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I can’t understand why Doge is the brunt of all cryptocurrency criticism. It is fair to call it a joke, but it’s very different to call it a scam. First, there
by jl2718 5y ago
I can’t understand why Doge is the brunt of all cryptocurrency criticism. It is fair to call it a joke, but it’s very different to call it a scam. First, there was no genesis allocation. Second, the creator didn’t even mine at all (well, I guess we don’t know). Third, there was no promise made that it would do anything it didn’t do at genesis, and even then it was one of the fastest adopters of what was considered new technology at the time.
A scam would involve a genesis allocation to the founder/promoter, tax or staking rewards to them, aggressive early mining, promises that it would do something that it didn’t do, aggressive promotion to investors at inflated prices, minimal investment of founder rewards into development, and personal use of funds raised.
That describes almost every major crypto project, including Doge because of large early rewards, but far less than almost anything else, and that was somewhat mitigated by constant inflation. It may also be fair to say that Doge was hijacked by just a few miners or wallet scammers on Reddit, or social media personalities. There are big problems with its distribution like any other crypto. Maybe your concerns are warranted, but if so, you should take a hard look at every other crypto, or startup, or stock.
- amitport 5y agoHmmm I didn't mean to call doge a scam... It just an example of the common case where you shouldn't attribute specific cryptocurrency hype to a country. (And I didn't mean that hyped is necessarily a scam.)
- meowface 5y agoDogecoin definitely wasn't created as a scam, and the creator seems totally legit and benign. But, unfortunately, anything with a "penny stock"-like quality is susceptible to manipulation from just about anyone, even if they have no affiliation with the project or its creators/developers.