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The Dogecoin Joke Is Turning Serious in Latest Crypto Binge

30 points by 1cvmask 6y ago

etempleton 6y ago
Dogecoin keeps outpacing everyone’s expectations. Nothing would surprise me at this point. The momentum is so strong. One thing people discount about crypto is the marketability of coins. Most try to market through a whitepaper and jargon. Dogecoin being a “joke” makes it friendly and approachable in a way just about every other crypto is not.
- xCheapshotx 6y ago
  No, Dogecoin has a lot of people thinking one day it will be worth 50k like bitcoin and they're getting in "early". This is flawed thinking due to not understanding outstanding circulation, market cap, and daily new supply. I went to a conference with about 20 co-workers and I literally spent 30 mins breaking down these fundamentals to them. Lets just say they were all disappointed.
  - tartoran 6y ago
    I really doubt anyone thinks dogecoin will ever be 50k though I’ve seen some wishful thinking that it will reach a few k. However, $1 is almost certain in the near future.
    - NotACop182 6y ago
      A few K would mean doggie would be worth more than the world economy.
      - tartoran 6y ago
        Yes, that figure is ridiculous.
  - rvz 6y ago
    Exactly. Little do the late comers know that they are jumping at the tail-end of the train very late only because it is now easier to buy DOGE. All thanks to Robinhood listing it and Elon Musk hyping and pumping it on Twitter. In one of the other posts, why are the very very early people now 'cashing out' their 11k+ DOGE. Perhaps they know that as soon as it reaches above $1 it won't reach those prices for years again, until the next run. The fundamentals tell a different story against the current hype of DOGE. The pump is here and the dump will be catastrophic for the late comers. > daily new supply Yup, the DOGE printer keeps on printing new DOGE. They will be disappointed to know that they missed the pump and fell for the dump.
    - tromp 6y ago
      A tail emission is a healthy thing. It allows the network to remain secure in the absence of a backlog of high-fee paying transactions, which is what Bitcoin relies on for security once the block subsidy becomes insignificant. The single reason why Dogecoin can't reach $50k is that it would imply a $6500 trillion marketcap. Already at $7.7 it would reach a $1 trillion marketcap, so there's just not much room for price to grow.
  - etempleton 6y ago
    I don’t think anyone thinks this. The discussion all seems to be around reaching $1 USD or now, $10 USD. The latter would make it bigger than Bitcoin is now, but hey, who knows what will happen. It could go to $10 in a few years or 10 cents. I don’t think anyone can really say. All I know is it is part of the zeitgeist now in a way only Bitcoin is currently. That is powerful.
- tartoran 6y ago
  When it comes to marketablity it can go over the top too. Safemoon for example seems to imply that it will go to the moon safely and to me it is a huge turn off. Another one was Cumrocket that is surprisingly not doing too badly but which I’d be super hesitant with for possibly soiling my portfolio
- hakfoo 6y ago
  There was definitely a point where it was fun and accessible. I played with it a few years ago, back when you could mine with a single GTX 660 and earn a dollar or two worth of coins a day. Then someone made a scheme where you could buy Doge via Reddit PM, or give it as tips on posts. This is much less intimidating than the contemporary Bitcoin story of "the cost of admission is hundreds of dollars and you have to go find someone sketchy local or a weirdly explained ATM thing to get coins". Yeah, there was some discussion of "when it gets to USD1", but it was mostly memes and "how do I get (favoured merchant) to take Doge?" I recall there was a fair degree of talk that it was a good 'instructional' platform-- learn the tools and concepts of cryptocurrency, but you're playing with trivial amounts of money.
nootropicat 6y ago
Bitcoiners see a less stuck-up version of bitcoin in doge and that scares them. Without cashflow or consumable utility only memes designed to convince new buyers to buy from earlier buyers remain. Turns out many people prefer the doge meme to the bitcoin meme, and rather than network effects both only have linear popularity as speculative memecoins.
wobblyasp 6y ago
Isn't their an unlimited supply of coins? I'm strongly anti Bitcoin but at least that has an artificial scarcity mechanism built in. But hey, do what you want with your money I guess.
