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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

#161

Post by reader_mode »

me_me_me wrote: post #135
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…

Diamonds are a scam and everyone knows it. They are an over inflated good held by a monopoly of handful producers that tightly control the supply. And nobody gives a fuck. > I see no value being created in these "investments". And stock market is any better? At the inception stock market was a tool to invest and prop up businesses for long term dividend gains. No its pure speculation tool that doesn't benefit anyone…

I don't invest in diamonds (I had to buy a few, but that was an investment of different kind), and I don't really invest in the stockmarket either for the reasons you mentioned.

I can make enough money to live comfortably through work, admitedly I would be a lot safer if I had more, I prefer investing in realestate that I can potentially monetise by renting and I can leave to my children. It's probably not the most efficient but I don't want to spend time and effort on investing in to stockmarket, crypto or w/e - I chose SW development because I like to build things that solve problems and be creative - at this point crypto/stocks feel like the exact opposite (initially I gave it the benefit of a doubt but at this point I'm almost certain it's a bubble built on spreading bullshit)

Re: Goldman Sachs executive quits after making millions from Dogecoin

#162

Post by reader_mode »

chii wrote: post #109
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…

> Recent developments on the stock market kind of killed the market idealism for me why? It's doing the exact thing that it was intended to do - price the value of public companies.

No - it's pricing the value of what the next guy will pay and spreading false narratives to build the bubble/capitalise on more people joining in. You're actively penalised if you don't play this game because you'll miss out on the temporary gains and shorting is dangerous and pointless with such irrational valuation methods.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#163

Post by reader_mode »

perryizgr8 wrote: post #119
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 have zero interest in participating even if returns were guaranteed - that's not how I want to make money This is my thinking too. But I can't fully get rid of the FOMO. What if I could turn my thousands into millions? It would change my life forever.

Go to a roulete table, put money on 0, then do it again - congratulations you're now a millionare.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#164

Post by midasuni »

SwimSwimHungry wrote: post #60
midasuni wrote: post #43

Earlier quoted context omitted.

So like all forms of capitalism for 95%+ of under 40s

Perhaps... but cryptocurrency makes this far more blatant and obvious. It really is sold as some kind of pipe-dream and a miracle financial instrument. Yet tell that to those who lost their shirts on Mt. Gox, Binance, any of the black swan events within the past few years, etc. It's really a technology-packed MLM.

This has always been the way, people bought lotto tickets because there was nothing to lose and everything to gain.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#165

Post by roenxi »

alisonkisk wrote: post #147
roenxi wrote: post #120

Earlier quoted context omitted.

Sure, but the thing being traded for these are US Dollars which are, by explicit design, worse than pretty much any other asset over the long term. Not only do they go down in value, but they go down in value in a difficult to predict pattern and more rapidly in crisises. Holding almost literally anything nonperishable is better than dollars. We can argue what it is, but if anyone has any optimism at all about the fu…

Holding things has costs. Dogecoin was intentionally invented to never have a "future". It was a joke.

Well, you know. This is economics. What people intended doesn't matter; price is forward looking and present-based. It doesn't look like a joke right now.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#166

Post by manigandham »

rawtxapp wrote: post #38
SwimSwimHungry wrote: post #31

Earlier quoted context omitted.

Over 10 years in and it's still "early days" for crypto? When do you think this entire thing is considered mature? I'm very much a crypto skeptic, mostly because I see a lot more harm than good that comes out of the space (ransomware enablement, horrendous waste of energy on PoW coins, egoists that make up the majority of the community, etc)

I mean internet has changed very significantly in the last 30 years, or even in the last 5 years. Personally, I will say it's mature enough when Bitcoin is the world reserve currency (crazy, I know!) and defi fulfills majority if not all of my financial transactions/operations, etc. I look at ransomware as a positive, finally a forcing function for companies to take security seriously. Energy, it's pushing us towards…

> "it's pushing us towards greener energy"

It definitely isn't, unless you count anything that uses power as pushing towards green energy which makes no sense.

The only way to incentivize different forms of energy production is by making them more profitable, which has nothing to do with what that power is used for.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#167

Post by 2038AD »

rorykoehler wrote: post #153
2038AD wrote: post #144

Earlier quoted context omitted.

You're absolutely right in implicitly arguing that social class isn't exactly determined by the amount of money you have. You're also correct that traditionally the proletariat (the working class) were those who sold their labour. By a very strict definition, anyone who earns a wage is working class and that would include CEOs (as you are doing explicitly). That definition is deficient and doesn't relate to reality.…

Having a job that requires you to deploy capital efficiently doesn’t give you much power at all of it’s not your money.

How does that not apply to a capitalist factory owner who has to contend with market forces?

I think you're trying to play around with definitions because you think there's a moral component to class.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#168

Post by reader_mode »

flashgordon wrote: post #160
movedx wrote: post #51

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". Yes! Exactly! I have a friend who's doing well from crypto. He bought an NFT for $800 and it's not worth $8,000. Where is the (social) value in that? Except for the social experimentation this i…

Welll… If you made 1M today from crypto (and ofcourse you did "relatively" no evil in obtaining so) - wouldnt using that 1M later to actually solve a hard problem (or say a social cause) be just as worth it?

No because I'd have to spend time and effort on that thing. I'm not a utilitarian, I enjoy creating and solving problems which is why I chose SW dev. Crypto speculation is the opposite of that.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#169

Post by movedx »

flashgordon wrote: post #160
movedx wrote: post #51

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". Yes! Exactly! I have a friend who's doing well from crypto. He bought an NFT for $800 and it's not worth $8,000. Where is the (social) value in that? Except for the social experimentation this i…

Welll… If you made 1M today from crypto (and ofcourse you did "relatively" no evil in obtaining so) - wouldnt using that 1M later to actually solve a hard problem (or say a social cause) be just as worth it?

Most people wouldn't do this, though. Most people don't have the financial IQ to manage that 1M.

Re: Goldman Sachs executive quits after making millions from Dogecoin

#170

Post by Brian_K_White »

lottin wrote: post #151
Brian_K_White wrote: post #150

Earlier quoted context omitted.

That is an implementation detail of bitcoin, not a fundamental aspect of cryptocurrency. Bitcoin is cryptocurrency 1.0, or proof of concept, and the concept is well and truly proven. Developing others which operate more efficiently than the proof-of-concept or 1.0 version, or even than the existing banks and credit card exchanges is just engineering and iteration, and hardly a great leap of imagination or faith.

The only concept that is well and truly proven is that of an expensive and barely usable payment system with a colossal environmental cost. Everything else is vaporware, as of today.

What's proven is that a ledger that no one owns, yet evereyone can trust, is possible.
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