With all the recent Wall st bets commotion, it's becoming a bit of a fad for the internet to pump & dump markets. I think it's great that we have a free market in Bitcoin land, however a lot of innocent people will lose their hard earned money betting on shitcoins like Dogecoin. What's been more disappointing in my mind: Elon Musk shilling & somewhat endorsing it on Twitter. Last week he added #bitcoin to his bio & made it publicly clear he was a supporter. Soon after, he removed it & started meme-ing about Doge again. Whether he believes it's a joke or not, there are people out there getting sucked into it.
Elon Musk is probably one of the most influential & one of the smartest minds on this Earth - Honestly I think he's just being childish. He constantly suggests he is an ethical person; this kind of behavior says otherwise. He has been known to call out government on their lies & corruption. He has gained a lot of respect over the years. I think he lost of lot of respect from Bitcoiners last week. Honestly I'm trying to work out his true intentions; typically he loves to play mental mind games with his followers. Maybe he's Tweeting about Doge to distract the market & buy more Bitcoin or maybe he still can't see why Bitcoin is easily the most valuable & ethical money on Earth - time will tell. Many Billionaires are still clueless & cannot foresee what is coming, the FOMO rush into Bitcoin is going to be the most intense bull market history has ever seen. The supply continues to shrink & the billionaires continue to wake up.
Dogecoin is copy of Bitcoin with a few small parameter changes; it's lacks everything that makes Bitcoin valuable. People buy it because they like the meme. On a technical & economical point of view, it is complete rubbish. Compared to Bitcoin, it has next to no liquidity in the market; a small group whales/pump & dump group can send it vertical in a day. Dogecoin saw an 800% daily candle - this is insanity. This is no fixed supply - it could literally be infinite (never trust coinmarketcap). The network & code is nowhere near as censorship resistant as Bitcoin. The supply could be altered & the developers could be tickle selling on the open market as we speak. They could be operating a money printer like governments & central banks. We are here to end central banking, draconian taxation (Both visible & hidden), government monopolies, distorted markets - the list goes on & on. Everything government does destroy jobs & hinders prosperity. The inequality in the distribution of wealth is completely corrupt. Every single negative effect government has on it's citizen can now be prevented by Bitcoin. Hence the slogan - Fix the Money, Fix the World.
We are here to fix the money. Sure, enjoy the shitcoin-casino if you so please. But, If you want to build real savings & real wealth - the best vehicle is clearly Bitcoin. Smart money will always be attracted to it as a priority. Sure, they may get distracted by the crazy gains of alts, but many will lose. When an alt-coin bear market kicks in, you'll be regretting selling your precious BTC for mere ponzi shemes. This includes fiat currencies. All bad money trends to zero. It is a complete fallacy to believe otherwise. I think Elon will come around soon if he hasn't already - he is too intelligent to tweet Dogecoin. At ~200 sats per dogecoin, it's near all time Bitcoin high. Why would you throw away your sats for an internet joke? Looking at it's history, it never holds these levels. It goes straight up & straight back down. Sure, it's dollar value looks promising, but if you're in the market to stack government fiat you haven't figured it out yet - have fun staying poor. Bitcoin is designed to appreciate forever. The dollars in your bank account are designed to rob you forever.
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