Elon Musk Tweeted About a Bitcoin Rival. It Soared 20% (cnn.com) 43
"Bitcoin is almost as bs as fiat money," Elon Musk tweeted on Sunday, and then followed it up with another tweet. "One Word: Doge."
"The tweet sent shares of Dogecoin up nearly 20% and landed it on the list of trending Twitter topics," reports CNN. (Later that day Musk tweeted "i love all u crazy ppl out there.") The tech billionaire even went as far as updating his Twitter bio with the title "Former CEO of Dogecoin..."
This isn't the first time Musk has tweeted about Dogecoin, the bitcoin descendant. The SpaceX CEO mentioned the digital coin in July when he tweeted "It's inevitable" with an image depicting the dogecoin standard engulfing the global financial system. The tweet sent shares up 14% at the time.
Dogecoin was created in 2014 as a parody to a popular internet meme "doge", which involved a picture of a Shiba Inu dog.
Although the virtual coin started off as a joke, it currently has a market value of nearly $570 million.
"The tweet sent shares of Dogecoin up nearly 20% and landed it on the list of trending Twitter topics," reports CNN. (Later that day Musk tweeted "i love all u crazy ppl out there.") The tech billionaire even went as far as updating his Twitter bio with the title "Former CEO of Dogecoin..."
This isn't the first time Musk has tweeted about Dogecoin, the bitcoin descendant. The SpaceX CEO mentioned the digital coin in July when he tweeted "It's inevitable" with an image depicting the dogecoin standard engulfing the global financial system. The tweet sent shares up 14% at the time.
Dogecoin was created in 2014 as a parody to a popular internet meme "doge", which involved a picture of a Shiba Inu dog.
Although the virtual coin started off as a joke, it currently has a market value of nearly $570 million.
Elon stole my slashdot comment (Score:1)
one word: (Score:3)
ITYM three words: (Score:4, Insightful)
Cult of personality
Re: (Score:3, Insightful)
Actually I think it's more a reflection of Doge being such a worthless currency that any small trade can make it's price move. You don't need a cult to do this, just a single deranged fan.
Maybe if Elon tweeted another 30x and if it got its 20% rise every time a Dogecoin will be worth a full dollar.
This is what tells you it's time to RUNNN (Score:2, Insightful)
"Although the virtual coin started off as a joke, it currently has a market value of nearly $570 million."
If you enjoy the sight of tulips in the spring, plant some. Just don't think of them as an investment.
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I actually have more respect for Dogecoin than Bitcoin specifically because it doesn't take itself seriously as "an alternative currency" or "a store of value" or anything of the sort. Market cap of $6M? Hah. Market cap of $60M? LOL. Market cap of $600M? ROFL! Nobody cares because nobody takes it seriously. Everyone knows its a joke.
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I have equal respect for both, they are great little mathematical functions. I have no respect for people who trade them or mine them.
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"Although the virtual coin started off as a joke, it currently has a market value of nearly $570 million."
If you enjoy the sight of tulips in the spring, plant some. Just don't think of them as an investment.
That is a pointless quote in the first place. It's market cap is pathetically tiny compared to basically anything else which is traded. It very much remains the joke it always has been.
So high bruh (Score:1)
If you are that high... you are probably buying Bitcoin.
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Not high, those kind of people do not enjoy getting high, exposes too much of themselves to themselves, they can not stand it, they prefer alchohol and opiods. This is a perfect example of greed driven stupidity, they believe it because it feeds their greed, their tendency to believe anything tied to strong enough emotions, ego driving greed and a desperate desire for poseur status. Right now they are actively being targeted in a bitcoin IPO pump and dump. It should be criminal to do it but then it is impos
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<libertarianism>But you don't get it, Bitcoin is the future currency, and okay, it's technically sucks as a currency, but it's the new "store of value", if we redefine "store of value" to mean "highly unstable in price", because something something mathematically limited supply means that it's valuable, as the value of something is purely a function of rarity and has nothing to do with how much people actually give a flying flip about owning what you're trying to hawk, and it's also safer than currenc
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The only way to define "Real Value" is pretty much on the prevailing price you can get, with some weightage for historical growth & volatility etc
A lot of derivative financial instruments would do worse than BTC.
But the main USP, IMHO, is that it lets you do financial transactions across the world without setting up the infrastructure of another Visa/MC/Paypal/Swift/... AND without having to TRUST said parties, or any parties actually. AND it has sufficient traction / network effect that it's acceptabil
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Bitcoin's high volatility and slow processing times make it terrible as a means of payment. The volatility alone makes most businesses not want to deal in it. Also, dealing in bitcoin tends to make you a prime target for thieves, who love its anonymous and irrevocable nature.
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"At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?"
If you say yes, you have to report any gains or losses. If you say no, but are later found to have concealed your transactions, you get fined and possibly jailed.
With all the hoopla of late, it will be interesting to see how many people will be honest and just pay the tax, and how many think they can hide.
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But it does have real value. I can sell BTC for USD right from my phone.
Whoopty Shit (Score:2)
Very lame article.
Dogecoin is back? (Score:2)
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He's probably not dead. Does that count as sympathy or condolences?
Do you suppose he invests in Dogecoin?
Not "shares" of Dogecoin (Score:3, Insightful)
Cryptocurrencies are not stocks and do not come in units of shares. You can say the price of Dogecoin went up 20%, or the price per coin went up 20%, but don't say the price per share went up 20%.
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Came here to reiterate this. There's no such thing as "shares of Dogecoin."
Pump & dump? (Score:2)
Is Elon buying Doge, tweeting, and then selling it? Is he helping someone else to do that? Does the SEC have any jurisdiction over crypto?
Pump & Dump (Score:2)
He's trolling (Score:3, Insightful)
Re:He's trolling (Score:5, Informative)
His joking relationship with Dogecoin is old, as is the whole "CEO of Dogecoin" thing. Musk was actually voted CEO of Dogecoin [twitter.com] in a poll at the official Dogecoin Twitter account back in 2019, and for a week or two had a lot of joking banter back and forth with the Dogecoin community.
I'm not sure why so many people (including here on Slashdot) insist on taking obvious Twitter jokes as literal, but I guess that's life. Dogecoin itself is a joke.
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I'm not sure why so many people (including here on Slashdot) insist on taking obvious Twitter jokes as literal, but I guess that's life. Dogecoin itself is a joke.
It's in the last sentence: Although the virtual coin started off as a joke, it currently has a market value of nearly $570 million.
Greed and envy is what makes it serious.
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Jokes aren't worth hundreds of millions of dollars
Rubes gonna be rubes (Score:2)
Joke ... (Score:3, Insightful)
Although the virtual [Doge] coin started off as a joke, it currently has a market value of nearly $570 million.
The fact that the market value of a joke currency has reached nearly $570 million is part of the joke.
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Some people couldn't see a joke if it hit them in the face.
RTFA. (Score:2)
1 Dogecoin is now worth 1,2 Dogecoins.
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Oh hey, I have a great idea!
Didnt (Score:2)
SEC and Twitter (Score:1)
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From your link:
He nearly fought them, and backed out of the initial deal, specifically to stop people like you from posting stuff like that. He was however convinced not to by Mark Cuban, who had fought (and won) his own battle against the SEC; Mark pointed out that even if you win, you still lose, because even winning a multi-year battle with the SEC does more damage to your company than w