Crypto discussion

Montoya

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I thought we should just start a thread on this topic rather than keep talking about it in the Disco Lando DOGE thread.

Its been an interesting week so far.

Elon tweets out that Tesla is no longer accepting BTC because energy consumption reasons, which are not necessarily true .

Then he says he is working DOGE devs to improve DOGE, but the DOGE github has been dead for 2yrs.
 

Aramsolari

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I thought we should just start a thread on this topic rather than keep talking about it in the Disco Lando DOGE thread.

Its been an interesting week so far.

Elon tweets out that Tesla is no longer accepting BTC because energy consumption reasons, which are not necessarily true .

Then he says he is working DOGE devs to improve DOGE, but the DOGE github has been dead for 2yrs.
Yeah I dunno what he’s doing and I definitely don’t trust him. The fundamentals of DOGE aren’t sound. There’s something like 140 billion tokens floating around with no cap. The only reason it’s going up is because of this recent pump. There is zero institutional support and I really believe it’s recent ‘success’ only reinforces the general view of the public that crypto is all a big scam.

oh and a handful of whales hold the majority of DOGE. That can’t be healthy.
 

Shadow Reaper

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I'm not a financial wizard, but maybe that is why this seems simple to me--I can see the forest through the trees.

Currency represents work. We pay currency for a product or service, and it is moderated by a sovereign, who's job it is to see our work is not devalued.

Back in the 70's? there was something called the "Feister Barter Method"(sp?) that popped up, but after a while it died because sovereigns refused to consider it a legitimate coinage. That is really what ought to happen to all crypto currencies, IMHO. Its just a pyramid scheme or ponzie scheme. Look at the definition of the scam I'm talking about and see if it doesn't fit what crypto is all about.


What most peoiple fail to recognize about economics and energy production is that money represents work, and energy is literally "the ability to do work". As energy prices go down, all of our labors purchase more and accomplish more, and add to the prosperity of every person. It ought to be a prime concern for any world leader to drive energy costs DOWN as much as possible. Which is why we're all entitled to think POTUS and his mad clan deserve to be imprisoned.
 

DirectorGunner

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I think it's all marketing BS and whatever else to leverage the market for profit. It's common knowledge IMO for years that BTC and other proof of work coins use a lot of energy. Hell even the lottery ticket bases coins that supposedly were supposed to only use up space.. use a lot of energy. And energy has been mostly fossil fuel because nuclear scares everyone. New nuclear designs are more fail-safe so that might change in 10 to 20 years. I dunno, it's a complicated mess that has a lot of moving parts.

I am curious how much BTC was sold off by Tesla before that announcement.
 

Radegast74

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I thought we should just start a thread on this topic rather than keep talking about it in the Disco Lando DOGE thread.

Its been an interesting week so far.

Elon tweets out that Tesla is no longer accepting BTC because energy consumption reasons, which are not necessarily true .

Then he says he is working DOGE devs to improve DOGE, but the DOGE github has been dead for 2yrs.
HOLY (unregulated) MARKET MANIPULATION, BATMAN!
 
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Jolly_Green_Giant

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I decided to take some money and blow it on dogecoin and bitcoin the same way id blow it on jpegs. I didnt want to try and set up a wallet and get involved with binance / coinbase or any of the other exchanges just yet so I started with robinhood. I might put some money in some actual stocks but who knows. I don't trade or invest outside talking to a guy at edward jones about my mutual fund so this is all new. Half my investment went to btc, the other to doge, and so far i havent lost any money.
 
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Montoya

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The fundamentals of DOGE aren’t sound. There’s something like 140 billion tokens floating around with no cap.
10,000 new DOGE minted every minute, 14.4M every day.

At current prices that means roughly $7M of fresh buying to meet the supply, also assuming all miners are immediately selling, which they are not.

DOGE is holding up because demand is outpacing supply right now.

What happens when Elon finally gets bored of it?

The entire future of DOGE is dependent on one man tweeting about it.
 

Bambooza

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Currency represents work. We pay currency for a product or service, and it is moderated by a sovereign, who's job it is to see our work is not devalued.
The issue is even with state sponsored currency there is the real possibility that they will print to much currency for the market and cause it to spiral into a hyper inflation situation. The truth is outside of physicalized assets any notion of a currency or stocks worth is what another person is willing to give for it.

My biggest issue with DOGE is its intended inflation rate which means outside of using it as an intermediate step in trade it itself has no value and attempting to keep it has the potential of losing value, we currently see its worth increasing but that's only when compared to its exchange rate based upon its current demand and limited supply. And this limited supply is only because people are sitting on their purchase instead of utilizing it for some sort of exchange.

For me DOGE's built in inflation is an interesting concept but I am not sure the constant rate of inflation is going to make it have any sort of length of life given as soon as the demand for it slows down it has the very real potential of quickly becoming worthless.

Bitcoin has the advantage in it has a very real limit to the number of coins that will ever exist. Much like stocks being traded on the stock exchange there is a finite number and thus demand is kept elevated. Its greatest limitation is the length of time between when a transaction is initiated and when its finalized in a blockchain (~ 1 hour) as well as the cost of processing the transaction.
 

Shadow Reaper

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The issue is even with state sponsored currency there is the real possibility that they will print to much currency for the market and cause it to spiral into a hyper inflation situation.
Yes. Any time a government prints money to pay for anything, they devalue everyone's work. That is the opposite of what a good sovereign should do.

BTW, when people compare the US to Scandanavia as per social services, they forget two things. First off, that the US paid virtually all the defense costs for all Western Europe for more than half century, because we were tired of fighting their wars for them. Secondly and more importantly, countries like Holland, Denmark and especially Sweden collaborated with the Nazis and enriched themselves selling to them when no moral nations would. That money was then invested in a national fund (in Sweden), that pays for much of Sweden's social needs today.

The point is that the sovereign did what it believed was in the best interests of its people. You can make a moral argument against Nazis collaboration, but not against the government doing what it believed was in the best interests of its people. You can see the benefits here more than half century later. If more nations acted on the interests of its people rather than on the individual self interests of their politicians, Democracy would work far better than it does.
 

vahadar

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Yeah I dunno what he’s doing and I definitely don’t trust him. The fundamentals of DOGE aren’t sound. There’s something like 140 billion tokens floating around with no cap. The only reason it’s going up is because of this recent pump. There is zero institutional support and I really believe it’s recent ‘success’ only reinforces the general view of the public that crypto is all a big scam.

oh and a handful of whales hold the majority of DOGE. That can’t be healthy.
Musk have always said he missed the right moment to invest in BTC and he regretted it. So I bet he is pumping Doge to get his own BTC momentum...
 
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