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Dogecoin is at $0.60. This cryptocurrency was made as a joke. That’s really all you need to know about it. The Fed and SEC etc all claim they want to make thin

Dogecoin is at $0.60. This cryptocurrency was made as a joke. That’s really all you need to know about it. The Fed and SEC etc all claim they want to make things safe for retail investors, but we are seeing the manifestation of a malicious bubble right before our eyes and they are all doing nothing. Zero. Zilch. Lots of people are going to lose a lot of money when this is over. And please remember that the government agencies that are supposed to be helping us are doing absolutely nothing. And then, once the dust settles, just like after the dotcom bust, you will see a ton of regulations coming down like SOX to “protect” investors when we could have been protected RIGHT NOW, May 2021. It’s utter bullshit. When people say conspiracies like the government is using covid to control us and try to take away our freedom, I would normally laugh. But after 9-11 and the “Patriot” act, the dotcom bust and SOX, and whatever regulations come from the fallout of crypto, I’m starting to wonder if they have a point.

rawtxapp 5y ago
Pretty much all the markets are going crazy right now, people are getting 100+k all-cash offers on top of their asking prices on their houses for sale, sp500 p/e ratio average is at like 44, pokemon cards are increasing in value, etc. What's happening is not specific to dogecoin/crypto in my opinion.
- plank_time 5y ago
  In fact I just sold my house in SF Bay Area last month for $500k above listing price, all cash no contingencies. We are now renting in hopes that the market cools down but we are worried that this housing mania won’t stop and we will get priced out of the market. But for 500k above list, I couldn’t say no.
  - almost_usual 5y ago
    This is pretty much the gist of the article. People are worried about holding cash right now because they think it’s losing value. We’ve got trillions more about to be injected. All assets are priced high because of it. If you can get a low interest mortgage right now you’re in a good spot.
    - 55555 5y ago
      Are you suggesting that buying a home right now is a good decision?
      - almost_usual 5y ago
        I’m suggesting buying a home at a record low interest rate is a good decision if you can afford it, especially with inflation on the horizon. If you plan on staying there 10-15+ years and aren’t stretching financially I would buy.
        lottin 5y ago
        Inflation doesn't make one investment opportunity more attractive than another.
        wulfricin 5y ago
        inflation makes buying stuff on credit more attractive, especially when you can get it with really low interest rates which everyone expect to rise sooner than later
        lottin 5y ago
        Not really... if everyone expects inflation to rise, it will already be priced in.
        unstatusthequo 5y ago
        Not everybody is clued in. Average random person on the street can’t even answer the question of how does money supply and inflation interact?
        gassius 5y ago
        Priced in, in what? Assets prices? That would make for, inst-ainflation, I guess... In any case, the thing is that cannot be priced into the rates of loans, because the same factor that will contribute to a rising inflation (increasing the monetary mass faster than real economic productivity) makes the loans very cheap by definition. I for sure would get into all the long term fixed low rate debt I can handle to acquire assets that I think will not depreciate as fast
  - refurb 5y ago
    List price is meaningless. When I was looking at Bay Area houses plenty of realtor set the listing price intentionally low to drum up interest and a potential bidding war. It’s like the house that went for $1M over list. Sold at $2.1M, just like the other comps in the neighborhood. The list price was $1M below comp.
- hkt 5y ago
  Absolutely. There is an epic amount of cash floating around which can't be productively invested. So it chases trinkets instead.
  - enos_feedler 5y ago
    We need $2000 phones now.
    - 55555 5y ago
      Smart.
  - alexashka 5y ago
    I don't get the 'can't be productively invested' part. Why not? Please no one-liner strawman explanations :)
    - ajmadesc 5y ago
      Wages for the working are so low there isn't any demand because all of their money is spent on necessities. The majority of the western world's economic output is collecting rents
      - mockingbirdy 5y ago
        > The majority of the western world's economic output is collecting rents Would love to read more about this, do you have any links?
        ajmadesc 5y ago
        Books: -Survalence capitalism -Rentier Capitalism -The Corruption of capitalism Watch a YouTube video about 'Capital in the 21st century'
      - refurb 5y ago
        Wages are so low? Wages are up. There isn’t any demand, it’s all spent on necessities. So demand for necessities. Majority of economic output is collect rents. Huh?
- ayngg 5y ago
  I pretty much think this is the case too, most of these things are soaking up excess liquidity that is leaking from the financial system. It feels more like every canary in the coal mine is going off, but people are focusing too much on the birds passing out and not the things that are causing them to do so.
vasco 5y ago
What's fundamentally wrong with people losing a lot of their money on crypto? A lot of people lose money on Penny stocks, OTC markets, casinos, a lot of people buy new cars that depreciate 30% in one day, etc. Everyone knows DOGE is a joke - so if you assume we're all capable of independent thought, what would you propose that is not a paternalistic view of the world? We don't need more bullshit like accredited investor credentials which create huge differences in access to investments - that is real economic inequality justified by protecting the poor from their own stupidity.
- retrac 5y ago
  This is my fourth bubble. Bitcoin in 2011 and every one since. It's old hat and quite amusing at this point. I certainly know not to put any money into it I cannot lose. Do they, though? Even if they know DOGE is a joke, do they have the rest of the knowledge on cryptocurrency to quite understand what they're putting their money into? The risks? The issues of things like time delay and transaction fees which may inhibit pulling funds out quickly? Etc. The first result on Google for Dogecoin currently auto-completes to "Dogecoin stock". This indicates the degree of ignorance some people are coming into it with. Large-scale price instability is a general negative. As is lack of wealth among the middle class. For an individual, losing a bunch of wealth on DOGE would just be a silly, or tragic, story. And I tend to agree that fools should be parted from their money... But if a significant number of ordinary middle class and working class people are vaporizing their savings, that's a social and institutional problem to some degree. It would have ramifications that go beyond those individuals. See when large banks fail. One can wash their hands of it and say they should have chosen a better bank. But you still have mass unemployment and lack of liquidity issues to deal with, from a policymaker's perspective. And as you say, wealth inequality is a problem. And chances are it's not the 19 year old college student who bought 100,000 of a DOGE a year ago who is cleaning house, on average. Much of this is flowing into investors who have six to eight $ figures locked in DEX exchange contracts raking in fees. For all the democraticizing potential of cryptocurrencies, a lot the wealth is flowing from the gullible to the already-rich.
  - inteoryx 5y ago
rvz 5y ago
