Dogecoin up 14,000% since January
it was started as a joke
those like me, who decided not to buy it, aren't laughing now
https://www.nytimes.com/2021/05/05/business/dogecoin-crypto-price.html
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Quote: onenickelmiracleI know a guy who turned $40 into $15000. Should have been $18000 but Robinhood couldn't execute during the frenzy. Kept saying error.
It's only sixty pennies?
How did $40 turn into $15,000?
Quote: darkozIt's only sixty pennies?
How did $40 turn into $15,000?
They sold well under a penny. $.002 for example. Other than that, I don't know. Jumping in and out, doing other things. ???
Quote: onenickelmiracleThey sold well under a penny. $.002 for example. Other than that, I don't know. Jumping in and out, doing other things. ???
Your friend isn't named MDawg is he? :)
The thing that gets me is ‘why’ wife’s daughter bought Dogecoin when she did..... “it’s the cheapest one; it’s only a penny”
There are some other drawbacks too. As suggested, it's typical to take profits along the way even if you do well, setting you up for a tax hit due to the short-term category it's falling into. And that goes for someone who breaks even or loses money overall too, something that easily can fail to be reflected when you do your taxes.* Thoughtless willy-nilly investing is a bad way to get started and people can get bummed and never invest again. Take a look at Gamestop. That stock seems to be stuck at about $160-180, unlikely to go up from there and possible doomed to ultimately go down to the $50 or less that many think is its actual un-manipulated value. Even at it's current value, if it maintains, since it was once pumped up to $325, that means there were winners and losers, a zero-sum game at least to a 160-180 groundfloor and certainly for $50 as might well happen.
Want to gamble your digital currency won't go this way?
*PS. the tax code punishes selling at a loss and then re-investing in the same stock too.
No clue what happened to the wallet but I am going to start searching old hard drives this weekend
I thought it was a meme
Quote: odiousgambitIt's easy to be jealous of anybody who takes a chance and hits big, I'd even say it's unavoidable jealousy . The best view to take is 'good for them' but that can be easier said than done, especially when you find out some 16 yr-old became a millionaire or something. Good for them - maybe - or maybe it's bad for them, launching themselves onto a lifetime of this and that get-rich-quick scheme.
There are some other drawbacks too. As suggested, it's typical to take profits along the way even if you do well, setting you up for a tax hit due to the category it's falling into. And that goes for someone who breaks even or loses money overall too, something that easily can fail to be reflected when you do your taxes. Thoughtless willy-nilly investing is a bad way to get started and people can get bummed and never invest again. Take a look at Gamestop. That stock seems to be stuck at about $160-180, unlikely to go up from there and possible doomed to ultimately go down to the $50 or less that many think is its actual un-manipulated value. Even at it's current value, if it maintains, since it was once pumped up to $325, that means there were winners and losers, a zero-sum game at least to a 160-180 groundfloor and certainly for $50 as might well happen.
Want to gamble your digital currency won't go this way?
It’s less jealousy and more regret.
I have been following and dabbling in crypto since like 2010 but never held on to anything long enough to make a profit.
I've bought some Crypto - not Dogecoin
it's really weird for me - buying something that relates to nothing - that's in its own world - its only purpose is to be bought and sold
it's completely contrary to everything I've done my whole life as an investor
but somehow I did it - and have profited - but still, the feeling is really strange
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Quote: lilredrooster...................
I've bought some Crypto - not Dogecoin
it's really weird for me - buying something that relates to nothing - that's in its own world - its only purpose is to be bought and sold
it's completely contrary to everything I've done my whole life as an investor
but somehow I did it - and have profited - but still the feeling is really strange
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Your perception of what crypto currency is the issue
It's ethereal nature does not make it worthless.
There are some scammy worthless crypto out there but by and large they serve a function.
Speeding up payment processing, for example.
One crypto has created a new algorithm for internet advertising.
It's digital world relevance.
I also had to wrap my head around it.
But physically, what is the true value of Gold or diamonds? They are pretty?
If you were being marooned on a desert island with no sustenance and you had the choice of one year's food and water or it's equivalent weight in gold which would be of real value?
