Why are Dogecoins Worth Anything?

[Exine]

Can someone help me see as to why Dogecoin is worth anything? Almost nobody accepts it as any form of payment online and offline. You can't buy little $5 eBooks with it, you can't buy any services with it, you can't do anything.

With Bitcoin you were able to buy stuff off the silk road, it was largely accepted online, most websites accepted it as a form of donation, so it had a demand. But dogecoin? I don't see why the value of it increases at all...

 

[PinguSpy]

Other than btc = speculate

 

[SyZygy]

It's a new currency, investors are looking for new opportunities and thus are buying it in large quantities, the more investors enter the game, the more does the price go up.

First wave of investors will buy a large quantity of it and rise the price
The second wave will hold the price
The third wave will rise the price even further
Then the first wave will sell all of their dogecoins and profit from the whole venture while the second and third will wait for the next wave of guys and so on.

It's a numbers game, the earlier you start, the earlier you will see some profits.

For me, honestly, it does not make any sense and I would not recommend buying it.

 

[oxonbeef]

You can't buy sod all with Swiss franks either but they're still a safe currency to hold.

 

[PinguSpy]

But you still can buy doges, wait for the price to increase, and exchange it to btc via cryptsy.com = profits!

 

[stacy666]

DogeCoin>>BitCoin

 

[t0mmy]

Dogecoin gonna rule the world OP, get on the gravy train man

 

[Mr-excalibur]

Hop on the train (just bought some to keep)

now i wait for you all to also hop on to make me rich.... muhahaha

 

[Chris22]

The people who felt like they lost out on millions because of the BTC bubble are trying to get doges popular so they can have their free money.

 

[ibmethatswhoib]

Did someone say, train?

Dogecoin gonna rule the world OP, get on the gravy train man

 

[akshdalal]

Well they did shoot up, but are now back to their normal price!

 

[ibmethatswhoib]

Well to answer the OP's question, it's 2 months old!!! It is being accepted by merchants http://dogedir.com/. Not a lot but it's growing. It's also has more transactions in 24hrs and per hour than bitcoin http://bitinfocharts.com/. Although it's not as much (money) as bitcoin, bitcoin is still king and deserves it but dogecoin is up almost 400% in 30 days. So if you invested early you're getting the biggest kickback. But if you look at the community http://www.reddit.com/r/dogecoin, they're like fanatics and trying to spread the word about doge and spread it everywhere, it's the most active community hands down. So started out as a joke but it's made me some nice profits, already paid off some mining equipment and I only see it going up in price with all the things being done.

 

[myinternetempire]

I think Dogecoin still new in Cryptocoin world. So we have wait. I think within 3-5 years most of the online sites will start accepting Dogecoin.

 

[RyanPumper]

Other than btc = speculate

This.

Most, if not all currencies, in crypto derive their value from speculation

There are new coins being released daily, and traders a willing to speculate on these coins which drives prices upward.

Once the market momentum begins to stall out, traders begin to sell causing the price to go into free fall

this happens with every coin.