
The man who dodged the Dogecoin - pretfood
https://decryptmedia.com/2018/10/16/dogecoin-inventor-jackson-palmer-regrets-nothing/
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jondubois
The fact that cryptocurrencies have managed to grow and hold their value for
so long is in itself proof that the financial system is not working.

A huge chunk of the new money that the Fed is injecting into the system is
going straight into the financial sector and some of it is going directly into
cryptocurrencies.

People have started to figure out that hard work doesn't pay. To earn money,
you just need to get close to the massive stream of money that the Fed is
constantly dumping into the economy.

The whole financial system is an over-engineered mess; packed with technical
debt and vulnerabilities. If it was a software system, it would have been
rewritten decades ago.

~~~
TomVDB
> The fact that cryptocurrencies have managed to grow and hold their value for
> so long is in itself proof that the financial system is not working.

The market cap of all stock markets is on the order of $100T. Total bond
market cap is of similar scale. The total market cap of cryptocurrencies is
$200B (and shrinking).

Cryptocurrencies could be 10 bigger than what they are today and they'd still
be a rounding error compared to the overall financial markets.

The only thing proven by cryptocurrencies is that, at a global scale, the long
tail provides enough opportunities for niches to exist.

~~~
panarky
_> enough opportunities for niches to exist_

Exactly.

How many times have you heard the argument that cryptocurrencies will never
completely replace national currencies, so they should be worthless?

Or that because it's harder to buy a coffee with Bitcoin than Euros, that
Bitcoin is a fraud.

It's not either-or. It isn't all or nothing.

Cryptocurrencies can co-exist with national currencies and do just fine.

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skybrian
I thought this was a great joke and hung out in the Reddit for a while. It got
tedious, and some people seemed to be taking it alarmingly seriously, so I
stopped.

I think the lesson is that jokes wear off quickly and anything money-like
hooks people the same way.

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jmcgough
I had a friend involved in the community a few years back. Some of the stuff
they did was pretty funny (like sponsoring a NASCAR car). However, the inner
circle was basically a group of people in a chat room running pump and dump
schemes with the currency.

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bredren
I believe this man had a silent partner in creating doge, who also ended up
holding nothing. Not mentioned here though.

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bradlys
That's the "Billy Markus". They're mentioned in the opening. And yes, he got
nothing out of it.

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hndamien
Given that he isn't anonymous, claiming to have not profited is the wisest
course of action whether true or not.

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umanwizard
What exactly about having made his money from cryptocurrency speculation makes
him more at risk of kidnapping, robbery etc. than any other random rich
person?

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hndamien
Greater liquidity, less traceability.

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sneak
It is the irreversibility of the transaction, not the traceability. There is
no way to un-send stolen funds.

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ThetaOneOne
That’s a vastly different title to the headline and I think misinterprets it.

~~~
sctb
We've reverted it to the original from “The man behind Dogecoin regrets
nothing”, but we'd be happy to change it to something more informative if
someone can suggest such a phrase from the article.

~~~
nrclark
"The man who doged the Dogecoin"

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tw1010
Jesus christ is that flickering scroll thing distracting.

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eiieirurjdndjd
“Despite retail investors losing millions” hrm? Nobody has been losing
millions lately.

