<story><title>Goldman Sachs executive quits after making millions from Dogecoin</title><url>https://www.theguardian.com/technology/2021/may/11/goldman-sachs-executive-quits-after-making-millions-from-dogecoin</url></story><parent_chain><item><author>nly</author><text>It&amp;#x27;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 &amp;#x27;bankers&amp;#x27;, just like him, &lt;i&gt;just doing their damn jobs and providing a service&lt;/i&gt;, invokes revilement in the eyes of the general public.&lt;p&gt;I do think the psychological (is that the word I&amp;#x27;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&amp;#x27;s going to be a lot of resentment this time around.&lt;p&gt;I&amp;#x27;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 &lt;i&gt;useful&lt;/i&gt; than they were in 2019, and in my gut I feel that these  huge unjustified gains &lt;i&gt;should&lt;/i&gt;, morally speaking, evaporate if these things prove to be worthless to us a society.</text></item></parent_chain><comment><author>reader_mode</author><text>Crypto could easily be the largest pyramid scheme in history, I have zero interest in participating even if returns were guaranteed - that&amp;#x27;s not how I want to make money, I see no value being created in these &amp;quot;investments&amp;quot;.&lt;p&gt;Recent developments on the stock market kind of killed the market idealism for me. I don&amp;#x27;t know what&amp;#x27;s a better alternative, but from where I&amp;#x27;m standing the financial system is rewarding wasteful and immoral behaviour and it&amp;#x27;s degenerating really fast.</text></comment>
<story><title>Goldman Sachs executive quits after making millions from Dogecoin</title><url>https://www.theguardian.com/technology/2021/may/11/goldman-sachs-executive-quits-after-making-millions-from-dogecoin</url></story><parent_chain><item><author>nly</author><text>It&amp;#x27;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 &amp;#x27;bankers&amp;#x27;, just like him, &lt;i&gt;just doing their damn jobs and providing a service&lt;/i&gt;, invokes revilement in the eyes of the general public.&lt;p&gt;I do think the psychological (is that the word I&amp;#x27;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&amp;#x27;s going to be a lot of resentment this time around.&lt;p&gt;I&amp;#x27;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 &lt;i&gt;useful&lt;/i&gt; than they were in 2019, and in my gut I feel that these  huge unjustified gains &lt;i&gt;should&lt;/i&gt;, morally speaking, evaporate if these things prove to be worthless to us a society.</text></item></parent_chain><comment><author>rawtxapp</author><text>No need to be jealous, since it&amp;#x27;s still the very early days for crypto in the grand scheme of things. It&amp;#x27;s far from having hit any of the real success metrics (much broader usage, significant % of wealth stored, transferred, etc).&lt;p&gt;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.&lt;p&gt;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&amp;#x27;ve also stress tested a lot of the defi protocols that are now fundamental blocks in the crypto world (uniswap, maker, compound, aave, etc).</text></comment>