> And then, once the dust settles, just like after the dotcom bust, you will see a ton of regulations coming down like SOX to “protect” investors when we could have been protected RIGHT NOW, May 2021. It’s utter bullshit. Absolutely correct. The SEC will make this as another argument for crypto regulations and are waiting for another disaster after this mania ends in tears and lost money designed to 'help' and 'protect' the retail investor. Then we'll see a 'real' pull back from crypto and a repeat of 2018. To the late comers buying DOGE from Robinhood, welcome to crypto.
easterncalculus 5y ago
Are you meaning to compare the fallout from 9/11 to cryptocurrency dips?
- insert_coin 5y ago
  It was an analogy. Really going out of your way to create drama where none exists.
toomuchtodo 5y ago
The gears of regulation turn slowly, but are catching up. https://news.bitcoin.com/new-sec-chairman-policies-cryptocurrencies-bitcoin-scarce-store-of-value/ https://news.bitcoin.com/new-sec-chairman-policies-cryptocur... > SEC Chair Gary Gensler talked about cryptocurrency policies and bitcoin in an interview with CNBC Friday. Gensler taught classes at the Massachusetts Institute of Technology (MIT) in financial technology, cryptocurrency, and blockchain technology. He was confirmed as the new SEC chairman last month. > Replying to a question about how he would regulate cryptocurrencies, the chairman replied, “To the extent that something is a security, the SEC has a lot of authority.” Noting he will refer to cryptocurrencies as “crypto tokens,” the former MIT professor emphasized that “a lot of crypto tokens … are indeed securities.” > We will be working with Congress, and if they see fit, to try to bring some protection for people that want to invest in this speculative asset class. https://www.sec.gov/spotlight/cybersecurity-enforcement-actions https://www.sec.gov/spotlight/cybersecurity-enforcement-acti... ("SEC Digital Asset/ICO enforcement actions") https://www.ropesgray.com/en/newsroom/alerts/2021/March/The-CFTC-Signals-New-Era-in-Enforcement-of-Cryptocurrency-Trading-with-Action-Against-Antivirus https://www.ropesgray.com/en/newsroom/alerts/2021/March/The-... ("The CFTC Signals New Era in Enforcement of Cryptocurrency Trading with Action Against Antivirus Software Pioneer John McAfee") https://www.natlawreview.com/article/cftc-s-approach-to-virtual-currencies https://www.natlawreview.com/article/cftc-s-approach-to-virt... (The CFTC has taken the position to apply “robust enforcement” to “prosecute fraud, abuse, manipulation, or false solicitation in markets for virtual currency derivatives and underlying spot trading.”)
Galanwe 5y ago
Regulation does not exist to prevent people from taking risks. It exist to prevent people from buying something with a risk profile that they do not understand. Spot cryptocurrencies are not a complex product, so very little need to protect retail from it. The risk is first order and easily understandable by retail investor. At least as much as going to a casino. What requires regation are sophisticated products where the risk/reward is more complex, such as (inverse) futures, which require understanding margining, leverage, liquiditation, etc and would be really deceptive for a retail investor. AFAIK crypto futures are already forbidden for retail in US & UK and require to be institutional/HNW with KYC. As for the token themselves, regulation is there too, there are clear distinctions for most regulator on utility, security, commodity tokens, etc.
- arisAlexis 5y ago
  > Spot cryptocurrencies are not a complex product. This is certainly not true. The highest ranking economists would have a month long debate on if there is intrinsic value or not and how to value their network effects and still come out with no consensus. It couldn't actually be further from the truth that these are simple instruments. The risk and utility of those are totally unknown. At least in a startup that makes EV cars you know that if they sell X cars you will get Y money.
  - Galanwe 5y ago
    The valuation of the product is of course hard to predict, but that is the case for any asset. Don't get fooled, equity prices are not easier to predict than crypto currencies. But I'm not talking about valuation here, but risk profile. If a token value is at $100 and drops to $95, you lost 5%. This is intuitive and simple, there is no surprise or hidden risk. Everyone is able to understand the direct relationship between the price of the token and your portfolio valuation. For derivatives, this is not the case. Depending on your leverage, maintenance margin, etc, a 10% drop in price of the contract can mean game over you lost 100% of your stake. This is the kind of complexity that you want retail investors to be protected against.
- lxgr 5y ago
js8 5y ago
So, I am not American, but I am curious, what do you expect from your institutions? Do you expect them to intervene with the markets harsher and sooner? The thing is, lot of people disagree on that one. Also, I feel like in a democracy (yes, maybe US isn't but I am talking about your vision now), institutions are owned by the public. It's the public (i.e. you) that needs to take initiative about what their government should do. Otherwise it just runs on autopilot (which has benefits, too), or is overtaken by business interests. My feeling is that people are actually happy in the bubble. Yes, some if not most are going to be unhappy, eventually, when it blows up. But who should tell them better?
29athrowaway 5y ago
The co-creator of Dogecoin sold his coins to buy a Honda Civic. Now Dogecoin has a market capitalization that is higher than Honda. Why? it doesn't matter. People decided to speculate over the money of Dogecoin, that's it. It doesn't matter that it is a cryptocurrency or that it is based on doge. People will speculate over anything if it's profitable. Frozen concentrated orange juice? Gamestop? Whatever, it doesn't matter.
- occamrazor 5y ago
  > Frozen concentrated orange juice Is this a movie reference? It reminds me of something, but I can’t say exactly what.
  - narism 5y ago
    https://en.wikipedia.org/wiki/Trading_Places https://en.wikipedia.org/wiki/Trading_Places
  - deleted 5y ago
    [deleted]
- bellyfullofbac 5y ago
  Hah, frozen concentrated OJ? Someone's taking ideas from the 80's.. https://www.youtube.com/watch?v=sENssnI9CGc&t=52 https://www.youtube.com/watch?v=sENssnI9CGc&t=52 Actually, looking for a good clip from the movie it's depressing how many people are actually referencing that movie in context of this bubble.
  - deleted 5y ago
    [deleted]
  - 29athrowaway 5y ago
    Or Dutch tulips if you want.
JumpCrisscross 5y ago
> Fed and SEC etc all claim they want to make things safe for retail investors The Fed makes no such claim and has no such mandate. The SEC does, though it's hampered by its jurisdiction over securities and little else. Cryptocurrencies have succeeded, in part, by branding as and behaving like currencies more than securities. They operate in a space that likely requires legislation to be regulated. > you will see a ton of regulations coming down like SOX to “protect” investors when we could have been protected RIGHT NOW, May 2021. It’s utter bullshit. Rulemaking has a cost, economically and politically. For better or for worse, the most effective rule making tends to be reactionary. Regulating cryptocurrencies now would be political suicide. There isn't a clear cut, broadly comprehensible case for it.
- the_local_host 5y ago
  > Regulating cryptocurrencies now would be political suicide. That seems like a stretch. Most people wouldn't care, and the institutions that own it haven't bet that heavily on it. It's a fear-of-missing-out trade for the most part.
  - consultanturnot 5y ago
    Since you mentioned political, which infers government, what is the impact of cryptocurrencies to governments and the Treasuries if fiat experiences inflation, loss of 'trust', and devaluation? I would likely be more comfortable in a decentralized 'gamble' than the USD or the current banking/financial system.
