Row 76226

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Raw Record

{
  "text": "#Dogecoin Con-Arguments\nBelow is a Dogecoin con-argument written by CreepToeCurrentSea.\n\n> Dogecoin is a cryptocurrency that was created by IBM engineers as a joke aimed at cryptocurrency investors on December 6, 2013. It was regarded as the first meme coin, featuring the well-known meme dog \"Doge.\" It has had its fair share of criticisms and triumphs, as well as media problems, particularly with regard to Elon Musk, CEO of Tesla, who also considers himself the \"Dogefather.\" Dogecoin is now in the top ten in terms of cryptocurrency market capitalization, with a trading volume of around $233,000,000, and is down 90% from its all-time high.\n> \n> # CON's\n> \n> **Memecoin Limitations**\n> \n> * Even though it has progressed from being created as a joke to a now well-known coin in the top 10, Dogecoin is still limited to being considered a \"memecoin.\" Even recent articles from news and social media outlets see Dogecoin as nothing more than a memecoin with a historical advantage over other memecoins. There isn't much innovation going on in the development of Dogecoin, either. While they may have developed a wallet and have some other dev blogs, it still doesn't keep up with the development of the other coins in the top ten by marketcap. The main point of this argument is that Dogecoin's utility is limited to being called money; aside from that, there isn't much going on right now that would significantly impact their position, and they may eventually be labeled a memecoin.\n> \n> **Unlimited Supply**\n> \n> * There will only be 21 million BTC available, with the final one expected in 2140. In comparison to Doge, which is theoretically endless in supply, it is an undesirable asset to hedge against inflation when paired with infinite mining, which will demand more advanced mining equipment in the future. It also doesn't help that it utilises the Proof of Work concensus, which necessitates a growth in miners in order to maintain the infinitely increasing amount of transactions. If Dogecoin and it's community is really serious about being one of the real deals of crypto, it must find a way to overcome a inflationary limitations imposed on it's code.\n> \n> **Price Manipulation by Famous People**\n> \n> * It's no secret that notable celebrities and artists are voicing their support for Dogecoin on social media. While this type of support is not illegal and does not depict any known premeditated acts of a pump and dump, it does not stop retail investors, day traders, long term hodlers, and whales from anticipating any post/interaction made by these celebrities with Doge and using the hype it created as an exploitative exit liquidity. Elon Musk, the CEO of Tesla, is the most well-known famous person that has been public about Doge. There are other celebrities and musicians (Snoop Dogg, Gene Simmons, Marques Brownlee, YouTubers Jake Paul and Logan Paul), but Elon has gathered the most popular backing, to the point where he was sued in federal court in Manhattan for $258 billion in damages. According to the plaintiff, Musk utilized his vast social media influence to promote the memecoin, fraudulently inflating its price.\n> \n> *Sources:*\n> \n> [*https://dogecoin.com/*](https://dogecoin.com/)\n> \n> [*https://www.coingecko.com/en/coins/dogecoin#markets*](https://www.coingecko.com/en/coins/dogecoin#markets)\n> \n> [*https://www.reddit.com/r/dogecoin/*](https://www.reddit.com/r/dogecoin/)\n> \n> [*https://foundation.dogecoin.com/*](https://foundation.dogecoin.com/)\n> \n> [*https://www.benzinga.com/markets/cryptocurrency/22/10/29387913/is-elon-musk-finally-giving-utility-to-dogecoin-twitter-reportedly-working-on-crypto-walle*](https://www.benzinga.com/markets/cryptocurrency/22/10/29387913/is-elon-musk-finally-giving-utility-to-dogecoin-twitter-reportedly-working-on-crypto-walle)\n> \n> [*https://www.dmarge.com/dogecoin-price-prediction*](https://www.dmarge.com/dogecoin-price-prediction)\n> \n> [*https://www.gfinityesports.com/cryptocurrency/dogecoin-how-many-coins-in-circulation-is-there-a-cap/*](https://www.gfinityesports.com/cryptocurrency/dogecoin-how-many-coins-in-circulation-is-there-a-cap/)\n> \n> [*https://www.ft.com/content/2c3dd96c-b1b1-42fd-ab46-8b4791bf1270*](https://www.ft.com/content/2c3dd96c-b1b1-42fd-ab46-8b4791bf1270)\n> \n> [*https://bitcoinafrica.io/2022/02/28/famous-dogecoin-supporters/*](https://bitcoinafrica.io/2022/02/28/famous-dogecoin-supporters/)\n> \n> [*https://finance.yahoo.com/news/8-celebrities-were-barking-dogecoin-205843101.html*](https://finance.yahoo.com/news/8-celebrities-were-barking-dogecoin-205843101.html)\n> \n> [*https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/*](https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/)\n\n*****\n\nWould you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Dogecoin) to find submissions for other topics.",
  "label": "r/cryptocurrency",
  "dataType": "comment",
  "communityName": "r/CryptoCurrency",
  "datetime": "2024-05-24",
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}

Entry Information

• Entry ID: 76226
• Repository: Axioma AXP
• Dataset: arrmlet/reddit_dataset_36
• Total Entries: 100,000