Quote: darkozYour perception of what crypto currency is the issue
It's ethereal nature does not make it worthless.
There are some scammy worthless crypto out there but by and large they serve a function.
Speeding up payment processing, for example.
One crypto has created a new algorithm for internet advertising.
It's digital world relevance.
I also had to wrap my head around it.
But physically, what is the true value of Gold or diamonds? They are pretty?
If you were being marooned on a desert island with no sustenance and you had the choice of one year's food and water or it's equivalent weight in gold which would be of real value?
All the gold in the world ever collected would fit within an Olympic sized swimming pool. Cryptocurrency is as only good as the cryptography stays secure. We're past the stage of survival now so we can worry about the extras. The value of crypto is what it is for now, could change any moment. Wish I had gotten some in the past and held on, but when do people generally decide the real world is something they would rather hold onto and the thing tumbles. Eventually though not everyone. Boom and bust, but at some point just bust.
Quote: onenickelmiracleEveryone needs luck and they need hard work to succeed in life, there really is luck and good fortune and we never know what played the bigger role. I consider myself lucky I found this site and smart people to associate with, Might have been luckier never coming down this path, but it's not in my control. I don't care what shit bag haters think besides I'm glad they found someone or something to hate.
I'm not hating. I also found crypto, well, cryptic.
I had to educate myself in the finer aspects of it.
Blackjack card counting is a mental exercise! What is it's value? You can't hold it in your hands.
Nonetheless it has value.
The same is true of crypto. First ask what is the point of the coin. Google what the operations of the coin is for.
Dogecoin was started as a joke and I don't think it will have too much growth but there are some that add significant value.
I purchased $10,000 of stellar lumens at $.42 a month ago and it's now at $.65 and $15,000+
Stellar lumens perform a service amongst pay delivery speeds
Time to dump all mine (-:Quote: darkoz
I purchased $10,000 of stellar lumens at $.42 a month ago and it's now at $.65 and $15,000+
Stellar was the 2nd Coin I ever bought somewhere in the neighborhood of .6 I have been buying, selling, and trading it along the way, the profits went into other coins like XRP so I have less than you at this point.
Some of my partners got in on Dodge coin fairly early.
It has stood the test of time for thousands of years, it doesn't tarnish, it's a conductor of electricity and they use it in all kinds of things.Quote: darkoz
But physically, what is the true value of Gold or diamonds? They are pretty?
Btw doge is still complete trash imo (not saying you cant make money on it)
And if I would have not tried haggling down $10 more back when I was offered 17 BTC for $710 and it was going for $720. Obviously, I would not have held them all, but no doubt, I would have kept at least 7. Or, I would have lost my 24 words and been really pissed off.Quote: PokerGrinderImagine if he hadn’t dumped it all at 3.5 cents lol
Btw doge is still complete trash imo (not saying you cant make money on it)
Quote: lilredrooster.....
but somehow I did it - and have profited - but still, the feeling is really strange
I would get that when I sold antiques and collectibles. I would set up at an antique show and then go around shopping the day before the show opened and I would find really good buys sometimes where the dealer had the item underpriced because he didn't know what he had. So I would pay 50 bucks and sell it for 200 the next day. It sometimes struck me as to where did that $150 profit come from. It made me realize right in my face that money is just a made-up concept, it does not exist outside of our heads. It's quite scary when you look at it that way.
Quote: AxelWolfAnd if I would have not tried haggling down $10 more back when I was offered 17 BTC for $710 and it was going for $720. Obviously, I would not have held them all, but no doubt, I would have kept at least 7. Or, I would have lost my 24 words and been really pissed off.
That is why you’re a fish sir 😂
Ha lol, without it we would all be going around saying, " I got these cheese burgers man!"Quote: EvenBobI would get that when I sold antiques and collectibles. I would set up at an antique show and then go around shopping the day before the show opened and I would find really good buys sometimes where the dealer had the item underpriced because he didn't know what he had. So I would pay 50 bucks and sell it for 200 the next day. It sometimes struck me as to where did that $150 profit come from. It made me realize right in my face that money is just a made-up concept, it does not exist outside of our heads. It's quite scary when you look at it that way.
