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It will be difficult for part-time developers to react quickly and minimize the damage if the unthinkable happens. But if there is a hack or a technical problem, unlike other cryptocurrencies, there's no paid team monitoring Doge 24/7.
THE VISITOR RETURNS HACKED UPGRADE
They've done a good job, and they even have a Doge upgrade in the works. Since he and co-founder Billy Markus stepped away, Dogecoin has relied on a team of four part-time developers. Those events, along with disappointment at the "toxic" attitude that had overtaken the community were one reason co-founder Jackson Palmer pulled out of the project. These were not direct hacks on the blockchain, but they do highlight that Dogecoin is not immune. The next year, Shibes lost an estimated $750,000 in a Doge fraud. Hard, but not impossible.īack in 2013, about $12,000 was stolen in a Dogecoin wallet hack. The decentralized cryptographic nature of the underlying blockchain technology makes them extremely hard to hack. Dogecoin could get hackedĬryptocurrencies are secure by design. And, as with any digital currency, it could fail completely. But it's more of a risk with Dogecoin because Doge - which rises and falls on the back of Tesla CEO Elon Musk's latest tweets - is more volatile than other cryptocurrencies. This is a risk with any cryptocurrency, and it's one reason why it's better to invest for the long term rather than make quick trades. So, not only will the price fall as soon as lots of people try to sell, but some people won't be able to sell their Doge at all. As the recent crypto exchange outages showed, these platforms are not equipped to deal with large volumes of sudden trades. Only a small number of people will actually be able to sell for $1. Some may still hope Dogecoin could go to $10, however, and might continue to hold.īut as soon as people start to sell, the price will fall. That's the point a lot of Shibes have been hoping for, and so many may decide that is the point to cash out. You may not be able to sell when you want to Whether you're looking for a special sign-up offer, outstanding customer support, $0 commissions, intuitive mobile apps, or more, you'll find a stock broker to fit your trading needs. But before you put your hard-earned cash on that speculative rocket ship, here are some dangers to consider.įind the best stock broker for you among these top picks. And when people on Twitter are accusing founder and CEO of Digital Currency Group Barry Silbert of attacking investors who "want nothing more than a better life for their families," just because he shorted Dogecoin, something is very wrong.ĭogecoin may still go to the moon, and I will be happy if it does. Some - in fairness, against the advice of other Shibes - have used their life savings to buy Dogecoin. These are people struggling to pay medical bills, trying to buy cars, or looking to cover education costs. Here's why: The people posting in the Dogecoin forums aren't billionaires with money to lose. I love the memes and I love the sense of community. Not to mention the fact that it's up over 7,500% since the start of this year, according to CoinMarketCap data. By not taking itself too seriously, the coin's fun-loving approach has found its way into people's hearts. Doge may have been their first step into cryptocurrency investment, and they may see it as a lottery ticket. Please read our Privacy Statement and Terms & Conditions.Īnd for millions of Dogecoin fanatics, who call themselves Shibes, it's a community.
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