Hello fellow crypto enthusiasts, as you can see, I haven't been posting as often because huh ::in voice of Jeff Goldblum:: "Life gets finds a way"... of keeping you busy.
Let's start with DogeCoin
I know I'm going to catch a lot of flack for this, but I would steer clear of this crypto.
Last I read, every minute 10,000 new doge is minted and 14,400,000 a month, not to mention an endless supply. I do admit this could be inaccurate, so please take it with a healthy grain of salt.
In all seriousness, I maintain that logic has left the building when it comes to investing nowadays. But it is exponentially more pronounced in the crypto world. Now I don't usually approach investing in cryptos as a trader. A lot of people seem to be in the mindset of TRADING cryptos vs finding long term investment opportunities. And that's great, if you have the time and dedication to chart and analyze all day.
But for those of those who are here for the long term game, investing in dogecoin is downright ludicrous.
And there is a paradox when it comes to the crypto community and doge coin.
If the crypto world is so enamored with cryptos because they have a finite supply, and justify investing in cryptos because fiat currencies
"go brrr", then how is doge any different?
Furthermore, if crypto investors are purchasing cryptos because they believe the purchasing power of fiat is waning due to endless quantitative easing, stimuli, or just printing more notes, would they prefer to invest in a crypto that will also have such weak purchasing power?
It KINDA of feels like Elon Musk is feeding everyone bone meal leftovers while him and his buddies at the top are saving the caviar.
I won't get into my views on Elon Musk, but this constant shilling of Doge coin as the "peoples coin" should have serious long term investors on notice.
Why isn't he choosing any products that have SOME, i mean, the bare minimum, level of utility? we have oracle coins, new chains, hell, I am not such a fan of NFT art pieces but even those have some aesthetic value. Doge has none.
I'm sorry, I just don't understand how crypto lovers can say "oh fiat is turning to paper" and then buy a crypto currency BECAUSE it is worth more paper...
Shouldn't people be buying ADA, LINK, DOT, BTC, etc because they are just worth LINK, DOT, BTC, ADA? (inter crypto spot rates, not fiat based spot rates).
Perhaps I'm a fearful, prudent or an overly cautious investor, but I would think twice about buying anything when someone is telling you to buy X, and is buying Y (::Cue Rim shot::) .... even if he actually does send a trinket to the moon itself.
Pardon my French, but sending shit to the moon, is still shit. And while I RARELY use the term "shitcoin" because I believe nearly all projects have some validity, with an infinite supply and just meme power, I'm not buying this shit coin. And because I care about my readers, I would advise you to be EXTREMELY cautious with your funds when it comes to Doge coin.
As always, never invest anything you aren't willing to lose. First and most important rule of trading or investing.
Hope everybody is doing well. I'll post some of the projects that have been doing surprising well for me in the next post.
Your shitcoin dodging guru,
Old Grey Fox
As always : THIS IS NOT INVESTING ADVICE. DO YOUR OWN DUE DILIGENCE AND RESEARCH. THIS IS JUST ME SHARING MY STORIES AND views / news updates.
Above is the .crypto address for anyone who wants to donate for my words.
I am opening comments to see if I am the only one who thinks this way. I am genuinely curious what you all have to think about this joke coin's recent adoption by the general public. I am open to constructive criticism. Maybe I am entirely wrong? Maybe I'm right on the money? Let me know.