Shiba Inu Passes Dogecoin as No. 10 Cryptocurrency (bloomberg.com) 62
Shiba Inu has entered into the top ten most valuable digital assets by market value, "hitting $40 billion and surpassing its cousin and inspiration, Dogecoin," reports Bloomberg. From the report: Shiba was up another 10% at midday on Monday and has doubled in value in the past week. Most of that gain came in a flurry of trading last Wednesday, when it gained a whopping 66%. Even with its recent meteoric rise -- it's up about 900% in the past month -- each Shiba coin costs just a tiny fraction of one cent. If you bought $1,000 worth of Shiba in late September, your 20 million coins would now be worth around $9,000.
Shiba's rise is similar to Dogecoin's ascent in the spring, when it caught fire and rose jumped from around 5 cents to 57 cents between April 7 and May 7. Like many other crypto currencies, Shiba is shrouded in mystery. According to its white paper -- or "Woof Paper," in this case -- the token was started in 2020 by an anonymous person or group named "Ryoshi." The paper, which describes how Shiba and its progeny works, is also peppered with soaring-but-vague platitudes about community, freedom, revolution and destroying traditional paradigms. A person with limited background knowledge of technology and blockchain vernacular would be hard pressed to decipher much of the technical wording in the white paper.
Shiba's rise is similar to Dogecoin's ascent in the spring, when it caught fire and rose jumped from around 5 cents to 57 cents between April 7 and May 7. Like many other crypto currencies, Shiba is shrouded in mystery. According to its white paper -- or "Woof Paper," in this case -- the token was started in 2020 by an anonymous person or group named "Ryoshi." The paper, which describes how Shiba and its progeny works, is also peppered with soaring-but-vague platitudes about community, freedom, revolution and destroying traditional paradigms. A person with limited background knowledge of technology and blockchain vernacular would be hard pressed to decipher much of the technical wording in the white paper.
4chan has been shilling this coin (Score:2, Insightful)
A lot of bag holders coming soon, this was all over /biz/ all weekend. Pump and dump incoming, sell some profits while you still have gains
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Predictive Trolls are predictive.... (Score:2)
A lot of bag holders coming soon, this was all over /biz/ all weekend. Pump and dump incoming, sell some profits while you still have gains
Must be a bunch of billionaires to have such insight on everything marketplace.
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Any random shitcoin might get pumped up to a huge value. Even ones intentionally started as a joke.
But, hey, don't let that stop you from holding "to the moon" right?
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But, hey, don't let that stop you from holding "to the moon" right?
Where did you ignorantly read I said I have any? I am merely laughing at all the idiots, for which you may be doubly one, who think any of them can predict any future.
but yes, *YOU* keep just keep on reading shit no one wrote.
Geez... Yet another Ethereum token scam! (Score:2, Informative)
It looks like the great pump and dump Ethereum token scams from 2017 are back. These ERC-20 tokens are super easy to create... you basically can basically mint your own with about a page of JSON code and a $500 fee to create the smart contract. All you need then is a flashy web site and a bunch of people on Reddit and Twitter to shill the token, and you too can become a millionaire by scamming suckers who don't really understand how cryptocurrency works.
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That's actually been done several times before as well. Dogecoin is a fork of the Litecoin project, and so is Feathercoin.
Still, creating an ERC-20 Ethereum Token is still a hell of a lot easier than compiling your own source code and starting your own blockchain. The infrastructure is already there, you just need to build your project/get rich quick scam on top of it.
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Funny... I didn't even use the word "Bitcoin" in my response. Fix your troll script, it's obviously broken.
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Well it did start as a joke coin. [youtu.be]
one dollar (Score:3)
I bought a dollar worth of SHIB in mid September, its now worth almost $10. Crazy.
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I took a flyer and bought $50 worth of SHIB back then and I now own over a million SHIB coins. I've never owned a million of anything, so I'm feeling pretty good about myself today .
Full disclosure: I started playing around with cryptos a long time ago and it's bought me a new car and a couple of really nice musical instruments. What's left is still worth more than my 401k. If it all goes to zero tomorrow, I'm still way ahead. Yes, I realize it's all stupid funny money and no, I don't care.
