I Wouldn't Invest $1 In Dogecoin And Here Are 10 Reasons Why - page 2.

HyunBin

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Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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!

All of this are true and factual however it still good to invest on it in a short term manner especially seeing that almost 1000% massive pump percent happened to doge in just a short span just don't try to be wiser and be cautious in dogecoin to avoid burning and losing important funds.

Traderbtcc

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Honestly, dogecoin is overpriced for a meme coin without any use case and no valid product, after going through your thread I just found out more reasons why I would never want to buy dogecoin, investing in dogecoin is like a gmable, your not sure if you're going to win or lose, most people buying dogecoin now have no idea its just like the regular fiat no fixed supply, the fact that 108 addresses hold the most percentage of dogecoin should make them scared, cause if they decide to dump, not even Elon Musk's tweets will be able to save the amount of people who will get Rekt.

reza7777

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I will also never invest my money in DOGE even it's $0.00000001
Honestly I don't like Elon Musk because he uses his big name to manipulate prices and from all the statements you make I 1000% totally agree

el kaka22

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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.

efreeti

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Quote from: naikturun on May 11, 2021, 06:01:49 AM

Quote from: btc_angela on May 10, 2021, 08:19:14 AM

Thanks for a nice write-up, you truly summarise what Doge is all about and what Elon is doing and those manipulators riding the hype.

And what investors think specially newbies who can really fall for this trap. I do hope that individuals will realised it before it's too late. There's so much money flowing in Doge right now that it may crash after this altcoin bull run and many are going to be trap specially those who bought on top.

not really, I guess some people already know the facts about it and still buy the coin because of what? because they hope to benefit from the increase in a short time, like a few days ago when the dump happened and doge then recovery although not much, so they are playing with this fomo no matter how long nobody knows for sure.

They do this because they are trapped from a lot of news on social media, this is a strategy carried out by a very influential person because he can easily implement this strategy to invite many people to buy the related coin asset so that the price goes up
and this method works. in fact their goal is no doubt to take the opportunity this, to get more profit

But there is only a limited number of people who can take profit eventually. There will also be losers and that will mostly be the newcomers who now get hyped up and want the quick buck.

0t3p0t

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Quote from: BChydro on May 10, 2021, 02:17:23 PM

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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

If you look at majority of the coins in the cryptocurrency market you will find out that a few majority will be holding a large portion of the coin.

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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

Is ETH and XRP any better in terms of the number of coins.

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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.

It can be used to purchase goods and services and many gambling sites accepts Doge coin while thousands of other coins are not used anywhere other than a speculation tool.

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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.

You can copy the same sentence literally to all the coins in the cryptocurrency space, it is all about hype and you would be foolish enough to think that a single person could manipulate the Doge market.

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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.

Started as a meme and so does Litecoin and many hundreds of other coins in the market, they were all created for fun and that does not mean it will be considered shit throughout their existence.

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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.

Once again gambling sites that accepts Dogecoin will be investing in Doge to hold as reserve.

Tired of replying and hence skipping the same old repeated question.

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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.

The pump in the market cannot happen with a tweet, people are investing money in the coin and so is the reason the value is increasing, every coin is a pump and dump and if you look in that aspect literally each and every coin is a pump and dump.

Yeah you're right all of these cryptocurrency are community driven assets so it will be the same depending on every investors preferences that is why there is this pump and a dump. They might call it a meme coin but for some people who invested in it makes them lots of profit. We have the right to choose so win or failure it's not their loss.😁

akirasendo17

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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.

Silberman

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Quote from: btc_angela on May 10, 2021, 08:19:14 AM

Thanks for a nice write-up, you truly summarise what Doge is all about and what Elon is doing and those manipulators riding the hype.

And what investors think specially newbies who can really fall for this trap. I do hope that individuals will realised it before it's too late. There's so much money flowing in Doge right now that it may crash after this altcoin bull run and many are going to be trap specially those who bought on top.

Unfortunately this is not the case, people always fall for this kind of hype and that is because for the most part they are only interested in the money they can make and not on the technology behind the coin, this means they could not care less about the points the OP brings, they only ask themselves a question, can they make some easy profits with dogecoin? And if the answer is yes then they will invest not understanding that just as they can make some easy profits they can get some easy losses as well.

blckhawk

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Quote from: goinmerry on May 11, 2021, 10:45:57 AM

Because of that pointers, newbie traders will again confuse about what to do regarding Dogecoin investment.

Just ride the hype but don't get be carried away. Take profits as possible and don't expect a much higher target price. Dogecoin is no doubt one of the good additions to our portfolio but I don't consider it as worthy to hold for long.

Indeed knowing that DOGE only became that huge because of the hype hence, it wouldn't worth holding for too long, anytime if Elon Musk ditch out DOGE those who will be getting out late is the one who will suffer. It's not bad to get in the hype because it was really worth in fact you will be able to get a decent profit from it but don't get carried away, make sure you know when to get out. Know your limitations and you'll be fine.

lionheart78

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Funny how we totally reject Doge and end up profiting with nothing while those short-term traders don't care much about the usage but rather the volatility of the coin. If the coin dump, an opportunity opens, if the coin surge, profit should be taken. This pump and dump always happen to Doge, but we side watchers always criticize but the question is, how much do we earn criticizing DOGE? Nothing! Just feeling good to be called the one who has concern for the newbies but actually we wanted a company to earn nothing from trending DOGE coins.

int03h

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Quote from: TimeTeller on May 10, 2021, 01:30:57 PM

Quote from: int03h on May 10, 2021, 01:15:14 PM

The unusual investment wave of small investors in the community is increasing strongly. People invest in unusual things like celebrity tweets, memes like DOGE, SHIBA, animal crypto. This investment wave may end soon like GAMESTOP stock.
Unappreciated investment safety rules are dangerous for new investors. Blind community support will be what hinders serious projects from developing.

