Responsibility... I've wanted to address this topic ever since John McAfee went on his shilling spree back in 2017. With the current rise in Dogecoin prices and the impact social media influencers are having on that price, I think now is a good time to revisit this topic.
With the recent rise in Dogecoin price a lot of people are starting to ask if influencers need to take responsibility when trades go sideways. Dogecoin is a perfect example of this. Guys like Elon Musk and Mark Cuban Tweet about Doge and the price starts going through the roof. We also see organized efforts on Tik Tok and other social platforms to pump the price to $1 USD. In the meantime advertisers like Axe body spray and Snickers are hopping on the band wagon with meme advertisements for the amount of engagement they're getting. Everyone has a horse in this race and not everybody has your best interest at heart.
Snickers even promoting #DogeDay which was 420 and the price went down. 🤣
I guess the issue is this. Let's say we hit $1 USD. Dogecoin was started as a joke. It was never meant to be taken seriously. Jackson Palmer who created Dogecoin wants absolutely nothing to do with the project anymore. He created Dogecoin to show everyone how stupid the idea of cryptocurrency was. Ironically, it's now a top ten coin with a market cap of $49,208,553,242.00 I think the last laugh is on Jackson who last I heard hasn't profited at all from the project.
The truth of the matter is up until a month or so ago most people were buying their Dogecoin at a fraction of a penny. I think my last purchase was around .003 cents and I thought that was too high :) So let's play devils advocate and say that we hit $1 price target, several people grow filthy rich and several people who bought at $1 get stuck "holding the bag" as we say. This happens when the market turns before you hit your target price and you get stuck holding the stock or cryptocurrency until you either "stop loss" or wait for the market to return to more favorable conditions.
In the greater scheme of things, this is the likely scenario. Doge gets shilled to a dollar, everyone with half a brain dumps and 6 months from now Dogecoin is once again trading below a penny! Several people get rich, several poor slobs get stuck holding the bag at $1... Remember it's only a loss when you decide to sell. If this scenario plays out, nobody knows how long or if the price ever returns to $1.
This is all based on speculation and I'm just using Doge as the most current example. Back in 2017 I used to follow John McAfee's Twitter just to see what he was going to shill. As soon as he mentioned a coin I'd buy a ton of it, let him shill the hell out of it, then I'd dump as soon as the price started coming back down or John decided to move on to his next shill.
McAfee pissed off a lot of people in the community with his shenanigans and now even has legal issues because of some of the shilling he did. Although there is a HUGE difference between shilling and simply mentioning a coin, It's not much different than what Mark Cuban or Elon Musk Tweet out about Dogecoin. Although, I don't feel they're technically shilling the project, they seem to just be having fun with the rest of us... I personally don't see anything wrong with that. I get their Tweets and commentary can move markets but whos fault is that. Theirs or the millions of people that blindly follow them.
I think the fact that we have to post "This is not financial advice, and I'm not a financial advisor" is complete horseshit. It actually bothers me every time I write it into an article or post. If you take financial advice from a cartoon character on the internet that hasn't even shared his real name, YOU my friend are a complete idiot! That's the cold hard truth of the matter.
Who's responsible? YOU ARE!
You are responsible for YOU and YOU only! It's that simple. I'm a HUGE fan of personal responsibility. Call me an anarchist or even accuse me of being libertarian in my view, but the fact of the matter is you are the only person responsible for your actions and choices.
If you make a bad trade based on bad information, YOU have ONLY YOU TO BLAME.
That's my take on all this. For me this is even bigger than "who's responsible". This is about free speech. This is about open discourse on a public forum. Again, this is another stab at censorship and needs to be fought!
Now returning to Doge. Anyone that looks at the chart can see Doge rises and falls almost cyclically. The price goes up and comes back down. Chances are it's going to happen again this time. The only difference is a lot of n00bs outside the crypto community are buying in. My 80 year old mother is buying in on Robinhood at an alarming rate. I warned her, showed her the chart and she understands what she's doing. She knows if it turns the other way she has only herself to blame.
Sure a lot of people are going to get hurt, some more than others. Frankly, that's how you learn. If you over extend yourself on a MEME coin that was supposed to be a joke because Elon Musk, Mark Cuban, or some cartoon character on the internet told you to go all in, YOU HAVE ONLY YOURSELF TO BLAME. Trading is a risky business and not analyzing and researching your trades is even more dangerous!
I think we need this mentality to stop outside of crypto too! Everyone is always looking for an excuse or someone to point the finger at. STOP! Take responsibility for your own actions. Quit blaming other people. Do your own research. Learn to trade. You can't go through life blindly following others. If you don't know what you're doing, don't get involved... It's that simple!
We need to get out of this victim mentality. We need to stop blaming others for the things we couldn't see ourselves. When you make a bad trade, regardless of the information you received, you have ONLY yourself to blame! That's it. DYOR, learn to trade and stop blaming others when your trade goes sideways!
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