    - JumpCrisscross 5y ago
      > what is the impact of cryptocurrencies to governments and the Treasuries if fiat experiences inflation, loss of 'trust', and devaluation? Not as much as some people think. We've been on fixed-supply currencies before; built empires, waged wars, and administered continent-spanning states on them. America has experienced inflation without banning the ownership of gold or foreign currencies. (And repressive states have survived, even thrived, after doing both.) If the U.S. Treasury started issuing debt and accepting tax payments in Bitcoin, it prompt a rocky transition. But it wouldn't be unprecedented. Switching to a multi-currency regime would create a short-term (as in generational) boost in compensation for financial professionals, as the entire morass of financial plumbing gets re-written and overhauled. Players closely tied to attributes unique to the U.S. dollar, like printers and SWIFT, would die. Players operating at higher levels of abstraction, securities houses and depository banks, would do quite well. Assuming Bitcoin continues deflating, lenders would do phenomenally.
fallingknife 5y ago
Yawn. People lose a lot of money in Las Vegas too. How about the government fucks off and lets us gamble how we see fit?
bourgwaletariat 5y ago
Bitcoin was a stupid at a penny. $60,000 doesn't make it somehow smarter. Everyone knows. No one is buying it because it's worth anything. They are buying it because they think there's someone more ignorant behind them to believe the lies.
- nmz 5y ago
  It is, at heart, a ponzi scheme.
  - betwixthewires 5y ago
    Well, not a ponzi scheme, but a type of scheme akin to a pyramid scheme, yes. The last one holding bitcoin when the sun burns out is going to be broke. Or whenever it happens. But this situation is no different from any fiat currency, or even commodity backed currency if the commodity has no utilitarian value. Here is a fact: eventually the US dollar is going to become worthless and everyone left holding dollars is going to be broke. The game with anything like this is kicking the can down the road. Anything that is valuable solely because someone else wants it is going to be worthless eventually. That doesn't mean that in the meantime it has no utility.
    - lottin 5y ago
      The situation is fundamentally different compared to fiat currencies. A moderate rate of inflation like we have in advanced economies means that all nominal prices adjust gradually upwards, and this includes salaries. Therefore, for most people, their purchasing power is largely unaffected.
      - betwixthewires 5y ago
        Thats not a fundamental difference with regard to whether this is a pyramid scheme (or a ponzi scheme) or not. The US dollar will be valueless one day. Maybe that day is when the sun burns out. Maybe that day is next week. Regardless, someone is left holding the bag. This is the definition of either of these schemes. Cryptocurrencies are no different from fiat currencies in this regard, though they may be different in terms of technical details, like emission schedule.
throwagrayson 5y ago
I'm seriously scared. I live in Boston and everyone I know is invested in this thing. It's going to be the Holomodor all over again.
- hackerbabz 5y ago
  Dogecoin will lead to a campaign of forced starvation and genocide?
- bboygravity 5y ago
  If you're keeping your USD in a savings account I would rather worry about myself if I where you.
  - herbst 5y ago
    This. My USD loose value every day, while my crypto just grow. It can turn I know that, but right now and basically the last 2 years one by far outperformed the other. Just compare against a different strong currency to see how fragil the USD is
    - 55555 5y ago
      > Just compare against a different strong currency to see how fragile the USD is I just did. What are you talking about? Please link me to graphs. > My USD loses value every day, while my crypto just grow. I have a good amount invested in crypto, but look at the chart man. We are in-or-approaching bubble gain% levels.
      - herbst 5y ago
        CHF ex. 1$ is like 0.91 CHF right now, was about 0.94 before Boden raised the taxes and closer to 1$ before trump. Meanwhile the value of ETH doubled since Bidens tax raise. Sure it's going to crash, but I'd be stupid to invest money in something that is already crashing for months and years
  - danaris 5y ago
bboygravity 5y ago
You say retailers should be protected against themselves through regulation. Interestingly my stance is the complete opposite: the only markets where retailers have by far the best opportunity of making a buck are decentralized unregulated markets. Why do I say this? Regulations of the "normal" (US) financial markets have rigged the game in a completely unfair way at the expense of retail investors and pension funds. They are referred to by institutions as "dumb money". Not so much because retail is dumb at investing, but because they are forced to play by different rules that guarantee that retail loses most of the time compared to the institutions they trade against. If you don't know what I'm talking about or think that I'm a conspiracy theorist, you might want to google: "wash trading" (deliberate illegal price manipulation by trading back and forth between large firms on "the same team"), share rehypothecation / short selling more than 100% of the float, illegal naked short selling, selling of order flow (Robinghood), market makers like Citadel scalping off every single retail and pension fund trade for their own benefit, complex order types at various exchanges that retail doesn't have access too that have been designed specifically to benefit certain trading institutions, metals price market manipulation and so on and so forth: https://www.nasdaq.com/articles/jpmorgan-to-pay-%24920-mln-fine-for-manipulating-precious-metals-treasury-market-2020-09-29 https://www.nasdaq.com/articles/jpmorgan-to-pay-%24920-mln-f... One of the main root causes of this all (including the 2008 crash and the flash crash) is that hedge funds and other institutions have been in bed with the SEC. AKA: corruption and conflicts of interest. In the many cases where the SEC takes action, the fines are completely disproportional (way way lower) than whatever the institutional criminals made with their behavior. Example: the almost 1 billion USD fine that JP Morgan paid in the link above is a fraction of what they made on metals market price manipulation. This means that retailers (the poor and middle class) are essentially paying a "tax" to the rich through the money they lose on trading against big firms. All of the above is almost certainly still ongoing, because: why wouldn't it be? Nothing changed. The fines for cheating are still tiny compared to the gains. Here's an interesting interview with an ex-high-frequency-trader (Citadel) about the types of conflicts of interest (and cheating) in that type of trading. In case you're curious for more substantiation of my weird opinion: https://www.youtube.com/watch?v=AYct0XX0uTU https://www.youtube.com/watch?v=AYct0XX0uTU Besides. IMO the adequate article title should be "What Happens to Stocks and Cryptocurrencies When the Fed NEVER Stops Raining Money?". For the past 20 years the trend was clear: lower interest rates, negative interest rates and now helicopter money. Why would the FED stop now? or in the future? I don't see how they could? Assuming I'm right this means that a guaranteed way to lose buying power is to keep your savings in USD. Do you know that joke about the FED raising interest rates? Right. They didn't and won't. (just my opinion) All of the above is why companies like Tesla starting buying crypto (Tesla was almost shorted into bankruptcy. Likely by Citadel and the Bill Gates family fund among others) and this is why Elon Tweeted something like "Bitcoin, in retrospect it will seem inevitable". I believe he's just venting his frustration about the rigged unfair markets that almost cost him his company. To me personally those Tweets made a lot of sense instantly.
