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Dogecoin to the moon

  • 06-02-2021 8:05pm
    #1
    Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    It's about 133 satoshi now. There's a mystery wallet holding 30% of all dogecoin. Elon Musk is tweeting dogecoin and the Reddit sub has gone crazy.

    I still hold about 50k dogecoin form years ago having being robbed in cryptsy.

    Is it really going to the moon this time?


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Comments

  • Registered Users Posts: 388 ✭✭ Jin luk
    Registered User


    mcsean2163 wrote: »
    It's about 133 satoshi now. There's a mystery wallet holding 30% of all dogecoin. Elon Musk is tweeting dogecoin and the Reddit sub has gone crazy.

    I still hold about 50k dogecoin form years ago having being robbed in cryptsy.

    Is it really going to the moon this time?

    Its a pure and utter pump and dump people new to crypto are going to get hurt with this 1 I feel as you're post also says 1 person holds 30% of it.

    I also read that the top 20 wallets hold over 50% of it so whenever the big hands decide they have enough it will drop BIG


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    Jin luk wrote: »
    Its a pure and utter pump and dump people new to crypto are going to get hurt with this 1 I feel as you're post also says 1 person holds 30% of it.

    I also read that the top 20 wallets hold over 50% of it so whenever the big hands decide they have enough it will drop BIG

    The 30% holder has been adding through the rise. It's a better currency than bitcoin as the transactions are faster and fees lower and it's been a top 100 since 2014. I was mining it the first week it was released, the community has changed since Elon musk moved in but why not?


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    mcsean2163 wrote: »
    All crypto is nonsense

    If that's your thinking maybe you should go all-in DOGE? Might work out.


  • Registered Users Posts: 787 ✭✭✭ babi-hrse
    Registered User


    Have heard it's colleges quietly buying shares over the last few years waiting for it to become adopted. I'm investing 400 quid if it rises to 50 cents in 5 years I'll have a half a million.
    400 quid is a chunk of money but I don't need it, it's not life changing money either. I'll just keep the password written on the rafters of the attic or some random place and forget the password come back to it in 10 years if it ever takes off.


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  • Registered Users Posts: 388 ✭✭ Jin luk
    Registered User


    mcsean2163 wrote: »
    The 30% holder has been adding through the rise. It's a better currency than bitcoin as the transactions are faster and fees lower and it's been a top 100 since 2014. I was mining it the first week it was released, the community has changed since Elon musk moved in but why not?

    Do you not understand that if one holder has 30% of the coin that if he cashed in on a huge profit that the coin would crash and be worthless? 30% is a massive hold on the market.

    But as another poster just said if u like it then go all in on it but I'll be staying well clear of it.


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    Jin luk wrote: »
    Do you not understand that if one holder has 30% of the coin that if he cashed in on a huge profit that the coin would crash and be worthless? 30% is a massive hold on the market.

    But as another poster just said if u like it then go all in on it but I'll be staying well clear of it.

    I've got about 50k dogecoin and of course I realize the 30% holder could crash the market but why would they do that? They'd crash their own investment. The risk of them crashing it is the risk that someone holds a gun to their head and insists that they sell.

    If they were so sell, I'd assume they'd split the wallet into a hundred wallets or more and look to slowly offload otherwise they'd destroy their investment.


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    grindle wrote: »
    If that's your thinking maybe you should go all-in DOGE? Might work out.

    Bitcoin as a currency is dead. It costs €16 to make a withdrawal. It's for people looking for dafet deposit boxes.

    The electrical cost to keep bitcoin running is insane and the limited benefits hardly outweigh the cons unless you're using it for nefarious purposes.


  • Registered Users Posts: 388 ✭✭ Jin luk
    Registered User


    mcsean2163 wrote: »
    Bitcoin as a currency is dead. It costs €16 to make a withdrawal. It's for people looking for dafet deposit boxes.

    The electrical cost to keep bitcoin running is insane and the limited benefits hardly outweigh the cons unless you're using it for nefarious purposes.

