How do you mine Dogecoin?

Discussion in 'Digital Currencies' started by TreasureHunter, Feb 12, 2021.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    Sounds terribly discouraging. Yet - DOGE seemed to be the "throughout joke coin" created for unserious reasons. Almost forgotten by people.

    Now some are making money with it.

    I think it will keep rising. What Musk (and... was it Gene Simmons from KISS?) did was to "make the public know about it". Now more people are onboard. More speculation, more transaction vs other cryptos.

    It would be big if it hit 1 $. I don't see why. There was a long way up to 0.08 $. And even to 4 $ there's only a 50x increase that would be required.
     
  2. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Doge looks like it has potential. Firstly, it's very cheap versus the other ecoins, the market cap can easily x20 without being noticed. Secondly, and even more importantly, it's a joke. Silver is also a joke, that's why it can run under the radar. Bitcoin is too prominent and unlike gold which can be made into jewellery and religious artifacts, you can't disguise bitcoin. I'll be watching doge. If it drops back to 2 cents or lower, might be worth a punt.
     
  3. TreasureHunter

    TreasureHunter Well-Known Member

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    DOGE could become a gamer's/social media user's coin. A tipping coin for bloggers/vloggers. And that's a HUGE area/market for it.

    DOGE is also a speculative asset like the other coins.

    And investors make a lot more money when something jumps from 0.0007 to 0.09 than if it something would jump from 20 $ $ to 600 $. Just that most people will never notice this. :D

    In fact, if you had 1,000 $ worth in DOGE in 2019, that would have reached 1.4 million $ in 2021. Imagine!

    Better than Bitcoin in terms of profit.

    1,400 % increase, (in 1 year) as this Bloomberg article says:
    https://www.bloombergquint.com/mark...-is-just-as-baffled-as-you-are-about-its-rise

    So, let's see the following scenario:

    Today DOGE is worth 0.066 $.
    Another (just) 100 % increase would propel it to 6.6 $. That is a tremendous rise!
    If it were to slam through 1000 % increase, that would mean 66 $.

    The 100 % increase is certainly doable.

    I don't see this necessarily as a "pump and dump", because DOGE never had the exposure that it has today. Bloomberg, KISS frontman and Elon Musk literally promoted it.
    I expect it to be more traded than before. Thus, it might never go as low as it was 1-2 years ago.

    Personally, I have little clue about how cryptos work, not an investor and just don't trust them either. Just saying my humble opinion based on my observations.
     
  4. Jason1

    Jason1 Well-Known Member

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    think I read some where on reddit that the market cap would need tobe bigger or at least close to Eth to push doge near $1, dont know how much truth there is in that, I havent done the maths to confirm and dont plan to lol, but if that is the case it likely cant hit that sort of money.
     
  5. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Yep, can’t be trusted. Turn your back on them for just one minute and they’ll have helped themselves to one of your tinnies.
     
  6. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    Check your math, 100% increase would turn 0.066 into 0.132, to get to $6.6 is 10000% increase
     
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  7. Brendio

    Brendio Active Member

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    Discouraging maybe, but better a dose of reality and discouragement before you have time or money invested. If you want to speculate, by all means, speculate. But buying directly is a less risky form of speculation.

    CoinMarketCap has the stats. Currently 128,372,844,601 DOGE in circulation and ETH market cap is US$211,152,461,379. So DOGE would be 60% of current ETH market cap if it were to reach $1.

    I would think litecoin to be a more reasonable target. It has a current market cap of $14,895,784,745. If DOGE gets to 11.6 cents it could contend with litecoin for the position of bitcoin's silver, given their similar underlying technical specifications.
     
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  8. TreasureHunter

    TreasureHunter Well-Known Member

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    I meant to say 100x, 1.000x :D You are right.

    At this pace (with the increase in the last year), the 1 $ value is doable.
     
  9. hawkeye1

    hawkeye1 Member

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    I don't think there is any need for a crypto silver. it doesn't really make sense as an idea as Bitcoin is almost infinitely divisible, down to the tiniest amounts. You don't need a silver equivalent, in fact, it just makes things more complicated than necessary.
     
  10. TreasureHunter

    TreasureHunter Well-Known Member

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    The vast majority of cryptos out there are like pseudo-assets, derivatives... even their founders are having a hard time explaining what they are. And most of them indeed aren't good for anything.

    I see the entire crypto market as a pseudo-asset, non-store-of-value market.

    It works. Yes, it's a Casino with no real assets. It might be fun for those who invest and make fortunes, but it's a bit like the stock market. A worse variant.

    Bitcoin is not a real asset, nor a real currency, because it's not even a store of value.

    All the rest are just sheep-cryptos that have gathered all around, built upon businesses like start-ups wanting to take a slice of people's money.

    What no-one is willing to see in the crypto market is the fact that they are still measured in USD (which is a real currency, fiat, though...) and market is a huge tulip-bubble, held up only by people who believe in it. There is merely a small functional part of the crypto market. It's almost entirely speculation (a bit like forex).
     
