Unpopular Opinion: Tesla Accepting Dogecoin isn't a Good Thing.
Our boi king Elon has done it again. He has successfully pumped Dogecoin for the 100th time. Wow. Amazing. DOGE to the moon. Right?
Tesla Officially Accepting DOGE. Kinda.
Around midnight yesterday, Elon Musk tweeted that Tesla is now accepting Dogecoin for merch. A lot of the headlines I saw were just saying Tesla was accepting DOGE so I'm sure people assumed for cars as well. This is not the case, as DOGE can only be used as a form of payment for Tesla merch. A very limited selection at that. There are definitely some caveats to note when paying with DOGE too that can be found in the FAQ section on the website. The most notable caveat to paying for items in DOGE is that no returns are accepted. They also state that if an order is over-paid in DOGE, the overpayment amount will not be refunded. That's kinda shitty, Elon. Don't you have enough money as it is?
Orders paid for in DOGE can not be canceled and payments can take up to 6 hours to confirm. Very efficient. Such impress. If it was going to be like this, they could have just started accepting Bitcoin again as well. They stopped accepting Bitcoin some time ago due to its supposed impact on the environment. Do they not know that DOGE is a proof of work crypto as well? It has to be mined just like Bitcoin. Nevertheless, I'm sure DOGE fanatics are bursting at the seams now that they can grab themselves a Cybertruck themed whistle for only 300 DOGE or about $55. Why anyone would waste their fiat or even their DOGE on this will always be a mystery to me, but what do I know? I'm not a multi-billionaire troll that's able to pump crypto with a single tweet.
But Phill, you said it isn't a good thing...
That I did. I firmly believe that. Tesla accepting DOGE isn't necessarily a good thing for a few reasons. Sure it gives overall crypto a little bit of attention, but at what cost? Over 50% of crypto investors started in 2021. That means that a large portion of people holding crypto, or DOGE specifically, are noobs. DOGE literally has no intrinsic value because it was created as a joke. It is highly inefficient and has crazy inflation. There is no supply cap and there's over 5 billion new DOGE created every year. Elon Musk tweeting and pumping DOGE is so disgusting to me because I'm thinking about the crypto noobies. Imagine you're a new investor and you buy DOGE because Tesla is accepting it then goes down in value after the little bit of hype. You bought at the top and now you might be scared and sell for a loss. This happens way more than people realize with shitcoins. Am I calling DOGE a shitcoin? Yeah, kinda. It's literally only relevant because Elon is a giga-troll and keeps pumping it. He will continue doing this until people stop paying attention to it, which they won't. If you're going to accept cryptocurrencies, accept the ones that have actual utility and value. Don't pump DOGE because you think it's funny. If we want the general public to take crypto more seriously, meme coins shouldn't be the center focus. Don't be sheep.
Thanks for reading! Much love.
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I take a different view of things.
People who are noobs and lose their money get what they deserve. That is the price of education in markets. If anyone is buying DOGE because Elon pumps it or because Tesla accepts it for merchandise, then they get what they deserve. Sorry but that is how markets work.
Time for people to grow up. They want freedom then whine when they lose money. Just like those who filed a lawsuit against Kardashian and someone else because they lost money in EthereumMax or something. If you are buying a token because she said to, again losing money is deserved.
As for Elon, didnt he just make a use case for DOGE. While people can not like what he does, he obviously is doing more than just pumping it since he actually created a sink.
Sorry but not trolling if you have a $1 trillion company that accepts the token as payment, even if it isnt across the entire product line.
Remember when people said he was pumping Bitcoin and shilling that turn. Turns out Tesla bought $1.5 billion and rumors are SpaceX and him personally brought that to $5 billion.
So Elon shills yet a guy like Michael Saylor is an industry icon because he floats debt to buy Bitcoin?
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Fair points. He did technically create a use case for DOGE. That doesn't make it any less of a shitcoin in my opinion. In terms of noobs buying based on news, I agree that they should have to learn the hard way like the rest of the market. I just don't think it should be by getting rekt by one of the richest people in the world indirectly.
If he was actually serious about accepting DOGE as a form of payment, it should be across the board. Cars and all. Not just pointless toys and $100 belt buckles. That's why I called it trolling.
As far as Michael Saylor being an icon, all I can say is meh. He's just a dude that buys bitcoin just like Elon.
I actually find it a great thing, It gets crypto out to the masses and last time it got other places looking into crypto as a payment
Crypto adoption is good. Dogecoin being the one in the news isn't in my opinion.
Yeah agreed, It could be much better coins but doge has been the one before with Nascar sponsorship and I think a few other things along the way.
The most hilarious and ironic outcome is usually the most likely, I guess.
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As LIL BUBBLE says, "We are not friends with Elon anymore".
U might be wondering when we were friends? When he talks about btc, don't pump or dump it and not eco-friendly fake concerns. He was actually helping hodl gang, bit gang, lite gang, blockchain.
Blockfolio is the new protfolio.
Most of words are referrence to singers.
Haha Lil Bubble is so woke.
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There is a dose of irony in the events surrounding this announcement and adoption.
Doge was chosen because it was cute and funny, no real fundamental values were ever taken into consideration and this whole mess will probably come with big consequences to token holders in due time but here is another interesting fact.
The creator of Doge made a post on Reddit yesterday calling all that oppose this form of adoption gatekeepers.
The post was later removed by the mods and Billy deleted all of his comments because some rule was broken in the sub.
My takeaway - So-called crypto experts can't see beyond their nose and waste energy calling out critics as gatekeepers while getting slapped in the face by the one and only gatekeeper in this space, centralized platforms such as Reddit.
Seems to me they aren't here to solve serious issues, they are only here for clout.
The end product is people spending 50 bucks on whistles. I love crypto btw.
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Wow! What an idiot. haha. I love the irony here... Better go get my giga-chad Tesla belt buckle real quick.
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I really wonder what is going on in Elon Musk’s brain sometimes… so weird to put yourself forward to be targeted by sound investors, US governments and so forth. What does he have to gain in these stupid DOGE tweets !?
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I think his neuralink is on the fritz. haha
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So nice that he is beta-testing it on himself though 😂
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Someone has to study the effects of neuralink on giga-chads lol
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