That's a good doge-y!

Holy crap.  I really hope that any of you guys playing with crypto are holding onto some dogecoin.  If not, it is still a good buy for now.  It climbed over 100% today alone.

I bet that its going to hit $1/coin by the end of the month.

Styln.co cashed in theirs a while back and bought a ls swapped 240 drift car... it's called the meme machine.

I've always avoided doge because it was touted as a joke coin more or less at its inception. I've got my money mostly in Bitcoin and Cardano but with the way things are going it wouldn't surprise me to see Doge way higher than it is now and become a major player as someone creates a use case for it. I should have bought in at way below a penny just like when Bitcoin hit 17000 this last time and I told a buddy that it was going much higher and he passed on it. I get it. I think crypto is going to be something, otherwise I wouldn't have put money in it, granted, it was money I felt like I could throw away at the time. My point is, it's still very early, timeline wise like the stock market in the 1800's. No one knows how this will pan out yet. I'm gonna hodl until I retire then take it all out at once, whether its 8 figures or 3 figures. Heck, it might even be negative or destroyed by then but it sure is interesting to play with it.

Kid at work was showing me his portfolio yesterday. I know literally nothing about investing even having a 401k, but I've always liked the idea of penny stocks. I've got some pending money in PP, so once that clears I may buy some. 
 

Only bet what you can afford to loose.

GME to the moon.

/s

In reply to Mr_Asa :

I have been making a killer in doge. When this happened round one I got in at around a penny each. 

Other than general awareness and some being obvious me-too attempts to make a quick buck, I don't have any idea why one cryptocurrency should do better than another. Which is one reason why I don't play in the market. If I believed these were the future, I'd make it my goal to own the means you'd use to buy your groceries with them instead of the coins.

I've been pretty out of touch with crypto from the bitcoin spike late 2017 until this week. I'm throwing some money into DogeCoin and need to get that GTX 1060 card in my idle desktop mining.  I didn't think crypto would be much back in 2017, it appears it's here to stay for awhile.

Ether has use case. Doge doesn't, aside from being a fun thing for Elon Musk to tweet about. Do let me know if Visa starts using doge to process payments like they are within Eth though! 

In reply to RacetruckRon :

I bought some bit coin in 2014 and have no regrets

Jay_W said:

Ether has use case. Doge doesn't, aside from being a fun thing for Elon Musk to tweet about. Do let me know if Visa starts using doge to process payments like they are within Eth though! 

More and more companies are accepting Doge, I wouldn't be surprised if it happened soonish

I originally bought at .001 sold quite a bit when it was at .05 a month or so ago and then bought a bit again after the drop. 

I had a pretty good amount of Dogecoin sitting in my binance.us account, on which I had two factor authentication enabled.  So whenever I logged in, it would send a code to my phone, to verify it was me.  

Two weeks ago, I changed my phone number.  Now I can't get into my binance account because it just sends the code to my old number.  I've emailed their support but I know it'll take forever to hear back from them.  I just really hope they're able to help me, because I should have several thousand dollars in there.

MadScientistMatt said:

Other than general awareness and some being obvious me-too attempts to make a quick buck, I don't have any idea why one cryptocurrency should do better than another. Which is one reason why I don't play in the market. If I believed these were the future, I'd make it my goal to own the means you'd use to buy your groceries with them instead of the coins.

It's mostly just gambling right now, Bitcoin is one of the most valuable but it's the ancient clunky dinosaur of cryptocurrencies, so value has nothing to do with technical merit. Proof-of-work based cryptocurrencies are anti-efficient and require basically as much energy as we can throw at them, proof-of-stake systems are not as bad but still vastly less efficient than traditional virtual currencies.

Also many of what are considered features of cryptocurrencies would be considered hazards for those who aren't trying to hide their transactions from Interpol but would maybe like the ability to reverse a transaction if it's fraudulent or not live in a world that's passed through the Crime Finance Singularity.

I'm cautiously optimistic about Doge (and full disclosure, I started buying in last year) but if it goes to 0 it's money that I can afford to lose. 

