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plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: NewtonMP2100
Date: May 09, 2021 01:54PM
....by Musk...he mentioned it a few times and did a skit on 'Weekend Update' on what it was....


Dogecoin tumbles after Elon Musk calls it a ‘hustle’ on ‘SNL’ show

.....Dogecoin lost more than a third of its price on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.

Dogecoin was quoted as low as $0.416 on crypto exchange Binance, down 36% from levels around $0.65 before the show.

The billionaire Tesla Inc (TSLA.O) chief executive hosted the SNL show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).

Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency, which began as a social media joke, into a speculator's dream.

Asked 'what is dogecoin', Musk replied, "It's the future of currency. It's an unstoppable financial vehicle that’s going to take over the world."

When a show cast member Michael Che countered, "So, it's a hustle?", Musk replied, "Yeah, it's a hustle," and laughed.

Musk is the rare business mogul to have been asked to host the venerable comedy TV show. His appearance on the iconic late night show puts Musk back in the spotlight just as Tesla's stock is losing steam following last year's monster rally.......



tumble out of bed.....and stumbled to the kitchen.....?!



_____________________________________

I reject your reality and substitute my own!
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: jonny
Date: May 09, 2021 04:38PM
Pyramids do the darndest things!
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: vision63
Date: May 09, 2021 06:16PM
good time to buy
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: Sarcany
Date: May 09, 2021 06:48PM
Quote
vision63
good time to buy

Dogecoin was designed to increase in quantity indefinitely. Which means there's no scarcity. Which means that its practical value is nil. It's got few nodes, which means that it's very easily to manipulate or attack which could drive the value down to zero overnight. It's a joke that has gone terribly wrong.

Buy for the ride if you'd like, but beware that it can end at any time.



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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: vision63
Date: May 09, 2021 07:28PM
Quote
Sarcany
Quote
vision63
good time to buy

Dogecoin was designed to increase in quantity indefinitely. Which means there's no scarcity. Which means that its practical value is nil. It's got few nodes, which means that it's very easily to manipulate or attack which could drive the value down to zero overnight. It's a joke that has gone terribly wrong.

Buy for the ride if you'd like, but beware that it can end at any time.

I'll put $100 into just about anything. If it goes to $200, take your $100 out and then you're dealing with found money. Let it ride. Break off some every now and then. If anybody is gambling with more than that, what's fun about that?

My buddy's son quit college to work the stock market. Using these apps. He navigated to what he perceived to be the easiest way to get money.
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: pdq
Date: May 09, 2021 08:14PM
Quote
Sarcany
Quote
vision63
good time to buy

Dogecoin was designed to increase in quantity indefinitely. Which means there's no scarcity.

Like there is for..umm...IDK...gold-plated racehorse turds?

I think any currency which has no inherent value other than the ill-defined subjective “store of wealth” is only worth what people think that it is worth, regardless of “scarcity”.

Quote
Sarcany
Buy for the ride if you'd like, but beware that it can end at any time.

Good advice for any of these cryptocurrencies, I would say.
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: mrbigstuff
Date: May 10, 2021 10:19AM
Gold standard for the win!
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: pinion
Date: May 10, 2021 10:49AM
It dropped like 30%. It was still up 780% on the month when I looked yesterday.

also, I'm still confused why people think it's a Ponzi or Pyramid scheme? I get that, unlike, stocks, there is no basis for an actual value since it doesn't have assets like buildings and what not. Other than that isn't it the same as buying stock?



---“What you permit, you promote. What you allow, you encourage. What you condone, you own.”
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: pdq
Date: May 10, 2021 12:30PM
Quote
pinion
... I get that, unlike, stocks, there is no basis for an actual value since it doesn't have assets like buildings and what not.

...or a business model, or profits, or any way of producing them. Oh, and it was started as a joke about cryptocurrencies.

Quote
pinion
Other than that isn't it the same as buying stock?

I can’t tell if you’re being serious or not.
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: pinion
Date: May 10, 2021 08:53PM
Quote
pdq
and it was started as a joke about cryptocurrencies.

And Nintendo started as a card company. What does it matter what something started as? Shouldn't you look at it for what it is now?

