Is DOGE good for something?

Discussion in 'Digital Currencies' started by TreasureHunter, Jun 18, 2020.

  1. TreasureHunter

    TreasureHunter Well-Known Member

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    Hi,

    What happened to DOGEcoin, does anyone know? Not in terms of price - I have been tracking that, it only had a few bounces.

    But does it make sense to have any nowadays? Is it accepted anywhere for any goods/services besides a few hot dog stands in the UK?

    It hit the 0.017 $ level for a short period (bubble in 2018), then it collapsed. A few bounces still then.

    What is you opinion?
     
  2. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    It's still around but if you were going to put money into crypto there are plenty of better options.
     
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  3. inmizu

    inmizu Active Member

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  4. TreasureHunter

    TreasureHunter Well-Known Member

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    Basically, it's not worth holding, from how things look like...
     
  5. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Wow... Dogecoin. That takes me back. Feels like a hundred years ago, but I think that's just the pace of crypto... Lol

    Treated me well in its day. I owned millions of Doge in the early days. Which ultimately led to buying more BTC.

    Sadly I think its days are done. I'm no longer aware of any particular services catering to it. The community got really toxic, circa 2015, so I stopped paying interest.

    Bought this during its first peak.

    IMG_20200619_212024_crop_20.jpg

    IMG_20200619_212918_crop_15.jpg
     
    Last edited: Jun 19, 2020
  6. Argentum

    Argentum Active Member

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    good for trading, oscillates a lot
     
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  7. heartastack

    heartastack Well-Known Member Silver Stacker

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    The fact that these coins are still around tells me there is still a lot of deleveraging that needs to happen
     
  8. TreasureHunter

    TreasureHunter Well-Known Member

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    Man, that's such a cute coin :D Such silver, many coin, cute investment, much hedge against inflation :D

    Wow fonts on weird certificate (looks like printed at home by a 6th grader), wow investment :D

    Prolly bought it in Chinatown "at a discount"?

    Be on the lookout for the next edition of limited edition, the next series of limited mintage :D
     
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  9. Silver260

    Silver260 Well-Known Member Silver Stacker

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    Lol, yea.

    Don't worry, someone actually cut one of his coins in half, just to check them...

    I actually googled him up this afternoon, and he's still going....:eek:

    But none of them limited edition ones listed though.... good to see my "investment" is safe, Lol.

    https://shibemint.com/
     
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  10. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Treasure hunter in regards to Doge not being used to purchase G&S name me tokens that are being used to purchase G&S in dollar value terms.
     
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  11. TreasureHunter

    TreasureHunter Well-Known Member

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    Bitcoin is being used a bit. However, it is unclear to the greater public how much of BTC transactions are actual payments for goods and services. I am guessing that 99% of BTC transactions are speculations on the exchanges.

    THIS IS NOT A CURRENCY
     
  12. heartastack

    heartastack Well-Known Member Silver Stacker

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    Oh, it’s definitely being used in all kinds of filthy ways that the public, and especially speculators would rather not hear about.
     
  13. inmizu

    inmizu Active Member

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  14. heartastack

    heartastack Well-Known Member Silver Stacker

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    though I don’t think Schiff fully understands crypto, he does understand markets. A highly leveraged market that has pretty recently been in a mania bubble and with every man and his dog thinking they’ve got the next big crypto he’s making some of the easiest calls you can make. BTC has a chance again to prove to everyone that it is not the typical market and can still mature into another mania but the odds are way against that now.
    ill be waiting until my uneducated investor friends start calling crypto a dog before I become interested again
     
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  15. inmizu

    inmizu Active Member

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    And it didn't come up in the DOGE discussion:

    Dogecoin lacks a hard cap, a serious serious shortcoming in the eyes of many crypto geeks. But it is merge-mined to Litecoin. Any crypto that is merge-mined to another (successful) crypto has an edge. I've entirely lost patience with Uno, but check its hash rate: it's merge-mined to Bitcoin.
     
  16. heartastack

    heartastack Well-Known Member Silver Stacker

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    Lol is that crypto-speak for ‘kicking the can down the road’?
     
  17. TreasureHunter

    TreasureHunter Well-Known Member

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    I'm sure Peter Schiff doesn't say "stupid stuff".

    He's an economist investor who looks at it from the economy's point-of-view. Others only understand the technical aspect of crypto.

    I also think cryptocurrency is soft-of-a fiat, but it's worse than that: not even fiat!

    It's untransparent, too complicated technically for the masses to understand, there is not even the backing of an economy behind them (essentially there's nothing besides fashion or belief/trust behind their value), cryptos are also very volatile, they are mere speculative assets and they aren't stores of value, they're not widely accepted, they're very difficult to use (transact with).

    They're essentially like poke chips. But that's not to say that crypto couldn't become a great currency, but in another form. The way they function makes them worse than fiat.

    But my question was about DOGECOIN exclusively.
     
  18. Markco2

    Markco2 Active Member Silver Stacker

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    Hi TreasureHunter,

    I have not been back into the crypto world until more recently.
    I remember buying some Bitcoin and doing a few trades into Litecoin and a few others at the time.
    When I first came across Dogecoin there were alot of .000000
    before you saw the number. This was around the time Mt Gox went belly-up.
    Having purchased a few million Doge coins through a Chinese Exchange, then their government
    demanded foreign owners provide photo id, including passport and a few other things. They ended up
    closing down exchanges and I lost all my Dogecoins.
    Too the Moon!!! Such a shame!!

    I was so pissed off with cryptos after that, I never went back to them and have avoided them ever since.
    Did not even bother to close my Coinjar account. Wouldn't even remember what passwords or names I used at that time.

    Its only been recently that I have been investigating into the crypto world again to see just how much it has advanced.
    As well, how many scammers it has attracted.

    The crypto world is far from dead.
    Would I use eToro to daytrade?
    Absolutely not.

    However, there are little gems out there to be found.
    You just got to know where to look.

    Have fun in the crypto world.
     
  19. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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  20. inmizu

    inmizu Active Member

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    'Dogecoin lacks a hard cap'

    Lol is that crypto-speak for ‘kicking the can down the road’?

    Yes, Heartastack, it sorta is! Exactly what makes Schiff's position inaccurate is that Bitcoin, unlike fiats, can't be printed willy nilly. It's called a 'hard cap.'* But not all cryptos are hard-capped.


    *A crypto, guys, is an algorithm. And what's coded into the algorithm is all the things that a crypto is, like if it's SHA 256 or Scrypt, the total ultimate number of units, mining method, etc.
     
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