The Dogecoin Joke Is Turning Serious in Latest Crypto Binge • Hacker News Board

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#11

Post by NotACop182 » Thu, May 06, 2021, 3:21 AM UTC

tartoran wrote: post #7

xCheapshotx wrote: post #3

Earlier quoted context omitted.

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.

A few K would mean doggie would be worth more than the world economy.

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#12

Post by NotACop182 » Thu, May 06, 2021, 3:23 AM UTC

killingtime74 wrote: post #9

wobblyasp wrote: post #5

Isn'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

Bitcoin forks but the alternative forks have yet to compete. Bitcoin on the other-hand is limited to 21 million supply.

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#13

Post by strikelaserclaw » Thu, May 06, 2021, 3:24 AM UTC

atomicnumber3 wrote: post #6

As 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…

Reddit all started being shitty when it started being dominated by pump n dump schemes, the GME BS is still going on, now dogecoin, how can anyone with a brain believe dogecoin will go to $100. I swear i think about 80% of those posts where someone got rich are fake, there is a ton of astroturfing going on.

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#14

Post by yks » Thu, May 06, 2021, 3:26 AM UTC

In the same way how unprofitable startups are more attractive to investors because they are free of baggage of actually making money and have only future potential, so is doge better than bitcoin because it got rid of all the baggage of being a "currency of the future" or "digital gold" which might tie it to some real-world concepts. Bitcoin's best market cap is equal gold's or USD supply but doge's best market cap is unbounded. There are no anchors and only pure potential!

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#15

Post by bongobingo » Thu, May 06, 2021, 4:51 AM UTC

NotACop182 wrote: post #12

killingtime74 wrote: post #9

Earlier quoted context omitted.

There’s no scarcity. Bitcoin supply also increases when forked and that’s happened a few times

Bitcoin forks but the alternative forks have yet to compete. Bitcoin on the other-hand is limited to 21 million supply.

Each Bitcoin is 100,000,000 satoshi. So the actual max supply is 2,100,000,000,000,000.

It’s effectively infinite supply.

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#16

Post by LeCow » Thu, May 06, 2021, 5:29 AM UTC

strikelaserclaw wrote: post #13

atomicnumber3 wrote: post #6

As 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…

Reddit all started being shitty when it started being dominated by pump n dump schemes, the GME BS is still going on, now dogecoin, how can anyone with a brain believe dogecoin will go to $100. I swear i think about 80% of those posts where someone got rich are fake, there is a ton of astroturfing going on.

AMC is my personal favourite to follow.

CEO literally said in their 10-K that if they're not at 90% capacity within 4 months, and borrow a lot of money. Then they can't maintain minimal liquidity requirements and must declare bankruptcy.

Everyone will loose their money.

Yet FOMO!

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#17

Post by rvz » Thu, May 06, 2021, 5:50 AM UTC

xCheapshotx wrote: post #3

etempleton wrote: post #2

Dogecoin 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.

Exactly. Little do the late comers know that they are jumping at the tail-end of the train very late only because it is now easier to buy DOGE. All thanks to Robinhood listing it and Elon Musk hyping and pumping it on Twitter.

In one of the other posts, why are the very very early people now 'cashing out' their 11k+ DOGE. Perhaps they know that as soon as it reaches above $1 it won't reach those prices for years again, until the next run.

The fundamentals tell a different story against the current hype of DOGE. The pump is here and the dump will be catastrophic for the late comers.

> daily new supply

Yup, the DOGE printer keeps on printing new DOGE. They will be disappointed to know that they missed the pump and fell for the dump.

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#18

Post by hakfoo » Thu, May 06, 2021, 5:59 AM UTC

etempleton wrote: post #2

Dogecoin 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.

There was definitely a point where it was fun and accessible. I played with it a few years ago, back when you could mine with a single GTX 660 and earn a dollar or two worth of coins a day. Then someone made a scheme where you could buy Doge via Reddit PM, or give it as tips on posts. This is much less intimidating than the contemporary Bitcoin story of "the cost of admission is hundreds of dollars and you have to go find someone sketchy local or a weirdly explained ATM thing to get coins".

Yeah, there was some discussion of "when it gets to USD1", but it was mostly memes and "how do I get (favoured merchant) to take Doge?"

I recall there was a fair degree of talk that it was a good 'instructional' platform-- learn the tools and concepts of cryptocurrency, but you're playing with trivial amounts of money.

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#19

Post by NotACop182 » Thu, May 06, 2021, 8:59 AM UTC

bongobingo wrote: post #15

NotACop182 wrote: post #12

Earlier quoted context omitted.

Bitcoin forks but the alternative forks have yet to compete. Bitcoin on the other-hand is limited to 21 million supply.

Each Bitcoin is 100,000,000 satoshi. So the actual max supply is 2,100,000,000,000,000. It’s effectively infinite supply.

I’m talking about the whole as In 1 Bitcoin not the fractions Bitcoin can be broken up into.

Re: The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

#20

Post by tromp » Thu, May 06, 2021, 9:41 AM UTC

rvz wrote: post #17

xCheapshotx wrote: post #3

Earlier quoted context omitted.

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.

Exactly. Little do the late comers know that they are jumping at the tail-end of the train very late only because it is now easier to buy DOGE. All thanks to Robinhood listing it and Elon Musk hyping and pumping it on Twitter. In one of the other posts, why are the very very early people now 'cashing out' their 11k+ DOGE. Perhaps they know that as soon as it reaches above $1 it won't reach those prices for years agai…

A tail emission is a healthy thing. It allows the network to remain secure in the absence of a backlog of high-fee paying transactions, which is what Bitcoin relies on for security once the block subsidy becomes insignificant.

The single reason why Dogecoin can't reach $50k is that it would imply a $6500 trillion marketcap.

Already at $7.7 it would reach a $1 trillion marketcap, so there's just not much room for price to grow.