The Truth about Dogecoin and Shiba Inu

Laudeus
2 min readNov 9, 2021

This morning, I looked on Coin Market Cap, which lists thousands of cryptocurrencies according to money invested in them. The list this morning went (from most to less valued): Bitcoin, Ethereum, Binance Coin, Cardano, Solana, Tether, XRP, Polkadot, Dogecoin, USD Coin, Shiba Inu… (the list goes on for about 11,000 more cryptocurrencies).

I couldn’t believe the cryptos that have become most popular, especially Dogecoin and Shiba Inu, which are literally self-described scams (let me explain).

The brief history of Dogecoin: In 2013, Dogecoin was created as a joke. It is described as “a lighthearted alternative to Bitcoin”. Bitcoin was created to combat inflation and government control of money, through having a system of increasing scarcity and being totally decentralized. Dogecoin is the opposite: 10,000 new dogecoins are created each minute, with no limit. It is also centralized in the control of a few people.

Dogecoin was never meant to be money, but for some reason, people thought that it was legit, and so billions of dollars have been invested in it. This money has mostly been evaporated through Dogecoin’s extreme inflation rates.

Photo by Executium on Unsplash

Shiba Inu and other similar cryptos (I just read about one called King Shiba) are being created with the idea of doing what Dogecoin does, but more efficiently. So now, with Shiba, money can be evaporated even faster!

All of this stems from the false idea that Dogecoin is actually money. Side note: this is basically what’s happening with almost every crypto beside Bitcoin. None of the other cryptos are money! Ethereum, for example, is an online calculator program. XRP facilitates conversion of other currencies. USD Coin is simply an online version of the dollar. The list goes on. (If you want to see what I mean, go on Coin Market Cap and try to scroll to the bottom of the list; it’s so long you’ll quit by crypto #600).

I don’t care if people invest in worthless cryptos just to ride a wave. What must be stopped is the idea that every crypto is a legitimate form of money.

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Laudeus

“Freedom is the right to tell people what they do not want to hear.” -George Orwell