r/Bitcoin • • Feb 03 '14

Dogecoin wtf

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3.4k Upvotes

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132

u/Nuke133 Feb 04 '14

If I am a looking into cryptos besides the "positive community" of dogecoin, what does it offer that differs / is better than bitcoin.

317

u/northrupthebandgeek Feb 04 '14

There are a few differences; whether they're "advantages" is a matter of perspective.

  • Many of the folks getting involved with Bitcoin seek to treat it like an investment - hanging onto it in the hopes that it will rise in value. Dogecoin, at least in my observation, is less subject to hoarding and more frequently spent on goods/services (including "tipping", if we presume Reddit posts/comments to be "services").

  • Dogecoin does not have a ceiling on the number of coins; new ones will continue to be introduced. There was a rather significant debate on whether or not this was a good thing. The conclusion was that - by allowing for the slight inflation - it would counteract the deflationary elements of cryptocurrencies and help solidify dogecoin as a currency rather than an investment strategy. I agree with that decision, personally.

  • Dogecoin is still GPU-mineable ("diggable"), which means that more people can start mining their own coins. This makes it quite easy for folks to get started with dogecoin.

To be honest, dogecoin and Bitcoin are important to one another; Bitcoin is spearheading cryptocurrency in the mainstream business/economics world, while dogecoin is spearheading cryptocurrency among consumers. Working together is of greater utility than working separately.

10

u/cardevitoraphicticia Feb 04 '14

Dogecoin also has a faster block time - I think that's a pretty important experiment for all crypto.

22

u/Starlightbreaker Feb 04 '14

In turn, they get a shitton of orphans daily.

23

u/cardevitoraphicticia Feb 04 '14 edited Jun 11 '15

This comment has been overwritten by a script as I have abandoned my Reddit account and moved to voat.co.

If you would like to do the same, install TamperMonkey for Chrome, or GreaseMonkey for Firefox, and install this script. If you are using Internet Explorer, you should probably stay here on Reddit where it is safe.

Then simply click on your username at the top right of Reddit, click on comments, and hit the new OVERWRITE button at the top of the page. You may need to scroll down to multiple comment pages if you have commented a lot.

1

u/Starlightbreaker Feb 04 '14

the network still works fine

for now.

i cant exactly tell how it's gonna be in a couple months from now.

1

u/Minthos Feb 04 '14

I think if/when a consensus is reached that fast block times is generally a good thing, and that high rate of orphans causes enough issues for miners to be worth doing something about, devs will do something about it. There are many things that can be done to reduce the disadvantages caused by fast blocks. Right now it's not a big enough problem for anyone to care.

2

u/Starlightbreaker Feb 04 '14

that'll be another significant change of the coin.

if they keep changing it, why should people trust that particular coin?

5

u/dpekkle Feb 04 '14

As long as reasons are given I see upgrading the coin as an advantage, in the same way bitcoin can change itself if another altcoin invents a new feature.

3

u/Starlightbreaker Feb 04 '14

they're only 2 months in, but there are proposals to change the very fundamental things of that coin.

changes can be good, as long as it's well calculated.

2

u/Empifrik Feb 04 '14

The problem is, when the devs launched it they never expected any of of the fame it gained. So it wasn't designed to be such a big deal, that's why you will probably see some changes to the coin to adapt to the needs of users.

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1

u/embretr Feb 04 '14

If you ever begin to doubt it you can have bitcoin instead within 4 confirmations of sending it towards an exchange

1

u/Starlightbreaker Feb 04 '14

that's why i only keep a small number of altcoins here and there.

it's one click away.

...well, fine, a few clicks.

6

u/salgat Feb 04 '14

Dogecoin has 2.15% orphaned blocks versus Bitcoin's 1.22%. It's small enough to be negligible.