I'm holding DOGE since months and they lost almost all their value, I'm sorry but I think I have to sell my millions (worth nothing...).
I could be WAY wrong but I feel part of the reason Dogecoin price is down is due to coin HOLDERS such as yourself. Imagine if ALL Dogecoin was being held...the price would PLUMMET. Instead of spending (NOT SELLING) Dogecoin on physical goods or services, people just hold their coins and watch the price drop. If Dogecoin was being USED more (and not just exchange sell/trade offs either) then there would be a LOT more life in Dogecoin.
There are DOZENS of online stores/services that take Dogecoin for payment.
If YOU (ANYONE HOLDING DOGECOIN) do not spend your Dogecoin, (even just a little) YOU are helping to bring the price down.
Why should the value go up right now? Most Dogecoin fanboys/girls just want to HOLD their Dogecoin in hopes of HITTING it big time. Jeesh
People HOLD or CASH out. What good does that do for the Dogecoin community? NOTHING. Gotta CIRCULATE the currency for ANY value to be seen by others.
SPEND THAT DOGECOIN.
ps-I agree about needing to cap the coin but WE as miners/buyers of Dogecoin can only suggest/recommend that option to the Devs
. It will helps people buy bigger things in the future. But only if prices are somewhat stable.
Yes it's good to spend Doge but it depends where & how it's spent.
The answer is spending Dogecoin on everyday purchases that we do on a regular bases. Then we would
need to buy new Dogecoin Frequently which
would increase the demand. But its very important on how fast we can purchase Dogecoin.
The faster we can convert fiat to Doge the better. This would allow people to buy Dogecoin and use it immediately for things we normal spend fiat on
without loosing money from price volatility.
Here is one way this is achieved:If store owners & services offered better pricing for their goods and services would help tremendous. Discounts for using Doge!
The problem remains:Not enough people are buying Dogecoin. This is Obviously.
Currently here is what frequently happens:When an online store accepts Dogecoin for a purchase they generally immediately dump Doge daily for BTC. Then BTC is dumped for Fiat. This effect is also magnified when raising large amounts to charity. Don't get me wrong. I Love supporting Charities but you can't deny the fact that after a major fund raiser like Jamaican Bobsled or NASCAR that most all the those coins get converted back to USD. Those are huge dumps! Multiple that with mulit-pool miners that only want immediate profit. Those are huge daily dumps. Dump after Dump.
But the community has done an amazing Job keeping Dogecoin's value this high. I believe it will go back up over time. But many people are in Crypto-currency for short term profits like most businesses. The community using it as a tipping currency has been beneficial since it stays within the eccomony. I know there are a few Dogecoin businesses that love Doge and keep some their coins to use for savings, tipping, and charities. But eventually many coins are dumped for Fiat.
This has been a problem for Bitcoin as well. Think about what was the a main contributing factor that caused the 2013 Crash of Bitcoin? 2 words.
BLACK FRIDAY. Biggest shopping day of the year. Look at the charts.
A big step is when we see more manufacturing and commodity type businesses like farmers who will accept crypto-currencies. But their vendors will also need to accept these Crypto in order to keep it in the eccomony.
Keeping the Dogecoin in the eccomony is very important. How we do that is the question everyone should be asking themselves. One important way is that we
Dump Fiat for Dogecoin not the other way around.
Doge will go back up when the community figures out what they need to do.These were only a few tips.
