These kind of stories are important for us in technology, because they really illustrate the disconnect between our perception and the public's perception.
wired.co.uk/article/footba…
wired.co.uk/article/footba…
Most of my direct friends have advanced degrees, or at least a fairly developed understanding of statistics to be able to look at schemes like this and understand prima facie that this is a scam.
But overwhelmingly, the majority of the general public cannot. These things are financial and technical black boxes that make specious claims of impossible returns and target people's base instincts using technology to amplify addiction and hack the dopamine process.
And so much of our industry these days is based purely on creating Skinner boxes designed to incrementally extract money from the public based on negative sum gambling. It's become an epidemic here in the UK, and most of the world is not all the much different.
Regulators will never do anything about these kind of businesses because they don't have the political will or mechanism to do so. The burden of protecting society from worst excesses ultimately falls on technologists, whether we like it not.
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