Topic: I Wouldn't Invest $1 In Dogecoin And Here Are 10 Reasons Why (Read 743 times)

There are a million cryptos like that. Why single out dogecoin?

Good for you.
So, you mean you still holding it up until now and only used it for payment?
Then you must be one of those Doge believer and a loyal supporter since day one.
However, that doesn't change the fact that Doge is memecoin, because most of the alts in the market were aiming for a high tx speed and low fees just like XRP.
And that doesn't change the fact that what the OP said is true.

1. 108 addresses (whales) own 67.34% of all Dogecoins so price could drop 50% in a minute.

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

3. Despite what Elon Musk says this coin has no real utility. Even if a company paid with Doge for Musk to send a satellite (because Musk asked them to use Dogecoin) it still doesn't mean a thing. They could have used carrots or Zimbabwe dollars instead.

4. This coin is all about hype. Once the hype is over down it goes. Even if Musk will boost his toy as long as he wants one day he may get bored like all billionaires do.

5. This coin is a meme. A really good one that I've enjoyed myself! We all like good jokes but we also get tired of them sooner or later. A joke is a joke and the joke could be on you.
 
6. Imagine a real corporation/business putting their investments in Dogecoin. You have to be a little insane and there aren't so many dumb people out there as Elon thinks.

7. Elon Musk is a narcissist - he admitted this himself - if you don't know what dealing with a narc is I invite to find out. You're only boosting his ego and I wouldn't dare playing with a narc's toy.

8. Do you think billionaires have any interest for poor people to become rich? Do you? Dream on. You're only making Musk and the whales richer than they already are.

9. This coin is highly manipulated. If you like manipulation go for it. But manipulation doesn't end well in life. Don't be a sheep, use your own mind, don't follow the crowd. Where many follow it's not good in general.

10. Even if it will ever reach $1 this coin is not sustainable in the long run. Musk will have to pump every few days with his tweets. When this coin will worth $1, BTC will easily worth $100K or more. Dogecoin has always been pump and dump, look at the coin's history and look at BTC.

There are a lot of other alt coins much safer and with a better image which can make you rich faster and easier than Dogecoin. You just have to use your mind. Doubling from 50 cents to $1 is not a spectacular gain after all.

When Dogecoin drops like crazy don't come here to cry, you've been warned.

Good luck folks!

I am a happy bunny with Doge because I mined thousands of it when it first launched in 2013 and I just let it sit there. Now thanks to Mr Musk I am smiling  Doge is also used for payments because of its low cost transaction fees compared to other coins so it does have a use and it is also still pretty easy to mine compared to a lot of other coins ... Doge to the moon

I am a happy bunny with Doge because I mined thousands of it when it first launched in 2013 and I just let it sit there. Now thanks to Mr Musk I am smiling   Doge is also used for payments because of its low cost transaction fees compared to other coins so it does have a use and it is also still pretty easy to mine compared to a lot of other coins ... Doge to the moon

Thank you so much for this, I told my friend today who has an inkling for investing in altcoins alone about how he should try not to be so enticed by the hype about doge coin to the extent that he converts all his coins to it because the coin is highly unpredictable. I am not the type to argue because he almost started an argument about it and i simply just let the matter be. Because i love him too much, and he is my friend. I will share this with him, so he can see for himself that there is a whole community of people who have done their research on the subject.

I agree with you the coin is just a meme coin, people should realize that people who are just getting in with crypto should keep away from this coin, because it's just being hype, without any purpose, the current victims to fall for getting the coins are just listening to other people without making research which they should do always when buying coin or token because if you just listen, you will be manipulated.

This is one of the biggest problems for Dogecoin. If it has unlimited max supply, then what is the point here? It has no difference than fiat money in terms of this feature. And this is also a factor which prevents Dogecoin from reaching much higher prices than now.

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

Lol you are right, people will cry on this thread a few months later. So far, Doge is still very hype as a Coin that provides a fairly fast ROI compared to other altcoins.  Dogecoin 24-hour trading volume is insane on the binance exchange. I prefer to remove Dogecoin from my portfolio because it is 90% more to lose than the profit I would have had if I bought at the current price.

1. 108 addresses (whales) own 67.34% of all Dogecoins so price could drop 50% in a minute.

2. This coin has no limited cap. It goes on forever like fiat. We all hate fiat for that.

3. Despite what Elon Musk says this coin has no real utility. Even if a company paid with Doge for Musk to send a satellite (because Musk asked them to use Dogecoin) it still doesn't mean a thing. They could have used carrots or Zimbabwe dollars instead.

4. This coin is all about hype. Once the hype is over down it goes. Even if Musk will boost his toy as long as he wants one day he may get bored like all billionaires do.

5. This coin is a meme. A really good one that I've enjoyed myself! We all like good jokes but we also get tired of them sooner or later. A joke is a joke and the joke could be on you.
 
6. Imagine a real corporation/business putting their investments in Dogecoin. You have to be a little insane and there aren't so many dumb people out there as Elon thinks.

7. Elon Musk is a narcissist - he admitted this himself - if you don't know what dealing with a narc is I invite to find out. You're only boosting his ego and I wouldn't dare playing with a narc's toy.

8. Do you think billionaires have any interest for poor people to become rich? Do you? Dream on. You're only making Musk and the whales richer than they already are.

9. This coin is highly manipulated. If you like manipulation go for it. But manipulation doesn't end well in life. Don't be a sheep, use your own mind, don't follow the crowd. Where many follow it's not good in general.

10. Even if it will ever reach $1 this coin is not sustainable in the long run. Musk will have to pump every few days with his tweets. When this coin will worth $1, BTC will easily worth $100K or more. Dogecoin has always been pump and dump, look at the coin's history and look at BTC.

There are a lot of other alt coins much safer and with a better image which can make you rich faster and easier than Dogecoin. You just have to use your mind. Doubling from 50 cents to $1 is not a spectacular gain after all.

When Dogecoin drops like crazy don't come here to cry, you've been warned.

Good luck folks!

This coin is all about hype. Once the hype is over down it goes. Even if Musk will boost his toy as long as he wants one day he may get bored like all billionaires do.

I can name just one thing : it is a memecoin. That is a good enough reason for me to not invest into something, I do not really look for something else when making an investment, as long as it is a serious project with a good deal behind it, I would invest into it but if there is nothing that supports that notion and it is only a "joke" then there is no way I would invest.

Nowadays they are creating similar stuff (or already created but hyping just now) to make things worth again, like shiba or whatever that is called became very high as well, why? Not really a proper reason, just because it was another meme coin that resembles doge and doge went up too much so people instead moved their profits there to make that kind of return again. Long story short, if the project is not a serious project with a good usecase I wouldn't invest into it.