Goldman Sachs executive quits after making millions from Dogecoin • Hacker News Board

Re: Goldman Sachs executive quits after making millions from Dogecoin

#121

Post by yaa_minu » Wed, May 12, 2021, 8:44 AM UTC

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.

We need to understand is that, while many cryptocurrencies are completely worthless, some cryptocurrencies have solid reasons to exist.

Your characterization of all cryptocurrencies as a ponzi scheme purely based on the fact that people buy it because they believe others will buy it later at a higher price is weak because that is how all monetary assets like gold operates. We take it because we believe others will also take in the future.

I personally buy bitcoin not to sell for a higher price but rather, I believe strongly that a monetary system that's provably scarce, programmable, completely decentralized, permission-less, trustless, higly divisible, borderless and very easy to transfer has the potential to revolutionize how we store value.

This does not mean that everyone buys bitcoin because of this, some (perhaps majority) buy it because they believe it's going to go up but I see that as an initial incentive to get people into the industry.

At the end of the day, only time will tell if cryptocurrencies can actually live up to their promises of revolutionizing the financial system.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#122

Post by novaRom » Wed, May 12, 2021, 8:45 AM UTC

If you wonder why authorities tolerate current climate of Ponzi schemes, it's probably because of the expectations this crypto tech will become stable and reliable enough to begin transition to crypto-based currencies with emission controlled by central banks. Some countries already started research and development.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#123

Post by nly » Wed, May 12, 2021, 9:12 AM UTC

lottin wrote: post #114

nly wrote: post #61

Earlier quoted context omitted.

> I hope the comeuppance isn't super destructive outside of cryptocurrency circles. This is one of my concerns too. I sock away a healthy % of my income in to traditional investments, and I aspire to one day own a home I can raise a family in. The current asset bubble, which I personally believe is the wedge driving cryptocurrency apart from reality, is really hurting those of us with these rather mundane aspirations…

It depends... I think cryptocurrencies might be luring clueless people away from the stock market and into the crypto market, which is probably a good thing for the stock market even if it means lower returns in the short term.

Good in theory, but the stock market is booming and so is everything else. In the media this has recently been called the "everything bubble" and TINA (there is no alternative).

Re: Goldman Sachs executive quits after making millions from Dogecoin

#124

Post by rorykoehler » Wed, May 12, 2021, 9:31 AM UTC

midasuni wrote: post #55

rorykoehler wrote: post #16

Earlier quoted context omitted.

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).

The leader of the U.K. is having financial difficulties despite his multi million wealth, 6 figure salary and practically free accommodation. Apparently that’s not enough when you have expensive tastes.

He never quit when he made his millions.... He is motivated by power.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#125

Post by rorykoehler » Wed, May 12, 2021, 9:32 AM UTC

curiousgal wrote: post #19

rorykoehler wrote: post #16

Earlier quoted context omitted.

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).

I would never have imagined referring to a GS executive as someone working to survive lmao It's not all black and white.

They aren't all working to survive but the ones who are are. Anyone who wants to escape the rat race would take the GS exec job if they were offered it as it speeds up the timeline for them.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#126

Post by rorykoehler » Wed, May 12, 2021, 9:34 AM UTC

1_player wrote: post #32

rorykoehler wrote: post #16

Earlier quoted context omitted.

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).

"The man" doesn't have to be rich (but he is), his position is one of power. Money is power, so the man is those on the top floors of institutes dealing with large amounts of money and having gala evenings with politicians and CEOs. That's who the working class person making minimum wage that was just made redundant actually works for. -- Saying that the investor bank executive is working class because he needs to pa…

Working class is anyone who needs to work to survive. The rest (middle class, salary etc) is all a distraction. Pitting poors against poors to leverage power. Either you have enough to live off of your investments 100% or you are working class.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#127

Post by relyks » Wed, May 12, 2021, 9:36 AM UTC

Faaak wrote: post #22

relyks wrote: post #13

Earlier quoted context omitted.

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

The same happened to me. I bought a bit of doge years ago with no intention of my buy being a trade or investment to make profit. I originally was just trying to figure out how this all worked. I totally forgot about it until recently.

However, I'm assuming this guy put down a significantly greater amount of cash down than either of us did. He couldn't have made millions by a small amount bought. I assume he had some insights by analyzing the technicals of the price movement. Based on his background, that assumption seems reasonable. Otherwise, he was willing to buy very early on and risk say $10k on a cryptocurrency that doesn't really have any valuable fundamentals... besides that it's a meme and it's funny that you can make fake money out of meme. People bet more than that on horses in races with no rational basis or he has lots of disposable income, so it is possible he made the trade on a whim.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#128

Post by rorykoehler » Wed, May 12, 2021, 9:36 AM UTC

2038AD wrote: post #85

rorykoehler wrote: post #16

Earlier quoted context omitted.

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.

I am deadly serious. There has been a successful multi-decade gaslighting initiative to make people think middle class and working class are different when in fact they are both just working to make the investment class rich. Time is your most valuable asset and unless you own it 100% then you are working class.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#129

Post by [deleted] » Wed, May 12, 2021, 9:39 AM UTC

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.

[deleted]

Re: Goldman Sachs executive quits after making millions from Dogecoin

#130

Post by tarsinge » Wed, May 12, 2021, 9:54 AM UTC

rich_sasha wrote: post #118

tarsinge wrote: post #116

Earlier quoted context omitted.

This can also be applied to the stock market as it is used today, the majority of people don’t care about dividends or voting rights, only the price, with company earnings serving the sole purpose of predicting the future price at the expected time of selling to another person. Crypto is just the end game of that behavior where it’s not hidden. Edit: also apart from making us question theses behaviors in other market…

Companies are in general productive goods. An investor may not care about decades of dividends ahead, but they are there . They are paid (in the long term) from value created, not just a FIFO bubble.

But the stock market is a secondary market, you exchange second hand titles, you are not an investor, so my point is that if people are just here to speculate on the value it’s not very different and the underlying doesn’t really matter.