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The Almighty Buck

Dogecoin Creator Sold All His Coins in 2015 To Buy a Used Honda Civic; Doge Now Has a Bigger Market Cap Than Honda Motor (benzinga.com) 80

Posted by msmash from the how-about-that dept.
Dogecoin, which hit an all-time high near the 45-cent level on Monday night, has now surpassed automaker Honda Motor in terms of market capitalization. From a report: The joke cryptocurrency has risen 10.8% in the past 24 hours to $0.4245 at press time, giving it a market capitalization of $54.64 billion. In comparison, Honda has a market capitalization of $54.52 billion as per Monday's close. The event is significant as Dogecoin co-creator Billy Markus recently revealed that he sold off his entire cryptocurrency holdings in 2015 for an amount equivalent to what a used Honda Civic would cost at that time.
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Dogecoin Creator Sold All His Coins in 2015 To Buy a Used Honda Civic; Doge Now Has a Bigger Market Cap Than Honda Motor More

Dogecoin Creator Sold All His Coins in 2015 To Buy a Used Honda Civic; Doge Now Has a Bigger Market Cap Than Honda Motor

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  • Rationale (Score:5, Insightful)

    by Artem S. Tashkinov ( 764309 ) on Tuesday May 04, 2021 @12:05PM (#61346690) Homepage
    Dogecoin was created as a joke, so what he did is totally understandable.

    • Re: (Score:1)

      by NFN_NLN ( 633283 )

      He should have kept half... as a joke.

    • It wasn't created as a joke, unless you mean as a joke on those buying it. It was very much created to get rich.

      That one of the creators exited early and only got a couple of thousand out of it, doesn't change it.

    • At least now if he regrets that decision, he can drive himself to drink.

  • Child opens toy now worth hundreds of thousands (Score:5, Insightful)

    by sosuke ( 789685 ) on Tuesday May 04, 2021 @12:07PM (#61346704) Homepage
    This isn't news. This is just poking at someone who made a choice at the time. They needed a car. Like the guy that spent 10,000 BTC on a pizza. Hindsight is 20/20. Don't be a dick. I had to sell 3 BTC at the recent (2018?) low of 3k. Life happens now. Don't beat yourself up for things only visible in hindsight.

    • Dogecoin's value has risen sharply and it has affects on the markets around the world. Yes, it is news. What you mean to say is "this isn't news I'm interested in."

      • Re: (Score:2)

        by sosuke ( 789685 )
        You're right that dogecoin value increase is news. Poking at someone who would have been a billionaire if they didn't sell their DOGE is not news it's just mean spirited.

        • Dogecoin was started as a joke, even the creator thought so... I mean he sold all his coins, and now it's huge. Whether or not he's feeling like his nose is rubbed in it is up in the air, in other words I'm not disputing the mean-spiritedness of it, but as a news story it's an important set of landmarks they're establishing, here.

          Another take-away: This news story might finally get services like Coinbase to take Doge seriously.

    • Re:Child opens toy now worth hundreds of thousands (Score:5, Insightful)

      by Moof123 ( 1292134 ) on Tuesday May 04, 2021 @12:21PM (#61346772)

      Doge coin will go back to zero. Bitcoin will become passe' and go to zero. It is all a matter of time. Doge's rise is the surest sign of a crypto bubble yet.

      Good luck to you all, and be sure to diversify and not hold all your assets in a single extremely high risk category.

      • Impossible!!! These wild fluctuations in this unregulated market are going to last forever and we'll all be gajillionaires!!!

      • Internet guy said it, must be true! Sounds like a lock! I'm shorting!

        Now if I can only offload these 23 other worthless coins....

      • "Doge coin will go back to zero. Bitcoin will become passe' and go to zero. It is all a matter of time."

        The dollar will eventually go to zero as well. All these things may happen in 3 months or 3000 years. Amazon and Google will also eventually go out of business. The trick is not be the one left with coins/stock when those things happen.

      • On an infinite time scale all currencies will go to zero. Including the dollar.

    • sounds like missed stock market opportunity's.

