That's not quite it - people hold these currencies based in part on what they think about other participants, so you end up with a situation resembling the blue eyes puzzle described at https://en.wikipedia.org/wiki/Common_knowledge_(logic).
That's a much more rational position. I mean, you'd have to be an incredible idiot to think that Dogecoin was worth something eo ipso, but slightly less of an idiot to think that there were other people who thought so, and even less of an idiot to think that other people thought that there were idiots who believed that Dogecoin was valuable, and so on.
That's a much more rational position. I mean, you'd have to be an incredible idiot to think that Dogecoin was worth something eo ipso, but slightly less of an idiot to think that there were other people who thought so, and even less of an idiot to think that other people thought that there were idiots who believed that Dogecoin was valuable, and so on.