lend000 5y ago
What? Protected how? People see things they don't like and demand that the government "does something about it." It's a natural reaction, but it's exactly that kind of reaction that leads to legislation like the Patriot Act. As far as anyone currently knows, free markets have cycles and there isn't anything you can do about that. Central planning historically goes a lot worse. Perhaps just assume that the winners in the market cycle will on average be more productive deployers of capital than the losers, and that all the losers participated willingly in something they knew was a meme?
devwastaken 5y ago
It's a bold new world of investing no longer controlled by behind doors paperwork, government, and traditional brick and mortar business names. Whom exactly are we protecting? There's no hidden costs, no hidden contracts or things you didn't sign up for. Simply 1 doge is equal to some amount of USD. It may go up or down. Investing is and always has been a more sophisticated game of gambling. At least here it's over hashes, and not irreplaceable needs like land/homes. I don't see how they're meant to be "helping". That'd be like if the government swooped in to save your companies stocks from falling. What conspiracy is there here? Value has always been what we believe it to be, or what an authority says it is. There is no inherent value to anything. Gold/silver are just as valuable as some doge hashes.
- viraptor 5y ago
  > There's no hidden costs, no hidden contracts or things you didn't sign up for , no protection against collusion, no rules against "insider" trading (as in, people acting before publishing token information, groups orchestrating pump&dumps), no rules about publishing false information about companies/projects, etc.
  - bruce343434 5y ago
    > no rules about publishing false information about companies/projects, etc. This is already covered by slander and fraud laws
    - sudosysgen 5y ago
      That can't be enforced much of the time because there is no regulation to enforce the identity and details of the project founders.
    - viraptor 5y ago
      Slander doesn't apply to your company saying things about itself. Fraud doesn't easily apply to people outside of your country. (Especially if you don't know where they are)
  - 5y ago
loopz 5y ago
Assets tied to crypto are stated to be full risk. Institutions mandated to inform regulations might make you lose full investment overnight. On what grounds should we (not they) do more, and wouldn't that fuel even wilder conspiracy and self-victimization? /Devil's advocate
deleted 5y ago
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nathias 5y ago
Dogecoin is not a joke, it was made for adoption of crypto with its large quantities and tipping community and it very much succeeded in doing that creating a great decentralized cryptocurrency. What its price is is irrelevant and for me even the worst of crypto is much much better than fiat.
jsf01 5y ago
How do you propose the SEC protect investors from this “malicious bubble”? Would you make it illegal for me to buy into a joke cryptocurrency or any other sort of bubble? And who ultimately gets to decide what’s a bubble that we dumb money need to be protected from vs something that is just in its infancy or whose potential despite risks is greater than its current value? People use this sort of “protect the retail investor” rhetoric so often to reduce the capabilities of retail investors to participate in markets. This sounds like more of that.
noxer 5y ago
>SEC etc all claim they want to make things safe for retail investors Completely wrong. There is no "safe", risk/reward is always balanced. The SEC is supposed to prevent people form being mislead, tricked, scammed whatever you wanna call it. That's absolutely not the same as making it "safe". If you buy crypto today you are either uninformed or you know the risk exactly. Both ways its your fault and not the SECs task to prevent you from buying stuff.
koonsolo 5y ago
> Dogecoin is at $0.60. This cryptocurrency was made as a joke. That’s really all you need to know about it. As I understand it, the dogecoin creator tried to show us how it basically has no value since anyone can create a cryptocoin. We surely proved him wrong :D.
jVinc 5y ago
> Dogecoin is at $0.60. ... That’s really all you need to know about it. I have a rock based currency worth 1$ per rockcoin. Not anything impressive about that at all. What is impressive about Dogecoin currently isn't the exchange rate, it's the $78 Billion market cap and the fact that the market has liquidity at that market cap. The unit price of something you can almost arbitrarily subdivide isn't really worthwhile mentioning on it's own. Without additional information, it might just be another rockcoin isolated with a hypothetical or low total value.
mrkramer 5y ago
With Crypto people are just being people. They jump on bandwagons on all kind of hype trains are ride it but when the music stops harsh awakening begins. Bitcoin was not the first electronic currency or even first cryptocurrency but it was the first one decentralized and with open transparent database of all transactions not anonymous, criminal and anarchist let's destroy government thing. Egold and DigiCash failed because of the things aforementioned but cryptocoins will fail because of the wild "pump and dump" schemes going on over and over again. And I hate to see celebs and CEOs like Elon Musk jumping on it only because it is fun. Musk could talk about technology behind Bitcoin but he chooses to promote DogeCoin/s because of the memes and lolz. I would personally prefer US banning cryptocoins and then bringing some act and approving them one by one. This is nothing Satoshi envisioned for Bitcoin; wild market speculation and manipulation construct it was meant to be "A Peer-to-Peer Electronic Cash System".
smsm42 5y ago
Nobody needs to be protected from Doge. If there's a plausible argument that we need protecting from foreign terrorism (maybe not by means of security services clandestinely surveilling every citizen 24x7, but by some means at least), nobody is forced into dogecoin. Nobody has dogecoin as their only investment option - in fact, most prominent crypto exchanges don't even support it, and average retail investor doesn't even use crypto exchanges - they use Fidelity and Schwab, where there's no way to buy dogecoin at all. The idea that some naive investors somehow could be trapped into this and are in desperate need of "protection" RIGHT NOW is complete and utter bullshit. Everybody knows it's a wild gamble, some do it out of greed, some do it out of YOLO, some do it because it sounds fun thing to do, whatever floats your boat. But let's not pretend anybody needs protecting from something they chose to do and went to a great length to get done.
anm89 5y ago
That's the grand irony to me. People construct all these bizarre theories to justify narratives to themselves when the real "government plot" is always in plain view and it's so painfully obvious : direct the money to where it is convenient to go. I call it a conspiracy of boredom. If the average person knew all the details of how our monetary system worked, they'd be in the streets throwing molotov cocktails. The problem is that the details are just too boring and complicated for a vast majority of people to be interested in so nobody cares. The Matt Taibbi articles of the 2008 era attempted to get people interested but covering it in sex drugs and rock n roll and putting it in rolling stone wasn't enough to get anybody interested.

