key. Being wealthy has very little to do with how much money you make each month, rather it is all about how much money you SPEND each month. I am not hating on the banks. At what point did I explicitly say I hated banks? People want crypto regulations as soon as possible, CDS have been in existence since the early 90s however it remained unregulated and to some degree it still remains unregulated and at its peak before the 2008 crash it was estimated to be worth nearly $70 trillion. CDS at face value was a good instrument however as time went by they became complicated and convoluted which meant a lot of what was sold had a huge chance of failing. The market was driven by the desire to lend more in order to sell more CDS which meant credit checks were less rigorous and people were allowed to take loans they couldn't afford. I know the onus is on the people taking these loans and they should have had a hard look at themselves before they took out any loans however when you and your children are hungry and someone laid out a buffet in the middle of the street and you are encouraged to grab a handful and you can pay off the punishment in easy instalments would you do it? Most people did and when it all went down, there were no instalments, punishments were handed out wholesale because they had no other options to pay off their debts. Money lenders and any other credit providers have a duty of care to ensure the loans are agreed at reasonable terms and the person taking those loans goes through a rigorous credit and background check to ensure they are capable of managing their finances. The vetting process left much to be desired. It was a free for all because CDS just meant they could shift those debts to someone else. In the UK at least the FCA is moving in the right direction with Responsible Lending and Credit Worthiness assessments. EDIT: Forgot to add, and I wholeheartedly agree with you on student finance. Financial literacy needs to be taught in schools from a young age. Children are not being equipped to deal with money and the hard truth hits them when they are adults. Edited December 21, 2018 by GrayFox Valhalla_Guy 1 Link to comment Share on other sites More sharing options...
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