    Well for starters their is only so much doge can grow so if the 30% holder cashes in his investment won't crash because his investment will be profit, and bitcoin is starting to not be viewed as currency but more as a investment commodity(digital gold) I bought something two years ago for the value of 25euro thinking it was a great deal that 25euro I spent is now worth over 300euro so people realise now that spending bitcoin is stupid but hodling it is the smart view the value can only go up as more is mined and it gets closer to being fully mined. Doge started out as a joke and is being purposely pumped on twitter and reddit for people to make a quick buck.


  • Registered Users Posts: 11,386 ✭✭✭✭ Timmaay
    Registered User


    Dam you Elon, you were meant to not bother posting about doge for another 6months and let me get in across the next month or so while everyone had forgotten about it lol.


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  • Moderators, Sports Moderators Posts: 11,205 Mod ✭✭✭✭ hmmm
    Moderator


    I missed out on Bitcoin, I'm not missing out on this. It's all nonsense of course, and I'm treating it no different to a punt on the geegees.

    The 30% is probably Binance or Robinhood. It depends if Robinhood are holding actual Doge or just hedging it in some way.


  • Registered Users Posts: 1,038 ✭✭✭ rapul
    Registered User


    Snoop Dogg shilling doge now!

    Edit... Just overtook bitcoin cash which is a dose of ****e anyway but its going to overtake stellar soon enough

    Edit again... Wow chainlink incoming


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    rapul wrote: »
    Snoop Dogg shilling doge now!

    Edit... Just overtook bitcoin cash which is a dose of ****e anyway but its going to overtake stellar soon enough

    Edit again... Wow chainlink incoming

    Sold 10k at 133 and about 13.5k at 175 in the hope of buying on the drop, only 37k left now, yikes!


  • Registered Users Posts: 5,245 ✭✭✭ myshirt
    Registered User


    Per my analysis, one doge = one doge


  • Registered Users Posts: 1,038 ✭✭✭ rapul
    Registered User


    mcsean2163 wrote: »
    Sold 10k at 133 and about 13.5k at 175 in the hope of buying on the drop, only 37k left now, yikes!

    Crazy times, goodluck! I've sold off what I wanted to and moved it into others, have some sell orders but they are very high so will be holding what I have left and just see what happens id say


  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat
    Registered User


    mcsean2163 wrote: »
    All crypto is nonsense so why not this nonsense?

    No crypto is not nonsense.

    But Dodge is a joke and anyone that jumps on this will get burned badly imo.


  • Registered Users Posts: 1,038 ✭✭✭ rapul
    Registered User


    Just over took chainlink to take no 8 position

    Edit.. Just took 7th, over took Binance Coin


  • Moderators, Sports Moderators Posts: 11,205 Mod ✭✭✭✭ hmmm
    Moderator


    Musk back tweeting about it. Dedicated community who both think it's a great joke and are putting real money into it. It's fun, it's like investing in Tulips, what's not to like?


  • Registered Users Posts: 1,038 ✭✭✭ rapul
    Registered User


    Indeed.


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades
    Would you like to know more?


    I had a big chunk of Dogecoin on Cryptopia before it went under.

    Have applied using the liquidators recent call for re-registration, but have little faith in ever seeing my coin again.

    Not before this one bombs anyway!


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  • Registered Users Posts: 2,876 ✭✭✭ KilOit
    Registered User


    Dades wrote: »
    I had a big chunk of Dogecoin on Cryptopia before it went under.

    Have applied using the liquidators recent call for re-registration, but have little faith in ever seeing my coin again.

    Not before this one bombs anyway!
    Lost a lot when that site went bust, i try not to think about it


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,758 CMod ✭✭✭✭ unkel
    King Elon I


    Thankfully I lost very little because of Cryptopia, I only use exchanges for trading. Move coin in -> trade - > move coin out

    I did try to pass the test of the liquidators, but failed. How on earth would I remember what trades I did, in what coin, when and for what sort of balances? Can't be bothered following it up though.

