Cryptocurrency created as a parody is now worth more than $1 billion

[webfact]

Cryptocurrency created as a parody is now worth more than $1 billion

Saheli Roy Choudhury, CNBC

 

A cryptocurrency that was created as a parody and named after an Internet meme now has a market value of more than $1 billion.

 

Data from CoinMarketCap showed dogecoin's current market value is about $1.17 billion — as of Jan. 4, 11:56 p.m. EST — and traded at $0.010360 per token.

 

Last month, the virtual coin rose more than 400% and briefly topped $0.0107 in late December. Dogecoin is an example of an altcoin, which are peer-to-peer digital tokens that descended from bitcoin. 

 

Full story: https://www.usatoday.com/story/money/markets/2018/01/05/cryptocurrency-created-parody-now-worth-more-than-1-billion/1006701001/

 

-- USA TODAY 2018-01-08

[Calach]

This market sometimes...

 

If someone as some minimal skill in programming, let's create a HelloKitty Coin we'll be billionaires in no time. 

[Jonmarleesco]

And it's still a parody. 

[12DrinkMore]

17 hours ago, Calach said:

This market sometimes...

 

If someone as some minimal skill in programming, let's create a HelloKitty Coin we'll be billionaires in no time. 

 

I have just checked the list of 4552 () craptos, HelloKitty has not been claimed. You're good to go.

 

https://cryptocoincharts.info/coins/info

 

What can possibly go wrong?

 

 

[smccolley]

I have found it is a useful coin for trading really low cost new coins. Many wallets and exchanges accept it and you can use it to buy actual coins... Just saying it seems to have found a niche.

 

Also, when withdrawing/transferring it the cost is far less than ETH or BTC.

[Krataiboy]

Another demonstration, if it were needed, of how millions of people around the world are  losing faith in the "real" fiat currencies being churned out like digital confetti by the big central banks.

 

Small wonder politicians and bankers are pushing their vision of a cashless society, where all our money will be held on computers and they - not us - will decide how much we can spend and on what.

 

Do we really want to sacrifice control of the money we earn for the "convenience" of electronic transactions? This would be equivalent to giving up freedom for security, only without the security - as clearly demonstrated by recent bank hacking scandals.

 

Time to say "No!" is running out.

 

[lamyai3]

On 1/8/2018 at 4:57 PM, Calach said:

This market sometimes...

 

If someone as some minimal skill in programming, let's create a HelloKitty Coin we'll be billionaires in no time. 

Quite plausible. HelloKitty as a brand has made an unlikely fortune - in Asia certainly a coin with this name would probably be considered as lucky. 

[12DrinkMore]

17 hours ago, Krataiboy said:

Another demonstration, if it were needed, of how millions of people around the world are  losing faith in the "real" fiat currencies being churned out like digital confetti by the big central banks.

 

Nah, it is a demonstration of how millions of people think they can get rich by gambling.

 

Nobody, well, ok, maybe a very few, are trying to make a political point, and nobody is "all in" and trying to make Bitcoin or any other crapto a viable media for finance.

 

The GBP or USD is not going out of fashion anytime soon.

[12DrinkMore]

17 hours ago, Krataiboy said:

Small wonder politicians and bankers are pushing their vision of a cashless society, where all our money will be held on computers and they - not us - will decide how much we can spend and on what.

 

97% is already on computers.

 

I am also in agreement that I still want to have a traceless, convenient method of making transactions.

 

I do not want to be financially profiled, nor leave a permanent track of where I have been and where I spend my money. However the danger is the younger generation. Us old gits are more suspicious. The younger guys are much happier to trust the technological and powers that be with what used to be private.

 

Look at the number prepared to expose their daily lives on Farcebook.

 

[12DrinkMore]

18 hours ago, Krataiboy said:

Do we really want to sacrifice control of the money we earn for the "convenience" of electronic transactions? This would be equivalent to giving up freedom for security, only without the security - as clearly demonstrated by recent bank hacking scandals.

 

I don't think that you can assert that the craptos are more reliable than the banking systems. There have been more than a few issues. BitCash is currently being investigated for fraud and insider dealing.

 

And I don't see much security with BitCoin going up and down faster than knickers in Soi 6.

[Krataiboy]

1 hour ago, 12DrinkMore said:

 

I don't think that you can assert that the craptos are more reliable than the banking systems. There have been more than a few issues. BitCash is currently being investigated for fraud and insider dealing.

 

And I don't see much security with BitCoin going up and down faster than knickers in Soi 6.

I agree with much of the detailed analysis your thoughtful and lengthy response. However, I didn't mean to imply that crypto currencies are safer than the traditional system. Clearly, if accounts of hacking by the North Koreans among others are accurate, then they are not.

 

And the fact that Goldman Sachs and other Wall Street sharks are moving into the market is something potential investors need to take into account.

 

I'm pleased to be not the only dinosaur who still clings to the merits of cash. Like many of our generation,  I have a practical as well as ideological and sentimental attachment to the pound or baht in my pocket!

 

 

[12DrinkMore]

2 hours ago, Krataiboy said:

And the fact that Goldman Sachs and other Wall Street sharks are moving into the market is something potential investors need to take into account.

 

Nobody playing around with craptos is "investing", they are all gambling and speculating. And sure, the big guys have an enormous edge once they apply highly talented quants and computers to the issue. 

 

Only the underlying technology is interesting to me as an investment. However I haven't found a reasonable way of doing this yet. It appears to be open source, so everybody has access to it and no company can take an income stream from a patent.