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I started playing around with cryptos a long time ago and it's bought me a new car and a couple of really nice musical instruments. What's left is still worth more than my 401k. Yes, I realize it's all stupid funny money and no, I don't care.
Yes I'm way jealous.
Re: one dollar (Score:3)
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Oh, I absolutely agree. I did not mean my story as bait for people to buy crypto. It probably would be stupid to buy in now, but I'm definitely not smart enough to know one way or the other or to encourage or discourage an
How do I start my own digital currency (Score:2)
I thought that after Bit Coin the idea had run its course. But as that price soars more and more start up.
If anyone is interested I can sell you 1000 HappyCoins for $1. If you sell them tomorrow for $1 that will give you $1000. But wait 5 years and they could be worth millions, just like Bit Coin!
HappyCoins for ever!
Any takers?
The ignorance.... (Score:3)
I thought that after Bit Coin the idea had run its course.
Old man yells at virtual sky, news at 11.
Re:How do I start my own digital currency (Score:4, Insightful)
I remember not bothering to mine anything back when that guy paid 20,000 coins to buy a pizza. I felt a bit foolish when it hit $100.
I didn't buy at $100 because I was convinced that it couldn't possibly go higher.
I have a very small investment in DogeCoin. I'll sell it when it turns into a real amount of money, then regret it later when it takes off and would have been enough to let my newborn retire...
The world doesn't make any sense right now.
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The world doesn't make any sense right now.
You hit the nail on the head. It makes absolutely no sense. It is pure speculation. You may as well buy a random dollar stock and hope that it becomes the target of some r/wallstreetbets pumping scheme.
Risk and reward go hand in hand. It was just as likely that you'd lose everything you invested as it was that you'd become the next billionaire.
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It is pure speculation.
It isn't.
There are actually plenty of people who use BitCoin to buy/sell and trade or simply transfer money from one country to another saving the SWIFT or MoneyGram or WesternUnion fees.
I would not do that, as I consider 2x conversion of funds with such a volatile "currency" to much hassle.
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Indeed, and those "plenty of people" have precisely 0% impact on the price of bitcoin, which is driven purely by speculation. For a currency to be pegged against an underlying economy, the overwhelming majority of its trade needs to be in exchange for goods or services. That is what anchors a currency in reality. Bitcoin is anchored only to the market, you can see that by the price jump which occurred recently solely due to the fact EFT futures were approved.
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How many people are using Shiba Inu?
Re:How do I start my own digital currency (Score:4, Insightful)
The world makes as much sense as it always did. Back when I was a teenager my grandmother gave me a book called "the wealthy barber" and it was a simple book about how to manage your money. It basically says take 10% of anything you make and put it into mutual funds and don't touch it... this is the money you'll use to have nice things when you're older. Take another 10% and put it into mutual funds in a tax shelter of some kind (401k in the US, RRSP in Canada), which is for retirement. Don't borrow money on credit cards, obviously. It had a couple other tips like how much life insurance you probably need, etc. The advice has only evolved slightly since then... the author suggests index funds instead of actively managed funds. Index funds track the market pretty closely and the market has a long term rate of return around 6% above inflation.
My wife and I follow that advice. We've been through two recessions and kept investing our 10% through each one. We're now in our 40's and our savings total about 4 times our gross annual income, and that's not including the equity in our house. It's just been a slow steady pace of accruing wealth. Some years, like when our kids were infants we had to save less than the 10 + 10%, but in other years we were able to save a bit more.
The "pay yourself first" method is a tried and true way to accumulate wealth and become financially independent, and it scales based on how much you make, as long as you're not in the bottom third of income and just scraping by, because it's always a percentage.
Another great book is "the millionaire next door". I highly recommend both books. I don't recommend any "investment" in cryptocurrency. You might as well "invest" in lottery tickets.
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Thanks for that, it's all good advise, but not really what I was looking for. I was just telling what I'm guessing is a familiar story for people on this site, missing out on millions by ignoring what turned out to be a winning lotto ticket.
I put $100 in DogeCoin for mostly for fun, not as a serious investment, but there's probably a bit more 'FOMO' than I'd like to admit.
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Not only is that just rolling dice, but even if you win you didn't really contribute anything to society.
