Majmun
Member
This has been said for years now.
You just don't know which crypto is "not worth getting" because the current crypto market is very unpredictable.
-
Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.
Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
This has been said for years now.
You just don't know which crypto is "not worth getting" because the current crypto market is very unpredictable.
Infiltrator Irelia
Banned
Being a "joke" is no longer a valid reason to ignore it.
QuantumZebra
Member
That's what I see on most sites (Reddit, forums, etc)... but how the hell does a complete joke currency net a multi-billion dollar market cap? IIRC I saw where Dogecoin will exceed the valuation of some third world nation's currencies soon, if it hasn't already. Doesn't that make it viable?
QuantumZebra
Member
That's where I'm at.
Beyond being a crypto that is fiat (not limited or backed by anything other than PoW I believe?) in nature... there's nothing inherently wrong or bad about the crypto afaik.
If companies start accepting it as a currency I'd expect to see the value stabilize and it become used in a "Euro" sort of way. A multinational currency.
gradient
Resident Cheap Arse
But it can't stabilize. It's auto-inflation mechanism means that there are around 14.5 million new coins created every day.
On top of that the majority of the currency is held by a very small number of whales who can effectively push the value of the currency up or down for their own gain or simply on a whim. Destabilizing it is not only possible for them, it's the name of the game and the means by which they increase their wealth. That kind of instability and fragility cannot support practical application as a currency. What retailer is going to want to trade in a currency that can lose 25%, 50%, hell even 90% of it's value in a day on top of a guaranteed loss of value stemming from it's auto-inflation?
It's pumping because of the memes and greed. People see a quick way of getting rich and pile onto it, not bothering to do any research into it and just assuming that something that goes up can and will only continue to go up.
Last edited:
bigsnack
Member
I think it absolutely does. People that don't accept DOGE's new role sound just like the old farts like Charlie Munger. Like it or not, it's time to accept that DOGE isn't really a joke anymore. It could become the biggest delivery of international charity worldwide at some point, you just never know!
bigsnack
Member
Yes, tons of new coins are issued every day. However if nobody puts those available for sale, then they have no bearing on the current price. Sure, if every new coin issued went to the exchange for sale, then yeah DOGE would be a time bomb. That's not what's happening though.
Edit: I don't own any DOGE, I'm just observing.
Last edited:
gradient
Resident Cheap Arse
There's nothing to support hanging onto them. They have no purchasing power and their value is entiely dependant upon an infinitely increasing rate of investment. It's not sustainable and is ever more vulnerable to the very same pump and dump practices that have plagued Doge since it's inception.
Bitcoin grows in value because it has a finite supply. Etherium gows because it has a finite supply and is a lead in the tech. Dot, Link, Vet, Ada etc. all have practical applications and development that will see them offer practical application to support their market value. Doge offers nothing - it was designed as a meme coin and intended to work against the very price inflation we're currently seeing.
Going back to the numbers, at a price of $0.50 it requires investment of an additional 7.4 million dollars per day. That is money on top of the current market cap for a coin that offers no benefits to hold and poses an incredibly high risk for anyone to accept due to it's instability and exposure to market manipulation.
Last edited:
bigsnack
Member
This is the question I'm asking. You are saying that based on coins issued daily, you need an additional 7.4 million dollars of investment per day to maintain a price of .50 But, if those newly issued coins are sitting in a hardware wallet somewhere, and are never brought to market, isn't that statement not exactly true? Isn't that comment based on the assumption that those new coins are immediately brought to market and are a part of the selling liquidity? It doesn't matter if a wallet has 5 coins in it or 5 million, if the owner isn't trying to sell them then those coins should have no impact on the current price whatsoever. Unless all of the crypto trading algos are all based on those basic numbers (Mkt cap / number of coins), and buy and sell based on that assumption needing to be true. RIght?
Last edited:
Smoke6
Member
Man sad thing was same thing was said about Bitcoin and look how that turned out
Irobot82
Member
Doge was worth .0005 cents for 99% of those years.
For those who bought it at .0005 yes. Dumb and super risky to buy now.
I can honestly say I have no clue why. For memes? For fun? It's litecoin with a 1 minute block. It does nothing special.
Bitcoin has a finite circulation. I believe Doge doesn't not.
Also, don't listen to me. buy or don't buy. I haven't a clue.
All I do is buy $50 of BTC every week. HODL on.
Smoke6
Member
I understand but it’s kinda discouraging to keep hearing this and seeing it said week after week and each and everytime doge rises!
so my question to you or anyone who can answer...
how can dogecoin get a cap out on it and if it can and does will the value instantly rise or stay the same?
Ironbunny
Member
Listen to what Charles Hoskinson said about Doge. I have time stambed it below. There is also another good video of him talking about the techicals of Doge and how it is distributed but couldnt find it. I agree on his sentiment that it will do more net negative then positive when all is said and done. I wouldnt mind being wrong though.
Doczu
Member
My dumb question is if the Doge burst (that may happen) will take the market a bit down? There have been a few shifts when doge was going up and down.