rawtxapp 5y ago

Pretty much all the markets are going crazy right now, people are getting 100+k all-cash offers on top of their asking prices on their houses for sale, sp500 p/e ratio average is at like 44, pokemon cards are increasing in value, etc. What's happening is not specific to dogecoin/crypto in my opinion.

plank_time 5y ago
In fact I just sold my house in SF Bay Area last month for $500k above listing price, all cash no contingencies. We are now renting in hopes that the market cools down but we are worried that this housing mania won’t stop and we will get priced out of the market. But for 500k above list, I couldn’t say no.
- almost_usual 5y ago
  This is pretty much the gist of the article. People are worried about holding cash right now because they think it’s losing value. We’ve got trillions more about to be injected. All assets are priced high because of it. If you can get a low interest mortgage right now you’re in a good spot.
  - 55555 5y ago
    Are you suggesting that buying a home right now is a good decision?
    - almost_usual 5y ago
      I’m suggesting buying a home at a record low interest rate is a good decision if you can afford it, especially with inflation on the horizon. If you plan on staying there 10-15+ years and aren’t stretching financially I would buy.
      - lottin 5y ago
        Inflation doesn't make one investment opportunity more attractive than another.
        wulfricin 5y ago
        inflation makes buying stuff on credit more attractive, especially when you can get it with really low interest rates which everyone expect to rise sooner than later
        lottin 5y ago
        Not really... if everyone expects inflation to rise, it will already be priced in.
        unstatusthequo 5y ago
        Not everybody is clued in. Average random person on the street can’t even answer the question of how does money supply and inflation interact?
        gassius 5y ago
        Priced in, in what? Assets prices? That would make for, inst-ainflation, I guess... In any case, the thing is that cannot be priced into the rates of loans, because the same factor that will contribute to a rising inflation (increasing the monetary mass faster than real economic productivity) makes the loans very cheap by definition. I for sure would get into all the long term fixed low rate debt I can handle to acquire assets that I think will not depreciate as fast
- refurb 5y ago
  List price is meaningless. When I was looking at Bay Area houses plenty of realtor set the listing price intentionally low to drum up interest and a potential bidding war. It’s like the house that went for $1M over list. Sold at $2.1M, just like the other comps in the neighborhood. The list price was $1M below comp.
hkt 5y ago
Absolutely. There is an epic amount of cash floating around which can't be productively invested. So it chases trinkets instead.
- enos_feedler 5y ago
  We need $2000 phones now.
  - 55555 5y ago
    Smart.
- alexashka 5y ago
  I don't get the 'can't be productively invested' part. Why not? Please no one-liner strawman explanations :)
  - ajmadesc 5y ago
    Wages for the working are so low there isn't any demand because all of their money is spent on necessities. The majority of the western world's economic output is collecting rents
    - mockingbirdy 5y ago
      > The majority of the western world's economic output is collecting rents Would love to read more about this, do you have any links?
      - ajmadesc 5y ago
        Books: -Survalence capitalism -Rentier Capitalism -The Corruption of capitalism Watch a YouTube video about 'Capital in the 21st century'
    - refurb 5y ago
      Wages are so low? Wages are up. There isn’t any demand, it’s all spent on necessities. So demand for necessities. Majority of economic output is collect rents. Huh?
ayngg 5y ago
I pretty much think this is the case too, most of these things are soaking up excess liquidity that is leaking from the financial system. It feels more like every canary in the coal mine is going off, but people are focusing too much on the birds passing out and not the things that are causing them to do so.

vasco 5y ago

What's fundamentally wrong with people losing a lot of their money on crypto? A lot of people lose money on Penny stocks, OTC markets, casinos, a lot of people buy new cars that depreciate 30% in one day, etc. Everyone knows DOGE is a joke - so if you assume we're all capable of independent thought, what would you propose that is not a paternalistic view of the world? We don't need more bullshit like accredited investor credentials which create huge differences in access to investments - that is real economic inequality justified by protecting the poor from their own stupidity.

retrac 5y ago
This is my fourth bubble. Bitcoin in 2011 and every one since. It's old hat and quite amusing at this point. I certainly know not to put any money into it I cannot lose. Do they, though? Even if they know DOGE is a joke, do they have the rest of the knowledge on cryptocurrency to quite understand what they're putting their money into? The risks? The issues of things like time delay and transaction fees which may inhibit pulling funds out quickly? Etc. The first result on Google for Dogecoin currently auto-completes to "Dogecoin stock". This indicates the degree of ignorance some people are coming into it with. Large-scale price instability is a general negative. As is lack of wealth among the middle class. For an individual, losing a bunch of wealth on DOGE would just be a silly, or tragic, story. And I tend to agree that fools should be parted from their money... But if a significant number of ordinary middle class and working class people are vaporizing their savings, that's a social and institutional problem to some degree. It would have ramifications that go beyond those individuals. See when large banks fail. One can wash their hands of it and say they should have chosen a better bank. But you still have mass unemployment and lack of liquidity issues to deal with, from a policymaker's perspective. And as you say, wealth inequality is a problem. And chances are it's not the 19 year old college student who bought 100,000 of a DOGE a year ago who is cleaning house, on average. Much of this is flowing into investors who have six to eight $ figures locked in DEX exchange contracts raking in fees. For all the democraticizing potential of cryptocurrencies, a lot the wealth is flowing from the gullible to the already-rich.
- inteoryx 5y ago

rvz 5y ago

> And then, once the dust settles, just like after the dotcom bust, you will see a ton of regulations coming down like SOX to “protect” investors when we could have been protected RIGHT NOW, May 2021. It’s utter bullshit. Absolutely correct. The SEC will make this as another argument for crypto regulations and are waiting for another disaster after this mania ends in tears and lost money designed to 'help' and 'protect' the retail investor. Then we'll see a 'real' pull back from crypto and a repeat of 2018. To the late comers buying DOGE from Robinhood, welcome to crypto.

easterncalculus 5y ago

Are you meaning to compare the fallout from 9/11 to cryptocurrency dips?

