Dogecoin

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

  1. hawkeye1

    hawkeye1 Active Member

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    I don't think people realise he is a bit of a joker. I would say most of the stuff on his twitter is him trolling people.
     
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  2. TreasureHunter

    TreasureHunter Well-Known Member

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    DOGE just reached 0.389 $

    Who says it can't hit the dollar? :D

    Considering the rise of Bitcoin, it could hit 5-10 $ at this pace. Especially now that mainstream media is picking it up.
     
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  3. hawkeye1

    hawkeye1 Active Member

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    :)

    Well, I certainly underestimated both the level of trolling that Musk goes to, and the level to which people take his trolling seriously.

    Who knows how far it can be pushed.

    Seems like a dangerous game to me, but if you are profiting then good for you.
     
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  4. TreasureHunter

    TreasureHunter Well-Known Member

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    What made DOGE go so high up?

    We can just assume that "some rich guy" bought up a lot of DOGE's.
     
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  5. mmm....shiney!

    mmm....shiney! Moderator Silver Stacker

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  6. hawkeye1

    hawkeye1 Active Member

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    It's kind of like when Amazon was just getting going, early 2000's say, and they had warehouses, supply chains, people working for them, developing their software, etc.

    And then a couple of guys come along, call themselves DogeZon, have a cute logo, get a rich, famous guy to pump them up on twitter and their share price rockets. But they have no infrastructure, no developers working for them, no sales, and a basic website. But hey everyone, it's a cute dog and we all get to form a little community on twitter around it, and fuck those Amazon guys cause their shares are too expensive now.

    It's mad. But madness can go on for awhile...
     
  7. TreasureHunter

    TreasureHunter Well-Known Member

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  8. Jason1

    Jason1 Well-Known Member

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    a couple of rich guys who understand how to create a viral sensation within a hive mind community on reddit.
    these rich guys want to collect as many stimulas checks as possible to put into their own bank accounts. They buy a bunch of coins, use their great viral marketing skills to convince allot of people on reddit and twitter that it would be funny to pump a worthless joke coin to $1.
    The gullible jump on it, drop all their money on it, rich guys sells up, the rich guys collect their payday, price crashes, and in return gullible reddit users still kiss the rich guys ass while thanking them for taking their money because they think they achieved a goal and they move onto the next thing to give the same people even more of their money. The power of being the sheep doge who can herd sheep with out question, is how coins like that get so high. Lol, musk and his new crypto mate are geniuses at controlling the herd

    apparently giving all your money to the one of the richest guys in the world is a big fuck you to the capitalist system
     
    Last edited: Apr 18, 2021
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  9. hawkeye1

    hawkeye1 Active Member

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    The worse thing about all this anti-capitalist sentiment is that the monetary system that underpins, and is undermining our economy, is a pure socialist construct. Central banks centrally planning the money supply. Fixing the price of money. Most people can't see it though and they blame the capitalist structure that is built on top for everything that is going wrong. And so obviously, for them, socialism is the answer.

    I liken it to a computer or phone that has a defective operating system and everyone is blaming the guys that build the apps for them not working properly.
     
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  10. domdolittle

    domdolittle Member Silver Stacker

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    Sorry about the Copy and Paste but I couldn't put any better than that Coin Bureau memo...

    Dogecoin is Not a Joke... it's dangerous

    Dogecoin was created as a meme-coin forked from Bitcoin and made to be so ridiculous that no one could take it seriously. At the start, miners could earn anywhere from 0 to 1 billion coins for merely completing a single block - a random block reward lottery.

    Developers tried to make it a bit less of a joke. In 2014 they put a hard cap on the annual inflation rate 5.2 billion DOGE per year - still a pretty sizable inflation rate.

    Since that time though, there have been no improvements to the protocol. There are no developers who are working on it and there is no one to turn to should an error occur in the codebase.

    For many in the crypto space, Dogecoin was viewed as an afterthought. A cool meme that we could joke about in forums and on Twitter. I also enjoyed the memes and had fun in the games.

    However, Dogecoin has taken on a new life for itself over the past year. Thanks to the hype that has been created by the likes of Elon Musk et al, DOGE has been on one insane price ride. It’s now at all time highs and in the top 10 of CMC.

    Take a look at this chart. That’s the parabolic run of DOGE over this year. Almost no activity for the past 7 years with a slight uptick in 2017 / 18 followed by this skyrocketing performance recently.

    What is driving this?

    Well, it’s most likely young and inexperienced investors who are piling in on apps like Robinhood. Investors that merely think that DOGE is cheap and hence “good value” without consideration to market cap. Or perhaps they are trying to play a game of chicken with the inevitable dump.

