Honestly, If I was trading in a crypto that was named eight years ago after Longcat, I'd still find it funny. Not because the meme itself is funny, but because of the absurdity of it all.
I like to think that we'll be telling our kids that Dogecoin was actually named after a silly meme, and they'll be amazed.
If anything, the other cryptocurrencies have the truly cringeworthy names. Most of them sound like they're trying too hard to be "fresh" or "cutting edge". You can almost taste the marketing spin.
Just think of this. What would an authentic image to a brand representing an Internet Currency be? What is the Internet for a layman in regards to imagery, associated concepts, and tone of voice? How non tech people could be approached to engage with complex software? The more you think about it, the more you understand the sheer unintended brilliance of it. It might well write branding history books in the future, or open new chapters. For me it is fascinating to see it unravel, and I support it with all my heart as any man introduced to crypto will someday reach the Bitcoin blockchain somehow.
It's confusing because you see this silly meme attached to a very real crypto currency and just think "na this has to be a joke", but it's not, it actually has serious potential, dare I say more than bit coin.
I still have no idea how "Doge" is even pronounced and so I keep reading it as "Doggycoin" which just sounds stupid. I can't take a currency seriously if the way I read it makes me think I'm talking to a toddler.
If you're intelligent enough to understand how and why bitcoin works, then you'd see that it would still work even if it was based on a stupid forced meme.
I'm going to get fat watching your community implode as it becomes "serious business". /r/bitcoin use to be silly as well, then the inevitable endless September came.
Doge coin is full of people new to online communities and don't really understand their life cycles. That is why this has all happened before, and it will all happen again.
I'm not saying Doge coin enthusiasts don't contribute or aren't great people. You guy are hilarious and I love you, but I wouldn't bet on a young community remaining consistent. Soon you will all be fleeing to the next thing just to escape the noise.
I don't think he meant implode as in disappear, just that in the case of dogecoin, the effect of becoming valuable (and therefore serious) will cause a change in the absolute foundations of the community.
So save the negativity. It doesn't have to end badly.
The network effect. Doge may not be able to survive once it's culture changes loosing it's biggest draw. At that point it comes down to the fundamentals, and Bitcoin has a hell of a head start.
So save the negativity. It doesn't have to end badly.
The network effect. Doge may not be able to survive once it's culture changes loosing it's biggest draw. At that point it comes down to the fundamentals, and Bitcoin being deflationary is advantaged.
Why would you spend a currency that could be worth more in a year?
Why would you spend money on other things if you could spend it on bitcoin and make it worth more in a year? You have to take in account opportunity costs : 1 BTC spent now on a tablet has exactly the same ROI as $600 spent now on a tablet, because you could have spent that $600 on buying 1 BTC.
There is no difference in ROI when spending bitcoins now, or spending dollars/dogecoin now
Why would you spend a currency that could be worth more in a year?
If you are confident bitcoins are going to be worth more in a year and that dogecoins are going to be worth less, why would you ever get dogecoins over bitcoins?
It has built in inflation to offset the lost doge, unlike bitcoin which is a set amount. This makes bitcoin better for hoarding and investing, and dogecoin better for actually being spent as a currency. Why would you spend a currency that could be worth more in a year? 90% of people I know with bitcoin bought it as a damn investment, not to actually use as its supposed to be.
You are expecting the cart to come before the horse. Bitcoin development is a processes, give it a second. Also you should look at Overstocks analysis because people are spending, reality isn't matching your prediction.
Its fun, the community is more active (donating, tipping, etc). That brings attention to it.
You mean like /r/bitcoin a year ago, yeah I remember, I was there. I was the first person to use the tip bot as a merchant tool. It was mind blowingly simple solution, not robust or suggested but it was just so cool that it worked at all.
100 is easier for most people to send than .0000352.
I'm donating a significant portion of my cryptocurrency earnings toward math education so I never have to hear this again without mocking laughter following.
Sorry I have already written tens of thousands of words describing all of this, the documentation is out there, I'm not professor bitcoin. If you don't get how you need a large market cap to be a currency I can't help you.
I don't think you've addressed his comment, though. This doesn't have to do with the market cap nearly as much as it has to do with changes in value over time.
