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(1) A thread which is just copy/paste of a chat exchange I just had with a relative who wanted my opinion on DOGECOIN. I realize not everyone will agree with my views here, but it's one person's perspective nonetheless.
Exchange begins in the following thread:
Exchange begins in the following thread:
(2) Him: "I've had some people tell me to get into this Dogecoin? Some tell me to buy others tell me to stay out. What are your thoughts?"
My response: It's an IQ test and a lot of people are failing. It has an infinite monetary supply. People buy it because it 'seems cheap'.
My response: It's an IQ test and a lot of people are failing. It has an infinite monetary supply. People buy it because it 'seems cheap'.
(3) It's not. It's a pump and dump scam run by people who can't do math.
The only cryptocurrency worth owning is bitcoin IMO.
All that said, will people get rich off of DOGE? Sure a few people will. Most people will lose all of their money.
The only cryptocurrency worth owning is bitcoin IMO.
All that said, will people get rich off of DOGE? Sure a few people will. Most people will lose all of their money.
(4) Him: "Ok so I should stay out then? Yeah I'm a little late on the bitcoin lol"
Me: No one is late for bitcoin.
All of these other cryptos behave like penny stocks. If you don't trade penny stocks then you shouldn't trade these cryptos.
Me: No one is late for bitcoin.
All of these other cryptos behave like penny stocks. If you don't trade penny stocks then you shouldn't trade these cryptos.
(5) Yes, people can get rich off of them. They can also lose all of their money. That's how pump-and-dump penny stocks behave.
Bitcoin is the only safe(ish) long term crypto investment. All of the others are hot garbage IMO.
Bitcoin is the only safe(ish) long term crypto investment. All of the others are hot garbage IMO.
(6) If you want to throw $200 at DOGECOIN I think that's fine....but...realize that's basically the same thing as putting $200 into a slot machine. It can be fun. You can even make money. But long term the odds are always against you.
(7) The way pump-and-dump works is people who hold a large amount of a penny-stock (or in this case crypto) hype it up and get everyone all excited about it. When the price rises dramatically based on the hype, the people who hold millions (not $200 worth like the average person)
(8) will dump it on the open market. They make tens of millions of dollars and all of the small guys get rekt. Wash-rinse-repeat, it's a scheme that has worked for decades and so long as there is money to be made, people will keep doing it.
(9) It's basically just gambling. Gambling can be fun so long as you know the risks. Most people don't know the risks here.
It's also a problem of unit-bias. People think bitcoin is 'expensive' and dogecoin is 'cheap, but it's just a unit-bias.
It's also a problem of unit-bias. People think bitcoin is 'expensive' and dogecoin is 'cheap, but it's just a unit-bias.
(10/10) For a single $1 you can buy 1,500 sats. A single bitcoin is composed of 100 million sats. Once you mentally start thinking in terms of 'sats' bitcoin doesn't sound so expensive. There are only 19 million bitcoin.
There are over a hundred billion of DOGECOIN!
There are over a hundred billion of DOGECOIN!
