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DOGE Coin going to the moon? SNL? Musk effect?
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DOGE Coin going to the moon? SNL? Musk effect?

jbilohjbiloh Administrator, Veteran

So I've long been a crypto sceptic, and that skepticism has caused me to miss the boat (over and over) on these enormous run ups in everything crypto related.

I've also avoided some of the huge and rapid declines that tend to happen.

But holy crap, just look at DOGE coin:

So how many people are on this rocket ship to mars?

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Comments

  • ifykoifyko Member

    Dogecoin should not be trusted for long term hodl because of its Unlimited Supply. It is only experiencing pumps thanks to Elon B)

  • nikozinnikozin Member

    There's going to be a bloodbath when 20 wallets who hold 50% of supply cash out.

    https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html

    Not a sound investment.

    Thanked by 1kalimov622
  • Waldo19Waldo19 Member

    @ifyko said:
    Dogecoin should not be trusted for long term hodl because of its Unlimited Supply. It is only experiencing pumps thanks to Elon B)

    FACTS. Theres money to be made if you can identify the dips but I wouldn't invest anything long term in this coin.

    Thanked by 1ifyko
  • DPDP Administrator, The Domain Guy

    Some just see DOGE as for-the-lolz.

    Enjoying the ride while it lasts.

    Thanked by 1sgno1
  • jarjar Patron Provider, Top Host, Veteran
    edited May 2021

    What passes as solid financial advice comes from people like Jim Cramer. There are no rules, only losses and gains. You can make millions by doing the advisable thing, and you can make millions by doing things that everyone calls stupid.

    Investing is a single player game and everyone else is trying to influence your behavior so they can predict it for their own gain. So be stupid, don’t be predictable. Give everyone the middle finger and never invest what you’re not willing to lose. 100% loss or gains, there is no sell for less than you paid.

    Buy doge. Don’t forget what I said.

  • jbilohjbiloh Administrator, Veteran

    @jar said:
    What passes as solid financial advice comes from people like Jim Cramer. There are no rules, only losses and gains. You can make millions by doing the advisable thing, and you can make millions by doing things that everyone calls stupid.

    Investing is a single player game and everyone else is trying to influence your behavior so they can predict it for their own gain. So be stupid, don’t be predictable. Give everyone the middle finger and never invest what you’re not willing to lose. 100% loss or gains, there is no sell for less than you paid.

    Buy doge. Don’t forget what I said.

    I am actually watching Cramer right now on mad money!

    Thanked by 1jar
  • jarjar Patron Provider, Top Host, Veteran

    @jbiloh said:

    @jar said:
    What passes as solid financial advice comes from people like Jim Cramer. There are no rules, only losses and gains. You can make millions by doing the advisable thing, and you can make millions by doing things that everyone calls stupid.

    Investing is a single player game and everyone else is trying to influence your behavior so they can predict it for their own gain. So be stupid, don’t be predictable. Give everyone the middle finger and never invest what you’re not willing to lose. 100% loss or gains, there is no sell for less than you paid.

    Buy doge. Don’t forget what I said.

    I am actually watching Cramer right now on mad money!

    He certainly has gone mad after GME. Regular people in the market seems to drive him to a meltdown.

  • pierrepierre Member

    I bought DOGE in the first couple of months of quarantine as a joke.

    Good decision.

  • jsgjsg Member, Resident Benchmarker

    Looking from an IT security perspective I think they are getting close to absolute zero, e.g. with the "'proof' of space" idiocy but I'll wait till there is an official "proof of fart" crypto currency.

    As for Musk I have a simple rule: He is living evidence that one can get rich by selling halfway nicely dressed up BS.

    That said, examining "real money" (fiat currency) pretty much makes crypto crap currency look relatively solid.

    Thanked by 1serv_ee
  • jbilohjbiloh Administrator, Veteran

    And it's up again today. Just unreal.

  • rcy026rcy026 Member

    I've been into crypto for several years, and it sure as hell is a rollercoaster.
    I try to stick with coins that have an actual use cases, such as Ethereum and Ripple. It's still very volatile, but over longer periods of time it seems to steadily increase. It may not have the enormous instant gain as the hype-coins, but in the long run it has paid of well with ETH at 200% up and XRP at almost 500% up in about 24 months.