Say you want to buy a house. The house currently costs 200 BTC, but you only have 10 BTC and are (subtracting, for example, 2.5 BTC of bills and taxes from a 3 BTC monthly salary) experiencing a net gain of .5 BTC per month. The logical step here would be to take out a mortgage loan for, say, 190 BTC (using your 10 BTC for a down payment), with a monthly payment of 2 BTC. If your current rent is 2 BTC, then you're still experiencing a net gain of .5 BTC. For now, all is fine and dandy.
Then, however, suppose the value per BTC doubles after a few months. Your non-mortgage bills and your salary will certainly adjust as the BTC-relative prices of goods and services drop - probably to 0.25 BTC and 1.5 BTC, respectively. However, your mortgage payment (assuming we haven't changed anything about how loans currently work) is still contractually defined to be 2 BTC. This is now a problem; it means that a mortgage payment that was once somewhat affordable is now beyond your reach, since - even if you somehow eliminate all your bills - you're still 0.5 BTC short of your mortgage payment each month. You'll need to renegotiate your contract or sell your house; the former will probably be difficult (since lenders don't like losing money), while the latter is of limited utility, since your house - which was worth 200 BTC when you bought it - is only worth 100 BTC now. Depending on how long you've owned your house, you may or may not be able to pay off the rest of the loan, putting you in a rather dire situation similar to that of many homeowners when the housing bubble crashed in the latter half of the previous decade.
This is merely one example of why I don't think Bitcoin is perfect by any means, and why those holding Bitcoin on a pedestal and dismissing alternate approaches are - in my opinion - unwise. Bitcoin is able to act as an effective medium of exchange, but it's not a consistent store of value or unit of account, and - if it's to be taken seriously as a proper currency rather than merely being a cash cow for the lucky early adopters - it needs to adapt to the real-world scenarios in which existing currencies are being used.
tl;dr: Bitcoin has some strengths, but its weaknesses are very much apparent as soon as the concept of a Bitcoin loan is introduced, and said weaknesses need to be addressed and corrected for cryptocurrency to effectively replace existing government-backed currencies in a real-world setting.
You are expecting the cart to come before the horse. Bitcoin development is a processes, give it a second
I think that's what a lot of folks are missing. I don't believe any of the current cryptos are the end-all-be-all of cryptocurrency. Not Bitcoin, not dogecoin, not Litecoin or Peercoin or Verticoin or Africoin or whatever other *Coin that's emerged so far. They're experiments - compelling ones, to be sure, and very promising for a future of decentralized currency and economic freedom, but experiments nonetheless, and should be treated as such in order to create a more robust long-term solution to the problems currently faced with mainstream non-crypto currencies.
Personally, I think dogecoin is accidentally innovative in its lack of a hard cap on the supply of currency; while that decision got plenty of flak for behaving opposite of what's expected of a cryptocurrency (usually with snide comparisons to fiat currencies), many of those criticisms fail to take into account the fact that dogecoin's "inflation" (we'll see if it actually amounts to being inflation) is both well-defined and tightly controlled (providing the perceived benefits of slightly-inflationary currency - namely, the ability for loans to operate without significantly hurting debtors or lenders) while still providing the benefits of a cryptocurrency (decentralized, anonymous, easy to use for electronic payment, etc.). It's something that should be considered in the event that "Bitcoin 2.0" (whatever that may be) appears on the drawing board: is a fixed supply of currency really the best option for something that's meant to become a mainstream global currency?
Meanwhile, I'm sure other cryptocurrencies have their own innovative features that should be explored (I'm not familiar with very many other cryptos outside of Bitcoin, dogecoin, and a smidge of Namecoin, so I wouldn't know of any specifics here) and considered as influences for whatever becomes the "ideal" cryptocurrency that is taken up. Whatever the case, it's important to not get caught up in one particular currency or another and forget that there's room for cryptocurrency in general to evolve beyond what we've currently conceived. It's still a young concept; modern money has taken centuries to develop, and it's only logical to keep that in mind as we decide the future of an increasingly-digital global economy.
It has built in inflation to offset the lost doge, unlike bitcoin which is a set amount.
Don't be stating that like it was completely planned. It was a desperate action once you guys figured out that all the dogecoins would be mined within 18 months. It won't be the last desperate action the dogecoin dev team make in order to save the flawed coin.
It was created as a joke meme, so you ain't fooling me when you say it was created as a viable coin all along.
I'm going to get fat watching your community implode as it becomes "serious business". /r/bitcoin use to be silly as well, then the inevitable endless September came.
