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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

#81

Post by SwimSwimHungry »

nly wrote: post #68
rawtxapp wrote: post #25

Earlier quoted context omitted.

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 i…

Everyone in crypto and sat on a 5x gain tells you its the "early days" because they can afford to lose 80% and still shrug it off. It's easy to be chipper right now. Go back to between early 2018 and early 2020 though and look at r/bitcoin and you'll see a bunch of people running themselves in to early graves with anxiety, following every twitch in the market and hyping up every news story about crypto to try and jus…

They just want someone down the line to buy in to keep the grift going, honestly.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#82

Post by SideburnsOfDoom »

baby wrote: post #50
f2000 wrote: post #8

Tulips, 1637

This is different, dogecoin is openly a joke, no one is pretending that there’s some fundamental value there.

Different only in it's clothing, not the basic nature of it. "hiding the scam" in plain sight seems like a modern spin on so many things.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#83

Post by atweiden »

SwimSwimHungry wrote: post #40
reader_mode wrote: post #36

Earlier quoted context omitted.

Crypto could easily be the largest pyramid scheme in history, I have zero interest in participating even if returns were guaranteed - that's not how I want to make money, I see no value being created in these "investments". Recent developments on the stock market kind of killed the market idealism for me. I don't know what's a better alternative, but from where I'm standing the financial system is rewarding wasteful…

I wager once people have to start going back to work and all the free government money dries up, there will be a run on crypto to realize their gains en-masse, and this will trigger a massive wipe out for many latecomers. Frankly, cryptocurrency being invented and created was a huge mistake for society at large. I hope the comeuppance isn't super destructive outside of cryptocurrency circles.

> Frankly, cryptocurrency being invented and created was a huge mistake for society at large. I hope the comeuppance isn't super destructive outside of cryptocurrency circles.

Satoshi Nakamoto did nothing wrong: hard to imagine, but Bitcoin started out as a crummy C++ GUI Windows application hosted on SourceForge and adopted almost exclusively by batshit insane people. It had no value: you could CPU mine it on any ordinary Windows PC. Many people refused to do even that because of how worthless BTC was at the time.

Enter the Libertarian/profiteer cohort, and the rest is history. Really think a bunch of you need to redirect your anger at the ICO game. Try to imagine Vitalik Buterin hard selling a clear gray market IPO on Reddit in combination with a high pressure countdown timer, and lots of fancy lawyers and Swiss foundations. That — the fact so many bitcoins were raised so easily for so little — is what unleashed the hellfire shillnado that has become synonymous with cryptocurrency in the modern era.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#85

Post by 2038AD »

rorykoehler wrote: post #16
Emma_Goldman wrote: post #12

Earlier quoted context omitted.

I don't know who you think 'the man' is, if it's not a Goldman Sachs executive?

If they a quit their job because they have a few extra million then they were working class (ie they needed to work to survive).

That is the most brain-dead class analysis I have ever read. You can't be serious.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#86

Post by joosters »

Hendrikto wrote: post #64
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…

> ultimately none of these cryptocurrencies are any more useful than they were in 2019 If you really think this, you have absolutely no idea what you are talking about. Don‘t base your opinion on DOGE. There are plenty of cryptocureencies with actual use cases that provide value. I think it‘s pretty clear why you are convincing yourself of the opposite though: > having considered putting a tiny % of my portfolio in t…

Don‘t base your opinion on DOGE. There are plenty of cryptocureencies with actual use cases that provide value.

It's entertaining to see how crypto pushers all hate dogecoin because it's a 'joke', yet the only real difference between it and countless other coins (say, bitcoin) is in its name. The dirty secret is that they are all bad jokes.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#87

Post by dnautics »

baby wrote: post #44
botman_ wrote: post #41

Earlier quoted context omitted.

This is only the case for pump&dump schemes. In case of a sustained growth of a company (think Apple over the past 20 years) what the shareholders gain comes from the earnings of the company. Apple shareholders have gained trillions in the past years - no one has lost an equivalent amount.

I’m not sure what your point is. Are you talking about a small fraction of stocks that pay dividends? Because otherwise the stock market is completely based on this: money changing hands.

Buybacks are also a mechanism of connecting stock price to company performance, but arguably that is also tenuous and rare, except for the last few years when several companies have done buybacks.

Oh, and in other direction, bankruptcy.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#88

Post by cblconfederate »

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…

crypto is transparent, banking is not
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