And which new coins are looking to have any value? I'm not talking about the next btc or eth, just looking for a long term, stable investment that won't give me an heart attack every other morning.
Any good reads?
And which new coins are looking to have any value? I'm not talking about the next btc or eth, just looking for a long term, stable investment that won't give me an heart attack every other morning.
Any good reads?
mindfreak191
Member
I’m currently filling my bag with OMI tokens, for me it seems like the best long term pick in addition to ETH, they’re basically the first ones trying to normalize NFT’s and they’ve been working hard on securing some big licenses (DC, NFL etc.). I will update this post in 4 years and let you know if I made the right choice lol.
McCheese
Member
Christ, people are buying doge at 68c and expecting to make money? That's not how this works. Sucks that a lot of people's first jump into crypto is going to be a sudden and brutal drop in worth.
The amount of money needed to be pumped in just to sustain the current price is unfathomable.
The amount of money needed to be pumped in just to sustain the current price is unfathomable.
Last edited:
gradient
Resident Cheap Arse
But even your proposition that coins are simply held highlights the flaw in thinking Doge can act as an actual currency in the real world. You're proposing that everyone is going to keep holding onto an "asset" indefinately even when that "asset" is devaluing at a fixed rate. That runs contrary to the purpose of acquiring an asset.
Worse, it means the issue of instability and lack of value assurance would only get substantially worse over time. A currency flowing and in trade maintains a steady price based upon the market traffic and trade that determines it's price. If vast sums are simply hoarded then dumps are far more likely and the market therefore prone to tanking when one of these holders decides to cash in. This is the principle that has been used to pump and dump Doge throughout it's history - large sums used to manipulate the price and causing substantial rises and dips in order to siphon off money for the large holders.
If the value proposition for a coin being taken seriously and used in real world application is reliant upon a steady stream of upward investment from people who are expected to hold a constantly devaluing asset at a loss to themselves then you must see that can't work.
Last edited:
DeaDPo0L84
Member
Will Doge continue to rise until the weekend when Elon is on SNL or will it slowly drop until then? Just need to know before selling and dumping it all into a early crypto cause Doge won't be it for the long haul.
gradient
Resident Cheap Arse
Hard to say. My hunch is it will continue to rise or at least go sideways as we're in the middle of the mania phase right now.
Personally, I'd likely start taking a bit of profit now to ensure you walk away with something. If you want to keep riding the meme train then fair play, but try to keep some perspective and ensure that you walk away with a positive result even if that means sacrificing some thoeretical "moonshot" gains.
Also, don't know how much you have but remember that even if you're moving from one crypto to another, anything you move is subject to tax.
German Hops
GAF's Nicest Lunch Thief
German Hops
GAF's Nicest Lunch Thief
thefool
Member
There might be some insulation that doesn't affect the markets so much. Biggest issue might be related with compliance and regulation going forward when people start losing their money rapidly and start complaining. Doge is mostly fueled by a more widespread community that isn't so involved in the rest of the market, plus degenerate gamblers. Serious market-makers aren't really that deep on doge.
QSD
Member
Irobot82
Member
Robinhood actually worked last night. I had set a DOGE sell at .685. I'm out on that position. Now I am dumping the DOGE in my wallet onto an exchange and setting another sell order. Have fun buying it. It may go to $1 but I feel pretty good next year or so it'll be back down to .005
Should I get greedy and set my sell order to like .745 or just do another .685?
Should I get greedy and set my sell order to like .745 or just do another .685?
Last edited:
gradient
Resident Cheap Arse
So long as you've taken enough profits that you're happy then you're free to ride the meme train to the moon or into oblivion if you so wish.
I half think it's going to continue to pump upto the weekend. The mania is strong and it's getting a lot of press. It all really depends where the players have set their own sell walls and how much more selling pressure it's going to take before the smaller bags start cashing in.
Your call. If you're going to gamble then I'd at least set a sell order somewhere around 0.5 to catch the drop and give you some kind of exit if it hits.
Last edited:
Irobot82
Member
Yeyah. I never had huge positions in DOGE. I'm poors, but I bought well before the surge. I'm well into the 15x my money. I'm selling now to buy a fishing kayak. Trying to time the top is dumb. I thought 69 would be the peak before SNL but now I think the $1 memer's might be stonger.
Smoke6
Member
Can you prove what you’re saying? Like what stock or whatever did you jump in at at a high value when you could have gotten it cheaper?
I mean I’ve been hearing this for a while as I posted above and yet this coin keeps on going!
why does it seem y’all want it to fail so much nor have faith in it when Bitcoin did the same exact thing before it?
Smoke6
Member
Man my gut tells me it’s gonna surge past the dollar either today or tomorrow and lightspeed it’s way up after Saturday and someway some how if they figure how to put a cap on this then imma retire that same day and if not oh well I enjoyed the ride and my investment was a few hundred bucks in the early days
Smoke6
Member
Ok I watched enough and he sounds BIG mad and he goes on to say it’s a pet rock copy cat of Bitcoin!
