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Comment by delegate | Hacker News Reader

The trillion dollars is a dream, it's not real.. Fugazzi.

Once the price starts falling, the scared 'investors' will get rid of it at any price to reduce loss. The network won't handle the load, so the price will drop even more. It happened before with BTC, where the 'billions' evaporated in hours, it will happen to the 'trillions'.

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And the price will go up again after a great buying opportunity for the people who see the value of the technology. As has happened before.

What value do you think people see in Dogecoin, for example?

Funnily enough Dogecoin started as something completely antithetical to all the things about web3 'culture' HN hates the most. It was something to make fun of the venture capitalists wowing novices with buzzwords to part them from their money. I would say its now obviously overvalued considering the amount of money which flows there rather than to projects making real innovations. But then again, how do price a meme anyways?

Value resides where people believe it resides, and if 2021 has shown one thing, it is that the power of memes is practically infinite.

That being said, I don't own Dogecoin and my previous comment was mainly in reference to btc and eth.

That was not point. I feel it was fairly clear: Its not a dream when the hackers could turn it into 'real' money, which they easily could have (not all of it, but enough). But they couldn't crack into the pot despite the insane amount of honey right in front of them.

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