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this post was submitted on 10 Nov 2023
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People who are knowledgeable about crypto spent real money on a thing called dogecoin.
Nobody who is knowledgeable about crypto ever thought dogecoin was anything but a meme coin or pump and dump scheme. They would have known it offered zero benefits technologically over existing cryptos. Some may have bought it to cash in on the crazy market surrounding it, but they never thought doge was the future or anything. The people who thought that were the "i read one article and I'm a crypto expert now" crowd referenced in my original comment.
I viewed it as more of a donation to see the stupid meme on Nascar or other dumb sponsorships.
I think the entire boom it had was from regular people, people who specifically weren't knowledgeable about crypto.
Exactly. Same with NFTs
The same will happen any time a "get rich quick" scheme comes around. People saw things going up 100% in price from one day to the next, compared to a 2% per year savings account. That's very enticing for anyone.
This one was at an impressive scale though. Probably because it was so accessible. I'd have my BIL in South America telling me he's playing a game that mines some random coin. Can't really say much other than to be sceptical and never risk more than you can afford to lose.
And that's the entire problem...by the time things go up in price by 100%, the people that will make money have already made it. Getting in at that point is useless, and will likely lose money.