9 ms·
Goldman Sachs executive quits after making millions from Dogecoin
- rawtxapp 5y agoGood for him! Now, he can do whatever he wants with his time rather than work for the man, life is short after all.
- op03 5y agoGoldman employees have no clue what to do with their cash other than multiply it. So expect it all to go into catcoin.
- Emma_Goldman 5y agoI don't know who you think 'the man' is, if it's not a Goldman Sachs executive?
- DevKoala 5y agoIf you are working for someone other than yourself, you are answering to “the man”.
- rorykoehler 5y agoIf they a quit their job because they have a few extra million then they were working class (ie they needed to work to survive).
- curiousgal 5y agoI would never have imagined referring to a GS executive as someone working to survive lmao It's not all black and white.
- rorykoehler 5y agoThey 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.
- 1_player 5y ago"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 pay his rent is bollocks.
- rorykoehler 5y agoWorking 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.
- 1_player 5y agoSo 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, especially when compensated with an hourly wage. For example, the working class is loosely defined as those without college degrees. Working-class occupations are then categorized into four groups: unskilled labourers, artisans, outworkers, and factory workers." https://en.wikipedia.org/wiki/Working_class#Definitions https://en.wikipedia.org/wiki/Working_class#Definitions
- SwimSwimHungry 5y agoHonestly, it seems to me like this may be a case of having some insider knowledge or knowing ahead of time that the coordinated pump and dump was going to occur. Any rational person would have looked at DOGE over the past however many years and seen it for the true joke it was. It barely made any meaningful movement on pricing until very recently. I can understand if someone may have mined it for fun and forgot about it, or some Robinhood user messed about with DOGE, but this feels a bit more unusual to me. Perhaps working at Goldman Sachs afforded him some additional advantage on insight? I'm not sure I could sleep easy at night knowing I fleeced the rubes, but then again, I'm not this gentleman.
- midasuni 5y agoAny rational person sees the market is irrational. Putting $10 on dodge back in January, or on spiffcoin today, is no different to putting $10 on a horse at the 3.15, except the excitement probably lasts longer. The bookie wins on aggregate, but you are buying the hope and excitement and that has value.
- SwimSwimHungry 5y agoFair enough. My suspicions could be bunk and this GS employee really just made a leap of faith Hail Mary pass and won this way.
- cookguyruffles 5y agoIs anyone surprised to learn there are informed traders on the other side of these hype-driven bubbles? edit: it defies belief that this is somehow a controversial comment
- capiki 5y agoWho said he was informed?
- relyks 5y agoHe did successfully profit off the momentum in dogecoin...
- Faaak 5y agoI profited too without extra information: I bought 20$ 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
- relyks 5y agoThe 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.
- deleted 5y ago[deleted]
- Swinx43 5y agoThe dodgefather
- rvz 5y agoGood. Very early birds getting out rich from the cryptocurrency mania with little risk. That's how you do it.
- tgv 5y agoYes. Wait for the idiots to put their cash into it, and extract that. The rest should wait for more idiots. Too bad for the ones who get in last. So good for him.
- SwimSwimHungry 5y agoI do feel jaded by all of this, but I can only hope that people who lose their shirts on all of this actually learn not to try this mess ever again. Greed really can be our biggest downfall.
- gjs278 5y agostay poor
- zqna 5y agoIn 10 years another bunch of 20-30 year olds will join some new attractive 'get rich quick' scheme before they lose anything they got in the following crash if pyramid. Recycle and repaeat.
- midasuni 5y ago20-30 year olds outside of those few with $300k jobs on HN don’t have anything to lose. Same reason people play the lottery
- chii 5y ago> Wait for the idiots to put their cash into it a fool and his gold are soon parted.
- f2000 5y agoTulips, 1637
- 2038AD 5y agoPlease tell me more about the agricultural futures market of the early modern period
- jesstaa 5y agoSouth Seas Company, 1720
- ur-whale 5y ago> Tulips, 1637 A truly original argument, 2021
- sonthonax 5y agoInterestingly, Amsterdam is still the world centre for the flower trade.
- gjs278 5y agosend me a tulip in 10 minutes across the world
- baby 5y agoThis is different, dogecoin is openly a joke, no one is pretending that there’s some fundamental value there.
- SideburnsOfDoom 5y agoDifferent only in it's clothing, not the basic nature of it. "hiding the scam" in plain sight seems like a modern spin on so many things.
- mszcz 5y agoTulips weren't easily transferable, divisible, durable, in limited supply or fungible but hey, let's hear more about this original theory of yours.
- 5y ago
- nly 5y agoIt'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 driving the cryptoboom is under-discussed. When the wider financial (not just crypto) bubble pops there's going to be a lot of resentment this time around. I'm jealous of people and their crypto gains, having considered putting a tiny % of my portfolio in to crypto not long before the pandemic and deciding against it, but ultimately none of these cryptocurrencies are any more useful than they were in 2019, and in my gut I feel that these huge unjustified gains should, morally speaking, evaporate if these things prove to be worthless to us a society.
- varjag 5y agoPeople often relate to gamblers better than to white collar paper pushers.
- rawtxapp 5y agoNo 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 in 2020, prices usually increase significantly after that since it becomes a lot more scarce, people think Bitcoin is too expensive for them, so they flip altcoins, we are in the middle of the altcoin season. And we've also stress tested a lot of the defi protocols that are now fundamental blocks in the crypto world (uniswap, maker, compound, aave, etc).
- SwimSwimHungry 5y agoOver 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)
- lottin 5y agoNo 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.
- wesleywt 5y agoYou know this thing called gold. All you are doing is being an early investor in "gold" in the hopes that a future "investor" will hand a greater amount to you for the "gold". This is all there is to it.
- benhurmarcel 5y agoAnd no decent investment advice includes buying gold.
- rawtxapp 5y agoIsn't that the case for pretty much all exchanges? How is that different than in the stock market?
- throwaway210222 5y ago> How is that different than in the stock market? For at least the USA exchanges, the USG has made it clear major companies will never fail and is printing so much money that has to go somewhere.
- rawtxapp 5y agoA lot of that money also flows to crypto, real estate, etc.
- ptsneves 5y agoThe stock market has other mechanism of value creation, one of them that the company distributes dividends which is money outside the stock market. Companies also use it to fund themselves to grow. It is not a zero sum game. Crypto currency is a zero sum game and i think this is what OP was implyining.
- secondcoming 5y agoAre these paper millions or is the money in his bank account? How easy is it to cash out crypto?
- prog5 5y agoTo truly "cash out", I think you would need to trade into stablecoins or various other coins with low transfer fees (tether, neo, ada) then transfer to a multitude of crypto exchanges who have high enough limits to start converting to fiat. Those with KYC would then report earnings to the IRS. There are some without KYC (KuCoin) which you might be able to hide some earnings. 3rd option is get it into bitcoin, fly offshore and start cashing out from Bitcoin ATMs or offshore banks.
- gjs278 5y agoit takes 1 press of a button to cash out. stay poor
- lanevorockz 5y agoDogeCoin is nothing more than a big meme and we are being taken advantage from rich people that know how to trick us.
- chii 5y agonobody is trying to trick anyone - DOGE is clearly labeled a joke coin.
- novaRom 5y agoIf 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.
- BTCOG 5y agoHFSP!