A Crypto-Currency Based on a Dog Meme Is Now Worth over $1 Billion

Megalith

Megalith

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Dogecoin has managed to increase its price by more than 400 percent despite its origins as a parody coin named after a Shiba Inu Internet meme. At the time of posting, data from CoinMarketCap is showing its market capitalization at $1,726,011,778 USD.

Even Jackson Palmer, one of the founders of the coin, expressed concern about the hyperinflation of dogecoin. “It says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn't released a software update in over 2 years has a $1B+ market cap,” Jackson told Coindesk.
 
And this pretty much summarizes how cryptocurrency works.

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I think I'll start one up with a cat theme (my dogs will hate me until I start giving them filet mignon every day).
 
I knew I should've put my life savings in dogecoin. Who doesn't love dogs?
 
I think most of us know how idiotic this whole crypto endeavor is, even if we don't grasp the nuts and bolts of how it works on a technical level. It's digital alchemy. To wit, various groups are manufacturing a commodity (think gold from lead in the heyday of alchemy). If gold could be brought into existence out of practically nothing, how worthy would it be as a means of exchange? If we were limited to only one cryptocurrency, then it would have value however artificial it might be, but as it is, these things are falling out of everyone's ass under various names (forks).

Cryptocurrency is indeed a giant noxious fart bubble. Don't bother trying to sell me that bridge.
 
Well China is now in the year of the dog and they tend to be very, very superstitious about these kinds of things bringing luck and good fortune. So who knows what the year will bring with Dogecoin.
 
Jailer said:
So don't buy it, just cash in on it before it pops.
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Sure there is a quick buck to be made for those who want to dive in, but I don't need money that bad. I can understand how some might find it fun to play the game, but still . . . it's just a game. There is no serious future there.
 
Some of the coins have inherit value like smart contracts embedded, one has storage capability for data etc. I would not write off all the coins as made up. If some coins can be traded for game assets across different games then that itself would have value inherit to the coin. Big bubble yes but then again current financial system, US $ is also a rather big bubble with printing presses as well going wild.
 
Smashing Young Man said:
Sure there is a quick buck to be made for those who want to dive in, but I don't need money that bad. I can understand how some might find it fun to play the game, but still . . . it's just a game. There is no serious future there.
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And as long as you treat it as such your golden. I'm in for the fun and easy money of it. When it pops, I'll sell my extra cards and keep the kick ass 1080 Ti that I never would have purchased had mining not been an option.

Win.
 
A major cause is the ease to day trade on exchanges. Most cryptocurrrency will fail with no apps, purpose etc long term or governments rally against (xvg potentially for example) the remaining coins will have a real world purpose (xrp, ven, etc or mass computing like GNT) or function as holding currency (btc,ltc) and apps (eth...)
 
Smashing Young Man said:
I think most of us know how idiotic this whole crypto endeavor is, even if we don't grasp the nuts and bolts of how it works on a technical level. It's digital alchemy. To wit, various groups are manufacturing a commodity (think gold from lead in the heyday of alchemy). If gold could be brought into existence out of practically nothing, how worthy would it be as a means of exchange? If we were limited to only one cryptocurrency, then it would have value however artificial it might be, but as it is, these things are falling out of everyone's ass under various names (forks).

Cryptocurrency is indeed a giant noxious fart bubble. Don't bother trying to sell me that bridge.
Click to expand...

Gold and most coin production is fairly similar. Gold can be viewed as "nothing" as long as it is in the ground and not being used/traded. Gold is limited by the amount that exists... Some digital currencies can also have limits, Bitcoin has a total coin limit built in. So end of day both ultimately have a limit in how much can exist. Though Bitcoin for sure could be modified to allow more... Though at this time the virtual scarcity is what gives it value (in addition to demand).


This does not mean its still not a bubble... I just wanted to point out that what we perceive as value is just that perception. That can be created and used in many different ways, like with official currency etc. Diamonds is a good example of a physical product with perceived value and false supply (if you believe diamond miners purposefully hold/limit supply).
 
there is still lots of money to be made, the key is, buy every cheap coin, u bought several coins at the very bottom of the marketcap and they are skyrocketing

that stupid dog coin is still cheap, and gonna keep going up purely because its cheap
 
Smashing Young Man said:
I think most of us know how idiotic this whole crypto endeavor is, even if we don't grasp the nuts and bolts of how it works on a technical level. It's digital alchemy. To wit, various groups are manufacturing a commodity (think gold from lead in the heyday of alchemy). If gold could be brought into existence out of practically nothing, how worthy would it be as a means of exchange? If we were limited to only one cryptocurrency, then it would have value however artificial it might be, but as it is, these things are falling out of everyone's ass under various names (forks).

Cryptocurrency is indeed a giant noxious fart bubble. Don't bother trying to sell me that bridge.
Click to expand...
I thought like you in 2011 when I first was into Bitcoin. I don't think that now.

You are mostly right - most of these coins are stinky bubbles. I believe only a couple will survive.

However, some of these have features that will replace existing financial infrastructure. Banks all over the world are testing replacing their existing transfer system (ironically dubbed "SWIFT") with coins like Stellar, Ripple and NEM. Why? ...because the transmission takes seconds, it's ultra-secure, it's universal, it costs fractions of a penny and can easily convert any nation's currency into another. The current system can takes days to transfer, may have to be manually reviewed, can potentially be hacked and costs more money. Big names like IBM and Google are investing in these cryptocurrencies.

Other coins like MONERO, PARTICL, CLOAK allow total privacy.

Other coins will allow anyone to send secure messages that can not be cracked.

Other coins allow contracts (Ethereum, Cardano, etc.) to be executed where you don't have to place your trust in the financial institution that you are sending the money, to - it automatically pays out, once the terms are completed. You can have an ultra-secure cryptographic escrow.

The market cap of all cryptos is now over $800B and climbing rapidly. The technology will change the future.
 
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It kills me, i used to mine 70,000 doge a day. I NEVER EVER thought they would sell for 1 cent each, and here they are about to hit 2 cents each. That aside, i am very happy to see bitcoin dominance plummeting. A month ago bitcoin was 50% of the total market cap of crypto, its now around 33%
 
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