Doge is just a coin with a dog on it
Today I read an interesting article where the doge coin creator calls crypto a scam. I have to say that it is an interesting article because it has lots of facts in it. He mentions that cryptocurrency was primarily created for the following three things such as tax avoidance, diminished regulatory oversight, and artificially enforced scarcity. There were also many other points specified in this context.
I personally see Dogecoin as just a coin with a dog on it. Other than that I don't know what real-world problems this coin is solving or compared to so many coins out there, whether it is really worth investing so much on this coin. I understand that not all the coins are solving real-world problems but still, we shouldn't be purchasing a coin just because it is a cryptocurrency right?
I think most of the trading that is currently happening on this coin is because this coin has a few advantages in terms of transaction fees. People have created lots of FOMO on this coin and that's what pumped the price to almost 60 cents in the past bull run. Even now the price of the coin is pretty strong and there are still people getting their hands on Dogecoin.
Should you invest in Dogecoin?
When we have so many coins out there to invest, people have this feeling that they shouldn't miss investing in Doge. I guess that's quite common. One of my friends from the fiat world recently asked me if it is good to invest in Dogecoin and he also asked me how he can invest.
Surprisingly he didn't ask me about Bitcoin or any other cryptocurrency but Dogecoin. I guess it is all because of the FOMO created in social media where Elon Musk talks about Bitcoin. I would personally ask him to give me 10 strong reasons why we should be purchasing Doge. I don't know if they will even have 5 strong points to share.
But yeah in my opinion I would say that there is no harm in having a few Doge in our collection from a trader or investor perspective. Even though the coin has no big use case compared to other better coins, it is quite popular because of the FOMO. At least for that reason, we have to keep it in the portfolio because anything can happen in the future. For no reason, Doge can pump to even 5$ who knows.
Sometimes I use Doge to transfer funds from one exchange wallet to another as the transaction cost is cheaper. But recently after Doge had a nice pump, there are also cheaper coins out there if we want to move funds from one exchange to another. I would personally say that it is a high risk if we are planning to do investment on Doge because the fundamental use case for the coin is very limited.
Most of the coins in the world are backed by just two factors. Either the use case or utility of the coin or how popular the coin can get. Marketing plays a vital role in this. If you would like to launch a coin and make it as popular as Dogecoin, find someone like Elon Musk to talk about it. Even if your coin has no utility but just a coin with a sheep on it, it will become popular.
So, for me, I think Dogecoin is nothing but just a coin with a dog on it.
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Literally just a coin with a dog.
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Yes but as someone mentioned above it is maybe better than the Fiat that is just a note with a face in it. 😀
Literally just a coin with a dog.
Posted via neoxian.city | The City of Neoxian
That went from .002 to .74 ,… turned $10 into $5,000 … pretty nice doggie
Yes it did pump really well. Still the major volume of Doge is only among a few wallets. Also Doge has an unlimited supply. If a big stake holder decides, they can easily bring the price down with a huge dump. I'm sure even Elon Musk would hesitate to purchase and balance the price if something like that happens.
Elon Musk said he bought some for his son.
It has tons of use cases. Many of us are earning Dogecoins watching videos on HideoutTV.
Is it really worth it? How much $ are you earning from the platform? By the way I wouldn't consider those off chain rewarding things as a proper usecase. It is more like someone choosing the popular coin out there to reward users using their project. It is not usecase in my humble opinion.
I earned about $3,000 USD so far posting my videos on HideoutTV …(over 10 Million views on my videos so far) … and I earned about $10,000 USD in Dogecoin from watching other people’s videos. I converted most of my Dogecoin to Bitcoin though. I’m not sure what you mean by “use-case” … but if I’m making $13,000 USD a year I’m pretty happy. I have only ever earned $5,000 from my YouTube Channel….
Offgrid TV on HideoutTV… https://hideout.co/userchannel/offgrid
That's definitely a good number. I appreciate. But this is more like someone decided to use Doge to reward people on their platform. But what I'm talking about is the blockchain itself doesn't have big significance. But yeah things like this is very good.
The network effect is very real. Ultimately it will bring to life tokens that many perceive to be worthless. Many are still stuck in this $$ illusion. Just like those Fed notes with pictures on them.
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Yes I agree that a coin with a dog on it is far better than the FIAT note with a face on it. 😀
Dogecoin, litecoin, dash, monero, most of other coins with no smart contracts are literally forks of Bitcoin, and Bitcoin itself is just a coin with a “B” on it. To me ERC20 tokens are cheaper (in terms of fees) and more useful
Yes indeed they are forks or just coins that came out with the same concept.
But no way I would call ERC20 tokens cheaper. Ethereum is the best in terms of technology but worst in terms of transactions. The gas fees concept is horrible and it is a pain for day today day users.
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Maybe he is calling crypto a scam because he missed out on Doge. But I agree that 99% of coins are a scam, but not all.
Yeah maybe. Most of them are avam and Ponzi and people don't know about it and the crowd that enjoys the profit wouldn't agree on that. 😀