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(Some Guy)   Investing stimulus checks in Dogecoin would have made you $425,000. Much wow   (decrypt.co) divider line
    More: Cool, Money, Cheque, Finance, price of Dogecoin, pandemic stimulus checks, Payment, full amount, Finance blogger Nick Maggiulli  
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497 clicks; posted to Business » on 05 May 2021 at 10:27 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



75 Comments     (+0 »)
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2021-05-05 7:00:24 PM  
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That is crazy
 
2021-05-05 7:12:13 PM  
A kid at work is currently sitting in $250k in doge.  Absolutely nuts
 
2021-05-05 7:31:31 PM  
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2021-05-05 8:25:54 PM  
It's easy to make money if you know both when the market will be at its lowest and when it will be at its highest.
 
2021-05-05 8:52:03 PM  
Yep.

I remember thinking when it was tenths of a cent "I should buy some for the lulz"

But of course I suck.

If I did it would have tanked anyway...
 
2021-05-05 8:58:05 PM  
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2021-05-05 9:32:20 PM  
Well I lost my shirt when I invested in tulips and beanie babies too late, but I'll get some crypto now and make it up all my losses.
 
2021-05-05 10:17:20 PM  
Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?
 
2021-05-05 10:39:06 PM  
I should be getting back another refund from the Fed. Half is going to BTC. The other half will go to weed. Or a lego set.
 
2021-05-05 10:59:06 PM  
"Invest"?

One does not "invest" in currency.  One speculates.
 
2021-05-05 11:00:28 PM  

Kat09tails: Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?


Yes.
 
2021-05-05 11:11:11 PM  
Did they actually sell?  and get real hard cash for it?  or are we just looking at the what ifs?  Remember unrealized capital appreciation is zip/ bupkis/ nada... it's a woozy it's a wazzy, it's a fugazi!!!

Now, when I tried to sell, I got a week freeze out, then a 5% charge, then another 3 day delay... Getting real money out of these shiat coins is a chore... oh, and just you wait until your exchange is hacked or lost or goes bankrupt...

Crypto does NOT have a good history of Financial competence and well run support systems!
 
2021-05-05 11:25:05 PM  

Marcus Aurelius: "Invest"?

One does not "invest" in currency.  One speculates.


You're being generous with "currency" (for now anyway)
 
2021-05-05 11:34:10 PM  
Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%
 
2021-05-05 11:44:28 PM  

NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%


Not that I wouldn't give the latter a second thought but I could come to grips with the former without too much problem.

I could be convinced to put my theory to the test if I thought for a minute you get cash back no matter the gain. It would probably help to know how to safely buy cryptocurrency too.
 
2021-05-05 11:45:14 PM  

NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%


I bought at 0.12 and sold at 0.38, I took it gladly. 

I wish I had bought it when it was thousandths of a cent.
 
2021-05-06 12:01:05 AM  

NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%


You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.
 
2021-05-06 12:46:36 AM  
Dogecoin has inflation built into its algorithm so it's not going to the moon like bitcoin. It gets easier to mine more dogecoin every year.

So this is a tulip bubble. Get out now while the returns are good. The only purpose of crypto currency is to find a bigger sucker.
 
2021-05-06 12:48:58 AM  

Ishkur: Dogecoin has inflation built into its algorithm so it's not going to the moon like bitcoin. It gets easier to mine more dogecoin every year.


No, it was easy in the early days and it's now a constant 10,000 new coins per block. This results in an inflation rate which gradually decreases over time, and is currently a bit under 4%.
 
2021-05-06 1:10:49 AM  

Ivo Shandor: Ishkur: Dogecoin has inflation built into its algorithm so it's not going to the moon like bitcoin. It gets easier to mine more dogecoin every year.

No, it was easy in the early days and it's now a constant 10,000 new coins per block. This results in an inflation rate which gradually decreases over time, and is currently a bit under 4%.


That's actually a lot. That's almost too much inflation. And the fact that they can control the rate makes better sense from a monetary policy standpoint. That means they can make adjustments and course correct over time. They will probably freeze inflation when it gets to around 2.1% (which economists agree is the sweet spot).

Point is while there are currently 18 million bitcoins in circulation and they will cap them sometime next year (I believe at 21 million) so they won't make any more, there are currently 127 billion dogecoins and they will keep making more forever. A more flexible, stable, and sensible currency.

I mean commodity.
 
2021-05-06 1:19:33 AM  

Ishkur: Point is while there are currently 18 million bitcoins in circulation and they will cap them sometime next year (I believe at 21 million)


It doesn't hit a hard cap. The reward per block is cut in half every few years so it approaches the limit asymptotically.

https://www.investopedia.com/tech/wha​t​-happens-bitcoin-after-21-million-mine​d/
 
2021-05-06 1:41:25 AM  

Ivo Shandor: The reward per block is cut in half every few years so it approaches the limit asymptotically.


