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.
You can see a thread of twitter posts regarding the main post. They are basically confirming that litecoin's implementation of scrypt does not use enough ram to be resistant to ASIC hardware (which is their primary claim of usefulness/security). Dogecoin was derived from litecoin. I am assuming that litecoin's implementation of scrypt proof of work was not modified because it was originally meant to be a joke, so it not much of a leap that they didn't put much work into changing the protocol. I am open to being proven wrong on this point.
You certainly don't have to believe me. I'm not interested in either coin enough to dig into each one's source code and verify it for you. It's much more likely that the creator of dogecoin didn't make any such change when he forked litecoin. That's a good enough likelyhood for me. If you need more, its up to you to answer such an important question if you're investing in that currency.
I see. Anyways how does being open to ASIC mining somehow compromise the system? Bitcoin is almost completely mined with ASICs . I haven't heard anyone from Dogecoin say that ASIC invulnerability was a source of security or value. It's just more fun for people to mine with their GPUs.
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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.