propellerads adcombo
Dismiss Notice
Welcome to Our Community
Wanting to join the rest of our members? Feel free to sign up today.

So I just dropped a few k on dogecoins (lol)

Discussion in 'General Discussions and Lounge' started by Jay Wessman, Jan 1, 2014.

  1. Jay Wessman

    Jay Wessman Affiliate affiliate

    686
    232
    43
    Some of y'all are going to think I've completely lost it but I just threw a few thou into dogecoins.

    For anyone that's never heard of a dogecoin it's a new altcoin (as in a cryptocurrency that's not bitcoin) and it's based on the doge meme. It's kind of a hard meme to explain but if you've never heard of it you can read up on it here but basically it's pictures of shibes with comic sans font text describing things in broken english.

    Here's a couple of examples:

    [​IMG]

    [​IMG]

    And here is what the coin logo looks like:

    [​IMG]

    The coin was introduced less than a month ago as a joke but for whatever reason it's actually gained some traction.

    Currently a dogecoin is worth around 56 satoshis (one bitcoin is equal to 100,000,000 satoshis) so for the same price as one bitcoin you can buy about 1.7 million dogecoins.

    The weird thing about the coin is however that unlike most other altcoins (litecoin, namecoin, ppcoin etc) dogecoin has amassed a really large following and has a big community of die hard dogecoiners that are determined to turn this into the 'fun cryptocurrency' that could perhaps be used as an introduction to crypto in general and be used as a some kind of tipping currency.

    In just a matter of weeks the r/dogecoin sub-reddit has gone from zero to over 20,000 subscribers and it continues to grow (it's the second largest crypto sub-reddit outside of r/bitcoin). The doge has been listed on multiple exchanges and stories about dogecoin have been covered on the verge, business insider (and again here!), and daily dot.

    And this is all in a few weeks.

    Now I know it all sounds absolutely ridiculous but part of me thinks that this thing is so insane that it might actually work. I mean it wouldn't be the first time that something completely ridiculous had turned into a 'thing' thanks to the internet.

    And I'm not saying that it will replace bitcoin or anything crazy like that but just as litecoin has managed to do it could actually get some value down the track and make for a nice payday.

    As always though of course it's incredibly risky and chances are it'll never go anywhere but I'm a gambling man and and I don't care about blowing a few thousand bucks for the chance at a big reward. If it hits even $0.01 I'd be laughing.

    Thoughts? Am I insane?
     
  2. Klayne

    Klayne Affiliate affiliate

    64
    36
    18
    When I first time heard of it one a blackhat forum, I was thinking to get few k of them, but didn't had other things to do. If I would have done it I would made like a 5x profit now.
     
  3. KSixJeremy

    KSixJeremy Moderator moderator Affiliate Manager affiliate

    Ha! Might not be a bad move, but why not drop that kind of $$ on Litecoins? Have you not had success with them ?
     
  4. K

    K Administrator Administrator affiliate

    Keep us posted also with prices etc!
     
  5. Jay Wessman

    Jay Wessman Affiliate affiliate

    686
    232
    43
    The community that's built up around dogecoin is much larger and more active then the community that's built up around Litecoin and I think that the community is a huge factor in how well a crypto coin will do.

    A bigger community means more people developing applications for that coin and ways to spend that coin and more people doing all kinds of crazy things to get exposure to that coin - all of which help to increase a coins value.

    Also I think dogecoin has a bigger point of difference from bitcoin than litecoin does. Not from a technical stance but from a marketing and culture stance. It's the 'fun' crypto and it appeals to many audiences that Bitcoin and Litecoin doesn't.

    Plus in terms of big gains I feel like dogecoin would be more likely to go up my 10x (so from it's current value of about 0.0004 to 0.004 giving it a total market cap of about $100 million) than Litecoin would be to go up ten fold (where it would have to go from it's current value of about $25 to $250 giving it a total market cap of about $6 billion). Litecoin has already made those big gains and whilst I could definitely imagine it going up by maybe another 2x or 3x or something I find it harder to imagine it going up by a further 10x or 20x anytime soon.

    But who knows really. I'm pretty much just going with gut instinct.
     
    1 person likes this.
  6. K

    K Administrator Administrator affiliate

    Jay - hit me up on Skype, where did you get your dodge coins from?
     
  7. Jay Wessman

    Jay Wessman Affiliate affiliate

    686
    232
    43
    If you have either Bitcoins or Litecoins you can easily exchange them for dogecoins on a several different exchanges. The two that I use and recommend are Cryptsy and CoinedUp.

    If you don't have Bitcoins/Litecoins you can buy them with Paypal/Credit Card from eBay or this sub-reddit (just watch out for scammers). However if you go this route you'll have to pay a significantly higher price so personally I recommend going with the first option.
     
    Last edited: Jan 14, 2014
    1 person likes this.
  8. Jay Wessman

    Jay Wessman Affiliate affiliate

    686
    232
    43
    Things are starting to pick up. Dogecoin price has pretty much QUADRUPLED over the last few days to 212 satoshis (it was at 56 satoshis when I created this thread).

    The dogecoin sub-reddit on reddit is growing like crazy and almost has half of the subsribers that the Bitcoin sub-reddit has. If this keeps up it might even overtake the bitcoin sub-reddit over the next few months.

    Some shops and stuff (like ShopDoge.com) have sprung up and a lot of other stuff is being developed.

    And Dogecoin has gotten a lot of media attention which has helped to attract lots of new people to dogecoin:

    [​IMG]
     
    Last edited: Jan 22, 2014
    1 person likes this.
  9. K

    K Administrator Administrator affiliate

    Jay hit me up on Skype when you see this please.
     
  10. Marc

    Marc 武士- Spamurai moderator affiliate

    2,863
    1,139
    113
    I'm on board, too. If they reach only 1% of the bitcoins in a few years, they have done an excellent job.

    @ Jay: are you also mining?


    Yep, on consumer platforms like eBay there is also always the risk that you will be cheated and the coins will not be delivered.
    Exchange platforms are the safe way.
     
    Last edited: Mar 30, 2014
  11. Jay Wessman

    Jay Wessman Affiliate affiliate

    686
    232
    43
    Ha nice man. Much investment.

    Nah I don't mine. Never bothered to even work out how to do it and from I gather it's pretty competitive these days.

    Also Dogecoin is sponsoring a Nascar car:

    [​IMG]
     
  12. KSixJeremy

    KSixJeremy Moderator moderator Affiliate Manager affiliate

    Jay, how have you been doing with the currency trading lately with DC?
     
  13. Jay Wessman

    Jay Wessman Affiliate affiliate

    686
    232
    43
    Not a whole lot. I don't really trade between currencies to try to beat the market I just hoard them.
     

Featured Resources (View All)

adsxposed