Dogecoin hasn't been doing too well recently and today is it's worst day yet. With a fall of 27%... sad news for anyone still holding and the news doesn't end there.
People were skeptical from the start, and in this case it wasn't cause of a flaw in an otherwise good idea, it was cause the idea was for it to be a meme, and it was and still is but it went overboard. This of course attracted critics that blasted the coin into oblivion any chance they got. One of these people is Federal Reserve Bank of Minneaopolis's President, Neel Kashkari. Who has previously been quoted hating on crypto.
“The reason that the dollar has value is because the US government has a legal monopoly on producing the dollar. In the virtual currency and cryptocurrency world, there are thousands of these garbage coins out there. Literally, people have been fleeced for tens of billions of dollars, and finally the SEC is getting involved in cracking down on this.”
He is neither the first nor the last and his critique seems to be the same as most other USD enthusiasts so we don't really need to talk about that. Something he said more recently tho is a fascinating in a lot of different ways though. He called Doge a Ponzi scheme, I unfortunately don't have the exact quote but it seems to me like these people absolutely do not understand blockchain, nothing weird about that but it's ignorant. It's quite obvious what DOGE is and what a lot of other coins are as well. There are hundreds of Telegram/Discord groups doing pump and dumps but that doesn't mean the coin itself is to blame.
DOGE is a meme, it's also an honest meme and the devs have always been transparent as to what it is and the fact that it produces no income, therefore it would be a Ponzi guaranteeing a 0% return and who would want that? There is no particular profit to be made for the devs besides the same profits made by anyone else that invested in it too as easily as the devs could have. Pump and dumps are always a problem but you can't stop them so you can't only use that as a metric for deciding on what is or isn't a scam...
Nothing else to be said here honestly, take it as you want, as usual bankers and centralized institutions commenting on crypto is questionable with their previous experience at failing to predict how it'll do so I wouldn't listen to them if I were you. And DOGE can't be called a Ponzi cause it's not one, it might be a shitcoin and a gamble and a whole lot of other stuff but it is not a scam.
Thanks for reading, hope you enjoyed it!
