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I would be super worried about having a resume filled with ponzi schemes.
Just like every ponzi scheme, the trick is to get out in time. I wonder how many people worked for Madoff but left before it all fell apart. How many of them are now working in other financial jobs? or Lehman bros.
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An ex-colleague of mine worked for OneCoin (another crypto scam originating from Bulgaria) when their offices got raided a few years ago. Now he’s an engineering manager at Nexo. I can see a pattern emerging in his career.
That said, I’ve had nothing but bad experiences with cryptocurrency obsessed hires and peers in the workplace. This got especially bad in 2022 when people’s portfolios were up and they all believed they were on the verge of retiring wealthy. There’s something about buying into the crypto dream that makes people think they’ve found a cheat code to financial freedom while the rest of us are stupidly working our jobs.
I’ve watched the same exact pattern play out with coworkers who bought into MLM schemes or self-help guru courses. These fantasies about breaking free from the world through “secret” financial instruments will always be attractive to some subset of people.
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> However there are lots of very pro-Russia Bulgarians (hard to explain after everything that has happened, but still..), Here is an excerpt from wiki which explains why some in Bulgaria are still "pro-russia": "The Western European Enlightenment in the 18th century influenced the initiation of a national awakening of Bulgaria.[63] It restored national consciousness and provided an ideological basis for the liberatio…
The thing about history is that it's never about a single event... While Russia may have had some influence in the events at the end of the 19th century, they are also responsible for Bulgaria's abrupt transition from monarchy to a soviet country in the 1940s. Bulgaria was a soviet country until 1990… which is a very long time of persistent atrocities and brainwashing. The “Russian occupation” of the hearts and minds…
Which isn't to say that most "non-brainwashed" millennials and Gen-Z'ers are at all trying to be objective about that historical period. For them it's only prison camps, state surveillance and shortages and queues. Nothing like an accelerated industrialisation and modernisation in a few decades, transitioning from a backwards agrarian rural society to a well-educated population and reaching western-like levels of human development in the 1980s.
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and yet Bitcoin is up 10% so far this year
I can’t tell if this is sarcastic or not But it’s incredibly fascinating to see how much the Bitcoin fans can ignore all of the fraud and the collapse of crypto markets, instead focusing on hypothetically perfect retroactive market timing. So much of the Bitcoin propaganda is different versions of “Well if you had bought Bitcoin on then you’d be up right now!”
Bitcoin going down: this is good for bitcoin!
It's probably one of the less shady ones out there (i.e. it wasn't "invented" by a twitch streamer, hyped up and sold to their audience then abandoned) but I think a few people are maybe a little bit too hopeful and optimistic about it.
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I would be super worried about having a resume filled with ponzi schemes.
Just like every ponzi scheme, the trick is to get out in time. I wonder how many people worked for Madoff but left before it all fell apart. How many of them are now working in other financial jobs? or Lehman bros.
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Or just buy your own bank...
The disposable bank industry is thriving around the world, and is completely circumventing all of that nonsense AML theatre in its entirety.
The draconian banking reporting regulation only impact individuals, but nearly none business accounts, and close to nothing is aimed at banking institutions themselves.
You literally need more papers to open a bank account in some EU countries, than to buy a fully fledged tier 1 bank, with a central bank account, and direct access to FX exchanges, clearing, securities brokerages etc.
It feels like the skeptics, who were pointing out last year that the rates on crypto yield products, were too good to be true, had a point. That's Celsius, Voyager, Blockfi, Genesis and now nexo all in some level of financial/legal trouble. The question is how much is still to be uncovered.
Bitcoiners were also generally skeptical of this. BTC and crypto often gets lumped together but many of those who prefer Bitcoin have been skeptical about stuff like this from the beginning. Lightning Network also has some interesting capabilities & seems like it might actually evolve into something with real utility. Block is investing pretty significantly into that. The minority of Bitcoin enthusiasts in the crypto…
The project is 13 years old at this point and has failed to provide any meaningful use, has failed in terms of mainstream appeal and isn't nowhere near revolutionary. All of this while being an environmental disaster, burning through electricity and producing e-waste like there's no ecological emergency.
That farce needs to stop and the sooner the better.
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The only way to make money investing in Bitcoin is to convince a greater fool to buy your coins for more than you paid for them. And that greater fool must in turn convince an even greater fool, etc, etc It's not a Ponzi, but it has similar dynamics to a Ponzi in that you can only gain money through other people losing money.
Why does it have to be about making money? Bitcoin is a currency, not an investment. That's where a lot people get confused.
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The only way to make money investing in Bitcoin is to convince a greater fool to buy your coins for more than you paid for them. And that greater fool must in turn convince an even greater fool, etc, etc It's not a Ponzi, but it has similar dynamics to a Ponzi in that you can only gain money through other people losing money.
Why does it have to be about making money? Bitcoin is a currency, not an investment. That's where a lot people get confused.
Bad price stability, slow transactions, high fees under any amount of load, bad privacy, terrible adoption, etc, etc