Dogecoin

Discussion in 'Digital Currencies' started by ParanoidAndroid, Jan 29, 2021.

  1. heartastack

    heartastack Well-Known Member Silver Stacker

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    Are you convinced it’s had a blow-off top?
     
  2. Mill3d

    Mill3d Active Member

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    Who cares? It is great.
     
  3. Mill3d

    Mill3d Active Member

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    There’s your answer
     
  4. Mill3d

    Mill3d Active Member

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    Things don’t matter as they did

    Not saying personally they don’t

    But to TPTB they don’t

    That is the reason for doge
     
  5. hawkeye1

    hawkeye1 Active Member

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    Just so everyone knows 14 million DOGE are added to the supply every day. At current prices that's an extra 6 million dollars that needs to be added every day to maintain the price. If it gets to a dollar, 14 million extra dollars every day just to maintain price.
     
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  6. hawkeye1

    hawkeye1 Active Member

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    I'm doing on Binance
     
  7. hawkeye1

    hawkeye1 Active Member

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    No. But I figure it doesn't have much steam left. It could go higher and I'm prepared to wait it out a few months if necessary as potential upside is so much greater than downside.
     
  8. heartastack

    heartastack Well-Known Member Silver Stacker

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    the smart money has spoken, ladies and gentlemen.
     
  9. Mill3d

    Mill3d Active Member

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    No doge
    No future
     
  10. TreasureHunter

    TreasureHunter Well-Known Member

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    Dogecoin can reach market camp of 50-100 billion (it's at 5.64 billion right now). That could put it at 3-10 $ value per coin.
    During this time Bitcoin and others could go even higher, while others could go to zero.

    The value transfers between coins as people trade them. However, I consider this a pseudo-asset trade. I'm just watching, I don't even know how these trading platforms really work, nor do I trust the information there.

    By the way, do you know any coin that went to zero? :D

    If just one popular one goes down to nothing, then that could mean all others could become worthless.

    Regardless, my opinion is that they are mostly worthless anyway and that the perceived dollar value or market cap is an illusion. People are putting more money in than they're taking out.
    It's one big slot-machine, casino, tulip bubble.

    I still believe this.

    Functionality is minimal.
     
  11. TreasureHunter

    TreasureHunter Well-Known Member

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    Peter Schiff makes very solid arguments and understands very well how the economy works and how money is created.

    He is right: Bitcoin is not a currency and it's terrible as a store of value.
     
  12. hawkeye1

    hawkeye1 Active Member

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    So far so good. Could let it go for a small profit but think I'll let it run for awhile. Ending up putting in a few thousand more last night.
     
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  13. hawkeye1

    hawkeye1 Active Member

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    MC of Doge is currently $40 B

    https://coinmarketcap.com/currencies/dogecoin/
     
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  14. TreasureHunter

    TreasureHunter Well-Known Member

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  15. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Kind of irrelevant when it's a meme coin that has uncapped issuance. Everytime it hits any level of value it'll just get diluted down with more coins.
     
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  16. lurking

    lurking Member

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    Thousands in the graveyard. These have zero liquidity so effectively worth zero.

    It's just another new genx/y/z investment market. You might get similar returns in sneakers, lego, baseball cards, rare coins, even rusted out holdens/gmc, fords, chryslers.

    Never forget you are shorting in what is still probably a bull market.
     
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  17. 66rounds

    66rounds Well-Known Member Silver Stacker

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    At least these are REAL things, and not pixie dust in cyberspace.
     
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  18. heartastack

    heartastack Well-Known Member Silver Stacker

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    A 1mil market cap for these was insane back in the day. This is grotesque
     
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  19. TreasureHunter

    TreasureHunter Well-Known Member

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    I think the market cap itself is an illusion. It doesn't mean at all that so many dollars are "in them". Unlike the fiat currency market, which functioning economies behind.

    Here, people bring their REAL fiat for digital fiat: just like buying poker chips with real money. Then, the game gets on like Donkey Kong with poker chip for poker chip for poker chip.
    And they even believe that the poker chip for poker chip swaps mean the price of poker chips is actually going up in dollars.

    WRONG.


    It's flawed to measure the price of cryptos in dollars, when most of that trade is being done between cryptos.


    Yes, people put dollars in. But how much of that bubble gets inflated by crypto-for-crypto speculation?

    Imagine this with children trading biscuits between each other. They might tell each other that "ït's gold". But it's just a game.
    They might even regard the biscuit as "gold" in that game.
    They might trade the biscuits for more and more... but they're still just biscuits.

    In the end, no adult would be fool enough to give their gold away for biscuits. :D


    I honestly don't think those cryptos are worth what they seem. It's like a game market. One where everything gets overpriced.
     
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  20. lurking

    lurking Member

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    Not really :) Trading cards have gone digital. Sneakers have gone digital. Still trying to get my head around trading digital sneakers but I guess not much different to physical sneakers that are made not to be worn.

    In essence gold and silver are now digital markets too without much connection to physical. My shifting to crypto was largely based on metals, not matter how densely concentrated their wealth, not really cutting it against the infinitely concentrated wealth of digital things. (My metal stack has shunk about 4/5 in 5 years)

    Market cap in all markets is illusion. This was a big talking point in crypto back after the 2014 bubble.
     
    Last edited: Apr 21, 2021

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