    However, they should know that:

    • There is no dev team
    • 50% of the supply is held by 12 wallets
    • Limited use cases or utility

    At the beginning of the year, I explained all the other reasons as to why DOGE has the price action it does. Prices are at unsustainable levels and there will be a crash. That’s how bubbles work.

    So, why do I care so much?

    Well, I firmly believe that we should make informed decisions about our investments. There are many people who are riding the DOGE wave knowing full well the risks they are taking (and I have no issues with that). However, the vast majority of people don’t know these facts.

    And, when many of these new investors lose their money on the DOGE bubble, it will tarnish crypto. They will paint it with the same brush and it will impact on the wide scale adoption we are all hoping to see.

    I think this video by Charles Hoskinson sums it up best. Not only is it making a mockery of his life’s work but there will be regulatory repercussions from this. Young, inexperienced retail investors losing life fortunes on a meme coin is not something that will sit well with the SEC.

    The last thing we need is those government bureaucrats in congress holding hearings on the “dangers of cryptocurrency” and pushing for more oversight - you know that they are looking for an excuse to do it.

    So, all I hope is that those people who are jumping into Dogecoin know what it's about and know the risks that are involved. If you know anyone who is on the DOGE train without knowing how rocky the ride is, let them know.

    /end rant
     
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  11. TreasureHunter

    TreasureHunter Well-Known Member

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    Coinbase adds Dogecoin. Prior to this news I also heard about Dogecoin in multiple mainstream media sources.

    More exposure has sent it to 0.39 $. Perhaps it's been through 0.4 $ at the time you read this.

    With this exposure and polarity, it will 1 $ easier than previously believed.

     
  12. hawkeye1

    hawkeye1 Active Member

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    Perhaps it will. Whether it goes to $1 or even $10 though, there is no doubt about it's ultimate destination. 0

    Also, must remember that no institutions will ever be interested in it as there are no developers maintaining it, no apps being built on it, virtually no nodes or miners in comparison to Bitcoin, no DogeCoin companies at all. Therefore the possibility of it even getting near Bitcoin's current market cap is 0. It's pure bubble.

    Does Tesla have Bitcoin or DogeCoin on it's balance sheet? I find it very difficult to understand why more people aren't asking this question.
     
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  13. lurking

    lurking Member

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    It was a joke but in fairness still more valuable today than most premined coins.

    What happened to Jackson Palmer? he was quite prominent in 2018, shitting on doge, talking about all the different protocols, then deleted himself...
     
  14. TreasureHunter

    TreasureHunter Well-Known Member

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    But people simply could start using it. It works.

    Now it's 0.411 $.

    Should developers maintain any coin? As far as I know, Bitcoin has no developers behind itself either.

    Peter Schiff is right about all cryptos. They all could go to zero.

    But I wonder how high Dogecoin will go, still.
     
  15. lurking

    lurking Member

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    Only a few of the worlds best coders. Typically these were students of the best cryptographers of the 1970s and 1980s. Not to mention the very high level of skilled coders working on side chains. Ethereum is similar.

    Doge is just a fork but its rather unusual because it was never was raped by scammers and works really well for shitcoin trades. If BTC market cap is $1t then $50b or $100b DOGE isn't unreasonable.
     
  16. hawkeye1

    hawkeye1 Active Member

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    Well then, that shows how much you know. Bitcoin does have a very active developer base maintaining it.

    DogeCoin has nothing. Further, there are no developers that have any enthusiasm for it. Everyone knows it's all but dead. Don't know if you are in the IT industry or not, but if developers aren't interested in a tech, it dies. Because what is the point in spending precious time getting good in a technology that isn't going anywhere?

    And it's monetary policy sucks. It's so inflationary. It's as bad as fiat.

    It's obvious that a whole bunch of naive investors who don't do their homework have been sucked in. Some of them may get out in time, most won't.

    Is this the same Peter Schiff who doesn't know the difference between an IPO and a Direct Listing on the Stock Exchange? Just check out his tweets regarding CoinBase. Can't do his sums either on the percentage of shares that were sold. It's just embarrassing. I think he is going senile.
     
  17. lurking

    lurking Member

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    Doge has something. It's one of the very best mediums of exchange in the world. Great for shitcoin trading and great for money laundering.

    It's just a shit store of value and not an investment in any sense of the word.

    Do we have to ttalk about Schiff? Both he and his son are two bit scammers
     
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  18. Polar.bear.Stacker

    Polar.bear.Stacker Member

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    Bitcoin Core supports bitcoin, just as the Ethereum foundation supports Ethereum
     
  19. hawkeye1

    hawkeye1 Active Member

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    I've put my money where my mouth is and am shorting Doge. Just $500 worth. But it's worth a shot I think. Incidentally, I virtually never short, but this one is just too irresistible.
     
  20. Polar.bear.Stacker

    Polar.bear.Stacker Member

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    How do you short? I'm still pretty new to defi
     

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