Jay Wessman
Well-Known Member
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:
And here is what the coin logo looks like:
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?
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:
And here is what the coin logo looks like:
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?
