# Dogecoin is Plummeting - what is going on? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [April 23, 2021, 2:18am UTC](https://boards.straightdope.com/t/dogecoin-is-plummeting-what-is-going-on/940576 "2021-04-23T02:18:25Z")\ **Posts on this page:** 5\ **Page:** 2
**Author:** ![iamthewalrus\_3](https://avatars.discourse-cdn.com/v4/letter/i/258eb7/32.png) [@iamthewalrus\_3](https://boards.straightdope.com/u/iamthewalrus_3)\ **Post date:** [April 23, 2021, 5:08pm UTC](https://boards.straightdope.com/t/dogecoin-is-plummeting-what-is-going-on/940576/21 "2021-04-23T17:08:06Z")
> [@Dewey\_Finn](#): > > At one point, someone had a website or application that could just create new cryptocurrencies and I think there were, or perhaps still are, _hundreds_ of them out there. There are tons of cryptocurrencies out there, and it’s fairly trivial to make a new one if you want. The trick is getting a bunch of suckers to pay you for it. The guy who made Dogecoin did it one afternoon by copying the Bitcoin source and changing a few things. He spent as much time changing the font to Comic Sans and putting Doge jokes in the UI as he did on the actual guts of the currency. It’s nonsense. I say this as someone who bought some Dogecoin when it started (as a joke!) and sold it for like a 5000% gain a few weeks ago. It’s all nonsense. Although I do wish I had waited a few weeks longer on that nonsense to make a 25000% gain. ---
**Author:** ![Gatopescado](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/gatopescado/32/5711_2.png) [@Gatopescado](https://boards.straightdope.com/u/Gatopescado)\ **Post date:** [April 23, 2021, 7:16pm UTC](https://boards.straightdope.com/t/dogecoin-is-plummeting-what-is-going-on/940576/22 "2021-04-23T19:16:40Z")
> [@LSLGuy](#): > > As long as Musk includes “Kapow! Alice…” on the front I’m in. The line was _“Bang! Zoom!”_ I think. That was a great show. ---
**Author:** ![asahi](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/asahi/32/8693_2.png) [@asahi](https://boards.straightdope.com/u/asahi)\ **Post date:** [April 24, 2021, 2:54am UTC](https://boards.straightdope.com/t/dogecoin-is-plummeting-what-is-going-on/940576/23 "2021-04-24T02:54:09Z")
Just to be clear, I’m not a Ron Paul/Stansberry Research “ZOMG! Hyperinflation” nutter. I don’t believe in balanced budget amendments, ending the fed, or any of that shit. Countries can carry debts, and occasionally, substantial debts. But once you cross 100% of GDP, there’d better be a plan and some political will to balance the accounts, or else you’ll have problems with entitlement spending (a big chunk of the economy and political stability) somewhere down the road. ---
**Author:** ![TheGunIsMightierThanThePen](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/thegunismightierthanthepen/32/2981_2.png) [@TheGunIsMightierThanThePen](https://boards.straightdope.com/u/TheGunIsMightierThanThePen)\ **Post date:** [April 24, 2021, 4:19am UTC](https://boards.straightdope.com/t/dogecoin-is-plummeting-what-is-going-on/940576/24 "2021-04-24T04:19:31Z")
No disagreements there. Taking on debt can actually be a net benefit, as long as it allows a country’s economy can grow at a rate sufficient to service the interest on its debt. It’s just frustrating to me how so many people pounding the drum on crypto have no real understanding of how economics works. The part that worries me is that calls to reduce spending, or to raise interest rates, _both_ get shouted down. Yes, the government can theoretically pay off debts by raising taxes if they need to, but I think that is a political no-go. But hey, as long as countries/companies continue to gobble up newly issued bonds under the assumption that the US will always be able to pay it off, let’s keep the party going! The hard part, like it is with the stock market, is _timing_ when the music stops. I’m sure you’ve heard of the saying “the market can remain irrational longer than you can remain solvent”, or as I like to say, “other people can remain dumber longer than I can remain smart”. I’m just glad I won’t have any descendants to face the fallout. ---
**Author:** ![Gatopescado](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/gatopescado/32/5711_2.png) [@Gatopescado](https://boards.straightdope.com/u/Gatopescado)\ **Post date:** [April 24, 2021, 5:49am UTC](https://boards.straightdope.com/t/dogecoin-is-plummeting-what-is-going-on/940576/25 "2021-04-24T05:49:21Z")
> [@LSLGuy](#): > > As long as Musk includes “Kapow! Alice…” on the front I’m in. This came to me a bit ago… That line was _“Pow! Right in the Kisser!”_ [Previous page](https://boards.straightdope.com/t/dogecoin-is-plummeting-what-is-going-on/940576.md?page=1)