If we say something went up 100% we mean it doubled in price, a sum you don't get by multiplying an original figure times 100% ... that just is multiplying times one. So it means multiplying by 140 is not really correct, nor is taking the current figure and dividing by 140 to get the starting figure. You use 141 as far as I can tell and it strikes me that this is seldom noted.
It comes down to whether you want the convenience of multiplying and dividing by a single figure I guess. To say that Dogecoin went up 14000% is to say it is an *increase* of that %. To say it is 14000% times its original value is a different matter, which may actually be what was meant. You can say it makes an unimportant difference in most cases, but it was enough to make me wonder 'if I was doing it right.'
x=starting price
[1+140]*x = 0.62 .... dogecoin being 62 cents this morn
x= 0.62/141 = 0.0043971631205674
so I'm getting a starting price of about 4.4 tenths of a cent, however, the 14000% claim may no longer be reflected correctly at 62 cents
If we use 140, it's 0.4428571428571429 so the one is not far off from the other
the problem with the algebra is it assumes that 1+i, where i is the increase, is correct, and I don't know that I have proved that.
I agree that it's more complicated than it first seems
if you want to find out what the figure is if 100 is increased by 50% you multiply 100 times 1.50 and you will get 150
so, it would seem if you wanted to find out what the figure is if 100 is increased by 14,000% that you would multiply 100 times 1.14000 - but when I did that the answer I got was 114 - and that couldn't be right
so then I multiplied 100 times 150% and got 150 which is correct
so then I multiplied 100 times 114,000% and got 114,000 - and I think that is correct
but that is the total after the 14,000% increase
to get how much it actually increased you would subtract 100 from 114,000 and 113,900
just as if you wanted to figure out the increase if 100 increased by 50% you would subtract 100 from 150 to get 50
I think this is correct, but to be honest I'm not 100% sure
I'm sure one of the mathletes here will correct me if I'm wrong
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well I concluded it is not 1+ 0.140 = 1.14 but literally 140+1 = 141, in other words when you are talking an increase like 150% you want to be thinking 1+increase ... but with 14000% the 1+ is less important and people can and do skip itQuote: lilredrooster...............
I agree that it's more complicated than it first seems
if you want to find out what the figure is if 100 is increased by 50% you multiply 100 times 1.50 and you will get 150
so, it would seem if you wanted to find out what the figure is if 100 is increased by 14,000% that you would multiply 100 times 1.14000 - but when I did that the answer I got was 114 - and that couldn't be right
so then I multiplied 100 times 150% and got 150 which is correct
so then I multiplied 100 times 114,000% and got 114,000 - and I think that is correct
but that is the total after the 14,000% increase
to get how much it actually increased you would subtract 100 from 114,000 and 113,900
just as if you wanted to figure out the increase if 100 increased by 50% you would subtract 100 from 150 to get 50
I think this is correct, but to be honest I'm not 100% sure
I'm sure one of the mathletes here will correct me if I'm wrong
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Elon Musk is hosting Saturday Night Live tonight - it's a very big deal
he has promoted Crypto and specifically Dogecoin which he has said he likes because he likes jokes
there is speculation that Dogecoin will again spurt up because he will mention it or Crypto in general (which he likes) on the show tonight
https://finance.yahoo.com/news/dogecoin-spotlight-cryptocurrency-backer-musk-233701058.html
let's see - right now at 7:26 est the price is .643776
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Never mind, this was easy to search on: Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’.
Quote: lilredrooster.......................
Elon Musk is hosting Saturday Night Live tonight - it's a very big deal
let's see - right now at 7:26 est the price is .643776
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big surprise - a little more that 8 hours later Doggy is at .530547 - it dropped a lot - that must have fooled a lot of people
since January it's been like betting on the Yankees every single game of the season and the Yankees win 150 out of 162 games - and you can get even money betting on them
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I can see the case for the existence and dominance of BitCoin and just a very few other crypto coins. But, [expletive deleted] what are we supposed to think when the fifth biggest alt coin was created as a joke, exists as a joke and has zero real world application.Quote: WizardLooks like Dogecoin dropped 31% during the show. What did Musk say or not say?