- killingtime74 6y ago
  There’s no scarcity. Bitcoin supply also increases when forked and that’s happened a few times
  - NotACop182 6y ago
    Bitcoin forks but the alternative forks have yet to compete. Bitcoin on the other-hand is limited to 21 million supply.
    - bongobingo 6y ago
      Each Bitcoin is 100,000,000 satoshi. So the actual max supply is 2,100,000,000,000,000. It’s effectively infinite supply.
      - NotACop182 6y ago
        I’m talking about the whole as In 1 Bitcoin not the fractions Bitcoin can be broken up into.
        bongobingo 6y ago
        That’s an arbitrary, and pointless, distinction. 100,000,000 different people can own a single satoshi. What does it matter that each individual does not own the entire thing? The question is whether Bitcoin has enough supply, and there actually is no question because the supply is effectively infinite. The scarcity argument is just factually wrong. Bitcoin is not scarce.
        kozd 6y ago
atomicnumber3 6y ago
As someone who was initially fairly positive on cryptocurrencies (2012ish), I have to say that I'm so, so disappointed how everything has turned out. Bitcoin wastes electricity. Everything else struggles to be popular enough to Really Matter (tm). And now on top of it this bizarre GoFundMe/Ponzi Scheme/Pump n Dump *thing* that has been happening lately has finally found a home in Dogecoin. The way people gamble with GME, dogecoin, etc really disturbs me. I see people putting entire paychecks into <hype vehicle du jour> who really can't afford to do so. And the language I see around dogecoin atm really disgusts me. There was a reddit thread recently... this one: https://www.reddit.com/r/dogecoin/comments/n2lp6w/im_crying_thank_you_so_much_i_just_paid_all_of_my/ https://www.reddit.com/r/dogecoin/comments/n2lp6w/im_crying_... I find it really appropriate that he's thanking everyone because in essence he's thanking all the people who funded his gofundme, just in a very roundabout way. Furthermore, you have posts to the effect of "Please please don't sell at $1.00" that get super close to being self-aware. Some of these people know the only people who are buying doge are those who plan to sell it later, and the only people they will be able to sell to are people who then plan to sell it later too... and so on. It's a massive game of chicken. I don't know. I consider myself to be somewhat financially literate and watching people throw away what little they have hurts to watch, since I've worked in equities long enough to see people lose more than they thought they could possibly lose. Like here: https://www.cnbc.com/2018/02/05/xiv-exchange-traded-security-linked-to-volatility-plummets-80-percent.html https://www.cnbc.com/2018/02/05/xiv-exchange-traded-security... when the whole inverse-volatility trade blew up and bankrupted several inverse-vol ETFs. Our trade floor was like death that morning as a large % of the people there had just lost huge chunks of their personal portfolios. Maybe some people are buying responsibly small amounts of doge, as a joke. But I'm just really worried.
- strikelaserclaw 6y ago
  Reddit all started being shitty when it started being dominated by pump n dump schemes, the GME BS is still going on, now dogecoin, how can anyone with a brain believe dogecoin will go to $100. I swear i think about 80% of those posts where someone got rich are fake, there is a ton of astroturfing going on.
  - 6y ago
beiller 6y ago
Isn't the source code for Dogecoin essentially abandoned for the last 2 years? I'm surprised a vulnerability hasn't come up like some mining denial of service etc.
- tromp 6y ago
  It was abandoned for quite a while and as a result the code/network is in poor shape. But developer activity seems to have started picking up in the last few months. https://github.com/dogecoin/dogecoin/pulse https://github.com/dogecoin/dogecoin/pulse
- deleted 6y ago
  [deleted]
yks 6y ago
In the same way how unprofitable startups are more attractive to investors because they are free of baggage of actually making money and have only future potential, so is doge better than bitcoin because it got rid of all the baggage of being a "currency of the future" or "digital gold" which might tie it to some real-world concepts. Bitcoin's best market cap is equal gold's or USD supply but doge's best market cap is unbounded. There are no anchors and only pure potential!
nyxtom 6y ago
People are weird and unusual, consider how much people were rushing to get to California to find golden rocks. Money honestly makes no sense at all to me.

