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Comment by showsover | Hacker News Reader

Showing once again that the main idea of most of these crypto coins is to pump and dump.

This person will not dump. His buying more and more the force the price to go up and then sell slowly.

What I truly don't understand is how many people invest into BitCoin. There seems to be a complete disregard of its problems and its technical limitations. Why would they choose the "flawed prototype" for their investments?

I can only assume that they didn't read and learn enough about the subject before throwing money at it...

You could argue that even if it's flawed, BTC has at least some utility to it. DogeCoin on the other hand is a farce without any use for it, except making fools lighter in the pocket.

Apparently dogecoin is actually used on a variety of sites for legitimate purposes. but even so, 500+ percent increase in the past month and supported on major trading platforms doesn't seem foolish or making wallets lighter.

It could go down of course, it probably will but your statement is wrong on both accounts

"flawed prototype"? You don't like the economics or a scammer had convinced you they have the same technology with no trade offs?

It might be a flawed prototype but it's made a lot of people a lot of money investing in it

That’s not a good criterion as ponzi schemes make a lot of people money investing in it. I think it’s important to evaluate financial trends based on first principles to understand if we’re just seeing a small window at the beginning of a scheme.

Well people are also actually using it deflating your ponzi scheme argument. And people are investing in it also. But it has utility

I was arguing that making money for investors is not a good criterion without more info. So doge having utility doesn’t deflate, but reinforces my argument.

Inflation of doge is really small. 5B new coins per year. That's 3,9% this year. 3,75% next year, 3,5% and so on.

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