    Hyped coins such as Doge have extremely rapid growth, but keep in mind that it crashes just as fast when the hype fades away. If you time it right you can make big money but the problem is that you have to buy it before the hype takes off, which is almost impossible to predict.

    Thanked by 1lentro
  • randomqrandomq Member

    I sold some doge at $0.05 USD. Now it's at $0.64 and I feel horrible. I suspect it will moon on Saturday.

  • @jar said:

    @jbiloh said:

    @jar said:
    What passes as solid financial advice comes from people like Jim Cramer. There are no rules, only losses and gains. You can make millions by doing the advisable thing, and you can make millions by doing things that everyone calls stupid.

    Investing is a single player game and everyone else is trying to influence your behavior so they can predict it for their own gain. So be stupid, don’t be predictable. Give everyone the middle finger and never invest what you’re not willing to lose. 100% loss or gains, there is no sell for less than you paid.

    Buy doge. Don’t forget what I said.

    I am actually watching Cramer right now on mad money!

    He certainly has gone mad after GME. Regular people in the market seems to drive him to a meltdown.

    Wait, Cramer has a non-meltdown mode?

    Thanked by 1jar
  • @jsg said:
    Looking from an IT security perspective I think they are getting close to absolute zero, e.g. with the "'proof' of space" idiocy but I'll wait till there is an official "proof of fart" crypto currency.

    As for Musk I have a simple rule: He is living evidence that one can get rich by selling halfway nicely dressed up BS.

    I think he got rich from Paypal or the likes. I think you mean "one can get seriously fucking rich off ones ass by selling nicely dressed up BS". I think that holds true for many billionaires I can think of.

  • jsgjsg Member, Resident Benchmarker

    @TimboJones said:

    @jsg said:
    Looking from an IT security perspective I think they are getting close to absolute zero, e.g. with the "'proof' of space" idiocy but I'll wait till there is an official "proof of fart" crypto currency.

    As for Musk I have a simple rule: He is living evidence that one can get rich by selling halfway nicely dressed up BS.

    I think he got rich from Paypal or the likes. I think you mean "one can get seriously fucking rich off ones ass by selling nicely dressed up BS". I think that holds true for many billionaires I can think of.

    Yes, iirc the basis of his fortune came from his Paypal co-ownership/shares.

    As for "true for most billionaires", well, I know less than a hand full of billionaires personally, so I don't have enough data points to judge. 2 out of 3 seem to have inherited a lot and have been and are actually working (in a very comfortable setting of course) to keep and grow what they inherited.

    But I have my doubts about the success of Musk, Zuckerberg, and some other "wunderkind" billionaires.

  • I read an interesting article about it from yahoo.

    There are many that believe it has value, therefore it has value

  • jsgjsg Member, Resident Benchmarker

    @Sebster27 said:
    I read an interesting article about it from yahoo.

    There are many that believe it has value, therefore it has value

    Please, define 'value'.

  • @Sebster27 said:
    I read an interesting article about it from yahoo.

    There are many that believe it has value, therefore it has value

    And I believe the earth is flat, therefore it is flat

  • jarjar Patron Provider, Top Host, Veteran
    edited May 2021

    @jsg said:

    @Sebster27 said:
    I read an interesting article about it from yahoo.

    There are many that believe it has value, therefore it has value

    Please, define 'value'.

    This plus this:

    @jmgcaguicla said:

    @Sebster27 said:
    I read an interesting article about it from yahoo.

    There are many that believe it has value, therefore it has value

    And I believe the earth is flat, therefore it is flat

    Severely confuse me. The value of an item or service is precisely what someone is willing to pay for it, and their willingness to pay for it alone gives it value. Therefore people thinking it has value translates into value. When Dogecoin is valued at $0.60 it means that’s what people are willing to pay for it, it’s not a made up number. That is it’s value at that time, and as a purely transactional digital item, that value is based 100% on people thinking that it has value, and they’re right, because it does, and the reason is because they thought it did.

    Webster’s gives the first definition of value as “the monetary worth of something.” As of the time of this post, I can sell it for $0.61 per coin. That is it’s monetary worth, aka it’s value. The mere fact of that being higher than 0 means it’s value objectively exists, confirming the statement “it has value” to be objectively true.

