Have you guys seen the update on kraken? Doge can now officially be traded there.
I'm sure it will attract new customers and stuff but geez.. How can a serious exchange add such a terrible coin?
Seconded.
Turded.
So a "serious" exchange only offers "serious" coins? By what criteria does a coin count as serious? The answer to this question is bound to be controversial, but note that dogecoin has:
- Massive userbase
- 65k+ subscribers on reddit
- Hashrate rivaling that of litecoin
- Trade volume rivaling that of litecoin
Whatever may be said against dogecoin, the fact is that it has gained traction very rapidly and become a very serious coin for trading. Why wouldn't a serious exchange want to offer it? We are after all in the trading business.
Well, I do understand your point of view. You are in the trading business and earning money when customers make a trade. Fair enough.
I just like bitcoin to succeed and have a feeling that adding coins that do not 'add' something and are based on a meme do not help with adaptation to use bitcoin as a currency by the general public. What if the fun is over? Will the media take the opportunity to use dogecoin as an 'example' how silly virtual currency are? There are already news reports talking about dogecoin price drops and then explain that the name is derived from a meme... People that are not so technical don't understand bitcoin already, explaining what dogecoin is.. well..
Sure, maybe dogecoin does add something(to use it for 'tips' on reddit for example), but compared to bitcoin and litecoin, dogecoin is still very young. Biggest part of those 65k+ subscribers are probably there since the beginning. Hashrate is still very high because until now it is the most profitable coin on mining pools(even on switcher coin) and people get paid in litecoin. When dogecoin price is not rocketing anymore and the mining payout is halved, it will become less profitable and people will switch.
We have already seen on cryptsy that the more coins they added, the lower the volume for each coin became and the less interesting it was to trade a particular coin. This is what I see happening on the dutch kraken community. People start to trade at other exchanges because volume is better.
Cryptocurrencys are something new and we yet have to find correct 'settings'(eg. confirmation time) that work in a real life environment. Adding a coin that is innovative and does try something completely new like NXT(no I don't have any nxt..) would make sense. Dogecoin is just another fork(that get's forked also because of the super fast confirmation time..)
Anyway, I'm sure you guys thought it through like everything on your exchange and we'll see in future how it will work out..