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(The Sun)   This just in from the so-called Wolf of Wall Street: Shiba Inu and Dogecoin cryptocurrencies are 'jokes with no real value'. I mean this is a guy who knows about scams (possible nsfw content on page)   (thesun.co.uk) divider line
    More: Obvious, Confidence trick, Ponzi scheme, The Sun, Shiba Inu, News of the World, notorious trader, Newspaper, meme coins  
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358 clicks; posted to Business » on 30 Nov 2021 at 9:55 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



18 Comments     (+0 »)
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2021-11-30 9:00:08 AM  
That's why I invested everything in Wolf Cola.
 
2021-11-30 9:27:27 AM  
Crypto brawl incoming.
 
2021-11-30 9:58:19 AM  
The Sun is there.
 
2021-11-30 10:02:06 AM  
This is a serious news source.
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2021-11-30 10:08:11 AM  

Garza and the Supermutants: Crypto brawl incoming.


Why would people wish to fight with those who ride the economic-skills short bus? It is much more amusing to see them take themselves so very seriously.
 
2021-11-30 10:08:54 AM  
"Now buy a leveraged option on my mortgage-backed CDO derivatives. They're totally real."
 
2021-11-30 10:10:48 AM  

NewportBarGuy: That's why I invested everything in Wolf Cola.


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2021-11-30 10:25:03 AM  

NuclearPenguins: Garza and the Supermutants: Crypto brawl incoming.

Why would people wish to fight with those who ride the economic-skills short bus? It is much more amusing to see them take themselves so very seriously.


For most investors, cryptocurrency = Dunning-Krugerrands
 
2021-11-30 10:25:04 AM  
So he's pissed off he wasn't in at the beginning and someone found a better scan than his.
 
2021-11-30 11:01:02 AM  

NewportBarGuy: That's why I invested everything in Wolf Cola.


Official cola of Boca Raton.
 
2021-11-30 11:07:54 AM  
I think some cryptocurrencies have some utility. Smart contracts are interesting, and NFT's could be useful in gaming. (Although I feel like you could also implement all the usefulness of NFT's for gaming without actually using NFT's... so there's that.)

But bitcoin itself, and a lot of other coins, simple have no real use-case and seem worthless to me.

Then again, enough people disagree with me that it's worth a shiatload and I wish I had just mined some way back when I first heard about it.

The real problem right now is that there are thousands of coins out there, half of them are scams, and half of the rest will probably fail anyway. If you've got the money to gamble you could get super rich overnight...
 
2021-11-30 11:33:40 AM  

Telos: I think some cryptocurrencies have some utility. Smart contracts are interesting, and NFT's could be useful in gaming. (Although I feel like you could also implement all the usefulness of NFT's for gaming without actually using NFT's... so there's that.)

But bitcoin itself, and a lot of other coins, simple have no real use-case and seem worthless to me.

Then again, enough people disagree with me that it's worth a shiatload and I wish I had just mined some way back when I first heard about it.

The real problem right now is that there are thousands of coins out there, half of them are scams, and half of the rest will probably fail anyway. If you've got the money to gamble you could get super rich overnight...


The utility is in the ability of bitcoin owners to convince consumers to provide goods and provide services. So you can give bitcoins to, farmers, manufacturers, software developers, drug dealers, sex traffickers, assassins for hire, etc and they will agree to perform a function in exchange.

Same as any other form of currency, really. It's all just layers of obligation and it only means as much as people think it means. Values are subjective, prices are arbitrary, and money is just an abstract symbol of both.
 
2021-11-30 11:39:50 AM  

Telos: But bitcoin itself, and a lot of other coins, simple have no real use-case and seem worthless to me.


Dogecoin has ended up as the most useful option, despite starting as a joke. The transaction fees are low enough that it can be used for small-value purchases. The constant rate at which new coins are added to the supply encourages spending over hoarding the coin in expectation of future scarcity. It has less of an environmental footprint than the other big players (although still a significant issue) because of the way that it's mined as a byproduct of Litecoin mining. The Dogecoin community also encourages gifts, fun/silly projects, and donations to charity rather than focusing only on personal gains.

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2021-11-30 12:18:38 PM  
The creator of Dogecoin himself will tell you it's a joke coin.  So, there's that.
 
2021-11-30 12:22:40 PM  

tyyreaunn: The creator of Dogecoin himself will tell you it's a joke coin.  So, there's that.


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2021-11-30 3:11:07 PM  

Raug the Dwarf: NewportBarGuy: That's why I invested everything in Wolf Cola.

Official cola of Boca Raton.


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2021-11-30 4:06:47 PM  
Your Doge coin wants Proof of Steak.

/yes I know its overused
 
2021-11-30 7:05:38 PM  

akallen404: So you can give bitcoins to, farmers, manufacturers, software developers, drug dealers, sex traffickers, assassins for hire, etc and they will agree to perform a function in exchange.


You can give them to anyone who doesn't mind their earnings being halved the next day. Of course they could also double the next day, which is the problem... why would you ever spend them? I wouldn't spend a dollar if it had a chance of being worth two tomorrow.

Bitcoin is an "asset." An investment. It's a failure as a currency because crypto nerd dogma says inflation is bad.
 
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