    I felt like I was in the twilight zone for a minute 😂

    On another note, I see people sad about missing bitcoin constantly, but there’s an important thing to remember: you’re better off with a coin going from $0.30 to $0.60 than with Bitcoin going from $50k to $60k. Percentage is all that matters, your investment gaining X percent is the only goal, not that the investment have a high value per unit. It seems obvious but I feel like I’m seeing a lot of people talk in various places in ways that suggest they’re not thinking this way.

  • jsgjsg Member, Resident Benchmarker
    edited May 2021

    @jar said:
    Severely confuse me. The value of an item or service is precisely what someone is willing to pay for it, and their willingness to pay for it alone gives it value. Therefore people thinking it has value translates into value.

    Sorry, no. This is but one definition, and frankly a questionable one. Another one, to provide an example, is the question of direct utility. Copper for instance has value in the, let's call it trading sense, as well as a direct utility value (e.g. plumbing, electronics, ...).

    Another important and directly related question is that of control and reference. The whole crypto-currency model is based on what could be called the premise of democracy - which may or may not hold. Plus, of course, acceptance is a very important issue.

    TL;DR NO, a group of people thinking that something has value does not make it so. At best it makes it so only within their group.

    Thanked by 1vimalware
  • jarjar Patron Provider, Top Host, Veteran
    edited May 2021

    Sorry, no. This is but one definition, and frankly a questionable one.

    No, it isn’t a questionable one. I’m sorry, you’re just dead wrong there. It’s not subjective or a matter of opinion. It’s the first one here:

    https://www.merriam-webster.com/dictionary/value

    It even goes on to clarify by linking it to market price, which it defines as “a price actually given in current market dealings.” I don’t even want to know what kind of gymnastics someone would have to do to deny that the market price of something exists in current market dealings. Collusion between all exchanges to fake transactions?

    If you can give me a reason that the value of Dogecoin is presently $0.61 other than people buying it because they think it has value, I’m all ears. It’s neither a physical item nor does it perform a service, and it objectively has value. So why else? Preferably a reason that doesn’t come across as equivalent in nature to “5G causes COVID-19.” It’s monetary worth is $0.61, it’s monetary worth is it’s value. Any suggestion of null value is intentionally ignoring an obvious definition of the word for the sole purpose of making an irrelevant argument. If you have to skip over very common definitions of a word to be right, that sounds like little more than an attempt at manipulation to me. Perhaps, at best, an exercise in arguing for pleasure.

    I really did enter the twilight zone. This is really basic stuff. My kids can understand this, I’m not falling for the claim that there are adults here that can’t, which means there’s a motive. And that’s exactly what I meant before: people want to manipulate the behavior of others in markets so that they can profit from predicting their behavior. Must be a long game you’re playing lol 😂

  • rcy026rcy026 Member

    @jsg said:

    @jar said:
    Severely confuse me. The value of an item or service is precisely what someone is willing to pay for it, and their willingness to pay for it alone gives it value. Therefore people thinking it has value translates into value.

    Sorry, no. This is but one definition, and frankly a questionable one. Another one, to provide an example, is the question of direct utility. Copper for instance has value in the, let's call it trading sense, as well as a direct utility value (e.g. plumbing, electronics, ...).

    Another important and directly related question is that of control and reference. The whole crypto-currency model is based on what could be called the premise of democracy - which may or may not hold. Plus, of course, acceptance is a very important issue.

    TL;DR NO, a group of people thinking that something has value does not make it so. At best it makes it so only within their group.

    Yes it does, if that group is willing to put their money where their mouth is.
    Today, a lot of people are willing to pay $0.6 for a Doge. That means if you own a Doge, you could sell it for $0.6. That is its value.
    If you, I, or a group of other people agrees with that valuation is actually totally irrelevant, as long as there is a group of people still willing to pay $0.6 for it. You can stand there and scream and shout that the value is wrong all you want, but doing so when the rests of the world is trading it at 0.6 just make you look stupid.
    And in this case since most exchanges trading Doge does so at around pretty much the same price, there most be a lot of people with money that does believe it has value. Which just ones again goes to prove that people have more money than brains.

    For me personally, Doge is useless. It's unlimited, meaning their is no end to the amount of Doge that can be produced. And as everyone knows, an unlimited supply of something will sooner or later make its value close to zero.