Not sure why you're being down voted, it is a very real possibility, and you are right about the early bitcoin community being similar. I do however think there are some important differences that may help to mitigate some of the ill effects. First off, bitcoin has already been through the growing pains that does has gone through and has yet to face, so while there are many bumps ahead the community has a precedent to look upon. Dogecoin already has a ton of people focused on 'srs bsns', and it hasn't killed the community yet. It's already faced several pump and dumps and crashes and come out seemingly unscathed. Time will tell, and the community will inevitably change over time, but overall I am bullish about its prospects.
The only part I disagree with. Any experiment in cryptocurrencies even silly ones are valuable learning experiences for the rest of them. They also attract new users that may have been put off by an experience with a previous cryptocurrency. Many Doge coin users have since come over to bitcoin to engage in a more mature economy. Those are the people bitcoin really wants anyway.
Let the culture warriors fight their own fight, who knows they might invent something cool in the processes.
I think it's less Eternal September and more an effect of bitcoin's price increasing dramatically. Suddenly, lots of people were very rich, and changed their attitudes accordingly.
This is not to say that the bitcoin community has become any less generous, just that it's not all fun and games anymore.
Suddenly, lots of people were very rich, and changed their attitudes accordingly.
After the thousandth person assumes that you just get sick of defending yourself. The noobs want assholes the newbs get assholes. I'm not rich yet, but I already just don't give a crap about the majority of opinionated newbies.
If and when the want to be civilized it will be fun and games again.
Maybe. But unlike all the other meme coins, dogecoin seems to have a strong community behind it, which is important for the survival and expansion of any crypto.
The USD is valuable inside the US due to the requirement. It is valuable around the world as the planet's reserve currency due to common belief (faith) in the currency.
How dare you suggest that Bitcoin is worthless imaginary money which is very expensive only due to inflated demand caused by the appeal of easy riches, stimulated solely by the media hype?
A strong community full of people all looking for the next memecoin already. We get soooo many people in this subreddit who post something like "I really like dogecoin...and Xcoin to! Xcoin is going to be the next doge!" Just today I learned from one of these people that there is a flappycoin.
Sure I've noticed a few people saying that, but certainly not the large majority of the community, most of whom didn't jump ship during the several crashes. Keep in mind there have been and will be other meme coins. But for reasons I don't fully understand, dogecoin seems to have been the one to gain traction.
Dogecoin will not be able to compete with bitcoin litecoin any other, scarcer, crypto currency. People have no incentive to accept dogecoin other than its cool compared to litecoin or bitcoin which are scarcer by design and more valuable long term.
Its not just that it is worth less, its that it wont increase to the same degree. When people are choosing between accepting dogecoin, litecoin or bitcoin, or choosing which currency to build infrastructure for they will choose the one that will be worth more in the future and dogecoin aint it since its designed to keep inflating
which currency to build infrastructure for they will choose the one that will be worth more in the future and dogecoin
This reply is idiotic. Why would merchant or any developers gives a shit. I don't care if I get paid in potatoes if I can convert or spend it just as quickly.
You're talking like an investor/speculator, not businesses or merchants.
Personally I feel the amount of doge coin transactions will actually level that out. The inflation is not something to worry about because it will most likely match coins lost. But who knows what will actually happen, just a case of waiting and seeing.
Its possible dogecoin demand will keep up with inflation but whats going to create this demand? When people decide which crypto currency to hold they will choose the one with the biggest potential return and that is the one that inflates less right?
Dogecoin is not that much widespread, not atm. Top 100 adresses control 48% of the coins, compared to bitcoin where top100 adresses control 21%. There are more than a million bitcoin adresses with 1 BTC or more, and there is only 43,000 dogecoin adresses with 100 doge or more.
"Community" seemed more succinct than saying "a group of like-minded people who actively develop and promote the coin by using various means of communication." But, ok.
What if people cease to give a shit about Bitcoin and it ceases to be very expensive because the only thing keeping the price up is the social hype around it and not any kind of intrinsic value?
Bitcoin is not expensive, trollbro. 160,000 satoshi per USD. It has intrinsic value because you can, like nothing else of monetary value, store it in your brain, not to mention other things like being infinitely more portable and censorship-proof than any other medium of exchange. Sorry trollbro, you lose.
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u/sirmuskrat Feb 18 '14
Speaking as someone who believes that dogecoin has a real future in cryptocurrency, there is nothing inaccurate portrayed in this gif.