Ok Dogecoin is cheap. Very cheap. Today it’s trading at $0.00351056, which makes it appealing the penny stock traders and the like who want to make it to the moon. I personally hold 50,000 of these coins, but do not believe in them. Here’s why:
- The supply of Bitcoin is constrained. The algorithm only allows for 21 million to ever be mined. That makes it harder to flood the market and drive prices down through the floor.
- The supply of dogecoin is 8 turned sideways. That makes this an inflationary currency and no better than the USD.
- Bitcoin is the gold standard of crypto, and built off the idea that currency can be democratized and protected against central bank shenanigans, Dogecoin was founded off a meme of a dog.
- Alternatives to Bitcoin that have a supply cap are:
- Ripple (I have qualms with Ripple since a lot of the supply has been pre-mined and gets released periodically, sounds like manipulation to me)