OT: Dogecoin

[dougthonus]

There are legitimate projects behind crypto worth investing in. This is just a giant meme that has blown up and hasn’t fully crashed yet for whatever reason.

There's no reason it needs to crash though. Again, the value of any crypto currency is based on the support it receives. There is no intrinsic value to any of them.

[PlayerUp]

There are legitimate projects behind crypto worth investing in. This is just a giant meme that has blown up and hasn’t fully crashed yet for whatever reason.

There's no reason it needs to crash though. Again, the value of any crypto currency is based on the support it receives. There is no intrinsic value to any of them.

Dogecoin in reality is worth a fraction of a penny since you can still use it as a cheap method to transfer funds. Gamestop isn't worth $300 a share either. It's a movement. That's what's triggering this. You can complain all you want or join in. Some who join in have become super wealthy.

The only cryptos right now truly worth their value may only be bitcoin and maybe ETH because of what is coming in the future with it. It's a pretty safe investment now. Even if it crashes, it should stick around $15k-$30k.

[Jahensle]

There are legitimate projects behind crypto worth investing in. This is just a giant meme that has blown up and hasn’t fully crashed yet for whatever reason.

There's no reason it needs to crash though. Again, the value of any crypto currency is based on the support it receives. There is no intrinsic value to any of them.

The intrinsic value of bitcoin is the decentralized, unhackable, fixed supply monetary tool that is backed by the biggest computer network on planet Earth. This is value, it's just not something you can physically touch.

[HomoSapien]

I still think Doge is a Robinhood wallet or Coinbase addition away from truly blowing up. We already know the Robinhood Wallet is happening, we just don't know when.

[Hangtime84]

There are legitimate projects behind crypto worth investing in. This is just a giant meme that has blown up and hasn’t fully crashed yet for whatever reason.

There's no reason it needs to crash though. Again, the value of any crypto currency is based on the support it receives. There is no intrinsic value to any of them.

The intrinsic value of bitcoin is the decentralized, unhackable, fixed supply monetary tool that is backed by the biggest computer network on planet Earth. This is value, it's just not something you can physically touch.

dogecoin is a derivative of litecoin which is a derivative of bitcoin.

I wish I never sold at 10cents ;(

[dice]

You sold a couple days too late.

I certainly ended up selling too early, but I'll never feel bad about making $29K. One thing about Dogecoin is that it's all about momentum. It's high now, but at some point it'll crash. That's when you buy and you hold until it goes back up.

I'm not a tax expert, not even close, but if you haven't already, please read into the tax implications of crypto gains. I've read a few horror stories of individuals 'cashing out' one year, reinvesting it, and forgetting they were going to owe tens of thousands of dollars in taxes that they no longer had.

that's gonna be a very unique scenario. it's almost always the case that if you make a lot of money, then lose it, you pay zilch in taxes. a more common scenario (which has happened to me) is you lose a good amount of money in one year and spend years writing it off against future gains. because there are limits on how much of a loss you can use to offset gains in a single year

[dice]

If you haven’t gotten into Doge yet, I would buy it up before Elon Musks appearance on SNL. He is gonna pump up Doge and it should skyrocket further. After about a week after SNL, sell it for a quick profit

It's already up 107% in 7 days. Kinda late to buy in. Maybe your funds go up 33% but also possible you lose 50% of it. Only invest what you're willing to lose because DOGE is easily the most volatile major market cap crypto at this present moment.

gamestop had a fantastic buying opportunity after it crashed from nearly $500 to under $40. i think that most people, myself included, thought the party was over ("oh, those internet kids"). but when the 2nd wave started there was a fantastic buying opportunity as it climbed back over $50. could have just sold it if it went much below $40 again. lose 30% or whatever. but instead it to nearly $350 before settling for weeks now between $150 and $200! i'm kicking myself over that one. 30% loss vs 200-300% gain? c'mon

dogecoin's selloff from over 40 cents to 15 cents provided an opportunity to buy at maybe 25 cents after it appeared that a 2nd runup was underway, but the risk/reward wasn't nearly as good as with gamestop, i think. harder to know when to get out if things went south. maybe there will be another strong selloff here that will provide a better setup

is dogecoin easily bought through a standard brokerage like etrade? i've never bought a crypto

