The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
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Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#2Dogecoin keeps outpacing everyone’s expectations. Nothing would surprise me at this point. The momentum is so strong.
One thing people discount about crypto is the marketability of coins. Most try to market through a whitepaper and jargon. Dogecoin being a “joke” makes it friendly and approachable in a way just about every other crypto is not.
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#3Dogecoin keeps outpacing everyone’s expectations. Nothing would surprise me at this point. The momentum is so strong. One thing people discount about crypto is the marketability of coins. Most try to market through a whitepaper and jargon. Dogecoin being a “joke” makes it friendly and approachable in a way just about every other crypto is not.
No, Dogecoin has a lot of people thinking one day it will be worth 50k like bitcoin and they're getting in "early". This is flawed thinking due to not understanding outstanding circulation, market cap, and daily new supply. I went to a conference with about 20 co-workers and I literally spent 30 mins breaking down these fundamentals to them. Lets just say they were all disappointed.
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#4Bitcoiners see a less stuck-up version of bitcoin in doge and that scares them.
Without cashflow or consumable utility only memes designed to convince new buyers to buy from earlier buyers remain. Turns out many people prefer the doge meme to the bitcoin meme, and rather than network effects both only have linear popularity as speculative memecoins.
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#5Isn't their an unlimited supply of coins? I'm strongly anti Bitcoin but at least that has an artificial scarcity mechanism built in.
But hey, do what you want with your money I guess.
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#6As someone who was initially fairly positive on cryptocurrencies (2012ish), I have to say that I'm so, so disappointed how everything has turned out. Bitcoin wastes electricity. Everything else struggles to be popular enough to Really Matter (tm). And now on top of it this bizarre GoFundMe/Ponzi Scheme/Pump n Dump *thing* that has been happening lately has finally found a home in Dogecoin.
The way people gamble with GME, dogecoin, etc really disturbs me. I see people putting entire paychecks into who really can't afford to do so. And the language I see around dogecoin atm really disgusts me. There was a reddit thread recently... this one:
https://www.reddit.com/r/dogecoin/comments/n2lp6w/im_crying_...
I find it really appropriate that he's thanking everyone because in essence he's thanking all the people who funded his gofundme, just in a very roundabout way.
Furthermore, you have posts to the effect of "Please please don't sell at $1.00" that get super close to being self-aware. Some of these people know the only people who are buying doge are those who plan to sell it later, and the only people they will be able to sell to are people who then plan to sell it later too... and so on. It's a massive game of chicken.
I don't know. I consider myself to be somewhat financially literate and watching people throw away what little they have hurts to watch, since I've worked in equities long enough to see people lose more than they thought they could possibly lose.
Like here: https://www.cnbc.com/2018/02/05/xiv-exchange-traded-security...
when the whole inverse-volatility trade blew up and bankrupted several inverse-vol ETFs. Our trade floor was like death that morning as a large % of the people there had just lost huge chunks of their personal portfolios.
Maybe some people are buying responsibly small amounts of doge, as a joke. But I'm just really worried.
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#7Dogecoin keeps outpacing everyone’s expectations. Nothing would surprise me at this point. The momentum is so strong. One thing people discount about crypto is the marketability of coins. Most try to market through a whitepaper and jargon. Dogecoin being a “joke” makes it friendly and approachable in a way just about every other crypto is not.
No, Dogecoin has a lot of people thinking one day it will be worth 50k like bitcoin and they're getting in "early". This is flawed thinking due to not understanding outstanding circulation, market cap, and daily new supply. I went to a conference with about 20 co-workers and I literally spent 30 mins breaking down these fundamentals to them. Lets just say they were all disappointed.
I really doubt anyone thinks dogecoin will ever be 50k though I’ve seen some wishful thinking that it will reach a few k. However, $1 is almost certain in the near future.
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#8Dogecoin keeps outpacing everyone’s expectations. Nothing would surprise me at this point. The momentum is so strong. One thing people discount about crypto is the marketability of coins. Most try to market through a whitepaper and jargon. Dogecoin being a “joke” makes it friendly and approachable in a way just about every other crypto is not.
When it comes to marketablity it can go over the top too. Safemoon for example seems to imply that it will go to the moon safely and to me it is a huge turn off. Another one was Cumrocket that is surprisingly not doing too badly but which I’d be super hesitant with for possibly soiling my portfolio
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#9Isn't their an unlimited supply of coins? I'm strongly anti Bitcoin but at least that has an artificial scarcity mechanism built in. But hey, do what you want with your money I guess.
There’s no scarcity. Bitcoin supply also increases when forked and that’s happened a few times
Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge
#10Isn't the source code for Dogecoin essentially abandoned for the last 2 years? I'm surprised a vulnerability hasn't come up like some mining denial of service etc.