$DOGE is now available on the eToro platform, does that legitimize it a little bit or is it smoke

originally posted by: ThatDamnDuckAgain
a reply to: putnam6

Greetings, my opinion about DOGE has not changed and won't change in the near future. TA agrees with me on every level I tried.

That's really why I posted this. There is nothing backing up DOGE's performance, except Musk and social media. This is why eToro offering it, is a bit of a surprise. I'm sure they got analytics too.

Was it just to pull in even more novice investors? I could see that it would make sense on some level.

Comparing doge to Ford is like apples to oranges.
I mean, there are paintings out there that have sold for $450,000,000.
Doge is just a coin and by no means is comparable to a company like Ford.

Doge can go as high as you can dream.

I’ve got a ton of doge and I’m dreaming bigly!

a reply to: putnam6

Dogecoin is NOT an asset.

10,000 news coins are mined monthly. There is NO SUPPLY CAP.

Eventually what you will see is a massive capital outflow to other, more robust and useful assets.

originally posted by: projectvxn
a reply to: putnam6

Dogecoin is NOT an asset.

10,000 news coins are mined monthly. There is NO SUPPLY CAP.

Eventually what you will see is a massive capital outflow to other, more robust and useful assets.

The draw is it's De-centralization, no?

a reply to: NightVision

The draw is hype.

There's no value in it. There are MANY other cryptocurrencies with far better decentralization systems in place that don't purposefully lose value over time.

Edit:

Don't get me wrong. I hope the people holding doge right now get stinking rich. But they need to pay attention because the crash is going to be pretty epic considering this has been nothing but a meme pump.

originally posted by: projectvxn
a reply to: putnam6

10,000 news coins are mined monthly. There is NO SUPPLY CAP.

Ethereum has no supply cap and it's currently sitting at 3,300.

Not saying doge will reach that just that not everything has to be capped like bitcoin.

originally posted by: projectvxn
a reply to: NightVision

The draw is hype.

There's no value in it. There are MANY other cryptocurrencies with far better decentralization systems in place that don't purposefully lose value over time.

Edit:

Don't get me wrong. I hope the people holding doge right now get stinking rich. But they need to pay attention because the crash is going to be pretty epic considering this has been nothing but a meme pump.

One could argue there's no value in the US dollar though right? It's only value is that we accept it as currency? Or no? Which crypto would u recommend? Asking for a friend.

I just treat DOGE like going to a casino. I have a limit as to what I spend when I go to our local Harrah's. Once that entertainment money is gone, I don't spend any more. I use money I can afford to lose on it, so I'm not going to go homeless if I hold on to it for too long. (purchased 5000 shares when it was 0.0305 per, so I'm not going to be buying a Ferrari soon, but I'll be happy with the return.).

MLB tickets just bought with doge. Not bad for something with no value.

a reply to: NightVision

One could argue there's no value in the US dollar though right?

Because there's no limit to supply.

It's only value is that we accept it as currency? Or no?

No. It matters how much is in circulation.

Right now the total supply of DOGE is about 130 billion. There is no cap on that. There are no halving events to arrest inflation, there's no layer 2 or 3 development, there's no means to store value.

This isn't good for people. Sure, you may be able to get rich with it for a short amount of time. But as someone who invests heavily in the cryptocurrency and DeFi space, I can tell you that the people who will know when to sell won't be telling you. They're the ones driving the hype.

There is no legitimate reason to treat dogecoin as an investment. It's a joke coin. That's all it is and all it ever will be.

a reply to: projectvxn

I'm impressed ot actually made it this far.

As long as folks understand exactly what they are gambling on.

There are simply no fundamentals for Dodge beyond its intended purpose. A meme coin.

a reply to: FauxMulder

It isn't that simple with ethereum:

twitter.com...

a reply to: projectvxn

I'm not saying ethereum has a major flaw (which is what that Twitter thread is arguing against).

I'm saying it like many other crypto has no supply cap.

If / when doge tanks, I don't think that's going to be the reason.

You need to learn about orders of magnitude.
I’ve a few bits in a few coins. Doesn’t matter whether u have 500 or 1k or 2k in eth or doge , if it rises 10% , which is a great rise , ur still not making lambo money.
You need a coin that’s gonna rise 3 or 4 orders of magnitude , like Btc did, to make ur 100bucks worth a hundred grand, the only way you can do that is spread across few coins, rather than all in on one .
If I’ve 10grand in eth and it jumps 10% I’m 11grand... if I’ve 100bucks in doge and it goes from .03c to 30dollah, that’s lambo money!
a reply to: putnam6

originally posted by: projectvxn
a reply to: NightVision

One could argue there's no value in the US dollar though right?

Because there's no limit to supply.

It's only value is that we accept it as currency? Or no?

No. It matters how much is in circulation.

Right now the total supply of DOGE is about 130 billion. There is no cap on that. There are no halving events to arrest inflation, there's no layer 2 or 3 development, there's no means to store value.

This isn't good for people. Sure, you may be able to get rich with it for a short amount of time. But as someone who invests heavily in the cryptocurrency and DeFi space, I can tell you that the people who will know when to sell won't be telling you. They're the ones driving the hype.

There is no legitimate reason to treat dogecoin as an investment. It's a joke coin. That's all it is and all it ever will be.

Even as a complete novice I agree, FWIW. I'd imagine some think this is GME 2.0, and it does get people interested in the crypto market,which isn't a bad thing

a reply to: putnam6

That's why i'm waiting for the pent up capital outflow that will occur once the whales take profit.

a reply to: FauxMulder

It will be just one of the many reasons.

The TA on doge isn't looking good. This is pure meme-mentum (ba-dum tss).

The basic problem is that code is law in all cryptocurrencies.

There will only ever be 21 million BTC, for instance.

The inflation rate until that number is reached in (roughly) 2140 will be cut in half every 4 years, making BTC ever more valuable over time.

That is all code. The very basis of blockchain is the mechanics under which it operates. Dogecoin's code is designed to essentially cause itself to hyper-inflate. The lack of the TOTAL supply cap with a system like that means that gains are erased with the mere passage of time regardless of what investment is pumped in. The USD with regard to any cryptocurrency (save for a few stable coins that tie themselves to the USD) is a counter value, not an absolute value. Doge is gaining against the USD and BTC out of sheer volume, but against ETH it is losing value, why?

Because against appreciating assets, Dogecoin CANNOT perform. It isn't designed to.

That’s not true. As eth rises, doge has also, and at times performed independently.... but doge def does not correlate to eth .
a reply to: projectvxn

originally posted by: Midnite247
You need to learn about orders of magnitude.
I’ve a few bits in a few coins. Doesn’t matter whether u have 500 or 1k or 2k in eth or doge , if it rises 10% , which is a great rise , ur still not making lambo money.
You need a coin that’s gonna rise 3 or 4 orders of magnitude , like Btc did, to make ur 100bucks worth a hundred grand, the only way you can do that is spread across few coins, rather than all in on one .
If I’ve 10grand in eth and it jumps 10% I’m 11grand... if I’ve 100bucks in doge and it goes from .03c to 30dollah, that’s lambo money!
a reply to: putnam6

Well of course that's a basic concept, but knowing the right ones and there are so many now. Not to mention the old when to buy and when to sell.

I've got a couple of low-cost options and one or 2 I just messing around with, but when you are starting out it's hard to ignore the top few and not have them in your portfolio.