This 33-year-old dogecoin investor : 'Up until yesterday, I had been a millionaire'

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
#1
‘Up until yesterday, I had been a millionaire’: This 33-year-old dogecoin investor refuses to sell despite losing over $167,000 in one day

Taylor Locke
Published Tue, Jun 22 20217:11 PM EDTUpdated Tue, Jun 22 20219:34 PM EDT

Glauber Contessoto says that he invested over $250,000 in dogecoin on Feb. 5 with a belief that he’d become a millionaire — and on April 15, he did.

But on Monday, the top cryptocurrencies by market value — including bitcoin, ether and dogecoin — started to crash following news of a crackdown in China, CNBC reported.

With losses extending on Tuesday, Contessoto’s portfolio, which contains only dogecoin, was hit. His holdings are down over $167,000 on Tuesday alone, he tells CNBC Make It, and his portfolio was worth $831,538.88 as of Tuesday at 4:40 p.m. EST, he says.

“Up until yesterday, I had been a millionaire,” Contessoto, 33, says. “If bitcoin and ethereum weren’t also [hit], I’d be worried.”

[Image: 106901114-1624399510141-Glauber_doge_622...1624399581]
Glauber Contessoto’s dogecoin holdings via Robinhood on June 22.

Four months ago, when he bought in, dogecoin was priced at about 4.5 cents. On May 8, the meme-inspired cryptocurrency, which was created as a joke in 2013 based on the “Doge” meme of a shiba inu dog, hit an all-time high of about 73 cents, and the value of Contessoto’s holdings surpassed $2 million.

After its surge, dogecoin’s price continued to fluctuate, but Contessoto remained confident in holding for the long-term — he even bought more dogecoin during the dips. Even now, he refuses to sell.

This volatility, however, is in part why experts warn that cryptocurrency is a risky, speculative investment. Some warn to be especially cautious when investing in dogecoin, since it lacks the scarcity and technological development that bitcoin has, for example.

More details in https://www.cnbc.com/2021/06/22/millenni...crash.html
Specuvestor: Asset - Business - Structure.
Reply
#2
Personally feel that Dogecoin makes more sense than Bitcoin.

1. Unlike Bitcoin which has finite supply (hence, deflationary). Dogecoin inflates at circa 2-4% per year.
https://en.wikipedia.org/wiki/Dogecoin

Quote:Currency supply
Dogecoin started with a supply limit of 100 billion coins, which would have been far more coins than the top digital currencies were then allowing. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter. Although there is no theoretical supply limit, at this rate, the number of Dogecoins put into circulation will only double in 20 years (the next doubling will occur in the year 2075). There is no implemented hard cap on the total supply of Dogecoins. Nonetheless, in February 2014, Dogecoin founder Jackson Palmer announced that the limit would be removed in an effort to create a consistent reduction of its inflation rate over time.[49] In other words, the inflation rate improves over time starting at 5% in 2015 to less than 4% by 2019, 3% by 2027, and 2% by 2035.Currency supply
Dogecoin started with a supply limit of 100 billion coins, which would have been far more coins than the top digital currencies were then allowing. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter. Although there is no theoretical supply limit, at this rate, the number of Dogecoins put into circulation will only double in 20 years (the next doubling will occur in the year 2075). There is no implemented hard cap on the total supply of Dogecoins. Nonetheless, in February 2014, Dogecoin founder Jackson Palmer announced that the limit would be removed in an effort to create a consistent reduction of its inflation rate over time.[49] In other words, the inflation rate improves over time starting at 5% in 2015 to less than 4% by 2019, 3% by 2027, and 2% by 2035.

2. Dogecoin is much more power efficient than Bitcoin.
https://www.independent.co.uk/life-style...46675.html

Quote:Dogecoin, which is a favourite of Mr Musk and which he plugged during his recent Saturday Night Live appearance, is rated by the firm at 0.12 KWH.

..

Bitcoin, the most successful of all the cryptocurrencies, is bottom of their list at 707 KWh.

(not vested in either)
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
Reply
#3
I'm puttin it all in Dog Money....

https://www.youtube.com/watch?v=cbI31x3FpS0

Seriously, I'm looking to buy some ETH.  After the bubble bursts....
I wait until there is money lying in the corner, and all I have to do is go over there and pick it up.
Jim Rogers
Reply


Forum Jump:


Users browsing this thread: 3 Guest(s)