30 points by 1cvmask 6y ago

Dogecoin keeps outpacing everyone’s expectations. Nothing would surprise me at this point. The momentum is so strong. One thing people discount about crypto is the marketability of coins. Most try to market through a whitepaper and jargon. Dogecoin being a “joke” makes it friendly and approachable in a way just about every other crypto is not.

xCheapshotx 6y ago
No, Dogecoin has a lot of people thinking one day it will be worth 50k like bitcoin and they're getting in "early". This is flawed thinking due to not understanding outstanding circulation, market cap, and daily new supply. I went to a conference with about 20 co-workers and I literally spent 30 mins breaking down these fundamentals to them. Lets just say they were all disappointed.
- tartoran 6y ago
  I really doubt anyone thinks dogecoin will ever be 50k though I’ve seen some wishful thinking that it will reach a few k. However, $1 is almost certain in the near future.
  - NotACop182 6y ago
    A few K would mean doggie would be worth more than the world economy.
    - tartoran 6y ago
      Yes, that figure is ridiculous.
- rvz 6y ago
  Exactly. Little do the late comers know that they are jumping at the tail-end of the train very late only because it is now easier to buy DOGE. All thanks to Robinhood listing it and Elon Musk hyping and pumping it on Twitter. In one of the other posts, why are the very very early people now 'cashing out' their 11k+ DOGE. Perhaps they know that as soon as it reaches above $1 it won't reach those prices for years again, until the next run. The fundamentals tell a different story against the current hype of DOGE. The pump is here and the dump will be catastrophic for the late comers. > daily new supply Yup, the DOGE printer keeps on printing new DOGE. They will be disappointed to know that they missed the pump and fell for the dump.
  - tromp 6y ago
    A tail emission is a healthy thing. It allows the network to remain secure in the absence of a backlog of high-fee paying transactions, which is what Bitcoin relies on for security once the block subsidy becomes insignificant. The single reason why Dogecoin can't reach $50k is that it would imply a $6500 trillion marketcap. Already at $7.7 it would reach a $1 trillion marketcap, so there's just not much room for price to grow.
- etempleton 6y ago
  I don’t think anyone thinks this. The discussion all seems to be around reaching $1 USD or now, $10 USD. The latter would make it bigger than Bitcoin is now, but hey, who knows what will happen. It could go to $10 in a few years or 10 cents. I don’t think anyone can really say. All I know is it is part of the zeitgeist now in a way only Bitcoin is currently. That is powerful.
tartoran 6y ago
When it comes to marketablity it can go over the top too. Safemoon for example seems to imply that it will go to the moon safely and to me it is a huge turn off. Another one was Cumrocket that is surprisingly not doing too badly but which I’d be super hesitant with for possibly soiling my portfolio
hakfoo 6y ago
There was definitely a point where it was fun and accessible. I played with it a few years ago, back when you could mine with a single GTX 660 and earn a dollar or two worth of coins a day. Then someone made a scheme where you could buy Doge via Reddit PM, or give it as tips on posts. This is much less intimidating than the contemporary Bitcoin story of "the cost of admission is hundreds of dollars and you have to go find someone sketchy local or a weirdly explained ATM thing to get coins". Yeah, there was some discussion of "when it gets to USD1", but it was mostly memes and "how do I get (favoured merchant) to take Doge?" I recall there was a fair degree of talk that it was a good 'instructional' platform-- learn the tools and concepts of cryptocurrency, but you're playing with trivial amounts of money.

nootropicat 6y ago

Bitcoiners see a less stuck-up version of bitcoin in doge and that scares them. Without cashflow or consumable utility only memes designed to convince new buyers to buy from earlier buyers remain. Turns out many people prefer the doge meme to the bitcoin meme, and rather than network effects both only have linear popularity as speculative memecoins.

wobblyasp 6y ago

Isn't their an unlimited supply of coins? I'm strongly anti Bitcoin but at least that has an artificial scarcity mechanism built in. But hey, do what you want with your money I guess.