insert_coin 5y ago
It was an analogy. Really going out of your way to create drama where none exists.

toomuchtodo 5y ago

The gears of regulation turn slowly, but are catching up. https://news.bitcoin.com/new-sec-chairman-policies-cryptocurrencies-bitcoin-scarce-store-of-value/ https://news.bitcoin.com/new-sec-chairman-policies-cryptocur... > SEC Chair Gary Gensler talked about cryptocurrency policies and bitcoin in an interview with CNBC Friday. Gensler taught classes at the Massachusetts Institute of Technology (MIT) in financial technology, cryptocurrency, and blockchain technology. He was confirmed as the new SEC chairman last month. > Replying to a question about how he would regulate cryptocurrencies, the chairman replied, “To the extent that something is a security, the SEC has a lot of authority.” Noting he will refer to cryptocurrencies as “crypto tokens,” the former MIT professor emphasized that “a lot of crypto tokens … are indeed securities.” > We will be working with Congress, and if they see fit, to try to bring some protection for people that want to invest in this speculative asset class. https://www.sec.gov/spotlight/cybersecurity-enforcement-actions https://www.sec.gov/spotlight/cybersecurity-enforcement-acti... ("SEC Digital Asset/ICO enforcement actions") https://www.ropesgray.com/en/newsroom/alerts/2021/March/The-CFTC-Signals-New-Era-in-Enforcement-of-Cryptocurrency-Trading-with-Action-Against-Antivirus https://www.ropesgray.com/en/newsroom/alerts/2021/March/The-... ("The CFTC Signals New Era in Enforcement of Cryptocurrency Trading with Action Against Antivirus Software Pioneer John McAfee") https://www.natlawreview.com/article/cftc-s-approach-to-virtual-currencies https://www.natlawreview.com/article/cftc-s-approach-to-virt... (The CFTC has taken the position to apply “robust enforcement” to “prosecute fraud, abuse, manipulation, or false solicitation in markets for virtual currency derivatives and underlying spot trading.”)

Galanwe 5y ago

Regulation does not exist to prevent people from taking risks. It exist to prevent people from buying something with a risk profile that they do not understand. Spot cryptocurrencies are not a complex product, so very little need to protect retail from it. The risk is first order and easily understandable by retail investor. At least as much as going to a casino. What requires regation are sophisticated products where the risk/reward is more complex, such as (inverse) futures, which require understanding margining, leverage, liquiditation, etc and would be really deceptive for a retail investor. AFAIK crypto futures are already forbidden for retail in US & UK and require to be institutional/HNW with KYC. As for the token themselves, regulation is there too, there are clear distinctions for most regulator on utility, security, commodity tokens, etc.

arisAlexis 5y ago
> Spot cryptocurrencies are not a complex product. This is certainly not true. The highest ranking economists would have a month long debate on if there is intrinsic value or not and how to value their network effects and still come out with no consensus. It couldn't actually be further from the truth that these are simple instruments. The risk and utility of those are totally unknown. At least in a startup that makes EV cars you know that if they sell X cars you will get Y money.
- Galanwe 5y ago
  The valuation of the product is of course hard to predict, but that is the case for any asset. Don't get fooled, equity prices are not easier to predict than crypto currencies. But I'm not talking about valuation here, but risk profile. If a token value is at $100 and drops to $95, you lost 5%. This is intuitive and simple, there is no surprise or hidden risk. Everyone is able to understand the direct relationship between the price of the token and your portfolio valuation. For derivatives, this is not the case. Depending on your leverage, maintenance margin, etc, a 10% drop in price of the contract can mean game over you lost 100% of your stake. This is the kind of complexity that you want retail investors to be protected against.
lxgr 5y ago

js8 5y ago

So, I am not American, but I am curious, what do you expect from your institutions? Do you expect them to intervene with the markets harsher and sooner? The thing is, lot of people disagree on that one. Also, I feel like in a democracy (yes, maybe US isn't but I am talking about your vision now), institutions are owned by the public. It's the public (i.e. you) that needs to take initiative about what their government should do. Otherwise it just runs on autopilot (which has benefits, too), or is overtaken by business interests. My feeling is that people are actually happy in the bubble. Yes, some if not most are going to be unhappy, eventually, when it blows up. But who should tell them better?

29athrowaway 5y ago

The co-creator of Dogecoin sold his coins to buy a Honda Civic. Now Dogecoin has a market capitalization that is higher than Honda. Why? it doesn't matter. People decided to speculate over the money of Dogecoin, that's it. It doesn't matter that it is a cryptocurrency or that it is based on doge. People will speculate over anything if it's profitable. Frozen concentrated orange juice? Gamestop? Whatever, it doesn't matter.

occamrazor 5y ago
> Frozen concentrated orange juice Is this a movie reference? It reminds me of something, but I can’t say exactly what.
- narism 5y ago
  https://en.wikipedia.org/wiki/Trading_Places https://en.wikipedia.org/wiki/Trading_Places
- deleted 5y ago
  [deleted]
bellyfullofbac 5y ago
Hah, frozen concentrated OJ? Someone's taking ideas from the 80's.. https://www.youtube.com/watch?v=sENssnI9CGc&t=52 https://www.youtube.com/watch?v=sENssnI9CGc&t=52 Actually, looking for a good clip from the movie it's depressing how many people are actually referencing that movie in context of this bubble.
- deleted 5y ago
  [deleted]
- 29athrowaway 5y ago
  Or Dutch tulips if you want.

JumpCrisscross 5y ago

> Fed and SEC etc all claim they want to make things safe for retail investors The Fed makes no such claim and has no such mandate. The SEC does, though it's hampered by its jurisdiction over securities and little else. Cryptocurrencies have succeeded, in part, by branding as and behaving like currencies more than securities. They operate in a space that likely requires legislation to be regulated. > you will see a ton of regulations coming down like SOX to “protect” investors when we could have been protected RIGHT NOW, May 2021. It’s utter bullshit. Rulemaking has a cost, economically and politically. For better or for worse, the most effective rule making tends to be reactionary. Regulating cryptocurrencies now would be political suicide. There isn't a clear cut, broadly comprehensible case for it.

