crypto: Coders see crypto as the new get-rich-faster job in Valley

Synopsis

Carter is part of a wave of executives and engineers leaving cushy jobs at Google, Amazon, Apple and other large tech companies – some of which pay millions of dollars in annual compensation – to chase what they see as a once-in-a-generation opportunity.

Crypto may be no different from past speculative bubbles like subprime mortgages or the tulip craze of the 17th century, skeptics said. Oakland: When Sandy Carter left her job as a vice president of Amazon’s cloud computing unit this month, she said that she was joining a crypto technology company. She included a link for open positions at the startup. Within two days, she said, more than 350 people – many from the biggest internet firms – had clicked the link to apply for jobs at the firm, Unstoppable Domains.

Carter is part of a wave of executives and engineers leaving cushy jobs at Google, Amazon, Apple and other large tech companies – some of which pay millions of dollars in annual compensation – to chase what they see as a once-in-a-generation opportunity. That next big thing is crypto, they said, a catchall designation that includes digital currencies like Bitcoin and products like nonfungible tokens (NFTs) that rely on the blockchain. Silicon Valley is now awash with stories of people riding seemingly ridiculous crypto investments like Dogecoin, a digital coin based on a dog meme, to life-changing wealth. Bitcoin has soared around 60% this year, while Ether, the cryptocurrency tied to the Ethereum blockchain, has increased more than fivefold in value.

Crypto may be no different from past speculative bubbles like subprime mortgages or the tulip craze of the 17th century, skeptics said. Much of the mania, they said, is being driven by a desire to get rich quick by trading an asset class that often seems based on internet jokes.
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Updated: 12/24/2021 — 21:00