  • WilliamWilliam Member
    edited May 2021

    @jar said: So be stupid, don’t be predictable. Give everyone the middle finger and never invest what you’re not willing to lose. 100% loss or gains, there is no sell for less than you paid.

    I buy random stocks based on local news in Asia, much like traders before the internet - the supply chain is real and you can predict a lot of things if you just dont listen to other people. A storm in Indonesia can very much ruin a US chip maker if there is no more raw earth metals in a month...

    I also believe that shorting manipulates the market but is needed, else the system breaks.

    I do not invest in currency, gold or similar - no trust. Longer term i do IT companies i believe in (AMD for example) and the arms industrial complex (IWI, Raytheon, Northrop etc.), because war never ends and this companies are backed up by the US/UK/Israel/Saudi-Arabia/UAE.... infinite money, and infinite conflicts.

    Thanked by 2jar bulbasaur
  • jarjar Patron Provider, Top Host, Veteran
    edited May 2021

    @rcy026 said:
    For me personally, Doge is useless. It's unlimited, meaning their is no end to the amount of Doge that can be produced. And as everyone knows, an unlimited supply of something will sooner or later make its value close to zero.

    That’s why I’d like to minimize my investment in fiat currency. The USD printed more than Doge in 2020, relative to volume.

  • @jar said:

    @rcy026 said:
    For me personally, Doge is useless. It's unlimited, meaning their is no end to the amount of Doge that can be produced. And as everyone knows, an unlimited supply of something will sooner or later make its value close to zero.

    That’s why I’d like to minimize my investment in fiat currency. The USD printed more than Doge in 2020, relative to volume.

    All these currencies have zero inherent value. Money printing is going on worldwide. Goverments basically borrow money to print money. We all know fiat is doomed to fail one day. We also know things like doge or gamestop shares are eventually going to crash. But for now, US is seen as a global superpower and the champion of fiat currency. So USD and fiat holds strong. People believe in doge/gme potentially going up a bit more, and so the value is holding up for a while.

    It just comes down to being an opportunist and getting in and out of these things as best you can.

    Thanked by 1jar
  • rcy026rcy026 Member

    @jar said:

    @rcy026 said:
    For me personally, Doge is useless. It's unlimited, meaning their is no end to the amount of Doge that can be produced. And as everyone knows, an unlimited supply of something will sooner or later make its value close to zero.

    That’s why I’d like to minimize my investment in fiat currency. The USD printed more than Doge in 2020, relative to volume.

    Yeah, a lot of people are sceptical against crypto "since it has no real value", but they will gladly believe that a piece of paper is worth whatever someone says it is worth.
    In a not so distant future we will probably accepts cryptocoins value just as naturally as we accepts a dollar bills value today, it just takes some people a little longer to get there. :)

    Thanked by 1jar
  • WilliamWilliam Member

    @smallbibi said: All these currencies have zero inherent value. Money printing is going on worldwide. Goverments basically borrow money to print money. We all know fiat is doomed to fail one day

    Now listen closely: Thats why i buy myself into the arms industrial complex my family has a place in already for a long time. Money will not protect you when everything falls apart, connections and a good rifle will.

    It's a grim world view but i have no doubt it will be reality. Similar to Blade Runner.

    Thanked by 1Waldo19
  • @rcy026 said:

    @jar said:

    @rcy026 said:

    Yeah, a lot of people are sceptical against crypto "since it has no real value", but they will gladly believe that a piece of paper is worth whatever someone says it is worth.
    In a not so distant future we will probably accepts cryptocoins value just as naturally as we accepts a dollar bills value today, it just takes some people a little longer to get there. :)

    Well, I personally believe the eventual crash for crypto is probably much closer than the eventual crash of fiat. Noone doubts the value of btc today. The point of contention is if it will continue to hold its value in the future.

  • @William said:

    @smallbibi said: All these currencies have zero inherent value. Money printing is going on worldwide. Goverments basically borrow money to print money. We all know fiat is doomed to fail one day

    Now listen closely: Thats why i buy myself into the arms industrial complex my family has a place in already for a long time. Money will not protect you when everything falls apart, connections and a good rifle will.

    It's a grim world view but i have no doubt it will be reality. Similar to Blade Runner.

    Could you please share some keywords relevant to the arms business? I would love to do some research about it.

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