Secondly, I am being serious. If you take away the things I said at the end of the day you're betting on the speculation of what a companies stock will be. The more I ask people about cryptocurrencies the ones that are against it are against it simply because they do not like it and/or do not understand why it's popular. Therefor they write it off and enjoy telling people how stupid it is. I'd love for someone to be able to explain why it's bad, how it's bad, and go through all the positives and explain why they're not worth it.



---“What you permit, you promote. What you allow, you encourage. What you condone, you own.”
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: Sarcany
Date: May 10, 2021 09:58PM
Quote
pinion
I'd love for someone to be able to explain why it's bad, how it's bad, and go through all the positives and explain why they're not worth it.

Negatives include:

Encourages speculation in a volatile unsecured medium (Bitcoin lost 80% of its value practically overnight not long ago) without regulation or accountability, encourages fraud/scams (ICOs), is easily lost to a computer-crash or a dead flash drive, value can be easily manipulated by bad actors (Elan Musk an Tether) on a whim, is easily subject to hacking and computer-abuse (Mt. Gox), exchanges and advisors fail to adequately disclose that transactions are taxable which leads to some nasty surprises (IRS NOTE 2014-21), functions to reallocate money from the poor to the wealthy, is used for clandestine acquisitions such as illegal drugs/sex/weapons (Silk Road), reputation for untraceable transactions makes it the favored medium for blackmail/extortion/ransomware (Colonial) and terror organizations use it for fundraising (ISIS and al-Qaeda), is responsible for a large part of the current shortage of hard drives (Chia) and video cards (Bitcoin), takes gobs of power to "mine" it to the detriment of the planet and to those who can't relocate away from filthy power plants and to future generations.

Anyone care to name a positive?



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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: NewtonMP2100
Date: May 10, 2021 10:03PM
.....B.....positive......??



_____________________________________

I reject your reality and substitute my own!
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: pinion
Date: May 11, 2021 07:31AM
Quote
Sarcany
Quote
pinion
I'd love for someone to be able to explain why it's bad, how it's bad, and go through all the positives and explain why they're not worth it.

Negatives include:

Encourages speculation in a volatile unsecured medium (Bitcoin lost 80% of its value practically overnight not long ago) without regulation or accountability, encourages fraud/scams (ICOs), is easily lost to a computer-crash or a dead flash drive, value can be easily manipulated by bad actors (Elan Musk an Tether) on a whim, is easily subject to hacking and computer-abuse (Mt. Gox), exchanges and advisors fail to adequately disclose that transactions are taxable which leads to some nasty surprises (IRS NOTE 2014-21), functions to reallocate money from the poor to the wealthy, is used for clandestine acquisitions such as illegal drugs/sex/weapons (Silk Road), reputation for untraceable transactions makes it the favored medium for blackmail/extortion/ransomware (Colonial) and terror organizations use it for fundraising (ISIS and al-Qaeda), is responsible for a large part of the current shortage of hard drives (Chia) and video cards (Bitcoin), takes gobs of power to "mine" it to the detriment of the planet and to those who can't relocate away from filthy power plants and to future generations.

Anyone care to name a positive?

Lot's of great points. I appreciate the write up. I have no desire to refute bullet by bullet nor do they all have a good rebuttal anyway. I will say many of the things you mentioned you could replace cyrpto with cash and the same would be true.

As for positives I think the big one would be the whole reason bitcoin was created in the first place. To have an alternate digital currency that is decentralized. You brought up it's not backed by a government but that's a big main point of it. So while many of you may not see a positive many other people find some of your negatives as a positive. Also, as for this it's been proven that Bitcoin is a viable option to flee a failing economy although, admittedly, since it's currently so volatile it's not ideal in my opinion. Apparently there is something called stablecoins but I don't know much about that.



---“What you permit, you promote. What you allow, you encourage. What you condone, you own.”
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Re: plunging neckline?!.....cryptocurrency 'Dogecoin' plunges after mention on SNL...
Posted by: pdq
Date: May 11, 2021 07:37AM
There’s always tulip bulbs.

If they crash in value, at least you’re left with a flower.
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