[Bullflip]

If you haven’t gotten into Doge yet, I would buy it up before Elon Musks appearance on SNL. He is gonna pump up Doge and it should skyrocket further. After about a week after SNL, sell it for a quick profit

It's already up 107% in 7 days. Kinda late to buy in. Maybe your funds go up 33% but also possible you lose 50% of it. Only invest what you're willing to lose because DOGE is easily the most volatile major market cap crypto at this present moment.

gamestop had a fantastic buying opportunity after it crashed from nearly $500 to under $40. i think that most people, myself included, thought the party was over ("oh, those internet kids"). but when the 2nd wave started there was a fantastic buying opportunity as it climbed back over $50. could have just sold it if it went much below $40 again. lose 30% or whatever. but instead it to nearly $350 before settling for weeks now between $150 and $200! i'm kicking myself over that one. 30% loss vs 200-300% gain? c'mon

dogecoin's selloff from over 40 cents to 15 cents provided an opportunity to buy at maybe 25 cents after it appeared that a 2nd runup was underway, but the risk/reward wasn't nearly as good as with gamestop, i think. harder to know when to get out if things went south. maybe there will be another strong selloff here that will provide a better setup

is dogecoin easily bought through a standard brokerage like etrade? i've never bought a crypto

You can’t buy it on a standard brokerage. You can buy it on crypto exchanges. If you are new to crypto, the easiest way to buy it is on Robinhood. However, I don’t like to use Robinhood because you can’t transfer crypto. You can buy it also on other platforms like Kraken and Voyager Digital, but if you are new to crypto, there is a learning curve.

[dougthonus]

gamestop had a fantastic buying opportunity after it crashed from nearly $500 to under $40. i think that most people, myself included, thought the party was over ("oh, those internet kids"). but when the 2nd wave started there was a fantastic buying opportunity as it climbed back over $50. could have just sold it if it went much below $40 again. lose 30% or whatever. but instead it to nearly $350 before settling for weeks now between $150 and $200! i'm kicking myself over that one. 30% loss vs 200-300% gain? c'mon

Might as well kick yourself for every random thing you don't do that would have been great. What reason is there to think Gamestop was going to shoot up again? The company itself is likely to declare bankruptcy in the next 5-10 years. You're just gambling to catch lightning in a bottle but why think that was going to happen again?

Even if there is a large short percentage in there again and people want to do the same thing, you have no idea where those shorts now bought at. Maybe a huge amount shorted at 300 and cannot be squeezed?

It turned out to be a great buying opportunity, but it doesn't mean that was predictable.

dogecoin's selloff from over 40 cents to 15 cents provided an opportunity to buy at maybe 25 cents after it appeared that a 2nd runup was underway, but the risk/reward wasn't nearly as good as with gamestop, i think. harder to know when to get out if things went south. maybe there will be another strong selloff here that will provide a better setup

is dogecoin easily bought through a standard brokerage like etrade? i've never bought a crypto

I don't know that dogecoin is more difficult to predict or risk/reward is higher/lower than gamestop. Gamestop's actual value as an equity is probably less than $30 a share. Hoping that people can collude to get the price up really high seems pretty high risk.

Crypto becoming more mainstream and more in demand actually makes more sense to rise in value as it is becoming more mainstream and commonly acceptable. It's value is based on demand not based on an underlying value, and it's pretty clear at the moment that demand is moving towards acceptance and increasing. Maybe that trend will reverse, but there's pretty logical reasons to see why it might not.

[R3AL1TY]

Yeah, I thought Gamestop was done too especially since gaming has gone more digital these days in buying and downloading, then this Reddit movement from nowhere wanting to stick it to wealthy short sellers helped Gamestop stay afloat by driving up the stock price while getting rich off the fun of this.

[Bullflip]

GameStop had two big runs. The massive one in January and then there was another big run around late Feb. all that’s left are the bagholders who joined in late. GameStop still goes up every now and then but not to the degree of the short squeeze that happened. I don’t think that will happen again or if it does, it will be after some time has passed

[InsideInfo]

In feb i owned 208,426 doge coins. I paid $5,600 for them and sold them for just over 10k.