It halves? Like Zeno's paradoxes?
 
2021-05-06 1:49:28 AM  

Ishkur: Ivo Shandor: The reward per block is cut in half every few years so it approaches the limit asymptotically.

It halves? Like Zeno's paradoxes?


Sort of. The difference is that Bitcoin has constant time steps, while Zeno deals with objects moving progressively shorter distances in correspondingly shorter time intervals. Bitcoin's mining rewards are a convergent series adding up to that 21 million coin limit.
 
2021-05-06 2:43:29 AM  

Ivo Shandor: Ishkur: Ivo Shandor: The reward per block is cut in half every few years so it approaches the limit asymptotically.

It halves? Like Zeno's paradoxes?

Sort of. The difference is that Bitcoin has constant time steps, while Zeno deals with objects moving progressively shorter distances in correspondingly shorter time intervals. Bitcoin's mining rewards are a convergent series adding up to that 21 million coin limit.


That still doesn't make it very useful as a currency.
 
2021-05-06 3:20:46 AM  
Yeah... but you would have been an idiot for doing so in this environment. It's hard to lose money on anything with an even slightly sane valuation. Hindsight is 20/20 in investing, and this is only a good move now after the fact.
 
2021-05-06 4:16:21 AM  

Kat09tails: Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?


Actually i would rather see some unhackable little addition to the video cards that shuts them down if they draw more than x % of card power with no games or video programs actively running
 
2021-05-06 6:02:31 AM  

Kat09tails: Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?


Fark user imageView Full Size
 
2021-05-06 6:22:18 AM  
That's a stupid investment. I put all my stimmy into winning scratchers and now I have way more than that.
 
2021-05-06 6:22:40 AM  

Ishkur: Dogecoin has inflation built into its algorithm so it's not going to the moon like bitcoin. It gets easier to mine more dogecoin every year.

So this is a tulip bubble. Get out now while the returns are good. The only purpose of crypto currency is to find a bigger sucker.


qph.fs.quoracdn.netView Full Size
 
2021-05-06 9:03:57 AM  

NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%


This is my sole experience with crypto. I sold all my bitcoin when they hit $100 for the first time. At the time I was quite pleased with myself...
 
2021-05-06 9:51:02 AM  

phimuskapsi: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

I bought at 0.12 and sold at 0.38, I took it gladly. 

I wish I had bought it when it was thousandths of a cent.


I sold at .09 and then again at 20 something.

I rebought in at .24 and will resell at the .93 mark.

I've made 2 weeks pay (on the trades so far) as opposed to 2 months if I had diamond hands.   But I admit I'm not good at timing pump and dumps.  I really underestimated the madness for Doge so I miscalculated.
 
2021-05-06 10:16:47 AM  

SirEattonHogg: I really underestimated the madness for Doge so I miscalculated.


Me too. It was so sudden.
 
2021-05-06 10:27:37 AM  

Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.


This. If bitcoin were to plummet to zero this instant, I'd still be getting some 200 percent return on my money. But if it reached $100k, I'll happily sell off some more.
 
2021-05-06 10:37:30 AM  

Kat09tails: Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?


By my rough calculations, crypto is currently using roughly half of the energy of the entire universe right now. It must be stopped!

/lighten up Francis
//your cars are collectively doing far more environmental damage than cryptocurrencies largely run off hydro power in China, plus proof of stake is coming, which significantly reduces the load
 
2021-05-06 10:53:10 AM  
I am terrible at timing pump and dumps, therefor I do not invest in crypto.
 
2021-05-06 10:53:58 AM  

MrScruffles: I am terrible at timing pump and dumps, therefor I do not invest in crypto.


Ethereum will change your mind......
 
2021-05-06 10:54:36 AM  

Driedsponge: A kid at work is currently sitting in $250k in doge.  Absolutely nuts


A kid who was at work......
 
2021-05-06 10:56:21 AM  

Kat09tails: Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?


Its already taxed.

The IRS treats it the same as company stocks
 
2021-05-06 10:57:02 AM  

AsparagusFTW: I should be getting back another refund from the Fed. Half is going to BTC. The other half will go to weed. Or a lego set.


Ethereum you meant to say
 
2021-05-06 10:57:33 AM  

Marcus Aurelius: "Invest"?

One does not "invest" in currency.  One speculates.


Ethereum is far from currency.....
 
2021-05-06 10:57:49 AM  

bdub77: Kat09tails: Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?

By my rough calculations, crypto is currently using roughly half of the energy of the entire universe right now. It must be stopped!

