geekhack Community > Off Topic
Doge Coin
tp4tissue:
--- Quote from: noisyturtle on Thu, 06 May 2021, 15:06:53 ---Because I don't want to support something with zero real financial backing that is funded sheerly by the blind retardation of only the most uninformed consumer whos idea of a joke is to yolo their own money away. I don't even wanna be in the same pool as these idiots.
--- End quote ---
But that's every person that bought into BTC. It's the same set of personalities /people.
Faceman76:
How silly of those who have already made millions.
Although, I'm not sure I'd recommend jumping in this late...
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Signature:
Doge coin is def not worth it. Currently 130bil in circulation with 14.5m mined per day, value will decrease as soon as the meme dies. If you wanna get on something that will sustain value you can do monero since it will always be used in sales, but not really ethical imo
Edit: Oops, typo on doge in circulation ty for pointing out Les!
Leslieann:
Doge is a meme.
Could it become something? Maybe, but don't buy into the hype, it's the coin equivalent of a company run out of a closet, it could pack up and be gone tomorrow. Once the hype runs out there's nothing left. Not much uses it, it has no long term plans, it's simply riding on hype, more so than any other coin. It's a pet rock.
Doge is the perfect target for people who hate crypto to point at, and for all the right reasons.
Leslieann:
Bit more explanation...
Dogecoin is the baseball cards of crypto, except all the cards are for the same dog mascot and they keep making them.
They make 10k of them every minute or so and currently there almost 130Bil (Signature's number is wrong). Seriously, they crank them out like candy and there is no limit unlike more successful coins. To put this in perspective, Etherium only has 115mil coins in total and even it has more than Bitcoin. So do the math, if Doge is worth $10 it's total value would be $1.3tril., not even Bitcoin is worth that and if it was worth $100 it would be worth 13tril. That isn't even remotely possible, and don't forget if you read slow, that number just climbed another 10k while you read this. Sure it's going up in value but how long can that be sustained? Supply WILL outstrip demand at some point in the very near future and this is why despite huge growth and hype it can't gain in value. It will NEVER be worth much and as soon as the hype dies it WILL plummet.
So why is places like Newegg taking it seriously?
It got your attention right? I won't be surprised if it never actually happens or has an insane transaction fee associated with it making it pointless and then they'll quietly retire it.
Crypto is loaded with B.S. and straight up scams, there always is when there's lots of easy money to be made. It happens during every "gold rush".
Doge is a meme that's turned into a scam, however not all crypto is a scam. You can ignore it if you want, but it's coming to an ATM and point of sale terminal near you soon. This is why all(?) coin brokers in the US had to register with the IRS (and many with FDIC), and why it now requires as much ID to create an account on a trading platform now as it does to open a bank account.
If you want to invest in crypto, go for it, there's money to be made, but do your homework.
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