Yeah, Doge is it in terms of the Crypto space. Absolutely no utility or future, the same technology as Bitcoin 100% (so 1st gen), no development, no plans for development and minting more coins.

Oh and 90% of Doge is held by a few people who are continuously dumping.

If you are serious about Crypto you will just avoid that mess completely.

SHIB has gone up by 1851.94% in 24 hours.

Do I wish I'd bought some 25 hours ago - Yes

Do I think that rate is sustainable - No.

Have I been encouraged by anyone to be a reseller for that coin? - No.

That's all fine

But pump and dump ≠ pyramid scheme

comment by Blarmy (U14547)
posted 3 minutes ago
I mean doge as a coin is not a scam in the sense that the creators aren’t responsible for whats happening. There intention was to create a meme coin ffs
----------------------------------------------------------------------
You don't think all the early coin creators knew they would get insanely rich if they held onto the majority of their tokens and the market expanded dramatically?

Even if their coin was nothing more than BTC technology and offered nothing new or different...

comment by You Can't Buy Class - IDHT2EU (U12019)
posted 2 minutes ago
comment by Blarmy (U14547)
posted 3 minutes ago
I mean doge as a coin is not a scam in the sense that the creators aren’t responsible for whats happening. There intention was to create a meme coin ffs
----------------------------------------------------------------------
You don't think all the early coin creators knew they would get insanely rich if they held onto the majority of their tokens and the market expanded dramatically?

Even if their coin was nothing more than BTC technology and offered nothing new or different...
----------------------------------------------------------------------
Yeah i dont have much suspicion of the original creators

comment by Blarmy (U14547)
posted 54 seconds ago
That's all fine

But pump and dump ≠ pyramid scheme
----------------------------------------------------------------------
The way the viral pumping and dumping happens for Doge it is almost exactly like a pyramid scheme.

People who buy Doge now don't make a profit unless 2 people buy after them and 3 buy after those and 4 buy after those and so on, because there is no other reason for sustained trading volume, there is no utility, there is no real product. That sure sounds familiar - oh wait that's what pyramid schemes do.

comment by You Can't Buy Class - IDHT2EU (U12019)
posted 5 minutes ago
comment by Blarmy (U14547)
posted 3 minutes ago
I mean doge as a coin is not a scam in the sense that the creators aren’t responsible for whats happening. There intention was to create a meme coin ffs
----------------------------------------------------------------------
You don't think all the early coin creators knew they would get insanely rich if they held onto the majority of their tokens and the market expanded dramatically?

Even if their coin was nothing more than BTC technology and offered nothing new or different...
----------------------------------------------------------------------
Doesn't the coin creator have no DOGE? Think he just created it for the meme and made no money out of it, or at least not anything significant.

So if I buy DOGE tonight at $0.50 only to wake up in the morning to find it's trading $0.70, at which point I immediately sell, have I been conned/duped/ had over?

https://twitter.com/BillyM2k?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Billy Markus is on twitter as it happens, dude always seemed pretty cool from his tweets

comment by Boris 'Inky’ Gibson (U5901)
posted 3 seconds ago
So if I buy DOGE tonight at $0.50 only to wake up in the morning to find it's trading $0.70, at which point I immediately sell, have I been conned/duped/ had over?
----------------------------------------------------------------------
No, you are just playing the game and perhaps experienced enough to know to sell before the next dump and 40% drop in 24 hours occurs.

comment by You Can't Buy Class - IDHT2EU (U12019)
posted 4 minutes ago
comment by Blarmy (U14547)
posted 54 seconds ago
That's all fine

But pump and dump ≠ pyramid scheme
----------------------------------------------------------------------
The way the viral pumping and dumping happens for Doge it is almost exactly like a pyramid scheme.

People who buy Doge now don't make a profit unless 2 people buy after them and 3 buy after those and 4 buy after those and so on, because there is no other reason for sustained trading volume, there is no utility, there is no real product. That sure sounds familiar - oh wait that's what pyramid schemes do.
----------------------------------------------------------------------
Nah this is being too loose with definitions by far

comment by TBag. (U11806)
posted 5 minutes ago
comment by You Can't Buy Class - IDHT2EU (U12019)
posted 5 minutes ago
comment by Blarmy (U14547)
posted 3 minutes ago
I mean doge as a coin is not a scam in the sense that the creators aren’t responsible for whats happening. There intention was to create a meme coin ffs
----------------------------------------------------------------------
You don't think all the early coin creators knew they would get insanely rich if they held onto the majority of their tokens and the market expanded dramatically?

Even if their coin was nothing more than BTC technology and offered nothing new or different...
----------------------------------------------------------------------
Doesn't the coin creator have no DOGE? Think he just created it for the meme and made no money out of it, or at least not anything significant.
----------------------------------------------------------------------
Both creators didnt make much from it

comment by TBag. (U11806)
posted 5 minutes ago
comment by You Can't Buy Class - IDHT2EU (U12019)
posted 5 minutes ago
comment by Blarmy (U14547)
posted 3 minutes ago
I mean doge as a coin is not a scam in the sense that the creators aren’t responsible for whats happening. There intention was to create a meme coin ffs
----------------------------------------------------------------------
You don't think all the early coin creators knew they would get insanely rich if they held onto the majority of their tokens and the market expanded dramatically?

