Dogecoin spikes 300% in a week, stoking fears of a cryptocurrency bubble

Have you considered the possibility that the bubble which bursts is "fiat money", and the utility being provided by these "stores of value" currencies (such as Bitcoin) is merely "escape from inflation"? The story--also right now on Hacker News--of Turkey is extremely relevant: the expectation of governments is that they can arbitrarily inflate the currency supply, which is effectively a tax on holding that currency; the more people who realize they can avoid that tax by merely storing their money in a safe external asset, the harder it is for governments to use that mechanism to raise funds.

10-15 years? The market may be able to sustain irrationality a long time, but I don’t don’t think we have that long until this particular fever breaks. Look at all the IPO’s and spacs going on, everyone is cashing in while they still can, I’ll be amazed if we last 4.

They are, bitcoin is slightly less so because there is small amount of actual transactions happening .

Doge was a joke coin made to mock the moonboys of bitcoin. It's not as valuable because tens of thousands of new coins come into existence every block. It was designed to be inflationary on purpose specially so that it would remain worthless.

However. It's still a digital medium of exchange so it still retains some utility (even though most people don't care).

wow.. tulips.. original take, definitely haven't been reading that for over a decade.

if someone sells an nft of an original digital work of art it’s absurd and dumb tulips. if someone sells an nft of their fart. it’s even more absurd and tulipy. both have happened.

When things are volatile but are on a strong upswing, I'd recommend buying in using DCA and keep adjusting stops at whatever level you're comfortable with (I use 90% for crypto atm.). You're right it's gonna burst - every free market does Eventually. But when does it burst? Will it burst before cash? Before stocks? Before gold? Before bonds? Who knows. So I just put 20-30% in each, put in stops, and sleep calmly through it.

They scammed so much money they can buy any legislation, any prosecution, any audit several times over and continue for 10 more years. Look what happened to BCCI, one of the biggest banking scandals of the nineties.

could have wider implication, I find it interesting from a philosophical perspective though, what does it say about wealth

The entire crypto space is overblown in terms of market value. Most people buying it have no idea what it is, they just like green bars. But notice that it's happening on the normal stock market as well.

A big crash would irrationally discredit the technology in popular culture for a few years, because critics will point at the morons (or are they just people who can smell the imminent collapse of our financial system?) buying random coins trying to get rich. That's a problem because now is a crucial time for "choosing sides" so to speak. If crypto gets disowned by popular culture then it might get bagged and thrown into a closet by proponents of centralization (states, corporations).

Perception is important right now, but as long as it doesn't get snuffed out by politicians it'll keep evolving - and people will just buy in again after the crash.

So I'd say this: it's bad if crypto is the only market that crashes.

Yep. It's no fun watching other people invent fake money and having it come true. I'll always be jealous that I could have been the one to invent JfengelBucks and somehow get people to accept them.

But I basically view it like any other tech lottery. I knew Sergey Brin in high school and was on the math team with him. I coulda been that guy, but I wasn't. Lots of us were as smart and capable as Mark Zuckerberg, but we weren't Mark Zuckerberg.

People who guessed that BTC would become the next hula hoop... good on ya. I hope you use your profits well and live a good life with 'em.