Dogecoin Value Jumps After Elon Musk Announces It as Currency For Tuition at Fictional University

Discussion in 'General Distance Learning Discussions' started by Tireman 44444, Nov 1, 2021.

  1. Tireman 44444

    Tireman 44444 Well-Known Member

    I think he is joking...

    Elon Musk does it again. As he has done many times in the past, the Tesla, Inc. (NASDAQ: TSLA) CEO sent Doge (CRYPTO: DOGE) higher with a tweet.

    Doge For Tuition Fee: Musk had earlier this week tweeted his intention to set up a university in Texas, going by the name the "Texas Institute of Technology & Science." In a threaded reply to the main tweet, Musk suggested the tuition fee will be accepted in Dogecoin and went on to add that a discount is applicable for dog owners.

    Elon Musk Says Tuition Fee For A Texas University He Is Planning Would Be In Dogecoin; Meme Crypto Spikes In Instant Reaction (
  2. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    He's joking, of course, but I wonder if with the serious intent of illustrating what a joke valuations are (whether stocks, crypto, or other sorts of assets) in the age of social media.
  3. Dustin

    Dustin Well-Known Member

    The current "tax on unrealized capital gains" being proposed in Congress right now would cost Musk $7 billion. His wealth increased $40 billion in a couple weeks.

    I think all of this is just a distraction from the real concerns he has about being slightly less rich this time next year.
  4. Maniac Craniac

    Maniac Craniac Moderator Staff Member

    I can't be the only one who noticed the likely deliberate acronym of the fictional school name.
    Rich Douglas likes this.
  5. Dustin

    Dustin Well-Known Member

    Reminds me of Apu on the Simpsons graduating from Springfield Heights Institute of Technology. Or the fictional school in the 2006 movie Accepted, South Harmon Institute of Technology.
    Maniac Craniac likes this.
  6. Rich Douglas

    Rich Douglas Well-Known Member

    Do you mean more rich, but not as much more as one might have thought?
    Maniac Craniac and Dustin like this.
  7. Rich Douglas

    Rich Douglas Well-Known Member

    How is crypto any different than the Dutch Tulip Craze?

    This seems like a game of Duck-Duck-Goose, or Musical Chairs, where people are betting they'll be able to get in and then out, having it collapse on someone else.

    When there is no sensible backing for the demand, it won't take much of an exodus for the whole thing to come tumbling down.
  8. Rich Douglas

    Rich Douglas Well-Known Member

    Maniac Craniac likes this.
  9. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    Because unlike tulip bulbs, crypto as an asset class serves a number of sustainably useful purposes, including as a hedge against political risk (especially currency devaluation), as the basis for decentralized finance, and occasionally even as a payment system (despite it not being as great for that as originally intended).

    That's why the price history for Bitcoin goes up and down and up and down but trends up, whereas the price of tulip bulbs in 1636-7 looks like this:

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  10. Rich Douglas

    Rich Douglas Well-Known Member

    The Tulip Bulb craze is an apt comparison because of where crypto coins are going, not because of where they've been. The dynamics and the mechanics are identical, except there was always a bottom to tulips.

    Because there is no rhyme or reason behind their value, they cannot serve as a hedge against anything.

    The ONLY value of these commodities is the hope that someone will buy them from you for more, thus making the same gamble you did. And that's what it is: a gamble with zero basis for taking the risk.

    You know how they say past performance is no guarantee of future performance? It isn't. But it is a reassuring measure. With crypto, you have no idea when the gravy train will end. And one big panic could set it all off. Your sole basis for investing is that someone else will get stuck because you got out in time.

    My friend Kenneth speculated in silver in the mid-'80s. He made a lot of money...on paper...until the Hunts tried to corner the market and it collapsed. Kenneth got killed. And it's not like he had some alternate use for the silver itself.

    My son, on the other hand, invested in Yu-Gi-Oh cards when they got hot. He held onto them when the cooled because, well, he really liked the cards. Then it got hot again recently and he liquidated a part of his holdings. But the cards always had value to him, and he retains a significant collection for that reason. Hope you like staring at fake coins!

    You're better off investing in used catalytic converters.
  11. Maniac Craniac

    Maniac Craniac Moderator Staff Member

    If you happen to have any lying around, I know where they can be put to good use. My uncle is one of those "I know a guy..." guys.
    Rich Douglas and RoscoeB like this.
  12. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    The funny thing about that example is that one of the use cases for crypto is as the basis for decentralized finance (DeFi), through which one could tokenize used catalytic converters as an investment vehicle. Pun intended, of course.
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  13. Rich Douglas

    Rich Douglas Well-Known Member

    I think crypto might have legitimate uses in an ever-dispersing world. I'm just against the speculation part for the reasons I've already posted.
  14. Neuhaus

    Neuhaus Well-Known Member

    Paired with a J.D. from the (briefly named) Antonin Scalia School of Law I'd say you would have a resume that would guarantee you a callback as long as the hiring manager is a 12 year old boy (or has the maturity of one)!
  15. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

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  16. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    Coincidentally, I just ran across this:

  17. Lerner

    Lerner Well-Known Member

    Cryptocurrency market is very volatile you cant predict anything.
  18. chrisjm18

    chrisjm18 Well-Known Member

  19. Thorne

    Thorne Active Member

    My indicators, tests, and stats would suggest otherwise. Market structure is market structure, it's actually easier to predict some crypto (Bitcoin, Litecoin, Ethereum, etc) in the short-to-medium term than stocks. Less manipulation.
  20. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    I'm not sure how one quantifies market manipulation. There certainly is some in crypto, although I realize you weren't saying there's none.

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