ThePhleo | 2,185 Posted May 13, 2021 Share Posted May 13, 2021 5 hours ago, Code Monkey said: Dogecoin isn't a currency like Bitcoin. Maybe, but Marc Cuban disagrees. Also the story on Wall Street about Bitcoin now is “it’s a store of wealth” not a currency, and if you ask me sounds wrong as well. I have zero faith in long term crypto until there’s a “DOLLAR COIN” and “EURO COIN” and “POUND COIN” officially adopted by their respective governments. Rich idiots like Elon and Mark Cuban have way too much control of the market, and this is coming from someone who has zero investments in crypto at the moment. I’m not a seasoned investor, I’m just the common man of the street... if this is how I perceive it, then there’s way more behind me than those behind people actually seasoned in this market. 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted May 13, 2021 Share Posted May 13, 2021 Elon: tweets about bitcoin again Me: 2 Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted May 13, 2021 Share Posted May 13, 2021 (edited) 6 hours ago, Code Monkey said: Dogecoin isn't a currency like Bitcoin. I don't believe Bitcoin is definitionally a currency either. It is attempting to be a currency, but has not been adopted widely as exchangeable for goods and services.And if btc was a currency and this volatile it would be a terrible currency. Edited May 13, 2021 by Californication 2 Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted May 13, 2021 Share Posted May 13, 2021 57 minutes ago, ThePhleo said: Rich idiots like Elon and Mark Cuban have way too much control of the market, and this is coming from someone who has zero investments in crypto at the moment. They have waayyy too much power. Look at that dickhead Bill Gates he single handedly blocked all kinds of countries from getting vaccinated by the corona virus. And he is also one of thr big reason we charter schools defunding public schools in America. Gates literally used the power from having money to make millions of peoples lives for the worse. 1 Link to comment Share on other sites More sharing options...
Hammerfestus | 3,846 Posted May 13, 2021 Share Posted May 13, 2021 Found this for you 1 Link to comment Share on other sites More sharing options...
MiamiSlice | 3,095 Posted May 13, 2021 Share Posted May 13, 2021 8 hours ago, Code Monkey said: Dogecoin isn't a currency like Bitcoin. I find this comment strange. It’s a fork of a fork of Bitcoin. It works pretty much the same way, except there’s no hard cap on the supply, which was due to a bug the devs never patched. You can transact with it just like Bitcoin. So why do you feel this way? Link to comment Share on other sites More sharing options...
Code Monkey | 2,010 Posted May 13, 2021 Share Posted May 13, 2021 3 hours ago, ThePhleo said: I have zero faith in long term crypto until there’s a “DOLLAR COIN” and “EURO COIN” and “POUND COIN” officially adopted by their respective governments. There is one, it's called Tether. Each coin is backed by physical reserves and they burn coins when required to stabilize the market. 1 Link to comment Share on other sites More sharing options...
Gloves | 11,779 Administrator · Posted May 13, 2021 Share Posted May 13, 2021 Feels like a decent time to buy more. Link to comment Share on other sites More sharing options...
Code Monkey | 2,010 Posted May 13, 2021 Share Posted May 13, 2021 2 hours ago, Californication said: They have waayyy too much power. Look at that dickhead Bill Gates he single handedly blocked all kinds of countries from getting vaccinated by the corona virus. And he is also one of thr big reason we charter schools defunding public schools in America. Gates literally used the power from having money to make millions of peoples lives for the worse. As much as I hate Microsoft for its terrible, terrible, terrible^infinity software, Bill and Miranda's foundation are doing incredible things. They're part of an organization that gives 50% of their wealth to charity and they're also spending boat loads of money going into remote villages to immunize residents for Polio in an effort to eradicate the planet from the disease. Link to comment Share on other sites More sharing options...
Code Monkey | 2,010 Posted May 13, 2021 Share Posted May 13, 2021 1 hour ago, MiamiSlice said: I find this comment strange. It’s a fork of a fork of Bitcoin. It works pretty much the same way, except there’s no hard cap on the supply, which was due to a bug the devs never patched. You can transact with it just like Bitcoin. So why do you feel this way? I would need to read the white paper but from what I understood, it's not the same technology on the blockchain. This is really just the beginning of the end for Bitcoin, it'll take a few more years but once a proof of stake currency comes along, Bitcoin is dead. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted May 13, 2021 Share Posted May 13, 2021 7 minutes ago, Gloves said: Feels like a decent time to buy more. Yes. It's still on sale! Link to comment Share on other sites More sharing options...
