Interesting fact: Dogecoin is popular because of a Reddit bot that stole everyone's money.

DogeTipBot, a Reddit bot that was designed as a 3rd party resource for tipping Reddit users for good content was a bot that used Dogecoin as a micro-tipping service, giving many users their first crypto experience and popularizing the coin.

The creator of DogeTipBot went bankrupt, sold all of his coins, AND all of the coins of his users, and shut down the bot.

A currency born as a joke, made intentionally as backwards as possible, and popularized by a scam, is now worth $50 billion USD... now that's a meme.

Every coin is like that inherently. Arbitrary value assigned by masses to a worthless vanity item which is no more than an energy wasting byproduct.

@iiii Current value of crypto is the fact that the value is still to be determined.

Once the value stabilizes and the value is determined, it gains value as a currency.

Value doesn't need to be tangible to be legitimate.

@AlgoRythm when it stabilizes it would mean heat death of that "coin". They are alive as long as there's a movement similar to stock exchange, which inherently means absence of stability.

The only stable value possible is zero.

@iiii Imagine the value stabilizes at around 1k per coin (60 times less than it is now). Then, miners stay in business by collecting transaction fees. Mining becomes less expensive due to less competition. BTC returns to being a niche concept used outside of mainstream economy.

Imagine it stays at 60k (doubtful). Miners work off transaction fees but more competition ensures security of the currency. It is used in mainstream economy.

Imagine it stabilizes at like $100 a coin. Someone pools all their friends together and they gain hash rate of 51% and ruin the coin, but at that point the BTC economy is already almost expired, so who cares.

@AlgoRythm it's either death of said coin or an impossible utopia. People are greedy. They will never "stabilize" on anything.

@iiii Most currencies are stable today. Crypto will be no different eventually

@AlgoRythm because currencies were not created out of thin air and still aren't entirely just thin air, unlike "coins".

@iiii Okay what is the US dollar made of? Don't tell me the fabric is what gives it value.

@AlgoRythm currency of any country is sort of like stocks of said country, and the price is determined not only by hype but also by physical things that country possesses.

What is the base of bitcoin "stock"? Nothing, but wasted energy and hype. The "value" is entirely made out of thin air by speculators and greedy idiots.

@iiii By that logic, BTC is a share of the world economy, which would be more stable than the economy of just a single country.

@AlgoRythm except it's not anywhere near "world economy".

Seems like sketchy crypto currency is a the new ponzi scheme for the 2000's.

@AlgoRythm its secured by the country of us and the billions and billions of dollar owed between companies and countries.

And by stocks and gold held by the state as security, even if gold is used less and less.

Crypto currencies need to grow their usage thousands of percent until there are do many users that the value is hard to change, but the current power consumption would make that all but impossible as several countries have started making laws against the mining as it affects power availability and price.

So crypto currency’s probably also need to get away from the most cheap power win scenario they are at to day.

@Demolishun It is

@Voxera I think it fails as a currency and an only succeeds as an investment because of widespread stupidity but I think it at least deserves more credit than being worthless.

Wasn't it because Elon is simping about it?

Elon is also simping about Clubhouse, which is another mediocre thing hyped by a "tech celebrity"

@AlgoRythm it's actually worse than worthless. It has negative overall sum. That's the point.

Cointelegraph: Electronics retailer Newegg now accepts Dogecoin as payment.
https://cointelegraph.com/news/...

So this would be like newegg giving away it's stuff for free then?