Even if their coin was nothing more than BTC technology and offered nothing new or different...
----------------------------------------------------------------------
Doesn't the coin creator have no DOGE? Think he just created it for the meme and made no money out of it, or at least not anything significant.
----------------------------------------------------------------------
That's what you would say to the public and the taxman yep when 90% of the tokens are held by a handful of individuals though I find it very unlikely that the original founder(s) don't still have a leash on them, even if that's through a designated third party, friend, family member etc.

Well you are founding all your assertions on things we dont know for sure

You'd rather believe everything is a big scam than a couple of hobbyists made a very basic joke coin and then lost control of it?

comment by You Can't Buy Class - IDHT2EU (U12019)
posted 9 minutes ago
comment by TBag. (U11806)
posted 5 minutes ago
comment by You Can't Buy Class - IDHT2EU (U12019)
posted 5 minutes ago
comment by Blarmy (U14547)
posted 3 minutes ago
I mean doge as a coin is not a scam in the sense that the creators aren’t responsible for whats happening. There intention was to create a meme coin ffs
----------------------------------------------------------------------
You don't think all the early coin creators knew they would get insanely rich if they held onto the majority of their tokens and the market expanded dramatically?

Even if their coin was nothing more than BTC technology and offered nothing new or different...
----------------------------------------------------------------------
Doesn't the coin creator have no DOGE? Think he just created it for the meme and made no money out of it, or at least not anything significant.
----------------------------------------------------------------------
That's what you would say to the public and the taxman yepwhen 90% of the tokens are held by a handful of individuals though I find it very unlikely that the original founder(s) don't still have a leash on them, even if that's through a designated third party, friend, family member etc.
----------------------------------------------------------------------
Bit of a jump to go to

I never said or claimed that the original founders intended to start a scam/pyramid scheme type cryptocurrency, did they set it up for a bit of fun? Why not, that could happen.

Were they aware that the viral nature of the internet and potential explosive growth of the cryptocurrency space could lead to the price increasing substantially? Of course they were.

In the event that transpired, would you ever admit to how many coins were still under your control or how wealthy you are now? Of course not, certainly not given the taxation system in the US and the negative press Doge receives for the pump & dump cycles.

Even if Billy & co genuinely don't hold much Doge anymore the reality is, those that do make up that 90% are the main factor behind the price instability and never-ending rise & fall, when they choose to dump they wreck the price, a lot of people lose, they buy back at the floor, rinse and repeat.

comment by TBag. (U11806)
posted 8 minutes ago
comment by You Can't Buy Class - IDHT2EU (U12019)
posted 9 minutes ago
comment by TBag. (U11806)
posted 5 minutes ago
comment by You Can't Buy Class - IDHT2EU (U12019)
posted 5 minutes ago
comment by Blarmy (U14547)
posted 3 minutes ago
I mean doge as a coin is not a scam in the sense that the creators aren’t responsible for whats happening. There intention was to create a meme coin ffs
----------------------------------------------------------------------
You don't think all the early coin creators knew they would get insanely rich if they held onto the majority of their tokens and the market expanded dramatically?

Even if their coin was nothing more than BTC technology and offered nothing new or different...
----------------------------------------------------------------------
Doesn't the coin creator have no DOGE? Think he just created it for the meme and made no money out of it, or at least not anything significant.
----------------------------------------------------------------------
That's what you would say to the public and the taxman yepwhen 90% of the tokens are held by a handful of individuals though I find it very unlikely that the original founder(s) don't still have a leash on them, even if that's through a designated third party, friend, family member etc.
----------------------------------------------------------------------
Bit of a jump to go to
----------------------------------------------------------------------
Not really.

I don’t think Doge is a scam but crypto in general is marketed as this ‘get rich quick’ scheme and its without appropriate regulation.

Pyramid schemes, pump and dumps etc in the traditional world are all illegal or unethical. The same level of exploitation is being done in the crypto world and it is hurting the pockets of those who need it most. Plus on top of that you look at things like that Turkish company (tethero?) and anyone calling people ‘stupid’ really should look at those four fingers pointing back

I agree with some of footy's sentiment tbh

If you dont understand basic risk management you shouldnt be throwing your money in

Even in regulated industries

I did a lot of research and discussion with guys i trusted who had been involved for years before i put 1 penny into crypto

Both my sons are now retired thanks to crypto. 40 & 37. Worked hard at it since 2009.

You shouldn't be throwing your money in but people do, lots of people do, chasing a dream, a lie they are sold.

The World is full of idiots, doesn't mean they deserve to lose their money either.

It's easy to say "you shouldn't be doing that" but people still do and the consequences for the cryptocurrency space will likely be extremely severe.

It has happened in other markets when assets collapsed for similar to reasons to why Doge has and will collapse again, a lot of small investors lost all their money and the result is a hugely disproportionate response to that which will deeply affect the entire Crypto space.

That's why I don't like Doge. There are good projects trying to do incredible things to change and improve the lives of millions but everything will get tarred with the same bunch once a load of individuals lose a load of money and a few make massive gains from that.

When that happens and overbearing regulation results causing the next bear market and crypto winter people may reconsider their role in it somewhat, particularly when they see their portfolio value plummet.

*same brush

Its not just idiots though

99% of retail day traders dont have a positive P&L

I do wonder why I hold the doge I have