Gloves | 11,779 Administrator · Posted May 13, 2021 Share Posted May 13, 2021 14 minutes ago, Code Monkey said: I would need to read the white paper but from what I understood, it's not the same technology on the blockchain. This is really just the beginning of the end for Bitcoin, it'll take a few more years but once a proof of stake currency comes along, Bitcoin is dead. 2 Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted May 13, 2021 Share Posted May 13, 2021 9 minutes ago, Code Monkey said: As much as I hate Microsoft for its terrible, terrible, terrible^infinity software, Bill and Miranda's foundation are doing incredible things. They're part of an organization that gives 50% of their wealth to charity and they're also spending boat loads of money going into remote villages to immunize residents for Polio in an effort to eradicate the planet from the disease. They are giving money to charity because they don't want to pay taxes and they still get to control how the money is spent so it gives them power. Like I said, Bill Gates literally just blocked many countries from getting a corona virus vaccine under the guise of protecting I.P. The U.S. has now says it is taken the opposing opinion. Even if all these countries are able to get vaccinated he put all of us at risk to a corona virus variant. Are him or his friends trying to protect the drug companys profits? Maybe. And he also used his charities to push money into charter schools which helped create the charter school industry. Did him or his friends create the charter schools to make money? Maybe. In both instances Gates made the complete wrong decision, that hurt millions of people, and assisted corporations in making money. So either he is an idiot who makes terrible decisions or he is an asshole who disregards people to help others make money. 2 Link to comment Share on other sites More sharing options...
ThePhleo | 2,185 Posted May 13, 2021 Share Posted May 13, 2021 25 minutes ago, Code Monkey said: There is one, it's called Tether. Each coin is backed by physical reserves and they burn coins when required to stabilize the market. Is it an official currency recognized by the federal government and the FED? If not then it’s not what I’m trying to express. I’m saying President #47 will have to say “USD is dead and no longer accepted or recognized as currency, we now use eUSD” 1 Link to comment Share on other sites More sharing options...
phart010 | 1,707 Posted May 14, 2021 Author Share Posted May 14, 2021 (edited) Elon Musk is really trying to pump up DOGE. Im guessing he probably personally bought tons at less than a cent. Understandable, it much easier to pump a 1 cent coin up to 100 cents than it is to pump a $50k coin up to $50M Edited May 14, 2021 by phart010 Link to comment Share on other sites More sharing options...
Link | 2,712 Posted May 14, 2021 Share Posted May 14, 2021 (edited) https://news.avclub.com/elon-musk-fresh-off-tanking-snl-tanks-entire-cryptocu-1846887226 Edited May 14, 2021 by Link 1 Link to comment Share on other sites More sharing options...
phart010 | 1,707 Posted May 14, 2021 Author Share Posted May 14, 2021 I never thought I’d be saying this... but I actually bought some Dogecoin. It’s not a joke anymore Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted May 14, 2021 Share Posted May 14, 2021 11 hours ago, phart010 said: Elon Musk is really trying to pump up DOGE. Im guessing he probably personally bought tons at less than a cent. Understandable, it much easier to pump a 1 cent coin up to 100 cents than it is to pump a $50k coin up to $50M I'm not sure why more people aren't considering the possibility that Elon's obsession with Dogecoin is anything more than this. 1 Link to comment Share on other sites More sharing options...
phart010 | 1,707 Posted May 14, 2021 Author Share Posted May 14, 2021 (edited) 28 minutes ago, Bearcat-Doug said: I'm not sure why more people aren't considering the possibility that Elon's obsession with Dogecoin is anything more than this. I see what your saying, and I’m not a believer in the actual DOGE use case, but given the size of his following I see a good case for $1 DOGE. And if it gets to $1, I can also see it getting to $5-10 The amount of hype around DOGE used to be meme hype. The events that changed my mind about actually buying some are: -Musk has basically replaced his support for bitcoin with support for DOGE. -The size of his following. -The low price entry point. It’s easier for the average person to justify spending $500 on 1000 DOGE than $500 for 0.01 BTC -Charitable organizations have announced they will start taking DOGE donations -Coinbase has unofficially announced they will be supporting DOGE trading in the future months -This: All the technical analysis you need is the fact the majority of people buying DOGE will be Elon fanboys and they’ll be like “ one dollar per DOGE ? Ok “ Edited May 14, 2021 by phart010 1 Link to comment Share on other sites More sharing options...
