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Goldman Sachs executive quits after making millions from Dogecoin

theguardian.com

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Re: Goldman Sachs executive quits after making millions from Dogecoin

#21

Post by nly »

It's interesting how the transfer of wealth to a Goldman Sachs executive via cryptocurrency invokes a feeling of mild jealousy and amusement, whereas the transfer of wealth to 'bankers', just like him, just doing their damn jobs and providing a service, invokes revilement in the eyes of the general public.

I do think the psychological (is that the word I'm looking for?) aspects of the frothy financial climate driving the cryptoboom is under-discussed. When the wider financial (not just crypto) bubble pops there's going to be a lot of resentment this time around.

I'm jealous of people and their crypto gains, having considered putting a tiny % of my portfolio in to crypto not long before the pandemic and deciding against it, but ultimately none of these cryptocurrencies are any more useful than they were in 2019, and in my gut I feel that these huge unjustified gains should, morally speaking, evaporate if these things prove to be worthless to us a society.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#22

Post by Faaak »

relyks wrote: post #13
capiki wrote: post #6

Earlier quoted context omitted.

Who said he was informed?

He did successfully profit off the momentum in dogecoin...

I profited too without extra information: I bought 20$ worth of dogecoin some time ago. When I saw last week that it had risen, I had to search for my old backups, convert the wallet format, and transfer the coins.. Pure luck

Re: Goldman Sachs executive quits after making millions from Dogecoin

#23

Post by varjag »

nly wrote: post #21

It's interesting how the transfer of wealth to a Goldman Sachs executive via cryptocurrency invokes a feeling of mild jealousy and amusement, whereas the transfer of wealth to 'bankers', just like him, just doing their damn jobs and providing a service , invokes revilement in the eyes of the general public. I do think the psychological (is that the word I'm looking for?) aspects of the frothy financial climate drivin…

People often relate to gamblers better than to white collar paper pushers.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#24

Post by lottin »

No wealth was created or destroyed in the making of these millions, the millions simply changed hands. Think about that before purchasing a cryptocurrency. You're basically handing your money to an earlier "investor" in the hopes that a future "investor" will hand a greater amount to you. This is all there is to it.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#25

Post by rawtxapp »

nly wrote: post #21

It's interesting how the transfer of wealth to a Goldman Sachs executive via cryptocurrency invokes a feeling of mild jealousy and amusement, whereas the transfer of wealth to 'bankers', just like him, just doing their damn jobs and providing a service , invokes revilement in the eyes of the general public. I do think the psychological (is that the word I'm looking for?) aspects of the frothy financial climate drivin…

No need to be jealous, since it's still the very early days for crypto in the grand scheme of things. It's far from having hit any of the real success metrics (much broader usage, significant % of wealth stored, transferred, etc).

They may prove to be a lot more useful than you imagine and one thing for sure is they are here to stay at this point.

The big difference compared to 2019 is that we had a Bitcoin halving in 2020, prices usually increase significantly after that since it becomes a lot more scarce, people think Bitcoin is too expensive for them, so they flip altcoins, we are in the middle of the altcoin season. And we've also stress tested a lot of the defi protocols that are now fundamental blocks in the crypto world (uniswap, maker, compound, aave, etc).

Re: Goldman Sachs executive quits after making millions from Dogecoin

#26

Post by rawtxapp »

lottin wrote: post #24

No wealth was created or destroyed in the making of these millions, the millions simply changed hands. Think about that before purchasing a cryptocurrency. You're basically handing your money to an earlier "investor" in the hopes that a future "investor" will hand a greater amount to you. This is all there is to it.

Isn't that the case for pretty much all exchanges? How is that different than in the stock market?

Re: Goldman Sachs executive quits after making millions from Dogecoin

#27

Post by SwimSwimHungry »

tgv wrote: post #10
rvz wrote: post #7

Good. Very early birds getting out rich from the cryptocurrency mania with little risk. That's how you do it.

Yes. Wait for the idiots to put their cash into it, and extract that. The rest should wait for more idiots. Too bad for the ones who get in last. So good for him.

I do feel jaded by all of this, but I can only hope that people who lose their shirts on all of this actually learn not to try this mess ever again. Greed really can be our biggest downfall.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#28

Post by gjs278 »

SwimSwimHungry wrote: post #27
tgv wrote: post #10

Earlier quoted context omitted.

Yes. Wait for the idiots to put their cash into it, and extract that. The rest should wait for more idiots. Too bad for the ones who get in last. So good for him.

I do feel jaded by all of this, but I can only hope that people who lose their shirts on all of this actually learn not to try this mess ever again. Greed really can be our biggest downfall.

stay poor

Re: Goldman Sachs executive quits after making millions from Dogecoin

#29

Post by throwaway210222 »

rawtxapp wrote: post #26
lottin wrote: post #24

No wealth was created or destroyed in the making of these millions, the millions simply changed hands. Think about that before purchasing a cryptocurrency. You're basically handing your money to an earlier "investor" in the hopes that a future "investor" will hand a greater amount to you. This is all there is to it.

Isn't that the case for pretty much all exchanges? How is that different than in the stock market?

> How is that different than in the stock market?

For at least the USA exchanges, the USG has made it clear major companies will never fail and is printing so much money that has to go somewhere.

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