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(CNN)   Does Dogecoin seem a little too stable? Looking for something backed by even less? Celebrity "NFT"s could be the investment you didn't know you were looking for   (cnn.com) divider line
    More: Facepalm, Auction, Value, Topps, Cameron Hejazi, CEO of Cent, Dorsey's tweet, digital space, trading cards  
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242 clicks; posted to Business » on 12 May 2021 at 11:35 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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View Voting Results: Smartest and Funniest
 
2021-05-12 8:16:11 PM  
i.kym-cdn.comView Full Size
 
2021-05-12 8:49:04 PM  
NFTs are basically a URL to a JPG with a price tag that only a moron would pay.

Remember that "I Am Rich" iphone app? They're that, with blockchain attached because it's trendy.
 
2021-05-12 11:40:22 PM  
And we choose to give Elon Musk this much power over anything why exactly?

This isn't a defense of crypto-currency. I don't get it. I prefer real money backed by the federal government. I just take issue with the fact that a weird-as-fark, South African rich boy douche has this much sway based off some bullshiat he said.
 
2021-05-13 12:12:08 AM  
Elizabeth Warren should start selling these.  It's a ready-made wealth tax.
 
2021-05-13 2:40:32 AM  
Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.
 
2021-05-13 3:06:39 AM  

We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.


This is likely a large part of it:

https://www.fool.com/the-ascent/buyin​g​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.
 
2021-05-13 3:23:01 AM  

Ivo Shandor: We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.

This is likely a large part of it:

https://www.fool.com/the-ascent/buying​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.


At these prices, I'm throwing the scraps in my money market account at it. If it goes up, great! If it goes down, I'm out less than the price of a nice dinner.

I'm no diamond hands WSB person. I just like to gamble occasionally.
 
2021-05-13 6:41:44 AM  
I'm just here to be scoffed at & called a boomer by 20-something investment-bros for being up-front that I do not comprehend the value of NFTs and thus find them worthless.
 
2021-05-13 6:59:42 AM  
You boomers just don't get that NFTs which are backed by timeless celebrities like Logan Paul are the future of investing.  You're all like "What's the valuation der der doo what's the fair market value doop de doo what's the price to earnings ratio."

All of those geezer ways of measuring value are over.  Valuation is measured by Tweet frequency now.  Nobody Tweets about Proctor and Gamble.  In the future, we will all trade NFTs for nonfungible toothpaste and cryptoshampoo.
 
2021-05-13 7:06:36 AM  
Our society is a farking embarrassment.
 
2021-05-13 7:13:11 AM  
Weird nerds.
 
2021-05-13 7:18:12 AM  
As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.
 
2021-05-13 7:24:25 AM  

GregInIndy: As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.


I understand sandwiches.
 
2021-05-13 7:41:36 AM  

TeddyRooseveltsMustache: And we choose to give Elon Musk this much power over anything why exactly?

This isn't a defense of crypto-currency. I don't get it. I prefer real money backed by the federal government. I just take issue with the fact that a weird-as-fark, South African rich boy douche has this much sway based off some bullshiat he said.


We didn't. He just walked in and took the job. Kind of like how Dennis Rodman is our ambassador to North Korea, last I heard anyways.
 
2021-05-13 7:56:10 AM  

The Googles Do Nothing: GregInIndy: As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.

I understand sandwiches.


A diverse sandwich portfolio pays off for the hungry investor.
 
2021-05-13 7:58:25 AM  
A pyramid scheme for the 21st century.
 
2021-05-13 8:39:05 AM  

GregInIndy: As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.


So you deduce that crypto is a scam because you can't find anyone to be nice to you? Hm.
 
2021-05-13 8:42:25 AM  

doosh: GregInIndy: As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.

So you deduce that crypto is a scam because you can't find anyone to be nice to you? Hm.


"I made this as a joke, no one told you to buy this shiat, it's called SCAM you stupid motherfarker."
 
2021-05-13 8:43:44 AM  

Ivo Shandor: We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.

This is likely a large part of it:

https://www.fool.com/the-ascent/buying​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.


Doubling down on the one type of crypto everyone agrees on is a joke? Don't forget to diversify your portfolio with lots of Gamestop stock too!
 
2021-05-13 8:52:16 AM  

doosh: Ivo Shandor: We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.

This is likely a large part of it:

https://www.fool.com/the-ascent/buying​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.

Doubling down on the one type of crypto everyone agrees on is a joke? Don't forget to diversify your portfolio with lots of Gamestop stock too!


I've put thousands of dollars into Gamestop.  Watch for next Tuesday when the short calls are due.  I'll make back my initial investment and then some!  Those hedge funds are gonna be sorry that they ever tangled with me.
 
2021-05-13 10:14:20 AM  

doosh: GregInIndy: As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.