I think, that is one of the repercussions in this type of hype.
It(Doge) overshadowed a lot of valuable projects, which need to be promoted to the community.
And since Elon is a very influential man today, almost everyone is following what he says to the social media.
If he can only promote a project/projects that have real applications that can change how a specific industry works, I believe that would be great.
Unfortunately, not many people can imitate the same influence that he has to the public.

Elon Musk is a billionaire, celebrity, entrepreneur, CEO of big companies, a monument to every young man around the world, so what he says carries weight. I believe he will do things that benefit me first. He has invested in DOGE as an individual investor.
He talked about Bitcoin before, after which Tesla bought $ 1.5 billion in Bitcoin.
Good projects in the blockchain space are plentiful, and Elon Musk doesn't need to because those projects already have his marketing team. If he was to invest in a non-DOGE project, he wouldn't be silent.
Celebrity cryptocurrency ads have been around since McAfee promoted dozens of ICO projects and listed coins. Of course, he doesn't do it for free, the fee he recommends per shill is $ 500,000.
I think the crypto space should be spontaneous. If a project is really good, people will find it, use it and invest in it.

iamsange

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I think as long people get profit, they will blind about something like this. We can see they still jumped although Doge already in peak. Some people in my country posted how much they bought in peak and how much they lose. Something like what happen to Dogecoin must really give people a lesson, when to in and when to out is really important in crypto trading especially for who don't really good at technical analysis.

FanEagle

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Quote from: goinmerry on May 11, 2021, 10:45:57 AM

Just ride the hype but don't get be carried away. Take profits as possible and don't expect a much higher target price. Dogecoin is no doubt one of the good additions to our portfolio but I don't consider it as worthy to hold for long.

I'm having similar opinion about dogecoin investments. When there are some big hype is going on, why not we try to make use of it? Because, we are all always looking for someone to pump the coins we are holding; this is actually already happening with dogecoins hence making use of it by investing when it is available at cheaper prices will be a wise idea in my opinion as well.

Moreover, if you are targeting big price levels for your dogecoin investments, then there are very less chances for you will be disappointing over the course of time. Because, there are a lot of chances for Elon Musk to keep pumping dogecoins as he started accepting dogecoins for their one of businesses.

jacafbiz

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Thanks for this head up, there is no doubt a lot of people will get burnt, this is a good whale play and the price will likely hit $1 in this bull cycle, whales are sitting on 67% of the tokens and need the price to pump well to be able to dump their stash and will many exchanges now listing Doge and with ability to Short it, the fall to the grass would be epic

goinmerry

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Because of that pointers, newbie traders will again confuse about what to do regarding Dogecoin investment.

Just ride the hype but don't get be carried away. Take profits as possible and don't expect a much higher target price. Dogecoin is no doubt one of the good additions to our portfolio but I don't consider it as worthy to hold for long.

Trinx01

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Thank you for lighting me up, I am already holding Dogecoin for now but I am really doubting this coin, I am just got persuade based on what is happening right now with this coin, I will now pull out my investment for this coin and will invest it in other coin or bitcoin maybe. I just remember when Elon Musk has says some joke about Doge which brought the value of Dogecoin go down, it just proves that Dogecoin is a mem coin.

soul-impact

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Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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!

Thank you for sharing, this is a useful article. I invest doge but in a short-term way and make a quick profit, not long term.
I don't invest in long-term doge, because of the causes you shared above. I think it's just being pumped up temporarily, and can be dropped at any time.
Not only doge coins but other currencies are also affected in general....

darewaller

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Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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.

I agree there are a lot of other opportunities are available but nothing has been backed up by billionaires. I mean you must need someone to pump your coin otherwise you will see your investments are going down in most cases. So, I believe there will be nothing wrong to go risking along with Elon Musk. Still it should be under your affordable limits. Something is better than nothing is the policy I am going to follow for my dodgecoin investments.

Quote from: virtualdn on May 10, 2021, 05:44:03 AM

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

Even bitcoin is facing 70% drop every four years so dogecoins cannot be an exception. If I am able to make some 2x to 5x return for my investment that would be more than enough for me, for risking in dodgecoins.

stvhnks

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I agree with this one; most Dogecoin investors are cryptocurrency newbies and short-term players. They don't mind if the coin has any use case or not.

They want to have a quick profit and move on to the next one. Many gullible investors are being exploited because they're hoping to gain financial freedom with this coin, but instead, reality will come hard at them.

They will realize that the price is being manipulated and being played outright by the hands of powerful people and the whales.

Anonylz

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Most of the investors on dogecoin are short term profit chasers, they really do not care about any details except to make quick profit and move on to the next pump and dump, then a few minority of investors are dreaming with their dogecoin investment hoping to make lambo's out of it, unfortunately for them, they might get rekt before that dream come to reality, the moment Elon stop tweeting something positive about dogecoin, it will affect the price big time, and lots of noob investors will learn from the hard way.

Topic: I Wouldn't Invest $1 In Dogecoin And Here Are 10 Reasons Why - page 2. (Read 743 times)