I do get why he’s mad, but it’s almost the reverse situation with GameStop from my point of view compared to his views on this. Where was he at about those investors manipulating the system and when it backfired was he there to defend those who defended GameStop like he trying to defend his craft over dogecoin?
maybe he should get in and ride the wave like the rest of us and enjoy it, this coin is being accepted damn near across the globe now on many investing sites and apps and I’m quite sure a lot of good is gonna be done with whatever money was made during this ride.
folks have taken care of people most wouldn’t have even bothered helping, some are paying for new homes and kids college funds and enjoying what life has to really offer with this kinda of money and doom and gloom is tak in f that away from people who are on the fence already about this kinda stuff as they don’t wanna miss the next Bitcoin in which HE said himself was exactly a copy of that.
this coin is worth more than quite a few industries that’s been around a lot longer than these coins in a short amount of time, so let us have our fun and get in where you fit in or sit and be like “damn, my scary ass should have tried it was only pennies at the time”!
QuantumZebra
Member
Same I'm just waiting on pulling the trigger to sell.
Michael Vick had a thing for killing dogs.I don't know what it means
but let's keep racin'
I know this all too well as an ATL fan.
Last edited:
Ironbunny
Member
Yea, he is mad about it for sure.
He has been building on blockchain for a decade now. Why would he take part on the stock conversation when hes life's legacy will be on blockchain? Hes cardano just signed a contract with Ethiopia to rewrite their schooling system that integrates 5 million people to the network. Nothing to do with stocks but blockchain and all that will be greatly affected by malicious coin offerings. He just dont want the stigma.
For every winner there will be a lot more losers. You are not taking the money from the _man_ here (imho) like you are with stocks and melvin group. I hope you are right and the coin will find use after this short term bullrun.
QSD
Member
you don't need no ticket you can just step on board, like the song goes
we're on a mission from doge, after all ;-)
ThatStupidLion
Member
if Elon doesnt dress up as a Shiba Inu on SNL then it just proves how garbage SNL is.
sign #2 - look how many rando users have begun to flood this thread of late, and most are all talking about their buys in alt coins trying to catch the knife after the initial hype pumps
sign #2 - look how many rando users have begun to flood this thread of late, and most are all talking about their buys in alt coins trying to catch the knife after the initial hype pumps
Last edited:
{insert code here}
Member
Bitcoin looks bullish AF.
QSD
Member
infinitys_7th
Member
Nexo is fucking down out of nowhere, no message or anything. WTF is this shit? Can't they put up a "Down for maintenance" placeholder at least? I just have cursory knowledge of sites and know that is easy as hell to make. I've got $2k with you, so at least let me know you have not absconded with it rather than just having a blank white screen pop up.
I may just move everything over to BlockFi once they are back up. This is completely unacceptable.
I may just move everything over to BlockFi once they are back up. This is completely unacceptable.
Last edited:
QSD
Member
actually just got a mail from the app I'm using (BLOX) that they're getting overrun so they put a stop to registration and are limiting trades to stuff over 25 euro and 50 euro while they get more servers online
also, Etherium Classic just increased in value like 50% so serious question to all you crypto sages - what's going on with that?
infinitys_7th
Member
Just got off the Ethereum 2.0 staking waitlist on Coinbase. An extra 6% APY on top of it's insane growth looks pretty good for the long term.
Ascend
Member
Most likely people are thinking that since Ethereum went up like crazy, the cheaper more accessible Ethereum Classic might as well. The market is quite irrational right now.
Ethereum classic is pretty much a useless project. It is run by die-hards that didn't want a bug in Ethereum to be fixed, and propagate this "code is law" mantra. I would never invest in it. Even trading it is too risky in my book.
Irobot82
Member
Isn't their biggest gripe the roll back of the blockchain and the fact that it happened? How can you trust the security when they can roll back transactions?
daveonezero
Banned
A fiat currency value is not a valid reason to pay attention to any crypto.
What is the technology? What problems does it solve? How is the team behind it?
I sell shit coins including ETH because of this. I don't care about loosing out. ETH does not fit my values. My portfolio is still insane and my cryptos are more private and anonymous than most of the blockchains people talk about.
Zen and Monero will be around long after dodge bubble.
Exactly why I sold my ETH and all ER20 tokens a few years ago.
Last edited:
Ascend
Member
All blockchains can theoretically be rolled back. It just creates a separate chain, i.e. a hard fork. So theoretically you can roll back Ethereum and get a bunch of it. But no one would use that, because it's obvious that only you would benefit.
As mentioned before, Ethereum had a bug, and someone took advantage of it, making investors lose a bunch of money. They had a vote on what should be done; let things as they are, or roll back the blockchain and create a fork with the issue fixed. You can imagine that the ones that did the hacking preferred to keep the old version, since they got a lot of gains. Majority of other people wanted the roll back.
That is why decentralization is important. For decentralized blockchains, the moment it becomes centralized it loses its value. It also loses its value when no one is willing to use it. If most people wanted Ethereum Classic to be the main chain, it simply would have been.
Maiden Voyage
Gold™ Member
I bought some BTC this morning. Now to sit back and get rich.
