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Is Dogecoin A Good Investment?

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3 months ago
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The simple answer to the question is Doge a good investment is no. Simply because it’s not an investment, it’s gambling. Let’s discuss why.

10 Rationalizations For Not Investing In Doge:

1.       It’s almost unanimous amongst cryptocurrency experts, authorities, and people in the space that this isn’t an investment, it’s gambling.

2.       Elon musk is having fun with it, he doesn’t say that he owns it or that you should own it. What he DOES is invest in Bitcoin and bitcoin infrastructure and accepts bitcoin at Tesla, vowing to keep it in BTC and offers payment options to employees in BTC.

o   The one thing he has said that matters is “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is the only real issue imo.”

3.       It cannot compete with digital cash options like Dash or Bitcoin Cash – people specifically compare it to coins like Bitcoin which I believe are not meant for digital cash.

4.       Many places that accept crypto do not accept Doge, but do accept BCH, ETH, BTC, LTC, and DASH.

5.       While you can withdraw Doge from many crypto ATMs, it isn’t as widely accepted as coins like BTC or LTC and those ATMs that do accept it are more scarce. *I slightly messed this one up in the video*

6.       There are little to no applications built on Doge, or at least no notable dapps.

7.       Doge is a joke, it’s a meme, it will not be institutional. As such, we will not see banks open ETFs for it.

8.       People say Doge is for normies because it’s cheap and has pop culture around it – This is kind of a silly argument currently as when I talk to people who don’t know about crypto, the only thing they may know is Bitcoin and even still they say “but it has nothing backing it, it’s not real money” – Those people are not than looking at Doge which is literally a meme and saying, oh well that’s legit.

9.       Doge and other sh*tcoins use the same advertising and messaging as scams, success courses, and sketchy things like forex trading.

10.   It was reported that 12 addresses own around 49% of all the DOGE in existence.

 

One important point I forgot to mention was that it’s rapidly inflating so you can not compare it to Bitcoin because they aren’t at all similar and I when you want price growth, you need scarcity.

 

What do you think of Doge? Am I wrong about any of this? Did I miss anything? Let me know what you think about this in the comments below and don’t forget to subscribe!

 

This is a LBRY first video meaning it shows up on LBRY before it gets published anywhere else. If you’re not on LBRY, sign up and get started here: https://odysee.com/$/invite/@ScottCBusiness:4

Check this video out on LBRY to support me with monetization and no ads: https://odysee.com/@ScottCBusiness:4/Doge:6

 

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

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Comments

I would say that Dogecoin is a good investment if you bought when Dogecoin was $0.0001, but in the long run I don't think so unless you may think that 5% annual inflation is a good thing, not to mention whales have very large amounts in their wallets. But many new comers don't just yet know the difference between each coin, and I don't think that Robinhood like apps are making things easy on that regard.

Well nice seeing you around.

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3 months ago

I think dogecoin is good investment cryptocurrency because price is going to up

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3 months ago

I totally agree, and new some of these points even before reading this post. Still, Doge is a fun coin/meme to own even if you didn't view it as investment. In a way, it's just like most NFTs~

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3 months ago

Hello Scott, solid reasons. I wanted to tell you that I will stop using read.cash and noise.cash, which means that is better if you remove your sponsor from my blog, thank you for the support but the recent changes in policy made me realize that I am better off elsewhere, I will write an article detailing my reasons some days later. Anyway, just wanted to give you the heads up.

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3 months ago

Something must have bugged with my sponsorship. Should be showing as I did everything correctly on my part.

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3 months ago

It's the 2nd one, but yeah I'm not sure why it didn't work. Feel free to delete it and do it again, I can send you the money back

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3 months ago

Thank you for the offer, but I will try to inform read.cash about it first. It could be solved this way you proposed, but perhaps we will waste more time and not fix it. Don't worry about it, I will write an email to support.

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3 months ago

Hey brother you missed, that every year there adds up 5billion dogecoin. No cap 😎😎 This makes price of dogecoin will fall with time, no increase as expected

Dogecoin , no fundamentals and once developers has abandoned it.

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3 months ago

Yeah, I should have dove deeper into the inflation and bad fundamentals

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3 months ago

Then will we say no to Doge?😅 Though i have 11.5 Doge. I just collected when the price was $0.05 . I took it as funny coin. And just normally wanted to have some. Butvsuddenly these days,it became $0.28 + I just shocked to see it 😅

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3 months ago

I bought worth 10$ doge for me it's huge amount and now I'm regretting I saw the hype bought it and I guess the hype is over now 🙄 so yes it's not a coin to invest your money in

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3 months ago

I have stumbled across these Doge stuff too! In Telegram app, I think. I am glad I didn't look into it that much. I am better off with BCH alone. Haha.

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3 months ago

Remember we had this chat on Twitter months ago, as a joke ... and look now!

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3 months ago

Yeah it's a wild world eh

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