The idea of having a decentralized monetary instrument that you can use to pay for stuff (NewEgg is investigating it today - and posting about it on Twitter)

https://twitter.com/Newegg/status/1384232428328214530?s=19

And Redditors are petitioning Amazon and Wendy's as well. If it becomes an alternative to paying with paper money then *that* will be most interesting. 

In reply to Greg Smith (Forum Supporter) :

I've got a sell limit on my doge right now, if NewEgg and Wendy's start to accept it, I'll delete taht limit.  If Amazon accepts it, I'm going to lose my mind.

Mr_Asa said:

In reply to Greg Smith (Forum Supporter) :

I've got a sell limit on my doge right now, if NewEgg and Wendy's start to accept it, I'll delete taht limit.  If Amazon accepts it, I'm going to lose my mind.

I will be saltier than the Dead Sea if that happens; I was gonna begin but I chose to study for exams instead.

In reply to infinitenexus :

Same thing happened to me this morning. Kraken resolved it in about an hour. 

I saw this post on it recently.  I have no knowledge of this is correct, but it sound right.  If you ever wondered what a pyramid scheme is... well.  Conclusion, if this is correct... gambling:

So, before you buy Dogecoin, you should know what you are getting. Here’s a short summary:

Dogecoin has a huge supply. 129 billion coins. 10,000 coins are mined per minute. That’s 14 million new coins added to the supply every day, which adds up to about 1 billion coins added every eighty days. 

Bitcoin has a maximum supply of 21 million coins. So, Dogecoin mints more coins every two days than Bitcoin will ever have in circulation. That’s why doge will never be priced like Bitcoin. And, in fact, at about $9 per Dogecoin, Dogecoin would equal Bitcoin in value. 

Dogecoin has no real ecosystem to make it valuable. It is not fast: 33 transactions per second. ETH 2.0 can handle 100,000 per second. So Dogecoin can’t serve as a currency. It seems to have minimum dev work. And it’s fueled by people who think they are getting into doge early. If you buy now, you are not. Dogecoin is not the future of anything. 

With Dogecoin, you are buying hype. 

And hype might push Dogecoin to 69 cents. Maybe to $1...but there is zero reason for doge to hold that value. In fact, at $1 per Dogecoin, with 1 billion coins added every 80 days, doge would need $1 billion in new investment every few months JUST TO MAINTAIN $1.00 

Also, be aware that $129 billion (doge at $1) is a huge market cap. That’s the same value as STARBUCKS. And doge has almost zero use-case scenarios. Sure you can buy some Mavs merch. Maybe find some occasional doge fans that accept it as payment. But doge can’t scale to be a currency. It’s too slow. 

Doge, frankly, is way overpriced right now. And Doge is going to have trouble maintaining it’s value due to its always-expanding supply. If the hype falls off just a bit—doge will fall, too. And twitter’s algorithm is heavily weighted against repeat trends. You might make money with doge, but it is far from guaranteed, and there is a fairly hard ceiling due to doge’s constant supply. 

If you buy doge, you are buying hype and Elon Musk tweet energy and nothing else. 

 

In reply to aircooled :

I agree with that, up until the point that there are several good sized companies are looking into climbing onto the Dogetrain.  If they go through with it, I don't believe this.  If they don't go through with it, then a lot of this meshes with what I've seen.

NewEgg did it:

aircooled said:

I saw this post on it recently.  I have no knowledge of this is correct, but it sound right.  If you ever wondered what a pyramid scheme is... well.  Conclusion, if this is correct... gambling:

So, before you buy Dogecoin, you should know what you are getting. Here’s a short summary:

Dogecoin has a huge supply. 129 billion coins. 10,000 coins are mined per minute. That’s 14 million new coins added to the supply every day, which adds up to about 1 billion coins added every eighty days. 

Bitcoin has a maximum supply of 21 million coins. So, Dogecoin mints more coins every two days than Bitcoin will ever have in circulation. That’s why doge will never be priced like Bitcoin. And, in fact, at about $9 per Dogecoin, Dogecoin would equal Bitcoin in value. 

Dogecoin has no real ecosystem to make it valuable. It is not fast: 33 transactions per second. ETH 2.0 can handle 100,000 per second. So Dogecoin can’t serve as a currency. It seems to have minimum dev work. And it’s fueled by people who think they are getting into doge early. If you buy now, you are not. Dogecoin is not the future of anything. 