DoctorEncore | 3,691 Posted May 14, 2021 Share Posted May 14, 2021 DOGE cannot reach $5-10. As I stated earlier (or maybe in the other thread), supply is unlimited. It has a negative feedback loop that will always lower prices by increasing supply (higher price -> more mining -> more supply -> lower price). It could definitely reach $1, but even $2 is probably impossible. Even if it became the defacto digital currency (which it can't because there is currently no way to control inflation), I'd expect it to hover around 1USD. So, if you're getting in now hoping it will go to the moon, I'd temper expectations. Perhaps it will double when listed on Coinbase, perhaps it will go up 50% and crash after a sell-off, or perhaps it will go to .01. It's a dangerous game to play with any significant amount of money. Link to comment Share on other sites More sharing options...
Code Monkey | 2,010 Posted May 14, 2021 Share Posted May 14, 2021 25 minutes ago, phart010 said: -This: Where did you get that screenshot? You don't mine half of those cryptocurrencies, they're proof of stake and not proof of work. The kilowatt hours to mine them would be zero. If Dogecoin is a fork of Bitcoin (actually Litecoin), then it's also proof of work and is just as bad as Bitcoin. The one you want to invest in is the next one that comes along that's proof of stake. Link to comment Share on other sites More sharing options...
phart010 | 1,707 Posted May 14, 2021 Author Share Posted May 14, 2021 18 minutes ago, DoctorEncore said: DOGE cannot reach $5-10. As I stated earlier (or maybe in the other thread), supply is unlimited. It has a negative feedback loop that will always lower prices by increasing supply (higher price -> more mining -> more supply -> lower price). It could definitely reach $1, but even $2 is probably impossible. Even if it became the defacto digital currency (which it can't because there is currently no way to control inflation), I'd expect it to hover around 1USD. So, if you're getting in now hoping it will go to the moon, I'd temper expectations. Perhaps it will double when listed on Coinbase, perhaps it will go up 50% and crash after a sell-off, or perhaps it will go to .01. It's a dangerous game to play with any significant amount of money. I wouldn’t say impossible. What causes the market price to go down is when there is more selling pressure than buying pressure in the markets. Even with an unlimited supply currency, if the miners are not selling, then the additional supply isn’t being introduced into circulation. Eventually it would get sold off, but the rate that it gets sold off would have to keep pace with new market demand for DOGE to keep the price down. I could be wrong, but I could totally see DOGE getting to $10. Another factor to consider is with Musk working with the DOGE dev team, they could change the rules. And we all know how Elon Musk loves to pump up prices. Link to comment Share on other sites More sharing options...
phart010 | 1,707 Posted May 14, 2021 Author Share Posted May 14, 2021 (edited) 30 minutes ago, Code Monkey said: Where did you get that screenshot? You don't mine half of those cryptocurrencies, they're proof of stake and not proof of work. The kilowatt hours to mine them would be zero. If Dogecoin is a fork of Bitcoin (actually Litecoin), then it's also proof of work and is just as bad as Bitcoin. The one you want to invest in is the next one that comes along that's proof of stake. The image was from Twitter, but it appears the source material was from this link: https://www.google.com/amp/s/www.deseret.com/platform/amp/2021/5/10/22423052/dogecoin-environment-energy-use One thing that you have to remember is that bubbles don’t operate according to technicals or things that make actual sense. They are a function of hype and human psychology. There’s lots of hype and plenty of FOMO going on right now. Heck I’m even unintentionally hyping it up right now Edited May 14, 2021 by phart010 Link to comment Share on other sites More sharing options...
ThePhleo | 2,185 Posted May 14, 2021 Share Posted May 14, 2021 .... No. :( you guys can’t go to the moon without me. im supposed to be the idiot in the crowd and you’re all supposed to say “Dude wtf, sell that trash and buy Ether and Bitcoin” ... Damnnit, fine I’m going back in. Unless my financial advisor advises me not to...in which case I’ll go twice what I thought I should. Link to comment Share on other sites More sharing options...
DefaultGen | 5,405 Posted May 14, 2021 Share Posted May 14, 2021 I would literally rather have you buy Pokemon cards, so go ahead and double down on Dogecoin. Link to comment Share on other sites More sharing options...
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