Never mind, this was easy to search on: Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’.
https://coinmarketcap.com/currencies/dogecoin/
Market Cap $60Billion. down 30% on the day. RUN AWAYYYYYYY. LOL.
https://policysquare.substack.com/p/leaves-cigarettes-dollars-or-bitcoins
Quote: OnceDearI can see the case for the existence and dominance of BitCoin and just a very few other crypto coins. But, [expletive deleted] what are we supposed to think when the fifth biggest alt coin was created as a joke, exists as a joke and has zero real world application.Quote: WizardLooks like Dogecoin dropped 31% during the show. What did Musk say or not say?
Never mind, this was easy to search on: Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’.
https://coinmarketcap.com/currencies/dogecoin/
Market Cap $60Billion. down 30% on the day. RUN AWAYYYYYYY. LOL.
https://policysquare.substack.com/p/leaves-cigarettes-dollars-or-bitcoins
It doesn't have zero real world application.
It's used as a currency to tip online such as waiters, taxi drivers etc. It's being adopted by a lot of the twenty-something crowd.
I think you are looking at it inside out. Doge was created as a joke BUT crypto has such power that Doge has become successful!
Truthfully Dogecoin should be worth hundreds right now but the reason it's not is because part of the joke is that they add new coins periodically as soon as the price goes to high. It's a purposefully inflationary created coin.
It will never rise very high on purpose.
It's value comes from its usage and devotion of the people who buy more (after all it's cheap) so they can utilize it as an altcoin.
I like to think of Bitcoin as the Beatles and Dogecoin as the Monkees.
Quote: billryanMore like the Rutles. There is some tax advantages to investing in non-existent entities, but it's tiresome and not for most folks.
I suppose crypto is just a pump and dump scam to you
It has served me well for the past forty years and I've no reason to change now.
It is this simple- Bears make money, bulls make money, pigs get slaughtered. My #1 rule of investing- Don't be a pig. The idea isn't to make the most money, it's to make enough money that you don't have to worry about your lost opportunities. I don't need a string of poloponies to be happy. Nor do I feel the need to let everyone know every time investments do well.
I'm currently living in an old farmhouse, with eight rooms. I rarely venture into four of them. I'm already thinking about downsizing even though I'm only here about four months.
Quote: billryan
It has served me well for the past forty years and I've no reason to change now.
It is this simple- Bears make money, bulls make money, pigs get slaughtered. My #1 rule of investing- Don't be a pig. The idea isn't to make the most money, it's to make enough money that you don't have to worry about your lost opportunities. I don't need a string of poloponies to be happy. Nor do I feel the need to let everyone know every time investments do well.
I'm currently living in an old farmhouse, with eight rooms. I rarely venture into four of them. I'm already thinking about downsizing even though I'm only here about four months.
I hear you - your attitude is pretty much the same as mine
but for a lot of people there is a game aspect to the markets - odiousgambit showed that in one of his threads
for a lot of them it's not so much about making a ton of money but about doing well just because if you play a game you want to play well
I can respect that point of view too
𝙚𝙖𝙘𝙝 𝙩𝙤 𝙝𝙞𝙨 𝙤𝙬𝙣 - like the old soul song says "different strokes for different folks"
for me I'd much rather bet sports
some here love slots - I look at a machine and feel like I want to puke - it's so uninteresting to me
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Quote: billryanI don't pay much attention to crypto currencies. I have a fairly strict code for what makes a good investment and crypto doesn't qualify.
It has served me well for the past forty years and I've no reason to change now.
It is this simple- Bears make money, bulls make money, pigs get slaughtered. My #1 rule of investing- Don't be a pig. The idea isn't to make the most money, it's to make enough money that you don't have to worry about your lost opportunities. I don't need a string of poloponies to be happy. Nor do I feel the need to let everyone know every time investments do well.
I'm currently living in an old farmhouse, with eight rooms. I rarely venture into four of them. I'm already thinking about downsizing even though I'm only here about four months.
