Goldman Sachs executive quits after making millions from Dogecoin

Post by Hendrikto » Wed, May 12, 2021, 8:09 AM UTC

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…

Post by SwimSwimHungry » Wed, May 12, 2021, 8:09 AM UTC

atweiden wrote: post #83

SwimSwimHungry wrote: post #40

Earlier quoted context omitted.

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 or…

Post by chii » Wed, May 12, 2021, 8:11 AM UTC

roadbeats wrote: post #56

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.

Any scam could be defended this way. What does differentiate a scam from a legit investment ? Most cryptocurrencies are cartoon characters particularly tailored for gambling machines. I haven't seen a single use case other than enabling masses enter a massive pyramid scheme constantly manipulated in social media.

Post by Hendrikto » Wed, May 12, 2021, 8:12 AM UTC

joosters wrote: post #86

Hendrikto wrote: post #64

Earlier quoted context omitted.

> 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.

Post by DocTomoe » Wed, May 12, 2021, 8:13 AM UTC

joosters wrote: post #79

DocTomoe wrote: post #65

Earlier quoted context omitted.

I was under the impression that dividends were essentially forced value selloffs, given that stock prices drop the exact amount of the dividend the moment it is paid. How is value created during dividend payment?

Value is created by the company making profits. How it uses those profits, whether by paying out dividends, buying back stock, or investing in the business, is mostly irrelevant to the value creation part.