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(The Daily Beast)   Joke cryptocurrencies are making real profit. In other news, if you're interested in getting in on the ground floor of FarkCoin mining, please contact a mod   ( thedailybeast.com) divider line
    More: Stupid, Jesus Coin, Money, Coin, Useless Ethereum Token, Shiba Inu, Christ Coin, satirical Jesus Coin, Value theory  
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779 clicks; posted to Business » on 03 Jan 2018 at 1:20 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



30 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2018-01-03 12:47:25 PM  
Sure, mock it, but you'll feel foolish when you can pay with Totalfark using WeaselCash.
 
2018-01-03 01:01:33 PM  
img.fark.netView Full Size
 
2018-01-03 01:09:26 PM  
Would it kill them to check the numbers before publishing?  Dogecoin doesn't just have a market capitalization of 'more than $700,000' -- it has a market cap over one BILLION dollars:

https://coinmarketcap.com/currencies/​d​ogecoin/#charts

So, more than a thousand times $700k.

/ Though I guess 'more than $700,000' is correct.
// The best kind of correct.
/// Such crypto.  Much currency.  Wow.
 
2018-01-03 01:27:32 PM  
They're $5 each.  Cheap!
 
2018-01-03 01:59:33 PM  
wow, selling nothing is profitable?  Who knew?
 
2018-01-03 02:05:40 PM  
riiiiiiiiight. drew had years to actually make a metric assload of money and *now* he is going to do so.
sure. days late and several dollarpounds short.
 
2018-01-03 02:15:15 PM  
I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??
 
2018-01-03 02:26:31 PM  
I'm holding out for Rexcoins.
img.fark.netView Full Size
 
2018-01-03 02:36:20 PM  
FarkChain has a nice ring to it.
 
2018-01-03 02:40:30 PM  
This calls for a Farkcoin design contest.

Obverse features bosoms rampant on a field of empty bourbon bottles  Reverse emblazoned with "Parking in Rear". Of course, coin edges are ribbed for pleasure.
 
2018-01-03 02:43:11 PM  

GoldSpider: I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??


I wouldn't recommend investing in it, but I have a friend who got into it when it first got started as a joke and abandoned it. When I told him there was a billion dollars worth of it he decided to sell it all off and wound up making somewhere around $600 for it.

Actually getting the money was a pain in the ass though from what I heard. He had to exchange it for bitcoin and then sell those.
 
2018-01-03 02:46:55 PM  

karl2025: I wouldn't recommend investing in it, but I have a friend who got into it when it first got started as a joke and abandoned it. When I told him there was a billion dollars worth of it he decided to sell it all off and wound up making somewhere around $600 for it.

Actually getting the money was a pain in the ass though from what I heard. He had to exchange it for bitcoin and then sell those.


If I thought there was still any profitability in mining, I'd consider it, but electricity isn't cheap enough here to justify the ~$3k up-front investment in hardware that I have little chance of breaking even on.
 
2018-01-03 02:47:03 PM  

GoldSpider: I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??


Because it's fun and the community sponsors shiat like this:
img.fark.netView Full Size
 
2018-01-03 02:49:38 PM  
Why does it have to be named 'coin'? What's wrong with 'FarkDollar', or 'FarkBuck", or 'DrewCash'?
 
2018-01-03 02:55:25 PM  
img.fark.netView Full Size
 
2018-01-03 03:09:41 PM  
GoldSpider

I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??

A guy I know has been in it since 2011, he just put in his 2 weeks. Currently sitting on about 2 million dollars of crypto-currency.

Researching and trading is a second job to him, putting in 6-8 hours a night. He will have a massive heart attack by the time he hits 40.
 
2018-01-03 03:48:57 PM  

Random Anonymous Blackmail: GoldSpider

I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??

A guy I know has been in it since 2011, he just put in his 2 weeks. Currently sitting on about 2 million dollars of crypto-currency.

Researching and trading is a second job to him, putting in 6-8 hours a night. He will have a massive heart attack by the time he hits 40.


My understanding is that it can be a real PITA to turn these crypto-currencies back into hard cash that's in your FDIC-insured bank account. No judgements against anyone who can make ends meet via any legal means (even some illegal ones are okay in my book), but I worry that the current torrent of gamblers and dummies jumping into the fray means that, eventually, the party is going to end and those still holding these bits are going to find themselves financially ruined. Then, we'll end up with a mini-crisis that will cause parents and grandparents to complain about how their kid was heavy into these coins and now moved back into their houses. Regulations are coming. I suspect we're close to the end of this rally, because poor/dumb/naive people aren't going to have available cash and credit for much longer as these currencies continue to rise while they make purchases.

If you know anyone riding this train, it might be wise to remind them that it's all virtual gains until they actually convert the 'investment' into hard currency (and report the gain on their taxes...). I'm happy for anyone who's now a millionaire; try not to spend it all in one place.
 
2018-01-03 04:01:12 PM  

roostercube: My understanding is that it can be a real PITA to turn these crypto-currencies back into hard cash that's in your FDIC-insured bank account.