I like that attitude. I've notice a significant increase in selfishness over the past few years -- and we've been a selfish people for a long time now. I see that as the primary driver behind our social problems. We should value a person's or business's contributions over their net worth. (In an ideal world, there would be a positive correlation between the two, but I suspect it's inverse.)
I don't know that we can look to Amazon. We're giving up an awful lot in exchange for the convenience they offer.
The market is supposed to involve transactions where both parties benefit.
T
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The idea that both parties should benefit from a transaction says nothing about both parties benefiting equally. [...]
The problem is that both parties generally think that they're the primary beneficiary. It's also no coincidence that some people find themselves on the better end most of the time. The free market rewards dishonesty.
You don't get to be a billionaire by acting fairly or in a socially responsible way.
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Right, but shouldn't we accept that people do this, in the same way we accept that water runs downhill? Then we use our ingenuity to direct the water in a useful direction and extract useful energy. We do the same thing in manufacturing... we deliberately put the rejected part bin on the other side of the machine so the operator has to constantly walk further if they're making bad parts, because we know they'd rather put parts in the good part bin that they're standing right next to, so they'll come and g
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The mistake is thinking that we're outside of the system or that we have some measure of control over it. The people with the ability to effect change are the same ones who engineered the status quo.
Oh, and I, Pencil is propaganda.
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Evidence for what? We know what happens to unregulated free markets. That's very clearly not the answer. Neither can the free market, such as it is now, save us from our current problems. Wages have stagnated, wealth inequality in increasing, and we're even losing what little control we had over our government.
Why did communism come up? It's not like that's the natural opposite to a poorly regulated free market. There are other alternatives. Sensible tax policy and stronger regulation will go a long
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I remember when people were starting companies and selling them for stupid amounts of money, just because they had "Linux" in the name. People were dropping out of university to found startups. It didn't matter what they did (most did nothing), so long as they had the magic word.
Forward a few years and it was ".com". This time you had to have the magic in the name PLUS an actual .com address.
At the same time was the idea that you needed to buy real estate, because it was the only sure investment. There were
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I've always said that the only way to make it big with an MLM is to start one. I just don't have the larceny in me.
Speaking of, did you know you can make big $$$ stuffing envelopes at home? Work as much or as little as you want. Just sent $10 and a SASE to get started!
Something for nothing is new (Score:2)
Ponzi schemes are as old as money itself. Hyping a dubious investment to be many times what it is worth, maybe paying dividends using new investments.
But the crypto coins are new. Here they are selling something that has absolutely zero intrinsic worth. They are not multiplying a company's value by some large factor. There is no company, not even the pretense of something, nothing of substance at the bottom of the pile, and obviously so.
I believe that is new. Would be interested in any historical refer
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Creating an Ethereum token like Shiba Inu (it's not really a cryptocurrency, it doesn't have it's own distinct blockchain) is super easy. Google it, you'll find instructions on how to create an Ethereum smart contract and upload it to the Ethereum blockchain pretty easily.
I made a couple of these tokens just for haha's a few years ago, back when they were cheap to create and the token exchange fees were low. Apparently I should have created a social media hype machine behind them as well, aa I too could be
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You're competing with thousands of other coins though. Odds are you won't strike lucky.
Wow (Score:2)
gambling sure has become popular.
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Gambling has always been popular. It's even in the Bible. In both Matthew and John, there are four Roman soldiers who cast lots (depending on the translation, it was either "for" Jesus' clothes or "on" Jesus' clothes, but either way, they was rollin' dem bones.).
I would bet that long before that, our ancestors were betting on who would bring down the buffalo or drawing straws to see who got to go to the latrine first.
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Such gambling. Very risk.
RE: Shiba Inu Passes Dogecoin as No. 10 Crypto... (Score:2)
OK, this isn't the "dog-filled timeline" as advertised. How do I get out?
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Heh. Man wants to get out of the dog-eat-dog world and back to the comfort and certainty of the rat race.
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No, it's hilariously more. Dodgecoin was founded as a satire pointing out how silly cryptocurrency is. Shiba Inu coin is a copycat satire.
Both of them wildly exceeded the founders' expectations, like all the best satires.
Hype (Score:1)
It's not a pyramid scheme, honest. (Score:2)
Will the crypto defenders please explain why this currency is worth so much, despite no-one using it for anything and having absolutely no fundamentals?