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Dogecoin Fans Can Push A Reality That Just Isn’t There

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As someone with a background in evangelism, I recognize many parallels between belief in cryptocurrencies and faith in deities. Perhaps the connection is no more apparent than digital meme swaps like Dogecoin (CCC:DOGE-USD). As a protected right on this earth, people can be as faithful (or unfaithful) as they want. However, those who take the plunge should do so in moderation.

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Your mind is a wondrous thing, a miracle of the divine or the apparent culmination of evolution, however you see it. Whatever one’s background, the ability to formulate — without fear, without repression — one’s own opinion is a gift that we should all cherish. As Americans, we are fortunate to live in a country where the only price we pay for “bad” opinions are nasty comments on social media.

That said, it would behoove us to use this privilege to sharpen our minds and promote logical or, better yet, empirically grounded ideas for the sake of productivity and progress. Otherwise, if we simply give in to the collective emotions of religious fervor, we lose the capacity for convincing reasoning. So when I saw a tweet saying Dogecoin was the number one trend ticker on StockTwits.com, I knew we were in trouble.

Predictably, the stream of comments didn’t disappoint: Dogecoin on the moon, a bunch of dog gifs, references to Elon Musk and his latest publicity stunt. Plus, there were occasional flame wars, with back-and-forth feuds that I can’t quite post here.

Everything is crazy but in a kind of guilty pleasure, certainly entertaining. I can see how someone can be drawn into the Dogecoin craze, the same way early Evangelicals ditched organ pipes for drums and electric guitars.

The question is, why?

Dogecoin and the trap of spirituality

When I saw people on social media goading themselves into supporting Dogecoin, I couldn’t help but think of a psychological trick that evangelical men play on each other: the Holy Spirit trap. It’s not his official name but that’s what I call him personally. Anyway, let me explain.

Due to the culture of purity, single women in evangelical organizations have enormous “economic” value, for lack of a better term. Thus, single men aggressively compete for attention. To lessen the competition, however, smart men urge other kind-hearted but naive men to “hear” the Holy Spirit to truly determine if this daughter of the Lord is truly from the Lord.

Now, here’s the rub: no one, to my knowledge, has empirically proven the existence of the Holy Spirit through extensive, independent peer review. In the end, most of us only see what we want to see and call it divine guidance.

However, by the time you are done wrestling with the Lord as we evangelicals call him in our spiritual parlance, the one urging you to hear the Holy Spirit is already in a straight line with the lady you were trying to date ( I mean, “search”).

If you are unfamiliar with evangelism, you might dismiss the above as something that only happens in the church. Taurus. The secular equivalent is pump and dump.

As with any investment – legitimate, illegitimate or crypto – the biggest winners are the few. For example, according to gospel principles, only one man and one woman can be married to each other. Thus, the trap of the Holy Spirit can be very effective for the eventual winner.

Similarly, those fueling the Dogecoin craze may have an agenda; essentially, to reap the benefits of collective fanaticism.

The problem

To be fair, it’s very possible that the savviest investors are playing on the somewhat predictable nature of mass human psychology. If you have this gift, Dogecoin could be a great short-term exchange for you.

However, if you’re the type predisposed to religious-style thinking, I’d be extra careful with DOGE. You see, I took an early stab at this meme so I have a “DGAF” mentality, as the kids like to say. But if you buy Dogecoin at 14 cents a pop, please really should GAF.

The reason? Fanaticism benefits a few. Judging by the DOGE chart and the wider crypto space, there just isn’t enough bigotry for everyone to benefit, let alone a slight majority.

Therefore, with everything you hear on social media or the crypto community, you should automatically resort to skepticism. Believe me: if you don’t have friends in church, you certainly don’t have friends in what we call that.

As of the date of publication, Josh Enomoto held a LONG position in DOGE. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto helped negotiate major contracts with Fortune Global 500 companies. Over the past several years, he has provided critical and unique insights to the investment markets, as well as various other industries including law, construction management and healthcare.



Dogecoin Fans Can Push A Reality That Just Isn’t There

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