/lighten up Francis
//your cars are collectively doing far more environmental damage than cryptocurrencies largely run off hydro power in China, plus proof of stake is coming, which significantly reduces the load


A lot of Chinese mining is powered by coal.

Mining controlled by grid-connected renewable energy is still harmful unless that energy would have otherwise gone unused. That does happen sometimes, but only occasionally. Mining tends to run 24/7 for fear of losing profits. And there's also the environmental cost of the ASIC hardware itself, which is useless for anything but mining Bitcoin.

Proof of stake has been proposed for some cryptosystems. There's no guarantee that it will ever be implemented, or that the investment money will flow to the forks which do adopt it. Changing the rules from proof of work to proof of stake is a major architectural change, creating a new coin system which shares block history with the previous one but does not automatically replace it. "Bitcoin PoS" might end up as just another minor altcoin along with "Bitcoin SV", "Bitcoin Cash", "Bitcoin Gold", etc. if the existing players decide that they prefer the status quo. Ethereum v2 has a better chance of success but it's not a done deal. Next year if we're lucky.
 
2021-05-06 10:58:55 AM  

Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.


Or be smart and buy Ethereum.
 
2021-05-06 10:59:33 AM  

Ishkur: Dogecoin has inflation built into its algorithm so it's not going to the moon like bitcoin. It gets easier to mine more dogecoin every year.

So this is a tulip bubble. Get out now while the returns are good. The only purpose of crypto currency is to find a bigger sucker.


Bitcoin is also deflationary
 
2021-05-06 11:00:38 AM  

Linux_Yes: Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.

Or be smart and buy Ethereum.


Can I order some on my Librem phone?
 
2021-05-06 11:04:36 AM  

bdub77: Kat09tails: Can we start taxing crypto now based upon the environmental damage for mining and maintaining this crap?

By my rough calculations, crypto is currently using roughly half of the energy of the entire universe right now. It must be stopped!

/lighten up Francis
//your cars are collectively doing far more environmental damage than cryptocurrencies largely run off hydro power in China, plus proof of stake is coming, which significantly reduces the load


Crypto is draining the sun

Bout to get cold outside.....
 
2021-05-06 11:12:11 AM  

NuclearPenguins: Linux_Yes: Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.

Or be smart and buy Ethereum.

Can I order some on my Librem phone?


You could

Just dont with fake apps from google or apple.

One dude lost 7 bitcoins bec he downloaded a fake trezor (excellent hard wallet) app in the apple app store.

Trezor warned apple about the fake app.  Apple took it down but then it reappeared.

The app was not from trezor bec they dont make an apple app for their wallet.  I heard they are going to make one though.

I use a Trezor Model T hard wallet on my Linux box running Trezors Suite.

Problem solved
Crypto secured

The dude lost close to a million bucks bec he thought smartphones are secure.
 
2021-05-06 11:17:09 AM  

NuclearPenguins: Linux_Yes: Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.

Or be smart and buy Ethereum.

Can I order some on my Librem phone?


And when i downloaded the Trezor Suite i checked its PGP signature to make sure it is the real thing from trezor and to make sure it hasnt been altered.

Its not hard to do and Trezor even has a how to section on their website.

If the apple guy was able to do same he would have known its a fake app.

The power of Linux and open source software is Awesome.
 
2021-05-06 11:20:36 AM  

NuclearPenguins: Linux_Yes: Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.

Or be smart and buy Ethereum.

Can I order some on my Librem phone?


Oh

And yes all Trexor hard wallets and software run Linux and open source software.

They work on windows macOS and Linux
Oh and android (i wouldnt use android for crypto unless its small amounts)

iOS app coming soon i heard
 
2021-05-06 11:25:12 AM  

NuclearPenguins: Linux_Yes: Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.

Or be smart and buy Ethereum.

Can I order some on my Librem phone?


Dude is suing apple bec they claim their app store is the most secure in the world.

He has a good case
 
2021-05-06 11:27:45 AM  

Linux_Yes: NuclearPenguins: Linux_Yes: Ivo Shandor: NewportBarGuy: Be honest with yourself... you'd sell when it went up 100% and be happy... then hate yourself when it continued up 10,000%

You don't sell it all at once. Instead of cashing out a 100% profit, take a 40% profit and let the rest of it ride. Sell another fraction the next time it goes up by a silly amount. I've been slowly chipping away at a Bitcoin since late 2013.

Or be smart and buy Ethereum.

Can I order some on my Librem phone?

Dude is suing apple bec they claim their app store is the most secure in the world.

He has a good case


Jesus dude, learn when someone is mocking you. Or at least condense your inane screeds to a single reply.
 
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