It depends where you live and how much you are trying to exchange. Around here it's easy to walk into a coffee shop and take $1000 from an ATM. Getting a million dollars out would be significantly more difficult (but sadly it's not a problem I'll ever have to deal with, as I didn't start mining until it was way too late).
 
2018-01-03 04:02:31 PM  

roostercube: Random Anonymous Blackmail: GoldSpider

I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??

A guy I know has been in it since 2011, he just put in his 2 weeks. Currently sitting on about 2 million dollars of crypto-currency.

Researching and trading is a second job to him, putting in 6-8 hours a night. He will have a massive heart attack by the time he hits 40.

My understanding is that it can be a real PITA to turn these crypto-currencies back into hard cash that's in your FDIC-insured bank account. No judgements against anyone who can make ends meet via any legal means (even some illegal ones are okay in my book), but I worry that the current torrent of gamblers and dummies jumping into the fray means that, eventually, the party is going to end and those still holding these bits are going to find themselves financially ruined. Then, we'll end up with a mini-crisis that will cause parents and grandparents to complain about how their kid was heavy into these coins and now moved back into their houses. Regulations are coming. I suspect we're close to the end of this rally, because poor/dumb/naive people aren't going to have available cash and credit for much longer as these currencies continue to rise while they make purchases.

If you know anyone riding this train, it might be wise to remind them that it's all virtual gains until they actually convert the 'investment' into hard currency (and report the gain on their taxes...). I'm happy for anyone who's now a millionaire; try not to spend it all in one place.


Everyone, literally, everyone is saying how it will eventually crash.

The first lesson I learned in investing was "listen to what everyone is saying, and then do the opposite."
The second lesson was "be patient"
The second-second lesson was "Don't put in what you can't afford to lose"
The third and currently final lesson was "Don't be *too* patient."

I throw in a few hundred every so often, BitCoin will probably go much, much higher before it becomes worthless. Because it's all speculation and one thing we know about speculators - they are greedy bastards.

/otho, everything I just said could be false. No one ever really knows.
 
2018-01-03 05:12:45 PM  

BalugaJoe: [img.fark.net image 425x303]


DemoCoin
 
2018-01-03 05:44:13 PM  
So when this bubble bursts how will it affect me as long as my funds have stayed clear? Is it going to take the whole market with it or something?
 
2018-01-03 06:44:10 PM  

morg: So when this bubble bursts how will it affect me as long as my funds have stayed clear? Is it going to take the whole market with it or something?


It's going to be like taking a few houses filled to the gills with 100s and lighting them on fire.  It's just going to rid the economy of spending dollars.  So yes, everything will go down.  But not crash
 
2018-01-03 06:45:27 PM  
Also, drew SHOULD consider funding fark through an ICO.  Why not?  He's got nothing to lose.  Write up a white paper tonight.  I'll buy some.
 
2018-01-03 07:28:12 PM  

Mongo No.5: Also, drew SHOULD consider funding fark through an ICO.  Why not?  He's got nothing to lose.  Write up a white paper tonight.  I'll buy some.


Still waiting Drew.......

img.fark.netView Full Size


/I've reserved the domain
 
2018-01-03 10:15:26 PM  
The amount of idiots I'm hearing in my day to day social circles rambling about how you can cash out your crypto on Coinbase whenever you feel like withdrawing has me thinking the market is now detached from any real value...
 
2018-01-04 12:22:33 AM  

GoldSpider: I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??


See, that's why you're not rich. As soon as you concede there was something to ridiculous fad A, someone comes along with even more ridiculous fad B, that exceeds your capacity to take seriously...
 
2018-01-04 08:13:52 AM  

Ivo Shandor: GoldSpider: I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??

Because it's fun and the community sponsors shiat like this:
[img.fark.net image 400x209]


Still got my tshirt from funding his second run!

/Ca hardly believe that a cryptocurrency featuring a meme from about 2014 is still worth anything
 
2018-01-04 09:18:10 AM  

Random Anonymous Blackmail: GoldSpider

I wish I hadn't been such a skeptic of Bitcoin (as I'm sure a lot of people do) but why on Earth should I invest in "Dogecoin"??

A guy I know has been in it since 2011, he just put in his 2 weeks. Currently sitting on about 2 million dollars of crypto-currency.

Researching and trading is a second job to him, putting in 6-8 hours a night. He will have a massive heart attack by the time he hits 40.


If I was sitting on 2 million dollars of anything, I'd sell it, buy an RV and drive around the country for the rest of my life.  Screw still working trading to get more.  Jeebuz.
 
2018-01-04 09:25:08 AM  

alienated: riiiiiiiiight. drew had years to actually make a metric assload of money and *now* he is going to do so.
sure. days late and several dollarpounds short.


He went with the wise choice of FarkTV and WTFark, which nobody found funny yet he kept funding it.
 
2018-01-04 10:28:05 AM  

morg: So when this bubble bursts how will it affect me as long as my funds have stayed clear? Is it going to take the whole market with it or something?


Probably not at all. It might make them go down a bit or it might make them go up a bit as money moves from coins to stocks.
 
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