Understanding Economics: Why The Joke Coin (Doge) is rising
What Doge continues to PROVE ... is that most people in Crypto don't know sh*t about economics.
I'll admit, a lot of my frustrations with Koinda, stem from the reality that a lot of people in that group, did not understand economics BUT wanted to argue with those of us who did understand it; But this problem goes beyond Koinda, as people in the crypto space are always arguing over coins ....
....... Especially that XRP army; they swear no other crypto is 'as good' as theirs -and this kinda nonsense is all over, causing Lots of Confusion -- because most of the people in the game, didn't study for the test.
Doge, proves that it does not matter what the 'origins of a coin' were; it proves that a coin does not need a 'use case' - it just needs Support from a community.... because that is how we Define Currency; Currency is whatever medium WE agree on.
Paper money has NO value; we 'agree' that it does, and 'spend it' as if it's WORTH what it says it's worth; We all 'assume' it's backed by Gold, though none of us have ever been to Fort Knox. However, in our system, we all agree that the paper fiat, holds value and we exchange our goods for that paper .......
Same thing is happening in crypto; That Bitcoin is 'rare' and eventually no more will be mined, increases its value; as people have been in agreement, to use it as currency, for over 10 years now; Which is why it does not matter who agrees with it, it's not going anywhere, because Far too many people DO agree; That number gets bigger every day; as more and more people agree that it is Currency, and Has value -- the price will continue to rise; As is the case with several other coins in the space.
and it could have included CJs too, but them people have no vision; are too greedy; and put more 'value' on FIAT dollars as they continue asking for sunjoined Distributors, to pay them $250 USD.... One of the biggest Scams to hit the black community since Umar Johnson - Koinda ended up being even worse than the scam Boyce tried to pull; and yet all of it is built on the concept of Taking Advantage of People who don't know better....
Instead of teaching economics, instead of focusing the group on learning economics, instead of allowing that group to spin out of control, with endless gossip topics, political debates, debates on stock market vs. crypto, debates on CJs vs XRP, debates on what time the Sun rise, --- WHILE allowing black businesses to promote themselves in the group, Selling all goods in USD instead of CJs --- WHILE down-talking the people trying to KEEP the group in order and on target, ensuring its demise ....
In many ways, perhaps it was a good thing that Doge has been thought of as a 'joke coin' all this time.
When people take a coin too seriously, they start taking themselves too seriously, and begin jockeying for position, to be seen as the TOP person - doing the most - doing everything BUT understanding economics, is economics. None of that other nonsense matters;
Accumulate as much as possible;
USE IT to buy goods & services;
Pass it around to others, as they Pass it back to you;
Circulate it ........... that's economics.