Dogecoin $64mill market cap. Madness. Lee Banfield

Bitcoin and Litecoin Top Sources of WikiLeaks Donations. A lot of people want to see #WikiLeaks accept #Dogecoin donations



Friday 31st January 2014

Dogecoin’s popularity is stunning. For some reason it fills a niche for online socializing, tipping and making charitable donations. Dogecoin is currently the 5th biggest cryptocurrency in the world (1-Bitcoin, 2-Ripples, 3-Litecoin, 4-Peercoin, 5-Dogecoin).




I really like how dogecoin is being used for tipping – Kevin Rose

aantonop what are your thoughts on doge turning from joke to serious contender? Is it humbling to you or infuriating? – Joe Roxor

Humbling and has led me to revise my estimates for alt-coins. – Andreas Antonopoulos


Monday 10th February 2014

Why Dogecoin is a scam.

Nice summary, I did not realize Dogecoin does not have a cap. Incentive is for devs to water it down, just like fiat. – Cal Abel

Moreover, it’s not distributed. They make noise about how it solves some imaginary problems, but in fact… some dork makes calls. – Mircea Popescu



Dogecoin is going to die. The design was never intended to be sustainable. – Bryce Weiner


Tuesday 27th May 2014

Lack of Understanding of the Economics of Bitcoin – Why a Hard Limit Resulting in Deflation Is Important to the World, Importance of Decentralization, Etc…

This rules out currencies such as Dogecoin, Freicoin, Ripple.

Lee Banfield


Monday 3rd November 2014

Shopify’s 120,000 Merchants Can now Accept Payments in Litecoin and Dogecoin

“We’re always looking for new technologies that will help our merchants run their businesses and increase sales,” Shopify’s Louis Kearns, Product Director for Integrations, said in the release. “The partnership with GoCoin provides anyone on our platform with the option to accept multiple cryptocurrencies.”

Shopify has allowed Bitcoin payments for nearly a year, but GoCoin’s integration gives merchants flexibility with different cryptocurrency payment option – Armand Tanzarian


Thursday 1st January 2015

Peak Altcoin Hype

“Don’t let speculative experiments at the margin distract from the most mind-blowingly awesome monetary system mankind has ever seen – Bitcoin proper” – Erik Voorhees, 2013

In 2013 a common line of thinking was that bitcoin’s value would be diluted by copy and paste altcoins (despite obvious evidence to the contrary, Peter Schiff and Warren Buffett still continue to make this claim).

2014 saw hundreds of scam coins and worthless copies come along (Dogecoin and Auroracoin are particularly memorable examples). None have come close to challenging bitcoin as a serious transactional currency with a meaningful network effect. – Lee Banfield


Saturday 2nd July 2016

In May 2014 I wrote a report looking to find a few coins that were potentially useful and not scams. I couldn’t find many because of the premined, instamined problem.

Most coins follow a predictable pattern. A quick pump launched by a few preminers, big hype, big market cap, scam people to get on board. Dumped. Crash by 90% or more. Often a dead cat bounce, doubling or tripling from those 90/95% losses, then a steady fall towards zero.


Here’s how the coins I analyzed on May 27th 2014 have performed since:

Category 1: Disqualified From My “Ethical / Useful List”


May 27th 2014: Market Cap = $31.9mill

July 1st 2016: Market Cap = $32.1mill




Immoral Coins: A Lack of Understanding About Economics.

Bank coins, gov coins, inflationary coins, centralized coins. Last time this ruled out Dogecoin, Freicoin, and Ripple.

Maybe some of them are not scams outright, but it’s not helpful to shift money away from bitcoin to support projects like this.

Lee Banfield, July 2016 Report: The Most Legitimate Altcoins



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: