y is it more gimmicky than btc? it's all digital thingies! ok the memes are an added gimmick; but if it doesn't pay a dividend, they are all stores of value based on popularity.
Elon is going to take bitcoin to mars. However if appreciate so much who wants to use it buy a tesla?
"stores of value based on popularity" same could be said for paper money. considered gimmicky because there is no limit to the amount that can be mined. some will argue that's the benefit of dogecoin. as of now i consider it a pyramid scheme but a lot of cryptos seem that way.
i earn a salary, pay taxes and buy stuff with paper money... pretty good gimmick i think doge's annual supply inflation rate is actually lower than eth at the moment; not sure y ppl are so hung up over doge's.
Tesla buys $1.5 billion in bitcoin, plans to accept it as payment https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html
A pyramid scheme is a promise of a return. Doge is just a speculative asset. Gemini and Blockchain.com's yield farming could be a pyramid scheme along with these other DeFi projects. Im having trouble getting down to the fundamentals on how these current methods work. I am not sold Bitcoin and the lighting network will be a practical form of a MOE. Im not convinced Bitcoin is inflationary enough to support the lighting network. Liquidity issues could drive a single Bitcoin price to the millions. We could see Bitcoin to 50k by the end of the week. And that is just Musk admitting he finally added BTC to his Tesla assets....which was already speculated. Doge could very well be a populist coin. Once Ethereum goes full POS, those miners are going to want to put their mining farms to work. Its mildly inflationary and uses the same core as BTC. Currently its hash rate is very low so it is subjected to 51% attacks. Its not a coin I would recommend investing in but I wouldnt mind holding a couple hundred dollars worth in a mobile wallet to trade.
It's more gimmicky to me simply because it had and has no purpose. Again, it's kind of the greater fool theory : find somebody who'll pay more for it than you and it'll go up -- because there's no other reason really for it to go up that I know of. Some of these other cryptos that will undoubtedly also flop at least go into it with a purpose (assuming their purpose isn't a scam).
Auxpow with ltc. (This was a concern for me before buying as well, sudden price spikes would make it a target. Pleasantly surprised it's fairly resistant).
Musk should sell all his bitcoin, take the $200MM in overnight profit, and then tweet that Tesla sold all its bitcoin. Watch the price drop, buy again, and repeat. Tesla could make more in a week doing this than it does in year making cars.
I dont do a lot of short term investing. Im terrible at it. I did very well with ETH and BTC in the early days but would have done much much better if I never chased the 10x or 100x **** coin craze. I prefer to stick to the fundamentals and understand the value of the asset. My advice is to stay away from the wanna be Ethereums like Cardano, EOS and Tron. I took over 10 years for BTC to mature. All you ever hear is people wishing they could go back to 2010 and buy up tens of thousands of Bitcoins, but the reality is Bitcoin was still in its infancy and very vulnerable. Very few people believed in Bitcoin 10 years ago. The same with Tesla stock. Ethereum 2.0 is still a couple years out. Basically Ethereum is still in test net right now. There are those who misunderstood Bitcoin to be a MOE (IE: buy products like coffee with Bitcoin) but its primary purpose was to be a SOV. Just as Ethereum is touted to be a smart contracts platform when its really designed to compete with the whole financial system. Bitcoin had its army of naysayers in the beginning just as Ethereum does now. Now whether the Ethereum team can pull it off is a different story. Either way the attempt is pretty fascinating. This is an pretty good overview
I’ve been trying to buy the dips and over the last 3 weeks. Everytime I thought Bitcoin was too high , every single time, I was left kicking myself. If I threw everything in it rather than disperse it because I felt it was too high I would have a bigger return right now. keep here ethi is inflated and will soon cap out
Holy hell. I have never felt less informed on cryptocurrency than I do after reading that article and trying to understand it...
Im certainly not going to pretend I understand it. Im sure its all meaningless if the CBO isn't dictating what Vitalik Buterin should be doing.
thanks for the info. yes i've been reading a bit about all the different functions/ideas each coin is designed to do. much rather invest in a MOE than 'digital gold' or rather id like to invest in the company/technology behind the future global financial system.
