Topic: (Poll) DOGECoin: Helping or hurting cryptocurrency? (Read 3336 times)

market cap means nothing.... its just the current price of the shares (ie COINS) multiplied by the number of shares out there.
it in no way reflects the true value of a coin nor does it reflect how much Fiat money has been pumped into the economy.

for example.. if everyone were to suddenly turn around and dump their Doge coins tomorrow then only a small few would be able to sell at the current price and then each subsequent seller would drive the price down. so the total NET of all of the coins sold would be much much less than its market cap.

likewise if everyone were to suddenly start hoarding Doge coins then the price would skyrocket.

the problem with doge is that since everyone has jumped onto the bandwagon in order to make a quick buck and since it was based off a joke initially and since there are so many coins being created .. nobody is going to be likely to hoard these coins for any lengthy period... so there will always be a healthy supply of coins being dumped onto the market putting downward pressure on the price.

in the fiat world we would call this a speculative bubble forming which would most likely lead to a pop and then hyperinflation.

but nobody knows when this will happen exactly so people are mining and dumping as much as they can while the bubble of profitability lasts.

I don't think in the long run DOGE devalues the other currencies at all since the shift in miners has also caused the difficulty of the other scrypt coins do go down thus making them more profitable to mine.


the only thing that could really hurt the other coins is if DOGE was to spectacularly fail in a massively scandalous way which would put a negative spectre over the heads of all other coins. ie if something were to happen which would turn public opinion away from cryptocoins completely then we would have a problem in the short term.

but in the longer term it is only those coins with fundamental technological innovation AND strong development teams AND merchant acceptance that will ultimately succeed....
 

I got another joke....Early 20s nerds who were only last year living in their parents basement who were just lucky enough to jump in on BTC when it was pennies and are now rich acting like they are Gordon Gekko talking smack about a cute dog coin while they trade on a former Magic the Gathering site run by Otakus.

I admit I've only been in the crypto game for a short time now but I swear alot of the community around it is just as smarmy and elitist as the crooked bankers like Dimon. Also if you want the truth, speaking personally as a graphic designer I find Litecoin's logo to be a crude, amateurish attempt by a 1st year photoshop student who just discovered the gradient tool and attempted to emulate those bad 80s faux-metallic graphics like a He-man cartoon or WWF. I also would feel no more embarrassed to walk into a store and pay for something with dogecoins than "Feathercoin" or "Peercoin" which aren't exactly endearing names for a currency either. 

I think Dogecoin is simply brilliant.

But then again, I like peaceful, radical demonstrations of freedom.

+1 nice yes I think a tongue in cheek approach can't hurt. it's like jim henson wanting to bring the Muppets to prime time... why not? 

Dogecoin: allows new cryptocurrency users inexpensive to free exposure, a great community, dogecoin tutorials are easy to locate, detailed and accurate and delivered on novice levels introducing thousands more to cryptocurrencies. The dogecoin community has demonstrated humor, commitment and charity. Dogecoin has brought positive newsworthy attention to cryptocurrencies. Dogecoin is a part of bitcoins success.

I don't think doge is necessary bad, I am not retard enough to not distinguish between as serious investment and funny stuff..

Others may say "Comedy is a serious business”, quote has been attributed to the actor David Garrick (1717-1779), but cited in print from only 1894. Garrick allegedly said that tragedy was much easier to play.

The comic actor W. C. Fields (1880-1946) said, “Comedy is a business. A serious business with only one purpose—to make people laugh.”

Let people throw out as many hyperinflated coins as they like, maybe then it will finally put an end to this stupid deflation vs inflation debate I'm glad we can finally decide things on equal terms now.

I think Dogecoin was created to slow down other potential serious crypto currencies.

Crypto currencies are a joke now. Caused by this fucking dog, less people are taking it serious and seeing it as a meme joke. We need to have that seriousness back instead of this clownfest. A retarded dogface as one of the top coins? There has to be something behind it, whatever this is it's not in favour of Bitcoin.

wow. such cliche. much annoyance.

Dogecoin isn't hurting Bitcoin, but these kind of memecoins make cryptos look like a joke. I guess let the kids have their toys to play with. They'll soon get tired or outgrow them.

I think popular memecoins/animalcoins like doge are helping to bring new people into cryptos.
That can't be a bad thing imo.

its all good for btc in the end

A transaction in itself has a value. A transaction creates income for miners as well as for exchanges. More people spending equals a value in itself. People hoarding do not generate value.

Yes. The only thing the Asics do is calculate the nonce for the next hash. Thats the proof of work part. Simply adding transactions to a block doesnt really require any compute power, and its not what the Asics do anyway. Or to be more precise, you argument is totally flawed.

Btw, just saw it 2 days ago ..

The Jamaican bobsled team has received enormous donations from the Dogecoin 

http://www.youtube.com/watch?v=DKiWF3EYiOk

I dont own DOGEcoin yet, but it is fun and people like funny stuff, I think that is the main reason of their marketing success. But yep, even cool stuff needs a proper infrastructure (pools, clients, developers support, exchange, etc)

They do not add "value" in the sense you appear be using that word. Creating more currency does not create more value. It does not create more eggs, more steel, or more hairspray. All it does is dilute the current pool of value counters, ie currency. It has nothing to do with who is mining them with what sort of hardware, nor does it matter how many joules of energy gets expended. If one could make the argument that more currency adds value, the treasury could print up trillion dollar bills, pass them out to everyone, and all of the worlds problems would be solved.

Digital currencies do not exist to give folks with graphics cards or CPU's something to do, and in the end (aside from maybe namecoin) altcoins do little bitcoin does not already do. Some view litecoins like a charity of sorts, a place for the poor and downtrodden to gather some wealth. Imagine 5% of all global transactions running on the blockchain. There are not enough CPU's in the world to do that. In fact, there are not enough GPU's, and in reality there currently are not enough ASICs. ASIC technology allows the bitcoin network to scale up to the enormous number of transactions needed to become a global currency. That is the fundamental limiting factor for Scrypt-based systems. They will never be able to scale up.

You really need an entire industry devoted to ASIC production to scale up to the potential that crytocurrencies have. Do you really think you can do that with graphics cards? Seriously?

No, Bitcoin (SHA256) is centralisation with dedicated hardware, fewer and fewer people are mining. Scrypt currencies are pretty sure to have more people mining them. So basicly they add a value that wouldnt exist if they didnt exist.

Imagine all currencies as slices of a pie. Each slice represents the amount of value stored in that currency. You could have 100% of the value in dollars, and then every other currency would be worth zero. Or, you could have 50% of the value in dollars and 50% in bitcoins. Neither scenario changes the size of the pie. In order for one to grow, the others must shrink.

Each time an altcoin grows in value, it removes value from the other slices. From dollars, from yen, from rubles, and yes, from bitcoins. If all of the combined value of altcoins were transferred to bitcoins, each bitcoin would be worth many thousands. A good part of the struggle bitcoins have had of late increasing in value is doubtless due to the proliferation of altcoins.

The question is whether this trend will continue. Altcoins syphon value that would otherwise exist in bitcoins. Whether this is a positive development or a negative one remains to be seen.

I tend to think eventually bitcoin will eat all of the other altcoins, driving their value to zero. But it will probably not happen tomorrow.

In twelve months time.......

WOW, AMAZE, MUCH BLOATED WITH UNECONOMICAL TRANSACTIONS BLOCKCHAIN

Dogecoin = 20 Terabytes >>>>>> Bitcoin = 20 Gigabytes

Already noticed the problems with the 1m confirmation time on other "fast" cryptos. Extremely high percentage of orphans and stales. Probably gonna get amplified as the block size grows and transfer time of blocks grows with it. Those 2.5m is alread pushing it fairly hard, but 1m already nearly kills solo mining already.

BTC is first coin and winner coin.  All other coins is JOKES but doge honest about JOKE.  So DOGE take market cap from alts but HELP bitcoin:

V FAST, MUCH CONFIRMS

Bitcoin = 10 min  ->  Litcoin = 2.5 min   ->  Dogecoin = 1 min

SO COINS, V RICH

Bitcoin = 21,000,000 BTC  ->  Litcoin = 84,000,000 LTC   ->  Dogecoin = 100,000,000,000 DOGE

SUCH COMMUNITY

r/Bitcoin = 1,051 online now   ->   r/Litecoin = 149 online now   ->   r/Dogecoin = 1,988 online now

doge-dice.com (trusted dooglus), doge-road (such highz), doge-tip bot (so generous)

LITECOIN SO SATURATE, DOGECOIN TO MOON

Dogecoin started out as a joke, afaik, and probably still is.
But the funny thing is, it would absolutly make sense that fiat started out the same way:
Some economist making a joke about money and some politicians, whose job has more or less always been to exploit the stupidity of people, implemented the system of fiat. The rest is history.

Its really not necesairy to create other crypto's beside LTC in my opinion.

Give me some crap please... I mean dogecoin

Dogecoin = crap.

The pie's getting bigger, and there's a new piece. Learn and be inspired. Wow.

Anything that popularises crypto should be welcomed.  There was a post on reddit the other day from a woman who had asked her bank, apparently seriously, about how she could buy some Dogecoins.

Lolcats has remained fairly popular over the years and delivered strong advertising revenue in the region of $4 million annually.  in a recent round of funding Cheezburger secured an extra $30 million, so Dogecoin's current cap is not without merit and I would argue is probably still undervalued.  I appreciate that a coin and a company are slightly different, but it proves that a business based on a meme can be successful.

Memes come and go.
Soon all your base will belong to KittehCoin.

Agreed, community is what really stands up here. The more people are willing to adopt pretty much any kind of cryptocurrency the more it will cost.
... and you simply can't avoid mining something that called DOGE_freaking_coin, lol

Well, cryptocoins are a best-of-breed. Different factors will decide, which cryptocurrency will survive, for example:

- mechanism (block duration, reward, special features)
- infrastructure (mining pools, exchanges, brainwallets, acceptances)
- community that brings the currency forward, like improving popularity and image, which has been done (jamaican bob team action)
- style of coin, mainly backed up by community

DogeCoin has an exceptional powerful meme standing behind it and also a lot of enthusiasts that back it up. If this hurts cryptocurrencies in genery: no, but it most certainly does hurt other cryptocurrencies. But, as we are in a best of breed environment, this is how things go.

Surprised nobody brought this up yet, so I'll start things off.

If you haven't heard by now, DOGECoin has been one of the most profitable coins to mine, if you own GPU-based miners. The return is crazy high. A person with dual HD5830's can get almost $300 USD a month.

Problem is, the market caps of other coins are shrinking. Not by a little either.

Thoughts?