      But some people do want to get out before the big dump.

      • I'd say it's more like picking the wrong lotto number than picking the wrong stock.

        People still largely believe in share price as a measure of a company's anticipated future profits. It's baked right into metrics like the P/E ratio, and terminology such as a stock market "correction." At least, I was never taught in school that the total value of the stock market was just measuring how much unneeded money needed somewhere to park.

    • Re: (Score:1)

      by NFN_NLN ( 633283 )

      > I had to sell 3 BTC at the recent (2018?) low of 3k. Life happens now. Don't beat yourself up for things only visible in hindsight.

      You sold all your Bitcoin to invest in Toys'R'Us in 2018.

    • This. At some point in the past, baseball cards worth a fortune made clicky noises in bicycle spokes while the kid riding the bike chewed the gum on his way to buy Action Comics no.1, which he read cover-to-cover, stained with orange juice, and ultimately threw in the garbage.

      • Had all those cases and comics all been carefully preserved the value would be much less. It is the scarcity that makes them super valuable, increase the supply by 100x by finding an old box in an attic and you'll saturate the market and crash the prices. Being well known but in very limited supply is only way collectibles get to skyrocketing prices. Buying something marketed as a "collector's item" is an almost perfect guarantee that it will never be worth significantly more than you paid.

      • My father was saving his copy of Action Comics #1.

        and then one day, his much younger brother went up and down the street giving away comic books!

        surprisingly, my uncle made it to adulthood . . .

        Judging by the surviving parts of the collection, it would probably be in "very good" condition.

    • Right now you can make a trade on the stock market that will make you a millionaire by the end of the year. Why haven't you done it yet? What is wrong with you?

      Lamenting the opportunities you've missed is not really worth the effort, there are too many of them.

  • I'd be relieved (Score:3)

    by OrangeTide ( 124937 ) on Tuesday May 04, 2021 @12:12PM (#61346718) Homepage Journal

    To get out before the ethics of the situation becomes murky. It's way too easy to make excuses to take advantage of gullible people.

    • Doesn't stop drug dealers or pimps. Why should it stop cryptocurrency dealers?

      • I'm not a drug dealer because I don't think I'd be able to sleep at night knowing I screwed up some junkie's life. Not everyone in the world is a scumbag, and it's definitely not behavior we should tolerate.
         

        • Do you also feel that we should outlaw the sale of alcohol because it ruins many people's lives?

          • I mean, I enjoy alcohol frequently but it does have considerable social ills. Unfortunately, we tried banning it once and it didn't really work out so well. I doubt banning it again would result in a different outcome.

            • So why do you think that banning any other drug would have a different outcome? Black market drugs fuel gangs and organized crime, period. The war on drugs was the biggest failed social experiment of the 20th century.

          • It would be perfectly fine if we got rid of the private profit aspect of it.

            Alcohol sale is a prime example of "privatize the profits, socialize the costs".

    • What murky ethics situation are you referring to? (... no snark or anything, seriously asking.)

    • Re: (Score:2, Insightful)

      by Anonymous Coward

      To get out before the ethics of the situation becomes murky. It's way too easy to make excuses to take advantage of gullible people.

      The only thing murky here is your thinking. Ethics demand that people look our for each other. We all owe the gullible idiots of the world an object lesson in not being gullible. Telling an idiot he's wrong does nothing; punishing him for his idiocy drives home the point.

      Therefore, we all have a moral imperative to fleece gullible idiots for their own good. It's the on

  • Dogecoin Creator Sold All His Coins in 2015 To Buy a Used Honda Civic

    is not the same as

    Billy Markus recently revealed that he sold off his entire cryptocurrency holdings in 2015 for an amount equivalent to what a used Honda Civic would cost at that time.

    • Re: (Score:2)

      by Sebby ( 238625 )

      Dogecoin Creator Sold All His Coins in 2015 To Buy a Used Honda Civic

      is not the same as

      Billy Markus recently revealed that he sold off his entire cryptocurrency holdings in 2015 for an amount equivalent to what a used Honda Civic would cost at that time.