I'm not saying you should invest in crypto but you do recognize that it goes up pretty consistently, at least the main recognized ones.
If you don't understand why that's fine, but to dismiss it without understanding why isn't good investment strategy. At least understand why it's going up so you can make an educated decision to invest or not.
Bitcoin didn't go from fifty cents a coin to fifty thousand dollars a coin on the strength of word of mouth. There is a lot more to it than that
Other crypto which is also gaining would not be able to just on some word of mouth suggestions
Quote: darkozI'm not saying you should invest in crypto but you do recognize that it goes up pretty consistently, at least the main recognized ones.
If you don't understand why that's fine, but to dismiss it without understanding why isn't good investment strategy. At least understand why it's going up so you can make an educated decision to invest or not.
Bitcoin didn't go from fifty cents a coin to fifty thousand dollars a coin on the strength of word of mouth. There is a lot more to it than that
Other crypto which is also gaining would not be able to just on some word of mouth suggestions
Show me bitcoin's P&L
Show me their EBITDA
Show me their patents or their license agreements.
Show me their forward looking projections.
Show me what separates them from their competitors.
That's what I invest in. It's why I don't have to swing for the fences.
That is the difference between informed investing and buying the flavor of the week.
There are many paths to success. I've enjoyed the path I've chosen, and am fortunate enough that I don't have to worry about others roads.
I'm sure I've lost out on opportunities and that others have done much better than I have, but none of that really matters. Not to me, anyway.
Quote: mcallister3200Are there more crypto experts nowadays or more folks who know more than doctors about nutrition and weight loss experts after attending one mlm seminar? Must be close.
there are many, many Crypto experts
but nowhere near as many experts as there are on Covid 19
there are a great many Covid 19 experts who know a lot more than Infectious Disease scientists and Doctors who deal with that subject
they acquired their expertise by scouring the internet...................and we're all very lucky to be able to hear what they have to say
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Quote: billryanShow me bitcoin's P&L
Show me their EBITDA
Show me their patents or their license agreements.
Show me their forward looking projections.
Show me what separates them from their competitors.
That's what I invest in. It's why I don't have to swing for the fences.
That is the difference between informed investing and buying the flavor of the week.
There are many paths to success. I've enjoyed the path I've chosen, and am fortunate enough that I don't have to worry about others roads.
I'm sure I've lost out on opportunities and that others have done much better than I have, but none of that really matters. Not to me, anyway.
Bitcoin is a currency, not a stock.
It's like asking what are the patents for the Euro.
Have you actually done any research on crypto or have you just decided to ignore it out of hand?
Quote: darkozBitcoin is a currency, not a stock.
It's like asking what are the patents for the Euro.
Have you actually done any research on crypto or have you just decided to ignore it out of hand?
I guess it is all about how you define currency. As I understand the word, bitcoin simply isn't a currency.
How do you define the word?
Quote: billryanI guess it is all about how you define currency. As I understand the word, bitcoin simply isn't a currency.
How do you define the word?
I would ask you to give your definition first which I noticed you didn't but how about this.
I will post articles that consider it currency. You can explain why those articles disagree with your thinking or better yet, you can post an article that claims Bitcoin is not a currency.
https://money.cnn.com/infographic/technology/what-is-bitcoin/index.html
I asked you how you define currency, not how others define it.
Quote: lilredroosterthere are many, many Crypto experts
but nowhere near as many experts as there are on Covid 19
there are a great many Covid 19 experts who know a lot more than Infectious Disease scientists and Doctors who deal with that subject
they acquired their expertise by scouring the internet...................and we're all very lucky to be able to hear what they have to say
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Touché. They also seem to be experts on the flu. The rapid growth of the experts in the field can only be described as exponential.
Quote: billryanI'll point out the definition of ' currency" in Webster's dictionary, or in Investopedia.
I asked you how you define currency, not how others define it.
Then why are you pointing out how others like investopedia define it?
How do you define it?
Quote: darkozThen why are you pointing out how others like investopedia define it?
How do you define it?
I don't invest in currencies. Not that bitcoin is a currency, but I've never invested in one.
