Goldman Sachs executive quits after making millions from Dogecoin

Post by tarsinge » Wed, May 12, 2021, 9:58 AM UTC

reader_mode wrote: post #36

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 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…

Post by benhurmarcel » Wed, May 12, 2021, 10:08 AM UTC

yaa_minu wrote: post #121

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 al…

Post by me_me_me » Wed, May 12, 2021, 10:14 AM UTC

reader_mode wrote: post #36

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 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…

Post by movedx » Wed, May 12, 2021, 10:48 AM UTC

nly wrote: post #100

baby wrote: post #80

Earlier quoted context omitted.

What about people buying time pieces (watches)?

In the UK, watches, being mechanical in nature, are not subject to capital gains tax on any profits. For this reason alone luxury collectable watches are a smart investment for diversification purposes for the ultra wealthy.

Post by rorykoehler » Wed, May 12, 2021, 10:53 AM UTC

1_player wrote: post #136

rorykoehler wrote: post #126

Earlier quoted context omitted.

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.

So the millionaire that's spending $5,000 a week in rent and $50,000 a week to maintain his lifestyle—as it might be required by his job and expected by his peers—is working class? Sorry, it's your definition that is wrong. "Working class" doesn't mean "category of people that work." "When used non-academically in the United States, [...] it often refers to a section of society dependent on physical labour, especiall…