      It's a Slashdot story about cryptocurrency - what did you really expect?

    • Re: (Score:3)

      by PPH ( 736903 )

      The first headline is shorter.

      Have a heart, dude. Think of the poor typesetters.

  • Ah, lost opportunities. We all have them. I was too busy when Bitcoin & co came out, and never got around to doing anything with them - despite being fascinated by the concept. Now, of course, I wish I had - hey, I could be a zillionaire! Or that Amazon stock that I owned 20+ years ago, but sold. Or... Hindsight is always 20-20. Is there anyone who doesn't have things they could have done differently? Dogecoin was - and is - a joke. We live in an age where some people have enough disposable income to b

    • Yeah, but I also never got around to buying Yahoo, Pets.com, or any number of other lemons from a similar era.
      Every winner from Vegas shouts it from the rooftops, those same folks are tight lipped about all the times they lost.

  • shouldda-wouldda-couldda (Score:4, Interesting)

    by Tablizer ( 95088 ) on Tuesday May 04, 2021 @12:54PM (#61346912) Journal

    Trust me, personal investing is full of shouldda-wouldda-couldda situations and events. For example, I bought "a little bit" of Amazon stock in the mid 2000's. It grew quite well, but because I only purchased a snippet it's only supplemental retirement money. If I had purchased more, I could've retired well already. It's hard not to dwell on those. Investing is a mind trip.

    • Re:shouldda-wouldda-couldda (Score:4, Interesting)

      by DarkOx ( 621550 ) on Tuesday May 04, 2021 @01:15PM (#61347016) Journal

      Exactly; you should always look at it as a gain is gain - if gained - you won. That isn't to say if you missed the big gains or took losses you should try to understand why, to maybe see if you can make a better investment decision in the future but you evaluate the risks and rewards at the time. You pay your money you take your chance. Its as simple as that.

      Some competitor like a WalMart or Sears might have go their act together built a decent online presence and strangled Amazon just out of its bookshop cradle too back in 2000 and you'd be here thinking you certainly dodged a bullet there.

      • Re: (Score:1)

        by Tablizer ( 95088 )

        I tell myself if I match the average market, such as indexed funds, then I satisfied my original goal, which I have. I have bloomers and duds, and they roughly average to the general stock market average.

        But the shouldda-wouldda-couldda's still sting physiologically. I'm human, not Vulcan. If one wants to avoid that feeling, just buy indexed funds. But I was hoping I could use my job knowledge of IT tools to outdo the market. Not.

    • Re: (Score:3)

      by bored ( 40072 )

      I have a lot of those, and I don't generally dwell on them.

      OTOH, the bitcoin one bugs me because I literally had something like 500 or so bitcoins in "buy" now basket in the early 2010s timeframe, when it looked like some neat "i own some bitcoins let me buy a coffee with them type of deal. But I got distracted and didn't buy them, which in all likelihood had I spent another 30 seconds and hit the buy/transfer I would have likely forgotten about for another few years as I'm apt to do (got a bunch of other c

  • It's nothing but excess fed money pumped into the stock market. I think they call it "velocity". Let them try to cash that out and see how much they are really worth. This game will run for a while longer, so jump in and enjoy the fun, just remember to pull out in time.

  • Currencies (Score:4, Insightful)

    by Luthair ( 847766 ) on Tuesday May 04, 2021 @01:20PM (#61347042)
    Don't have market caps.

    • Currencies - Don't have market caps.

      They did when there was a gold standard.

      Which is what these coin pushers are pretending to replicate.

  • Wake me when it translates into real value, i.e., profits...

  • One is making real actual things.
    The other is imaginary.

    In a place with no humans (or, let's be honest, idiots(, have a Honda car on one side, and a "bunch" of Dogecoin in the other, and see which one gets you further.
    It's like the old saying that you can't eat money.
    Well, technically, you can, even if it gets you no nutritional value unelss you are a cow or donkey... but you can't eat Dogecoin, no matter what.

  • its all you people ever do and imagina what a joker-with-a-budget would do (ahAA snookums!)

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