At the time of this post that amount of DC is worth $133k

It hurts me to think about it..

[dougthonus]

In feb i owned 208,426 doge coins. I paid $5,600 for them and sold them for just over 10k.

At the time of this post that amount of DC is worth $133k

It hurts me to think about it..

Roughly doubling your money is still awesome. Hurts that it wasn't better, but never feel too bad about doubling your money.

[dice]

gamestop had a fantastic buying opportunity after it crashed from nearly $500 to under $40. i think that most people, myself included, thought the party was over ("oh, those internet kids"). but when the 2nd wave started there was a fantastic buying opportunity as it climbed back over $50. could have just sold it if it went much below $40 again. lose 30% or whatever. but instead it to nearly $350 before settling for weeks now between $150 and $200! i'm kicking myself over that one. 30% loss vs 200-300% gain? c'mon

Might as well kick yourself for every random thing you don't do that would have been great. What reason is there to think Gamestop was going to shoot up again? The company itself is likely to declare bankruptcy in the next 5-10 years. You're just gambling to catch lightning in a bottle but why think that was going to happen again?

Even if there is a large short percentage in there again and people want to do the same thing, you have no idea where those shorts now bought at. Maybe a huge amount shorted at 300 and cannot be squeezed?

It turned out to be a great buying opportunity, but it doesn't mean that was predictable.

if you look at the weekly chart there was a fantastic risk/reward opportunity when it went above the prior week's high just over $50. the new run had just begun. obviously there was no guarantee that it would actually happen

dogecoin's selloff from over 40 cents to 15 cents provided an opportunity to buy at maybe 25 cents after it appeared that a 2nd runup was underway, but the risk/reward wasn't nearly as good as with gamestop, i think. harder to know when to get out if things went south. maybe there will be another strong selloff here that will provide a better setup

is dogecoin easily bought through a standard brokerage like etrade? i've never bought a crypto

I don't know that dogecoin is more difficult to predict or risk/reward is higher/lower than gamestop.[/quote]
again just going by the charts there has been no easy risk/reward setup

[AshyLarrysDiaper]

What do folks expect to happen with DOGE/Musk/SNL tonight?

And what’ll happen if that thing doesn’t happen?

[CaPiTanAK]

I put 300K in ETH 2 years ago. Now, I don’t even care where it’s going. Crypto is here to stay whether you like it or not. Now, I’m still putting portion of my monthly paychecks into other projects built on Ethereum.

[CaPiTanAK]

What do folks expect to happen with DOGE/Musk/SNL tonight?

And what’ll happen if that thing doesn’t happen?

Most likely sell on the news unless Elon publicly put Tesla money into Doge. But I would sell all Tesla shares if he does something that stupid. I’m all for corporate treasuries being invested in BTC and ETH but nothing more than that for now.

[AshyLarrysDiaper]

I put 300K in ETH 2 years ago. Now, I don’t even care where it’s going. Crypto is here to stay whether you like it or not. Now, I’m still putting portion of my monthly paychecks into other projects built on Ethereum.

Why were you confident in ETH specifically?

[CaPiTanAK]

I put 300K in ETH 2 years ago. Now, I don’t even care where it’s going. Crypto is here to stay whether you like it or not. Now, I’m still putting portion of my monthly paychecks into other projects built on Ethereum.

Why were you confident in ETH specifically?

Back then I was convinced that Vitalik is a prodigy of our time and an investment with ETH built by Vitalik was like buying Msft with Gates in the 80s. Now, I’m convinced that Vitalik and Elon Musks are the only true innovators of our time thus far.

[AshyLarrysDiaper]

I put 300K in ETH 2 years ago. Now, I don’t even care where it’s going. Crypto is here to stay whether you like it or not. Now, I’m still putting portion of my monthly paychecks into other projects built on Ethereum.

Why were you confident in ETH specifically?

Back then I was convinced that Vitalik is a prodigy of our time and an investment with ETH built by Vitalik was like buying Msft with Gates in the 80s. Now, I’m convinced that Vitalik and Elon Musks are the only true innovators of our time thus far.

Interesting. Does your faith in Vitalik extend to ETC?