Is DOGE good for something?

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

  1. inmizu

    inmizu Active Member

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    'But my question was about DOGECOIN exclusively.'

    I beg your pardon, TreasureHunter, I didn't want to start a new thread, so I just bunged the post in here.
     
  2. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    The currency issue is an interesting point of contention for sure.
    Tagging 'This is not a currency' onto a BTC observation is analogous to FED/Fiat advocates claiming Gold is not a currency flying in the face of The Roman,British,Spanish and Persian Empires historical use of.
    Owned Doge,Own Doge have files on Doge, at the end of the day everyone in the crypto space fall into the 1% adopters at this point.If 10% of money investment in Gold moves to BTC then your looking at approx a 50k price tag.20% of available BTC is traded, most is with the HODL fraternity (Myself included)

    Back to 2017,dropped a large amount of coin(no pun intended) into the Crypto space doge included,My jewish blood had me do hundreds and hundreds of hours research for said chosen tokens prior to purchase to satiate my conservative side.

    It became apparent by early, early 2018 that the Crypto space had become a dart board with blind folds provided.As many others and I watched the Crypto market cap double and keep growing the hysteria around FOMO negated all financial common sense applications.
    People were buying good, bad and dog shit,but it didn't matter~ human emotion prevailed.
    Considering people buying into the Crypto space can still be classified as early settlers and with the space maturing with institutional investors bringing traditional financial awarenss to the scene a repeat of the 2017 FOMO would appear a safe bet.
    Hence bringing me back to the point.I would not write Doge off nor any Cryptocurrency, fundamentals will make little difference when the crowd comes.

    In micro practical usage terms 'today' I actually agree that BTC lags behind many other Tokens in transaction efficiency, cost,time etc as most of us already know.On that account I think you actually describe its current state well.
    Do an Australian comparison between BTC & BCH transactional spends, neither at the moment are impressive.
    We are years off truly being able to transact with tokens as efficiently as we do with Fiat.
    In ten years time "We shall see" said the zen master

    REDBACK
     
    Last edited: Jun 24, 2020
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  3. inmizu

    inmizu Active Member

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    'Tagging 'This is not a currency' onto a BTC observation is analogous to FED/Fiat advocates claiming Gold is not a currency'

    I had no background -- zip, zilch, nada -- in economic theory when I got caught up in 2013 in the shouting-matches about What Money Is. And it's very pleasing -- and unsurprising that it's from a bullion enthusiast -- to see someone calling out the FED, etc. The definitions offered by those in power at that time (like the ATO and AUSTRAC. . . ) were soooooo very obviously oriented to keeping Those in Power in power. Definitional shenanigans. It's my sandbox, so play by my rules or you'll be escorted off the premises.

    To get the ball rolling, what if we just drank the Krazee Krazee Juice, and said:

    'If it's used as money, it's money.'

    Packs of cigarettes kept coming to mind. Imagine if you were stuck in The Shawshank Redemption with some pretentious poobah from Westpac, and he started goin' around the exercise yard, tellin' the cons that packs of cigarettes don't satisfy the classical institutional definitions of 'unit of account,' that packs of fags are not 'generally accepted within a government economy.'

    And you'd be like, 'Yeh. No. I don't know that guy. Never seen him before. And he's gonna have A Horrible Accident?! And you're gonna give me three packs of fags to look the other way?! Sure, I can live with that!
     
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