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Why are Dogecoins Worth Anything?

Discussion in 'CryptoCurrency' started by Exine, Feb 14, 2014.

  1. Exine

    Exine Junior Member

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    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...
     
  2. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    Other than btc = speculate
     
  3. SyZygy

    SyZygy Senior Member

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    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.
     
  4. oxonbeef

    oxonbeef BANNED BANNED

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

    PinguSpy Jr. VIP Jr. VIP

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    But you still can buy doges, wait for the price to increase, and exchange it to btc via cryptsy.com = profits!
     
  6. stacy666

    stacy666 Junior Member

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    DogeCoin>>BitCoin
     
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  7. t0mmy

    t0mmy Moderator Staff Member Moderator Jr. VIP

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    Dogecoin gonna rule the world OP, get on the gravy train man :p
     
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  8. Mr-excalibur

    Mr-excalibur Newbie

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    Hop on the train (just bought some to keep)

    now i wait for you all to also hop on to make me rich.... muhahaha
     
  9. Chris22

    Chris22 Regular Member

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    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.
     
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  10. ibmethatswhoib

    ibmethatswhoib Jr. VIP Jr. VIP Premium Member

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    Did someone say, train?

    doge.gif

     
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  11. akshdalal

    akshdalal Regular Member

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    Well they did shoot up, but are now back to their normal price! :)
     
  12. ibmethatswhoib

    ibmethatswhoib Jr. VIP Jr. VIP Premium Member

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    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.
     
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    Last edited: Feb 15, 2014
  13. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    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.
     
  14. RyanPumper

    RyanPumper Newbie

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    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.