the_local_host 5y ago
> Regulating cryptocurrencies now would be political suicide. That seems like a stretch. Most people wouldn't care, and the institutions that own it haven't bet that heavily on it. It's a fear-of-missing-out trade for the most part.
- consultanturnot 5y ago
  Since you mentioned political, which infers government, what is the impact of cryptocurrencies to governments and the Treasuries if fiat experiences inflation, loss of 'trust', and devaluation? I would likely be more comfortable in a decentralized 'gamble' than the USD or the current banking/financial system.
  - JumpCrisscross 5y ago
    > what is the impact of cryptocurrencies to governments and the Treasuries if fiat experiences inflation, loss of 'trust', and devaluation? Not as much as some people think. We've been on fixed-supply currencies before; built empires, waged wars, and administered continent-spanning states on them. America has experienced inflation without banning the ownership of gold or foreign currencies. (And repressive states have survived, even thrived, after doing both.) If the U.S. Treasury started issuing debt and accepting tax payments in Bitcoin, it prompt a rocky transition. But it wouldn't be unprecedented. Switching to a multi-currency regime would create a short-term (as in generational) boost in compensation for financial professionals, as the entire morass of financial plumbing gets re-written and overhauled. Players closely tied to attributes unique to the U.S. dollar, like printers and SWIFT, would die. Players operating at higher levels of abstraction, securities houses and depository banks, would do quite well. Assuming Bitcoin continues deflating, lenders would do phenomenally.

fallingknife 5y ago

Yawn. People lose a lot of money in Las Vegas too. How about the government fucks off and lets us gamble how we see fit?

bourgwaletariat 5y ago

Bitcoin was a stupid at a penny. $60,000 doesn't make it somehow smarter. Everyone knows. No one is buying it because it's worth anything. They are buying it because they think there's someone more ignorant behind them to believe the lies.

nmz 5y ago
It is, at heart, a ponzi scheme.
- betwixthewires 5y ago
  Well, not a ponzi scheme, but a type of scheme akin to a pyramid scheme, yes. The last one holding bitcoin when the sun burns out is going to be broke. Or whenever it happens. But this situation is no different from any fiat currency, or even commodity backed currency if the commodity has no utilitarian value. Here is a fact: eventually the US dollar is going to become worthless and everyone left holding dollars is going to be broke. The game with anything like this is kicking the can down the road. Anything that is valuable solely because someone else wants it is going to be worthless eventually. That doesn't mean that in the meantime it has no utility.
  - lottin 5y ago
    The situation is fundamentally different compared to fiat currencies. A moderate rate of inflation like we have in advanced economies means that all nominal prices adjust gradually upwards, and this includes salaries. Therefore, for most people, their purchasing power is largely unaffected.
    - betwixthewires 5y ago
      Thats not a fundamental difference with regard to whether this is a pyramid scheme (or a ponzi scheme) or not. The US dollar will be valueless one day. Maybe that day is when the sun burns out. Maybe that day is next week. Regardless, someone is left holding the bag. This is the definition of either of these schemes. Cryptocurrencies are no different from fiat currencies in this regard, though they may be different in terms of technical details, like emission schedule.

throwagrayson 5y ago

I'm seriously scared. I live in Boston and everyone I know is invested in this thing. It's going to be the Holomodor all over again.

hackerbabz 5y ago
Dogecoin will lead to a campaign of forced starvation and genocide?
bboygravity 5y ago
If you're keeping your USD in a savings account I would rather worry about myself if I where you.
- herbst 5y ago
  This. My USD loose value every day, while my crypto just grow. It can turn I know that, but right now and basically the last 2 years one by far outperformed the other. Just compare against a different strong currency to see how fragil the USD is
  - 55555 5y ago
    > Just compare against a different strong currency to see how fragile the USD is I just did. What are you talking about? Please link me to graphs. > My USD loses value every day, while my crypto just grow. I have a good amount invested in crypto, but look at the chart man. We are in-or-approaching bubble gain% levels.
    - herbst 5y ago
      CHF ex. 1$ is like 0.91 CHF right now, was about 0.94 before Boden raised the taxes and closer to 1$ before trump. Meanwhile the value of ETH doubled since Bidens tax raise. Sure it's going to crash, but I'd be stupid to invest money in something that is already crashing for months and years
- danaris 5y ago

bboygravity 5y ago

You say retailers should be protected against themselves through regulation. Interestingly my stance is the complete opposite: the only markets where retailers have by far the best opportunity of making a buck are decentralized unregulated markets. Why do I say this? Regulations of the "normal" (US) financial markets have rigged the game in a completely unfair way at the expense of retail investors and pension funds. They are referred to by institutions as "dumb money". Not so much because retail is dumb at investing, but because they are forced to play by different rules that guarantee that retail loses most of the time compared to the institutions they trade against. If you don't know what I'm talking about or think that I'm a conspiracy theorist, you might want to google: "wash trading" (deliberate illegal price manipulation by trading back and forth between large firms on "the same team"), share rehypothecation / short selling more than 100% of the float, illegal naked short selling, selling of order flow (Robinghood), market makers like Citadel scalping off every single retail and pension fund trade for their own benefit, complex order types at various exchanges that retail doesn't have access too that have been designed specifically to benefit certain trading institutions, metals price market manipulation and so on and so forth: https://www.nasdaq.com/articles/jpmorgan-to-pay-%24920-mln-fine-for-manipulating-precious-metals-treasury-market-2020-09-29 https://www.nasdaq.com/articles/jpmorgan-to-pay-%24920-mln-f... One of the main root causes of this all (including the 2008 crash and the flash crash) is that hedge funds and other institutions have been in bed with the SEC. AKA: corruption and conflicts of interest. In the many cases where the SEC takes action, the fines are completely disproportional (way way lower) than whatever the institutional criminals made with their behavior. Example: the almost 1 billion USD fine that JP Morgan paid in the link above is a fraction of what they made on metals market price manipulation. This means that retailers (the poor and middle class) are essentially paying a "tax" to the rich through the money they lose on trading against big firms. All of the above is almost certainly still ongoing, because: why wouldn't it be? Nothing changed. The fines for cheating are still tiny compared to the gains. Here's an interesting interview with an ex-high-frequency-trader (Citadel) about the types of conflicts of interest (and cheating) in that type of trading. In case you're curious for more substantiation of my weird opinion: https://www.youtube.com/watch?v=AYct0XX0uTU https://www.youtube.com/watch?v=AYct0XX0uTU Besides. IMO the adequate article title should be "What Happens to Stocks and Cryptocurrencies When the Fed NEVER Stops Raining Money?". For the past 20 years the trend was clear: lower interest rates, negative interest rates and now helicopter money. Why would the FED stop now? or in the future? I don't see how they could? Assuming I'm right this means that a guaranteed way to lose buying power is to keep your savings in USD. Do you know that joke about the FED raising interest rates? Right. They didn't and won't. (just my opinion) All of the above is why companies like Tesla starting buying crypto (Tesla was almost shorted into bankruptcy. Likely by Citadel and the Bill Gates family fund among others) and this is why Elon Tweeted something like "Bitcoin, in retrospect it will seem inevitable". I believe he's just venting his frustration about the rigged unfair markets that almost cost him his company. To me personally those Tweets made a lot of sense instantly.

