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A comment on Dogecoin spikes 300% in a week, stoking fears of a cryptocurrency bubble. Parent comment

Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by saurik on Friday April 16, 2021 @02:15PM (#26837305)
Have you considered the possibility that the bubble which bursts is "fiat money", and the utility being provided by these "stores of value" currencies (such as Bitcoin) is merely "escape from inflation"? The story--also right now on Hacker News--of Turkey is extremely relevant: the expectation of governments is that they can arbitrarily inflate the currency supply, which is effectively a tax on holding that currency; the more people who realize they can avoid that tax by merely storing their money in a safe external asset, the harder it is for governments to use that mechanism to raise funds.
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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by ReggieCommaRose on Friday April 16, 2021 @03:56PM (#26838406)
...but it's Dogecoin.
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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by 1996 on Friday April 16, 2021 @04:49PM (#26838921)
... which itself is extremely interesting if you leave aside its "dog" icon: it has the same UI as BTC, it is based on the same software, but with more digits (no need for satoshis as the smaller unit), lowest prices (people do not want to own fractional number of a coin like 1/100 of a BTC, they want integers), widely available on most exchange due to having existed for a long time...

There is a strong usecase, at least as strong as LTC.

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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by nly on Friday April 16, 2021 @05:28PM (#26839265)
Integers..they're "extremely interesting". Christ
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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by ReggieCommaRose on Friday April 16, 2021 @05:13PM (#26839141)
Parent is using inflation of fiat as an argument for crypto which doesn't apply to Dogecoin. It doesn't matter to me if the mascot for a coin is a literal butthole.
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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by 1996 on Friday April 16, 2021 @05:28PM (#26839267)
Yes, most of HN normies can't understand crypto, but more worriying is that a few people in the business seem to have a problem with DOGE.

All that matters is that it fills a need and keep growing. I am thinking of getting back in crypto, because I see a very bright future for DOGE as a 3rd coin: BTC for store of value, ETH for ??something?? (smart contracts), and a 3rd one as an medium of exchange not tethered to fiat.

I do not buy the argument of USDT or something stuck to fiat as a modern MOE. XRP had a half believable story (if used for international remittance).

Now LTC/BCH/DOGE are fighting for the same spot.

> It doesn't matter to me if the mascot for a coin is a literal butthole.

Even if I'm pro crypto, /r/Buttcoin is my favorite place online . I never start a day without reading buttcoin, for the quality of the various analysis, as opposed to the "it's just tulips and beanie babies" I get from HN

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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by ketamine__ on Friday April 16, 2021 @07:28PM (#26840159)
Price goes up and it means nothing. BTC's price went up and it still can't be used as cash.

Store of value is a meme invented by influencers on Twitter. They did a damn good job too.

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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by 1996 on Friday April 16, 2021 @09:10PM (#26840773)
> BTC's price went up and it still can't be used as cash

No coiners as usual seem to ignore that Yens or Euros (or even gold bars!) can't be used as cash in the US.

To all the people complaining they can't use BTC as cash to buy food or clothes: give me just 1/10 of a bitcoin (or 5000 Euros or ...) and I will give you food (a good meal!) and clothes (I'll even throw in free shoes!)

The same offer applies for a gold bar!

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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by dragonwriter on Friday April 16, 2021 @09:13PM (#26840786)
> No coiners as usual seem to ignore that Yens or Euros (or even gold bars!) can't be used as cash in the US.

Yen and Euros can be used as cash in Japan and the Eurozone, though.

And, yeah, gold bars mostly aren’t money, either (there was a time when that may have been different, but...)

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Re:Dogecoin spikes 300% in a week, stoking fears of a crypto... by swensel on Friday April 16, 2021 @09:01PM (#26840727)
Bitcoin is already storing over $1.1 trillion of the world's wealth which would currently put it in the top 10 global assets [1], as well as the top 10 global currencies based on M1 money supply [2]. It is also the best performing asset over the past 10 years [3]. It appears to already be a store of value.

[1] https://companiesmarketcap.com/assets-by-market-cap

[2] https://www.lopp.net/m1/rank.html

[3] https://finance.yahoo.com/news/bitcoin-becomes-best-performi...

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