With Dogecoin, you are buying hype. 

And hype might push Dogecoin to 69 cents. Maybe to $1...but there is zero reason for doge to hold that value. In fact, at $1 per Dogecoin, with 1 billion coins added every 80 days, doge would need $1 billion in new investment every few months JUST TO MAINTAIN $1.00 

Also, be aware that $129 billion (doge at $1) is a huge market cap. That’s the same value as STARBUCKS. And doge has almost zero use-case scenarios. Sure you can buy some Mavs merch. Maybe find some occasional doge fans that accept it as payment. But doge can’t scale to be a currency. It’s too slow. 

Doge, frankly, is way overpriced right now. And Doge is going to have trouble maintaining it’s value due to its always-expanding supply. If the hype falls off just a bit—doge will fall, too. And twitter’s algorithm is heavily weighted against repeat trends. You might make money with doge, but it is far from guaranteed, and there is a fairly hard ceiling due to doge’s constant supply. 

If you buy doge, you are buying hype and Elon Musk tweet energy and nothing else. 

 

I would say the entire market is gambling in a form that seems to be socially & church-acceptable. 

As far as long-term for Doge - there are some interesting and I think viable views how it can work as a currency in the longer term. And the continued mining 'sounds' crazy - but our brains work poorly with huge numbers. 5 Billion Dogecoin/year through mining offsets losses through lost crypto wallets and other losses. And yes, is inflationary at this time. But it's predictable and means there's continued reason to mine it. However, it's not a 'print however much money you want' unlike the current US Federal Reserve (which, as a fun side note is neither Federal, not a Reserve. but that discussion is a whole seperate rabbit trail...)

https://investorplace.com/2021/02/dogecoin-has-an-inflationary-supply-trait-making-it-ideal-as-a-cryptocurrency/ 

All of that said - don't invest anything you cannot afford to lose and make the best decision you can. :)

I would agree all investing is a form of gambling, this is just a whole other level of "vapor" (actual product / thing) than traditional investing.

The conclusion I get from the info (and yours) is the smart move is not to play with throwing money at it hoping it will go up, but mining it and (literally) making free money (there are equipment and energy costs of course).

Another aspect to this sort of investing that many may not be aware of are wash sale IRS rules.  There are those who have been playing the bitcoin game and are getting a big tax surprise.  This of course only applies if you are doing a lot of buying and selling (of the same coin).  Essentially it means you cannot deduct looses if you re-buy the same stock.

The wash-sale rule is an Internal Revenue Service (IRS) regulation that prevents a taxpayer from taking a tax deduction for a security sold in a wash sale. The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss and, within 30 days before or after this sale, buys a "substantially identical" stock or security, or acquires a contract or option to do so. A wash sale also results if an individual sells a security, and the individual's spouse or a company controlled by the individual buys a substantially equivalent security.

Here's what I'm so confused about ideologically with ANY alternate "money". 

Q: What is the fundamental purpose of money?

A: To provide a tool to allow 2 individuals to trade based on value and not on immediate need. 

As anyone who has built a challenge car knows, it is much harder to find someone to trade a part you have with for a part you need than it is to just sell a part you have and buy a part you need from a different party. Similarly, 2000 years ago if I had goats but needed a loaf of bread, am I really going to trade a full goat for a single loaf? I can't really divide the goat up into small pieces easily, AND the person with bread may not need any goats at the moment. Which brings us to the fundamental question what is money?

Fundamentally, money is created when two people share a belief in it's value. If you think the silver coin is worth a goat and I think it is only worth a loaf of bread, it's not very useful to us to trade. 

So, then the major problem with separate 'currencies' is they are still established in value ONLY by the USD. So what value are they adding?

And one step worse, is the value of the other 'currencies' fluctuate SO MUCH - how can 2 parties ever come to an agreed belief on what the value of the currency is or will be?

I guess my position is that crypto currencies are not money. The USD is still the money, and I just don't see how the crypto functions when you try to remove the real currency that establishes it's value. If we want to buy pizza with tulip bulbs, that's fine, but we can't fool ourselves into thinking we're somehow not using USD.