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Anyone else in dogecoin

Beerfacedlegend

By Beerfacedlegend,
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PanthersATL Grand Master

PanthersATL

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Serious question: Can someone explain to me *why* someone would want to invest in cryptocurrency (any crypto) vs putting the same money into a traditional investment product?

I recall someone saying that crypto pricing isn't really tied to any particular financial data, but is solely based on supply/demand/what someone else will pay for it.  Which isn't really an "investment" as much as it is shuffling deck chairs around / a glorified eBay.

Using dogecoin as an example, as others have said here earlier, the fact that its price seems connected to Elon's tweets isn't exactly a good or predictable business model.

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CRA Grand Master

CRA

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49 minutes ago, PanthersATL said:

Serious question: Can someone explain to me *why* someone would want to invest in cryptocurrency (any crypto) vs putting the same money into a traditional investment product?

I recall someone saying that crypto pricing isn't really tied to any particular financial data, but is solely based on supply/demand/what someone else will pay for it.  Which isn't really an "investment" as much as it is shuffling deck chairs around / a glorified eBay.

Using dogecoin as an example, as others have said here earlier, the fact that its price seems connected to Elon's tweets isn't exactly a good or predictable business model.

I think some for blockchain stuff is interesting and I would assume some aspects of the crypto world will bleed over.  Especially as the world gets smaller, we continue to move online and seek to move faster.   I think there are some legit projects trying to do some good big picture things.  

I don’t call it investing.  I think it is worthwhile to speculate in it if you have money you don’t care about.  Most of it will go away.   

But I still don’t get Bitcoin at this point.  Seems already outdated and old vs the field (and we are still in the speculation era) ….and IMO it’s now being pimped as digital gold because everyone knows it won’t serve a functional purpose in this space down the road vs what others are doing. 

A lot of it IMO is just digital beanie babies and garbage.  Most of it.  You aren’t going to want to be sitting their at the end with them.  But you can defiantly make some short term cash doing that.   

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amcoolio Mentor

amcoolio

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2 hours ago, PanthersATL said:

Serious question: Can someone explain to me *why* someone would want to invest in cryptocurrency (any crypto) vs putting the same money into a traditional investment product?

I recall someone saying that crypto pricing isn't really tied to any particular financial data, but is solely based on supply/demand/what someone else will pay for it.  Which isn't really an "investment" as much as it is shuffling deck chairs around / a glorified eBay.

Using dogecoin as an example, as others have said here earlier, the fact that its price seems connected to Elon's tweets isn't exactly a good or predictable business model.

Depending on the coin (not dogecoin, which is flawed), most cryptocurrency is deflationary whereas the US dollar infinity inflates. That's why Bitcoin is big even though it's ancient, there's only ever going to be 21,000,000 bitcoin and an estimated 25% of those are already lost into the void. It's also shaping up to be a world currency that holds the same value for anyone in the world, and more and more merchants are accepting it as payment.

In my opinion, we have yet to discover what the worldwide mass adopted cryptocurrency is that we use for everyday payments, and when that coin is discovered, its going to make some people an assload of money. Like billions and billions of dollars worth of value. Bitcoin is not sustainable and Ethereum has problems too. Dogecoin is mined too easily.

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CanePantherHornet Proficient

CanePantherHornet

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3 hours ago, PanthersATL said:

Serious question: Can someone explain to me *why* someone would want to invest in cryptocurrency (any crypto) vs putting the same money into a traditional investment product?

I recall someone saying that crypto pricing isn't really tied to any particular financial data, but is solely based on supply/demand/what someone else will pay for it.  Which isn't really an "investment" as much as it is shuffling deck chairs around / a glorified eBay.

Using dogecoin as an example, as others have said here earlier, the fact that its price seems connected to Elon's tweets isn't exactly a good or predictable business model.

It's easy to explain. The stock market is slow moving and there isn't really a feeling of being able to change your entire life based on it. In crypto people are constantly talking about their investments x100, x1000, etc. 

 

A lot of people want to say differently, but its a casino that can make you filthy rich if you play it correctly.

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CRA Grand Master

CRA

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On 5/19/2021 at 12:52 PM, amcoolio said:

Had three coin holdings go over a million dollars and I sold early for 2-5K gains. 

It hurts, but I've learned a lot this year. I think Crypto is here to stay too.

hey, at least you didn't invent dogecoin and then sell it all for a busted up and used Honda Civic.  No matter how bad you do....someone always does it worse. 

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amcoolio Mentor

amcoolio

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On 5/20/2021 at 1:18 PM, CRA said:

hey, at least you didn't invent dogecoin and then sell it all for a busted up and used Honda Civic.  No matter how bad you do....someone always does it worse. 

True. But to happen three times with three different coins is horrible!

Had 1 billion HOGE...sold for $2K a month later it was $990K

A shitload of FEG...sold for $2K two months later $1.2M

350B Elongate....sold for $5k a month later was on the JIMMY KIMMEL Show and was ~$800k

I feel good about my holdings now though, if stupid Elon Musk shuts up and China gets their act together

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