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Well, Dogecoin started as a joke and its worth billions today. https://www.wsj.com/articles/dogecoin-is-a-joke-but-its-no-laughing-matter-11619092837 https://w

• eli 6y ago
  It's still a joke
  • Cthulhu_ 6y ago
    But it's a joke that makes some people millionaires. I for one will be laughing all the way to the bank if Doge reaches err... $200?
    • DebtDeflation 6y ago
      A joke that makes some people PAPER millionaires. People are ignorant about liquidity risk and just assume there will be buyers when they want to cash out.
      • vgeek 6y ago
        Exactly. When you look at the depth of the order books (https://bittrex.com/Market/Index?MarketName=USDT-DOGE https://bittrex.com/Market/Index?MarketName=USDT-DOGE), even selling $1MM will shift the price down by nearly 50%.
        • argvargc 6y ago
          This is a valid point in general, but for top tier currencies such as Doge, there are literally hundreds of exchanges with such orderbooks so it's not a concern. Further, most large trades don't take place on exchanges public orderbooks, but on private OTC desks with separate books, for this reason. Generally, large buyers are matched OTC to large sellers at prices a little different to the on-market, but better than relying on on-market liquidity. The same happens in traditional finance, or anywhere. For example, if a taxi company wants to buy 1000 cars, they won't attempt to get them from the local yard.
        • wickoff 6y ago
          Bittrex is a dead exchange these days. On a particularly frothy day DOGE hit something like 80B in voilume across all pairs and exchanges.
        • noxer 6y ago
          The order books are not "real" its mostly bots who place and remove orders on the fly and they react to the price and to the price on other exchanges. There is no way to know how much the price would drop if someone sells for $1MM. also selling all at once, selling it over a few minutes or selling it over an few hours will drastically change the effect. No one who wants to maximize profit would sell fast if liquidity is low because obviously your average at lower then.
      • josu 6y ago
        Someone must be selling them at 30 cents, for other people to buy it. So some people are definitely making money.
        • meowster 6y ago
          I used to be active in crypto subreddits. It's incredible how many people don't realize 'for every buyer, there is a seller'. A lot of the commenters did not grasp basic economics.
          • eli 6y ago
            I wonder how often they're the same person
        • graeme 6y ago
          Yes but that doesn’t mean people are selling large amounts each day. What is the volume? And how much of it is wash trading?
          • josu 6y ago
            The volume has been huge, at some point it was the most traded perp on FTX. I don't think wash trading is that prevalent (except for maybe in some minor books on Binance).
        • deleted 6y ago
          [deleted]
      • camjohnson26 6y ago
        It has made many people actual millionaires, there’s plenty of liquidity in Doge.
      • Giorgi 6y ago
        That can be said about any stock though... or you know... debit card and banks.
    • PragmaticPulp 6y ago
      > But it's a joke that makes some people millionaires. Where does that money come from? There isn’t a Doge Corporation backing this up that sells actual products and collects actual revenue. The only way to become a millionaire through DogeCoin would be to invest $10,000 at the low and sell at the high. Who are you selling to? New entrants, hoping to get another 10X or 100X run-up, funded by even newer entrants, also hoping for their 10X and so on. Everyone’s hoping to become a millionaire, but in reality they’re mostly just pumping money into a system to make the previous entrants millionaires. With Doge specifically, a lot of people have lost money when they bought in at previous highs. Who did they buy from? Previous owners looking to exit before the music stops. It’s not so much a joke as a game: Put money in, see how many other people you can trick into putting money in after you, and then sell them your coins before it all collapses.
      • RandallBrown 6y ago
        I've been trying to explain this to my friends but they keep insisting that Dogecoin has real value.
      • esotericsean 6y ago
        Just my opinion, but I think one key difference here is that while yes there are tons of people thinking and hoping they're going to get rich by "investing" in Dogecoin, with the type of limit Doge has, it's able to be used as real currency. We don't actually want the value of Doge to skyrocket too much because then it just becomes another store of value like Bitcoin. One of the slogans you'll hear a lot in the Doge community is 1 DOGE = 1 DOGE. And the point is to convert your fiat into Doge and use that as currency instead. Not pump and dump. Out of all cryptos, Doge is one of the best options for that. But we'll see what happens.
        • captn3m0 6y ago
          1 BTC = 1 BTC used to be a thing as well.
        • rspeele 6y ago
          I see this in the Bitcoin community too. Lots of people say "I'll never sell my Bitcoin for dollars. I'll use it once it becomes the world's reserve currency." But selling, and trading for goods, are equivalent. If you win big on a coin, it doesn't make a difference whether you sell your holdings for $200,000 USD to buy a Lamborghini or directly trade your holdings for the same car. Either way there are only so many Lambos to go around and lots of paper millionaires thinking they can buy one.
    • eli 6y ago
      It's a joke that's also a pyramid scheme.
    • coliveira 6y ago
      Making money on these things is like playing the lottery. You buy a small ticket hopping that it is your turn to become millionaire. And it happens with the same frequency of the lottery. One in every few million will become very rich, like the ones who bought bitcoin initially, and the others will be spending money chasing their next lottery ticket.
  • agumonkey 6y ago
    It used to be a joke. It still is. But it used to too.
• awkward 6y ago
  It is a joke, but the goal of the joke is to provide a friendly onramp to cryptocurrency
• skunkworker 6y ago
  I went and looked at some old files I had, turned out I downloaded dogecoin-qt back in 2014 but never did anything with it and just had an empty wallet, it was considered a joke at the time but became "real" when it sponsored a NASCAR car and was on a livery. https://www.theguardian.com/technology/2014/mar/27/nascar-dogecoin-sponsor-josh-wise-talladega-superspeedway https://www.theguardian.com/technology/2014/mar/27/nascar-do...