lend000 5y ago

What? Protected how? People see things they don't like and demand that the government "does something about it." It's a natural reaction, but it's exactly that kind of reaction that leads to legislation like the Patriot Act. As far as anyone currently knows, free markets have cycles and there isn't anything you can do about that. Central planning historically goes a lot worse. Perhaps just assume that the winners in the market cycle will on average be more productive deployers of capital than the losers, and that all the losers participated willingly in something they knew was a meme?

devwastaken 5y ago

It's a bold new world of investing no longer controlled by behind doors paperwork, government, and traditional brick and mortar business names. Whom exactly are we protecting? There's no hidden costs, no hidden contracts or things you didn't sign up for. Simply 1 doge is equal to some amount of USD. It may go up or down. Investing is and always has been a more sophisticated game of gambling. At least here it's over hashes, and not irreplaceable needs like land/homes. I don't see how they're meant to be "helping". That'd be like if the government swooped in to save your companies stocks from falling. What conspiracy is there here? Value has always been what we believe it to be, or what an authority says it is. There is no inherent value to anything. Gold/silver are just as valuable as some doge hashes.

viraptor 5y ago
> There's no hidden costs, no hidden contracts or things you didn't sign up for , no protection against collusion, no rules against "insider" trading (as in, people acting before publishing token information, groups orchestrating pump&dumps), no rules about publishing false information about companies/projects, etc.
- bruce343434 5y ago
  > no rules about publishing false information about companies/projects, etc. This is already covered by slander and fraud laws
  - sudosysgen 5y ago
    That can't be enforced much of the time because there is no regulation to enforce the identity and details of the project founders.
  - viraptor 5y ago
    Slander doesn't apply to your company saying things about itself. Fraud doesn't easily apply to people outside of your country. (Especially if you don't know where they are)
- 5y ago

loopz 5y ago

Assets tied to crypto are stated to be full risk. Institutions mandated to inform regulations might make you lose full investment overnight. On what grounds should we (not they) do more, and wouldn't that fuel even wilder conspiracy and self-victimization? /Devil's advocate

deleted 5y ago

[deleted]

nathias 5y ago

Dogecoin is not a joke, it was made for adoption of crypto with its large quantities and tipping community and it very much succeeded in doing that creating a great decentralized cryptocurrency. What its price is is irrelevant and for me even the worst of crypto is much much better than fiat.

jsf01 5y ago

How do you propose the SEC protect investors from this “malicious bubble”? Would you make it illegal for me to buy into a joke cryptocurrency or any other sort of bubble? And who ultimately gets to decide what’s a bubble that we dumb money need to be protected from vs something that is just in its infancy or whose potential despite risks is greater than its current value? People use this sort of “protect the retail investor” rhetoric so often to reduce the capabilities of retail investors to participate in markets. This sounds like more of that.

noxer 5y ago

>SEC etc all claim they want to make things safe for retail investors Completely wrong. There is no "safe", risk/reward is always balanced. The SEC is supposed to prevent people form being mislead, tricked, scammed whatever you wanna call it. That's absolutely not the same as making it "safe". If you buy crypto today you are either uninformed or you know the risk exactly. Both ways its your fault and not the SECs task to prevent you from buying stuff.

koonsolo 5y ago

> Dogecoin is at $0.60. This cryptocurrency was made as a joke. That’s really all you need to know about it. As I understand it, the dogecoin creator tried to show us how it basically has no value since anyone can create a cryptocoin. We surely proved him wrong :D.

jVinc 5y ago

> Dogecoin is at $0.60. ... That’s really all you need to know about it. I have a rock based currency worth 1$ per rockcoin. Not anything impressive about that at all. What is impressive about Dogecoin currently isn't the exchange rate, it's the $78 Billion market cap and the fact that the market has liquidity at that market cap. The unit price of something you can almost arbitrarily subdivide isn't really worthwhile mentioning on it's own. Without additional information, it might just be another rockcoin isolated with a hypothetical or low total value.

mrkramer 5y ago

With Crypto people are just being people. They jump on bandwagons on all kind of hype trains are ride it but when the music stops harsh awakening begins. Bitcoin was not the first electronic currency or even first cryptocurrency but it was the first one decentralized and with open transparent database of all transactions not anonymous, criminal and anarchist let's destroy government thing. Egold and DigiCash failed because of the things aforementioned but cryptocoins will fail because of the wild "pump and dump" schemes going on over and over again. And I hate to see celebs and CEOs like Elon Musk jumping on it only because it is fun. Musk could talk about technology behind Bitcoin but he chooses to promote DogeCoin/s because of the memes and lolz. I would personally prefer US banning cryptocoins and then bringing some act and approving them one by one. This is nothing Satoshi envisioned for Bitcoin; wild market speculation and manipulation construct it was meant to be "A Peer-to-Peer Electronic Cash System".

smsm42 5y ago

Nobody needs to be protected from Doge. If there's a plausible argument that we need protecting from foreign terrorism (maybe not by means of security services clandestinely surveilling every citizen 24x7, but by some means at least), nobody is forced into dogecoin. Nobody has dogecoin as their only investment option - in fact, most prominent crypto exchanges don't even support it, and average retail investor doesn't even use crypto exchanges - they use Fidelity and Schwab, where there's no way to buy dogecoin at all. The idea that some naive investors somehow could be trapped into this and are in desperate need of "protection" RIGHT NOW is complete and utter bullshit. Everybody knows it's a wild gamble, some do it out of greed, some do it out of YOLO, some do it because it sounds fun thing to do, whatever floats your boat. But let's not pretend anybody needs protecting from something they chose to do and went to a great length to get done.

anm89 5y ago

That's the grand irony to me. People construct all these bizarre theories to justify narratives to themselves when the real "government plot" is always in plain view and it's so painfully obvious : direct the money to where it is convenient to go. I call it a conspiracy of boredom. If the average person knew all the details of how our monetary system worked, they'd be in the streets throwing molotov cocktails. The problem is that the details are just too boring and complicated for a vast majority of people to be interested in so nobody cares. The Matt Taibbi articles of the 2008 era attempted to get people interested but covering it in sex drugs and rock n roll and putting it in rolling stone wasn't enough to get anybody interested.