So you deduce that crypto is a scam because you can't find anyone to be nice to you? Hm.


Has nothing to do with any of that. The insults, pointing to others, and dismissiveness are all blatant Avoidance 101 from explaining, with evidence, the value proposition of the investment.

That should be a gigantic red flag to anyone.
 
2021-05-13 10:27:46 AM  

Rapmaster2000: You boomers just don't get that NFTs which are backed by timeless celebrities like Logan Paul are the future of investing.  You're all like "What's the valuation der der doo what's the fair market value doop de doo what's the price to earnings ratio."

All of those geezer ways of measuring value are over.  Valuation is measured by Tweet frequency now.  Nobody Tweets about Proctor and Gamble.  In the future, we will all trade NFTs for nonfungible toothpaste and cryptoshampoo.


I mean, we might actually be getting that old. I completely discounted bitcoin as a currency (and still do) but it's skyrocketed in value. Belief is the only thing that matters to determine something's value. If the majority of people view Logan Paul tweets as worth millions, they are worth millions.
 
2021-05-13 10:32:05 AM  

doosh: Ivo Shandor: We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.

This is likely a large part of it:

https://www.fool.com/the-ascent/buying​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.

Doubling down on the one type of crypto everyone agrees on is a joke? Don't forget to diversify your portfolio with lots of Gamestop stock too!


It was literally created as a joke.

(I think it might actually be better as a currency because it's inflationary, but it was still created as a joke.)
 
2021-05-13 10:32:40 AM  

GregInIndy: doosh: GregInIndy: As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.

So you deduce that crypto is a scam because you can't find anyone to be nice to you? Hm.

Has nothing to do with any of that. The insults, pointing to others, and dismissiveness are all blatant Avoidance 101 from explaining, with evidence, the value proposition of the investment.

That should be a gigantic red flag to anyone.


Ok, I'll assume you're not trolling but, seriously, Fark is not where you come to for a white paper on any subject. I can recommend this documentary as an excellent primer on the subject.
Bitcoin - The End of Money As We Know It | Award-Winning
Youtube zpNlG3VtcBM
 
2021-05-13 10:48:32 AM  

Drearyx: Our society is a farking embarrassment.


Dont invest in coins

Invest in their underlying respective blockchains.

Bitcoin: digital gold
Ethereum: digital oil , Internet II
 
2021-05-13 10:50:00 AM  

doosh: Ivo Shandor: We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.

This is likely a large part of it:

https://www.fool.com/the-ascent/buying​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.

Doubling down on the one type of crypto everyone agrees on is a joke? Don't forget to diversify your portfolio with lots of Gamestop stock too!


No
Ethereum blockchain: Internet II , digital oil
 
2021-05-13 10:58:04 AM  
Well, Elon came out and said some shiat about crypto this morning - with predictable results.
If nothing else, watching this scam play out is and has been highly entertaining.
I expect it to become more so.
 
2021-05-13 11:31:20 AM  

doosh: Ivo Shandor: We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.

This is likely a large part of it:

https://www.fool.com/the-ascent/buying​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.

Doubling down on the one type of crypto everyone agrees on is a joke? Don't forget to diversify your portfolio with lots of Gamestop stock too!


Step 1 is understanding that Dogecoin is a joke currency. Step 2 is realizing that they all are.
Fark user imageView Full Size
 
2021-05-13 11:59:38 AM  

Linux_Yes: Drearyx: Our society is a farking embarrassment.

Dont invest in coins

Invest in their underlying respective blockchains.

Bitcoin: digital gold
Ethereum: digital oil , Internet II


This is what Fark's boomer brigade doesn't seem to understand.  Blockchain tech isn't going anywhere.
But yeah, cRyptO iZ a sKaM!!
 
2021-05-13 12:19:40 PM  
 
2021-05-13 12:21:01 PM  

Tad_Waxpole: Linux_Yes: Drearyx: Our society is a farking embarrassment.

Dont invest in coins

Invest in their underlying respective blockchains.

Bitcoin: digital gold
Ethereum: digital oil , Internet II

This is what Fark's boomer brigade doesn't seem to understand.  Blockchain tech isn't going anywhere.
But yeah, cRyptO iZ a sKaM!!


Blockchain crypto tech has a number of good uses. But anyone can implement blockchain as secured ledgering for a variety of good uses.

It's the existing cryptocurrencies I find useless, crap, and very scammy. And its history thus far bears that out.
 
2021-05-13 1:54:26 PM  

Ivo Shandor: doosh: Ivo Shandor: We Ate the Necco Wafers: Dogecoin has been on a steep downward trend these past couple days. It's outpaced the market in its race back to near-zero.