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades
    Would you like to know more?


    unkel wrote: »
    I did try to pass the test of the liquidators, but failed. How on earth would I remember what trades I did, in what coin, when and for what sort of balances? Can't be bothered following it up though.
    Yeah, I'd say I'll be in trouble when I get to that step.
    Mind you, I think it was only Doge that I ever traded on the site.


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    rapul wrote: »
    Crazy times, goodluck! I've sold off what I wanted to and moved it into others, have some sell orders but they are very high so will be holding what I have left and just see what happens id say

    Thanks, bought the 13.5k back, traded and up to 52k again.

    Not sure where it's going but a IMHO it's a much better currency than bitcoin as the fees are way lower and transaction times faster. Ross Nicoll and co. have been developing it for years. Would be funny if it squashed bitcoin.

    The 5k is still stranded at a 133 (it was 5k not 10k) satoshi order. Started with 52k dogecoin and back at 52k plus $280. Tbh, none of it really matters. There's 33% CGT if I cash out. It'd have to hit €1 or something in order for it to meaningfully affect my life. €35k would mean I could go back and do first-year physics or down payment on an office.

    It's weird, if I was back in college $4,000 would be huge money but really it doesn't change much for me. Thinking about buying a 3D printer and give some to homeless if get out on time. I do like dogecoin though, I've given away thousands of it.


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    Peter Schiff unwittingly promoting dogecoin
    https://twitter.com/PeterSchiff/status/1358763061109284868?s=20


  • Registered Users Posts: 282 ✭✭ timeToLive
    Registered User


    mcsean2163 wrote: »
    Thanks, bought the 13.5k back, traded and up to 52k again.

    Not sure where it's going but a IMHO it's a much better currency than bitcoin as the fees are way lower and transaction times faster. Ross Nicoll and co. have been developing it for years. Would be funny if it squashed bitcoin.

    The 5k is still stranded at a 133 (it was 5k not 10k) satoshi order. Started with 52k dogecoin and back at 52k plus $280. Tbh, none of it really matters. There's 33% CGT if I cash out.


    I might be reading this wrong but cgt applies to the stuff you've traded too


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    timeToLive wrote: »
    I might be reading this wrong but cgt applies to the stuff you've traded too

    Only going DOGE/ BTC. I believe it's only when you convert to EUR that CGT is due?


  • Registered Users Posts: 282 ✭✭ timeToLive
    Registered User


    mcsean2163 wrote: »
    Only going DOGE/ BTC. I believe it's only when you convert to EUR that CGT is due?


    No, any disposal of an asset requires CGT to be due. People can end up owing tremendous amounts of tax by day trading - something to watch out for.


  • Registered Users Posts: 1,637 ✭✭✭ mcsean2163
    Registered User


    timeToLive wrote: »
    No, any disposal of an asset requires CGT to be due. People can end up owing tremendous amounts of tax by day trading - something to watch out for.

    When I did my taxes previously it was only the bitcoin to EUR that was taxed. Maybe it's changed?

    Put it this way. If I bought AIB, sold it and made a 10k profit, then did same again but lost 9,000 I would owe no CGT. At year you pay on your gain.

    Do you have a source to back up your claim?


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  • Registered Users Posts: 5,245 ✭✭✭ myshirt
    Registered User


    timeToLive wrote: »
    No, any disposal of an asset requires CGT to be due. People can end up owing tremendous amounts of tax by day trading - something to watch out for.

    Correct. Each time you dispose of a coin, use it to purchase something, or gift it, you trigger a tax liability. Everyone should keep a list of what they bought, sold, and traded, and calculate their liability so they can pay it in time.

    Disposals in December have to be paid by January, so best to wait if you can to February and after. Buys you a bit of time.

    You have to file your return even if you are saying that you have no tax due. You'll get hit with mad interest if it's delayed. We had a client who put it off and got absolutely hammered when the time came. Refused to pay, which was his choice, and it's taken out of his wages now, plus more interest. Nearly 2.5 times what he would have had to pay if he had done it right.


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