killingtime74 6y ago
There’s no scarcity. Bitcoin supply also increases when forked and that’s happened a few times
- NotACop182 6y ago
  Bitcoin forks but the alternative forks have yet to compete. Bitcoin on the other-hand is limited to 21 million supply.
  - bongobingo 6y ago
    Each Bitcoin is 100,000,000 satoshi. So the actual max supply is 2,100,000,000,000,000. It’s effectively infinite supply.
    - NotACop182 6y ago
      I’m talking about the whole as In 1 Bitcoin not the fractions Bitcoin can be broken up into.
      - bongobingo 6y ago
        That’s an arbitrary, and pointless, distinction. 100,000,000 different people can own a single satoshi. What does it matter that each individual does not own the entire thing? The question is whether Bitcoin has enough supply, and there actually is no question because the supply is effectively infinite. The scarcity argument is just factually wrong. Bitcoin is not scarce.
        kozd 6y ago

atomicnumber3 6y ago

As someone who was initially fairly positive on cryptocurrencies (2012ish), I have to say that I'm so, so disappointed how everything has turned out. Bitcoin wastes electricity. Everything else struggles to be popular enough to Really Matter (tm). And now on top of it this bizarre GoFundMe/Ponzi Scheme/Pump n Dump *thing* that has been happening lately has finally found a home in Dogecoin. The way people gamble with GME, dogecoin, etc really disturbs me. I see people putting entire paychecks into <hype vehicle du jour> who really can't afford to do so. And the language I see around dogecoin atm really disgusts me. There was a reddit thread recently... this one: https://www.reddit.com/r/dogecoin/comments/n2lp6w/im_crying_thank_you_so_much_i_just_paid_all_of_my/ https://www.reddit.com/r/dogecoin/comments/n2lp6w/im_crying_... I find it really appropriate that he's thanking everyone because in essence he's thanking all the people who funded his gofundme, just in a very roundabout way. Furthermore, you have posts to the effect of "Please please don't sell at $1.00" that get super close to being self-aware. Some of these people know the only people who are buying doge are those who plan to sell it later, and the only people they will be able to sell to are people who then plan to sell it later too... and so on. It's a massive game of chicken. I don't know. I consider myself to be somewhat financially literate and watching people throw away what little they have hurts to watch, since I've worked in equities long enough to see people lose more than they thought they could possibly lose. Like here: https://www.cnbc.com/2018/02/05/xiv-exchange-traded-security-linked-to-volatility-plummets-80-percent.html https://www.cnbc.com/2018/02/05/xiv-exchange-traded-security... when the whole inverse-volatility trade blew up and bankrupted several inverse-vol ETFs. Our trade floor was like death that morning as a large % of the people there had just lost huge chunks of their personal portfolios. Maybe some people are buying responsibly small amounts of doge, as a joke. But I'm just really worried.

strikelaserclaw 6y ago
Reddit all started being shitty when it started being dominated by pump n dump schemes, the GME BS is still going on, now dogecoin, how can anyone with a brain believe dogecoin will go to $100. I swear i think about 80% of those posts where someone got rich are fake, there is a ton of astroturfing going on.
- 6y ago

beiller 6y ago

Isn't the source code for Dogecoin essentially abandoned for the last 2 years? I'm surprised a vulnerability hasn't come up like some mining denial of service etc.

tromp 6y ago
It was abandoned for quite a while and as a result the code/network is in poor shape. But developer activity seems to have started picking up in the last few months. https://github.com/dogecoin/dogecoin/pulse https://github.com/dogecoin/dogecoin/pulse
deleted 6y ago
[deleted]

yks 6y ago

In the same way how unprofitable startups are more attractive to investors because they are free of baggage of actually making money and have only future potential, so is doge better than bitcoin because it got rid of all the baggage of being a "currency of the future" or "digital gold" which might tie it to some real-world concepts. Bitcoin's best market cap is equal gold's or USD supply but doge's best market cap is unbounded. There are no anchors and only pure potential!

nyxtom 6y ago

People are weird and unusual, consider how much people were rushing to get to California to find golden rocks. Money honestly makes no sense at all to me.