  11. hawkeye1

    hawkeye1 Member

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    Bitcoin is a pretty amazing piece of technology. It's a decentralized ledger. A ledger of transactions is obviously a very common thing, and even digital ledgers have been around for some time. The problem with all these ledgers is that they required a third-party to manage them. Someone or organization that determined what gets entered on the ledger. Bitcoin solved that problem. We now have a ledger that doesn't require a third-party, and upon that, we can build an entirely new decentralized currency. If you don't think that's highly significant, then you need to think about it some more.

    I don't know a lot about the other coins, but Bitcoin is following the classic network effect where the first one to get up and running and establish dominance in a new type of technology ends up being the one that everyone uses. See Google with search engines, Facebook with social media, etc.

    The reality is, is that Bitcoin does Gold better than Gold. People get too hung up on the notion of the physical-ness of Gold and don't understand that money is a form of information and that Gold was just the most convenient medium, in fact the only medium that worked for a long time. Paper cash superseded it mostly but not entirely, and never really worked as a perfect replacement as we all know. Now we have Gold 2.0, which, instead of using a physical metal as it's medium, it can use computer networks. Think how much faster information can flow across a computer network than it can being exchanged physically hand to hand or transported by vehicle. After 5000 years, Gold has finally been superseded.

    I expect Gold to finally lose it's monetary premium and I think we are already beginning to see this in the fact that, in the time when it should be doing the best, it is going nowhere, and big investors and institutions everywhere are talking about BTC and not Gold to protect themselves from inflation. Sucks if you own Gold, but instead of denying it my advice would be to sell it now and buy BTC, because BTC still has a long way to go. Gold is dead.
     
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  12. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    I think bitcoin is getting peakish, the odds are now even better for silver than bitcoin. Bitcoin $1 trillion, just 0.2% of holders dump it and buy physical silver, also impossible. Because there's no $2 billion of physical silver for you to buy. Just to show you how crazy it has become. ;)

    On Wallstreetsilver, there has been quite a couple that have or are cashing out of their bitcoin with impressive gains and dumping into silver.

    The world is too dependent on the Internet and network. This is a huge weakness that I'm sure will be exploited one day just like the virus is used to exploit global travel.

    I'm not saying buy silver now, in fact, I've only bought a bar to join in the fun for silver squeeze.
     
    Last edited: Feb 14, 2021
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  13. TreasureHunter

    TreasureHunter Well-Known Member

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    I also find the following big disadvantages of Bitcoin (and cryptos in general):

    1. every time the user needs to update their wallet (after months, years even), it takes ages and his electricity bill becomes fat
    2. the more "mature" the crypto market became, the more electricity it consumes (larger countries consume as much as the entire crypto infrastructure)
    3. once Bitcoin reaches a "peak" (like you are suggesting), then the "grand finale of the big sell-off" can happen: people will start dumping it... and as I think, if a mere 5-10 % decided to cash out, then that could bring a cascading-collapse event all
    the way down to the ground...

    There is no intrinsic value.
    There is no real market based on natural transactions behind it.
    There are no hedge funds (as far as I know), nor any other organizations/entities to cover risks or to provide some sort of insurance.
    The system has no brakes, there are no laws regarding short-selling - so, if Elon Musk decides to pull the plug, the avalanche comes down...

    It can all go down to zero. It is built only upon itself.

    :D

    It's like a Casino. If you're in, you gotta know when to get off: at the top!

    I believe that most people won't escape Bitcoin. It's a pyramidal scheme, which will get pulled down in the end. When will that come...?

    The rats that leave the boat will survive. All others will find out it's in fact worse than fiat.
     
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  14. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Yep, based on current trend .....

    Screen Shot 2020-11-25 at 7.41.28 pm.png
     
  15. Silverling

    Silverling Well-Known Member Silver Stacker

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    Bitcoin is nothing more than any other item that you buy/hold/sell. Just like gold/silver/tulips/oil etc. they all either crash or go down from time to time. There becomes a mania and every taxi driver or other usual uninterested guru is telling you that free money is to be made from buying the product. Once I hear them saying that I sell and run for the hills. I was involved in crypto in a small way in AUG 2017 and BTC hit 25K AUD by DEC.............IT CRASHED and went to 5K AUD. All those who jumped on at 10 then 15 then 20 then 25K lost thousands of dollars, you know, following all the tipsters that usually have nothing to say. So why is this time different? If someone buys BTC today at 63K, what's to say it can't collapse and lose 80% again? Not saying there can't be money to be made but it is more important to point out the massive losses that can be made too.:eek:
     
  16. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Instos piling in, devaluation of fiat on a scale not seen before, market views BTC as a store of value now rather than a speculative asset. I would say gold will retain a place in the portfolios of large funds, but they're probably not going to be piling into it as much as they may BTC.
     
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