This is likely a large part of it:

https://www.fool.com/the-ascent/buying​-stocks/articles/barry-silbert-goes-sh​ort-on-dogecoin/

https://www.nasdaq.com/articles/doge-p​rice-suppression%3A-are-whales-to-blam​e-for-the-dogecoin-selloff-2021-04-21 (won't link)

Whale sells a huge pile of coins, hoping that everyone else will do the same. Price plunges. Whale buys coins back for a pittance to cover his short position. Profit.

I'm not selling. If it keeps dropping I'll buy more.

Doubling down on the one type of crypto everyone agrees on is a joke? Don't forget to diversify your portfolio with lots of Gamestop stock too!

Step 1 is understanding that Dogecoin is a joke currency. Step 2 is realizing that they all are.
[Fark user image image 640x604]


Call me when the US dollar loses 12% of its value in a day because of one rich D-bag's whim.

Like bitcoin just did.
 
2021-05-13 3:23:01 PM  

GregInIndy: Call me when the US dollar loses 12% of its value in a day because of one rich D-bag's whim.


It's a trick question, because you're defining "value" in terms of that same US dollar. Relative to Dogecoin there were several days in April when the US dollar fell that far on someone's whim.

But let's leave cryptocurrency out of it. The US dollar is backed by... well it's not gold anymore. It's not oil, at least not directly. Some nebulous notions of "full faith", "credit", and "we'll shoot you in the back of the head if you don't play along". Hard to quantify all of that but let's call it "X". Let's also assume that "X" goes up and down a bit over time but is relatively constant over the timescale of a single month. After all, the whole point is that the US is the stable bedrock of the global financial system.

So if there are 1 trillion US dollars in circulation, and since those dollars are fungible, each dollar must represent one trillionth of "X". Now let's hold X constant and print 100 billion new dollars. With constant X now backing 1.1 trillion units, the value of each one must have gone down by 10%. OK so far?

Now let's take a look at what the money printer was doing a year ago...
Fark user imageView Full Size


Hmm, the money stock seems to have more than tripled between April 27 and May 4. And every one of those 11 trillion newly-printed dollars is backed by that same mysterious bag of "X" which was backing the 5 trillion dollars from before. Good thing that this is irrelevant due to reasons, or else people might start to lose faith in the system.

If I had showed you that graph without labels, would you have recognized it as your beloved rock-solid US dollar or would you have assumed that it was one of those crazy internet shiatcoins?
 
2021-05-13 3:29:44 PM  

Ivo Shandor: Hmm, the money stock seems to have more than tripled between April 27 and May 4.


You mean exactly when they changed the definition of M1?
 
2021-05-13 3:36:32 PM  

BMFPitt: Ivo Shandor: Hmm, the money stock seems to have more than tripled between April 27 and May 4.

You mean exactly when they changed the definition of M1?


OK, fair point. I probably messed that one up. However similar vertical lines do appear on other measures like the monetary base. I can't always keep up with the details of their shell game, but one way or another there are a lot extra US dollars being poofed into existence whenever it's convenient. Meanwhile Dogecoin continues to be minted on its constant programmed schedule of 10,000 new coins per block.
 
2021-05-13 4:01:20 PM  

GregInIndy: Invest in things you understand.


I am not saying that people should not gamble.
Rather, I am saying that people should understand when they are gambling.
 
2021-05-13 4:52:55 PM  

Straight Outta Hate: GregInIndy: Invest in things you understand.

I am not saying that people should not gamble.
Rather, I am saying that people should understand when they are gambling.


Precisely. As well as to understand the very real differences between investment & gambling.
 
2021-05-13 5:04:26 PM  

Ivo Shandor: The US dollar is backed by... well it's not gold anymore. It's not oil, at least not directly. Some nebulous notions of "full faith", "credit", and "we'll shoot you in the back of the head if you don't play along". Hard to quantify all of that but let's call it "X".


Blithe blather like that as well as your embarrassing screwup above make it difficult to take you seriously.

If anything, the US is completely up-front about its currency being backed by the full faith and credit of the government. Nothing more or less. It's not a complex or foreign or unfamiliar concept needing to be reduced to a letter variable.

Congrats on your reveal of the statement they literally print on each dollar, I guess?
 
2021-05-13 5:57:10 PM  

The Googles Do Nothing: GregInIndy: As with crypto the response by those supporting it to simple questions like "what is it?" And "what is its use?" And "what function does it provide?" is consistently A) some sort of insult about my age or intelligence, B) an assertion that some other group or Important Body is SO deeply invested in and/or developing this and how it's the Next Internet, and C) a pronouncement that by even just asking these questions I "just don't get it" and will totally be jelly when I miss out on the next big run-up in prices.

It's all such a farking scam. Invest in things you understand.

I understand sandwiches.


I've seen you make one. Just so you know, the meat goes INSIDE the bread.

You might not know as much as you think.
 
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