BoneHoney Posted January 20, 2014 Posted January 20, 2014 Dear Stef It was you who reignited my interest in cryptocurrencies, somewhere back in mid/late 2013, for which I am very grateful. I read loads, listened to your Bitcoin shows and eventually found Dogecoin and was lucky enough to be there during the first weeks after it was created. This means I am a much happy shibe heading to the moon today. The Dogecoin community on Reddit is truly a great community and by way I trying to do my part I'm reaching out to you in the hope that you'll start accepting Dogecoin alongside your other cryptocurrency addresses. Please, please, please start accepting Dogecoins and help us get to the moon Thanks for all your amazing efforts and videos and everything else. I'm a big fan and love the sound of your voice. x P.S. When are you coming to Brisbane?
LanceD Posted January 20, 2014 Posted January 20, 2014 Doge coin is a joke, it's based on a meme and was made as a good on Bitcoins. Why would anyone take it seriously? Wait I like this one better
Wesley Posted January 20, 2014 Posted January 20, 2014 In general, I think everyone should have a good amount of skepticism toward altcoins. This would not be a coin I would put anything in.
LanceD Posted January 21, 2014 Posted January 21, 2014 Wesley it's very disappointing to me that your post was not accompanied by a Doge meme
Wesley Posted January 24, 2014 Posted January 24, 2014 I agree that the community was very welcoming and helpful. The first crypto-currency wallet I downloaded was Dogecoin's. It was easy, and I was encouraged to download other altcoin and bitcoin wallets as well (since you need BTC to buy DOGE). I went with Doge first because they have a tipping system on Reddit and I thought it was a good way to get something out of your posts. So far I have collected over Ɖ1000, virtually worthless when I started, and now I could go buy some candy or a drink with it if I wanted to. I got money out of nothing, and I wish I would have actually bought some before the price shot up. All the people who were investing in mining this are pretty ecstatic now. The meme was key to its popularity. I'm sure it will never gain legitimacy in the eyes of all states because of the meme, but not even Bitcoin can do that. The important thing is that this crypto-currency has found its niche. You can't buy XDG with fiat; you have to have BTC first. So, like it or not, it's getting people involved with Bitcoin. As for your question: the same reason why people take Bitcoin seriously. Money is whatever medium of exchange people agree to. $30,000 in XDG helped send the Jamacan bobsled team to the Olympics. This caused the price to shoot up, independently from what Bitcoin was doing. It doesn't matter if it began as parody; the aesthetics of the coin don't matter either. What matters is that people want it. All crypto currencies are speculative and arguably people who invested in XDG recently made some money. I know most of us would like to have some Bitcoins in our wallets, but I for one don't think it's very wise to eschew diversifying your investments, especially when you have so many crypto currencies to choose from. This is what the free market is all about: choice. I would like to clarify my post a little. I was not completely rejecting it, but saying that people should exercise caution. This was the first time I had heard about the coin, it honestly sounds like a joke, and I heard it from some random guy who was only making his first post. Not exactly the most reliable source. There have been several scams with crypto-coins in the past, so skepticism should always be the first course of action when it comes to a new altcoin. That being said, I have heard about it 3 more times since this post and done a little research on it. It seems to be somewhat solid in construction. The coin was based on litecoin. It is currently used in forums and on Reddit in the way that you describe, and it is used in "fun charity" promotional activities like sending the Jamaican bobsled team to the Olympics. It has the potential for growth and to become somewhat popular. I think its uses outside of Reddit having fun are somewhat limited, but the potential may exist. I also wouldn't put a ton of money into it, but right now $1 gets you 540 DGE, so if you have that lying around I wouldn't consider it to be bad to throw a small amount into it that you wont miss, but that could grow a few multiples in the future. If you are a part of that community and want to organize or participate those fun charity-type things you may also buy DGE, though that is somewhat for the experience and fun rather than for the merits of the coin itself. If they have another promotional event, many people will buy DGE in order to donate to the cause (and raising awareness) which will likely lead to boosts in price like what happened with the Jamaican bobsled event. I will at least be interested to see what other promotional events they do to raise awareness of the coin. Even if I don't enter the arena on this one it will be fun to watch.
Culain Posted January 26, 2014 Posted January 26, 2014 Can someone explain to me what are the advantages or differences with Dogecoin as opposed to Bitcoin. Let's say i can only invest my money in one, what would tip the scales in favor of doge.
Wesley Posted January 26, 2014 Posted January 26, 2014 Can someone explain to me what are the advantages or differences with Dogecoin as opposed to Bitcoin. Let's say i can only invest my money in one, what would tip the scales in favor of doge. If you only want the pro-doge argument, it is that there is little knowledge of it. Thus, if it become popular, the upside is nearly infinite even with a small amount of investment. Thus, with $5 you get $5 of risk and a very high potential reward. Bitcoin already has risen from 10,000 BTC for 1 pizza to 1 BTC to 100 pizzas which is about 1 million times the amount. If the doge gets as well known as bitcoin is now, your $5 will be a few million dollars. This is somewhat unlikely, but it is more likely to be worth a few thousand. There certainly are arguments against, but that's what I know of as a pro argument for doge from a purely investment standpoint. Similar arguments exist for other altcoins, but dogecoin being based on an internet meme is trying to use those ideas to get it more well-known than most other altcoins which increases the odds of that kind of asymptotic rise.
Culain Posted January 26, 2014 Posted January 26, 2014 Well I'm trying to look at it from a long term basis, I don't want to invest in something that is a fad. As it could crash at any moment, bitcoin is less likely to crash because the coding and programming of it makes it useful. Is the coding of doge coin better? At the very least I hope it gives us a nicer interface. Here are examples of things I want answered: Is the currency open source? Is there an upper limit to the amount of doge coins? Can you conduct transactions anonymous? Is it secure (like how bitcoin is practically hack-proof)? Is the interface more friendly than bitcoin? Edit: I wiki'd it. "Markus based Dogecoin on the existing currency Litecoin,[2] which also uses scrypt technology in its proof-of-work algorithm, meaning that miners cannot take advantage of specialized Bitcoin-mining equipment to mine at higher speeds. The Dogecoin network was originally intended to produce 100 billion Dogecoins, but a bug in the code made the production of dogecoins never ending." I'm not sure how I feel about this. All my economic lessons are telling me to stay away from it because it will never be a scare good. Sounds like a communist mentality, I'm sure Peter Joseph prefers it over bitcoin.
Wesley Posted January 27, 2014 Posted January 27, 2014 Well I'm trying to look at it from a long term basis, I don't want to invest in something that is a fad. As it could crash at any moment, bitcoin is less likely to crash because the coding and programming of it makes it useful. Is the coding of doge coin better? At the very least I hope it gives us a nicer interface. Here are examples of things I want answered: Is the currency open source? Is there an upper limit to the amount of doge coins? Can you conduct transactions anonymous? Is it secure (like how bitcoin is practically hack-proof)? Is the interface more friendly than bitcoin? Edit: I wiki'd it. "Markus based Dogecoin on the existing currency Litecoin,[2] which also uses scrypt technology in its proof-of-work algorithm, meaning that miners cannot take advantage of specialized Bitcoin-mining equipment to mine at higher speeds. The Dogecoin network was originally intended to produce 100 billion Dogecoins, but a bug in the code made the production of dogecoins never ending." I'm not sure how I feel about this. All my economic lessons are telling me to stay away from it because it will never be a scare good. Sounds like a communist mentality, I'm sure Peter Joseph prefers it over bitcoin. Ah, that does sour me somewhat to the idea. I wonder how they are created.
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