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From the Times article: > [Rinsch] transferred more than $4 million from his Schwab account to an account on the Kraken exchange and bought Dogecoin, a dog-the

From the Times article: > [Rinsch] transferred more than $4 million from his Schwab account to an account on the Kraken exchange and bought Dogecoin, a dog-themed cryptocurrency. Guy sounds like a dummy > Unlike his stock market investments, this one paid off: When he liquidated his Dogecoin positions in May 2021, he had a balance of nearly $27 million. Shit, maybe I'm the dummy?

starttoaster 3y ago
Around 2021, Dogecoin was a very interesting short term investment, yeah. Everyone was high off of AMC and GME in the stock market, so people were actively investing and day trading. Elon Musk was talking up Dogecoin, keeping in mind this is when he was still very popular in a positive way, and crypto in general was doing really well around that time. I'm not sure that it's wise to throw money into it now though. Crypto has become a very polarizing topic with people, with a vocal group of people that absolutely hate it (some of whom have no idea what they're talking about, but there are absolutely genuine reasons to dislike it as it's implemented today), and it has a somewhat uncertain future with government agencies reigning in on it (which certainly needs to happen for it to have a future too, but governments today seem more content with pulverizing the tech into the mud than see it grow into itself while keeping it fairly regulated.)
- sennight 3y ago
  > Crypto has become a very polarizing topic with people... Certain people. I was involved from the beginning, and most of the OGs just shrug at the present day noise - the convert zeal being long exhausted by all the complaints about how PoW makes Mother Gaia cry. The people who have a crazy level of investment are the tech journalists that took very public positions badmouthing bitcoin. That is probably also true of anyone else who can't resist calculating how much their mistake cost them when they compared bitcoin to beanie babies at $150. > ...which certainly needs to happen for it to have a future too, but governments... Firing first in a duel, global economy style - that is why the foot dragging has been so protracted.
  - kalleboo 3y ago
    It's not quite the beginning but I bought Bitcoin anonymously using cash from Mt Gox in the rally up to $15 before it crashed back down to $5, and then ignored my wallet until it added many zeroes before I sold. I still think that, as a concept, it's dumb as shit, even thought it was profitable for me. I just got lucky.
    - sennight 3y ago
      Huh, everything about what you said seems off to me. How did you anonymously fund your account at Mt Gox? Because I only remember them taking bank wires. I don't remember them ever having any kind of payment provider that would have accepted anything like pre-paid Visa cards, and in any case: by the time btc was at $15 - there was only one money transmitter (that wasn't a bank) allowing btc related transactions. I know this because I was debanked by two banks and had my paypal account suspended around that time. How did you come to learn about bitcoin, this "dumb as shit" concept? Buying drugs on Silk Road? Because most of the early people came to it from reading the white paper after seeing it posted on the cipherpunk mailing list, or on a board discussing Austrian-economics/anarcho-capitalism... for those people it was a political act - not an investment (as you seem to view it).
      - kalleboo 3y ago
        > How did you anonymously fund your account at Mt Gox? Because I only remember them taking bank wires. Here in Japan you can make domestic wires anonymously using cash at an ATM (since it's such a cash-based society), and since Mt Gox was based in Japan you could fund your account with a domestic wire transfer > How did you come to learn about bitcoin, this "dumb as shit" concept Probably on IRC? I can't recall. It was still early enough that I got like 0.001 btc from one of those "btc faucets". It was fun when it was just this distributed tech demo, before people took it so seriously. The technology is cool. What's dumb as shit is the idea of basing the future of finance on it.
        sennight 3y ago
quickthrower2 3y ago
He did effectively an SBF, leveraging someone else's money. By the way you could have put $4m on Frankie Dettori too, and be a smart dummy.

starttoaster 3y ago

Around 2021, Dogecoin was a very interesting short term investment, yeah. Everyone was high off of AMC and GME in the stock market, so people were actively investing and day trading. Elon Musk was talking up Dogecoin, keeping in mind this is when he was still very popular in a positive way, and crypto in general was doing really well around that time. I'm not sure that it's wise to throw money into it now though. Crypto has become a very polarizing topic with people, with a vocal group of people that absolutely hate it (some of whom have no idea what they're talking about, but there are absolutely genuine reasons to dislike it as it's implemented today), and it has a somewhat uncertain future with government agencies reigning in on it (which certainly needs to happen for it to have a future too, but governments today seem more content with pulverizing the tech into the mud than see it grow into itself while keeping it fairly regulated.)

sennight 3y ago
> Crypto has become a very polarizing topic with people... Certain people. I was involved from the beginning, and most of the OGs just shrug at the present day noise - the convert zeal being long exhausted by all the complaints about how PoW makes Mother Gaia cry. The people who have a crazy level of investment are the tech journalists that took very public positions badmouthing bitcoin. That is probably also true of anyone else who can't resist calculating how much their mistake cost them when they compared bitcoin to beanie babies at $150. > ...which certainly needs to happen for it to have a future too, but governments... Firing first in a duel, global economy style - that is why the foot dragging has been so protracted.
- kalleboo 3y ago
  It's not quite the beginning but I bought Bitcoin anonymously using cash from Mt Gox in the rally up to $15 before it crashed back down to $5, and then ignored my wallet until it added many zeroes before I sold. I still think that, as a concept, it's dumb as shit, even thought it was profitable for me. I just got lucky.
  - sennight 3y ago
    Huh, everything about what you said seems off to me. How did you anonymously fund your account at Mt Gox? Because I only remember them taking bank wires. I don't remember them ever having any kind of payment provider that would have accepted anything like pre-paid Visa cards, and in any case: by the time btc was at $15 - there was only one money transmitter (that wasn't a bank) allowing btc related transactions. I know this because I was debanked by two banks and had my paypal account suspended around that time. How did you come to learn about bitcoin, this "dumb as shit" concept? Buying drugs on Silk Road? Because most of the early people came to it from reading the white paper after seeing it posted on the cipherpunk mailing list, or on a board discussing Austrian-economics/anarcho-capitalism... for those people it was a political act - not an investment (as you seem to view it).
    - kalleboo 3y ago
      > How did you anonymously fund your account at Mt Gox? Because I only remember them taking bank wires. Here in Japan you can make domestic wires anonymously using cash at an ATM (since it's such a cash-based society), and since Mt Gox was based in Japan you could fund your account with a domestic wire transfer > How did you come to learn about bitcoin, this "dumb as shit" concept Probably on IRC? I can't recall. It was still early enough that I got like 0.001 btc from one of those "btc faucets". It was fun when it was just this distributed tech demo, before people took it so seriously. The technology is cool. What's dumb as shit is the idea of basing the future of finance on it.
      - sennight 3y ago

quickthrower2 3y ago

He did effectively an SBF, leveraging someone else's money. By the way you could have put $4m on Frankie Dettori too, and be a smart dummy.