Topic: Will Dogecoin ever be more than a joke? (Read 5456 times)

Doge is an asshole meme  , a coin that has no innovation. Why people buy doge? I have some just for fun. 

Guys, I made an analysis of DOGE. Hope it will be interesting for you!

http://www.cryptobang.com/2014/08/25/all-the-truth-about-doge/

You're absolutely right, but only if making USD were the reason for the system to exist. Again, I feel you're looking at this from the perspective of "how can I make money from this?," instead of, "why should I use BTC in the first place?" To touch on your third point, this is exactly the reason why we are seeing such high volatility of value -there are far too many "investors" with that mindset. After hearing any given news broadcast, the average person is not walking away thinking about the core fundamentals of Bitcoin and its potential, but rather the capacity for financial gain (or the missed opportunity had they bought when they first heard about it) and always in the context of USD.

This isn't the case at all. As long as one that is willing to give it up in exchange with another that is willing to accept it, whether it is a niche market of 5 people, or 5 billion people, actual market size does not necessarily matter as it operates within the confines of that one exclusively mutual and direct relationship. To be clear, demand and fungibility still have an impact on the value, but it doesn't require adoption on a global scale -even if it only exists within a small closed loop market, it still retains some level of worth (the online drug trade could be considered such a market). The only time actual mass of quantity consumption matters, and aggressive marketing is needed in these cases, are for pump & dump trends. The challenge being, we can't exactly know for a certainty which is such a scheme until it is too late ..of course, research and some common sense can help one avoid them.

Yes, of course it would be in your special interest for that to happen, but because it shares that characteristic of a pyramid scheme doesn't mean that it must be one. If I hold 100 shares of Google, it is in my interest for many others then to buy up more Google stock and increase the value of my own assets.

On the topic of mining, it was never meant to be the manner of acquisition for most people. It was simply a means of both distributing the coin into the market by a commitment of 'work' and securing the network. In any scenario, be it financial or any other opportunistic situation, some will have a privileged path while others will not. #factsoflife. But you are also calling out the people who have risked the most ..should they not have a proportionally greater reward? The use of computational power to both mint coins and secure the network is rather clever as the cryptography the protocol is built upon can't be feigned, it is un-biased, verifiable and fair.

The crazy volatility that we are seeing will continue so long as the market remains predominately saturated with speculators. This will not continue, however, as merchants begin accepting cryptocurrencies and their use becomes a means of trade for goods and services as opposed to taking profits in USD. At this time the price of BTC, or more importantly, the purchasing power of it will then be dictated within the free market. That is why merchants ought to be the primary focus of crypto gospel efforts more than other 'investors'.

Kind of like that Korean guy that sang "She Bangs", hot for 2 or 3 years, where is he now....LOL.....Doge is fun, but in the long run, the more serious coins will prevail.....

s/troops/miners/g ; s/armed/equipped with ASICs, FPGAs, GPUs, etc: hashing power aka force of the type suited to the analogy aka arena/g

In other words no coin is safe if it does not have sufficient dedicated mining power, of its own not gangbangers from what chain to rape this hour type pools etc.

-MarkM-

Is it true that the only thing that sells more/better than humour is sex?

If so presumably to be more than a joke it will want to be a sex thing of some kind?

-MarkM-

Thanks for the reply. I do understand quite well the advantages of a crypto coin, or any online digital currency and I think those merits are certainly admirable and nice to have. However, fundamentally, with all cryptocoins, you essentially require:

1) Widespread adoption by a critical mass of people before it can become worth anything. Your online wallet can tell you that you have millions of BTC or any other alt coin but it isn't worth a damn till you have buy in from a large number of people. That's why coins have to be marketed so aggressively and if I own a large amount of any alt coin, it is in my interest to have as many other people I know adopt the coin. This ends up being very much like a MLM/Pyramid scheme. To become rich, you need people below you to buy into the system.

2) The entire concept of mining using computational power seems pretty dumb imho, especially when combined with the fact that early adopters are the ones who stand to make out like bandits when it comes to any cryptocurrency. So someone with a 100+ GPUs chained together ends up becoming top dog and a "millionaire" just because he/she spent resources on a crazy rig that is of no other use than to mine coins, something that contributes zero to society as a whole. At least with "Ripple" there is a noble idea behind the concept...donating the computational power to science rather than wasting untold amounts of power and computational resources on pointless calculations.

3) Freemarket - That's a very very shaky argument when it comes to crypto currencies. Any currency that is seeing 50+% swings in value is really not very free market, and certainly all cryptocurrencies, including BTC are susceptible to a lot of shady tactics in the market place. And when you have reports like this - http://bitcoinexaminer.org/small-group-of-47-people-owns-almost-30-percent-of-all-bitcoins/, it is all the more concerning how any currency like BTC can be a great model, or considered to be operating under free market principles. In reality, it is at the mercy of a select few people and with the rise of ASIC mining and the threat of 51% attacks, it only makes the entire situation more concerning.

Cryptocurrencies are certainly intriguing and I like a lot of things about them, but points 1 & 2 are a massive concern for me. For all the proclamations of how anti-establishment cryptocurrencies are, they divide people even more into the rich and poor, where the rich are the blessed people with massive mining rigs who pointed their rigs at mining cryptocurrencies right when they were announced.... which is pretty ridiculous.

lol fiat currency

so it fits in perfectly with the rest of this forum 

So how do these troops prevent inflation?

I understand the concept of there being an established state behind most currencies and that is what gives them their value. What it doesn't stop is inflation by the state. Look at Germany in WW2. Their inflation was insane. Simply having troops does not protect you from inflation.

Actually the wonder of these crypto currencies is you don't have to look at the state backing the currency to wonder if it will have future value. The value is inherent in the system as long as there is still supply and demand moving it around in the system. Creating new systems adds total currency to the world, but it devalues other currencies as it takes patrons or value from their systems.

dogecoin is already losing popularity , no one will ever take a memecoin seriously .

The comparison to how many fiat currencies there are in the world kind of overlooks the fact that most of those currencies are backed by troops / armed police.

Not foreign mercenary troops either but native troops.

Not migrant swarms of troops that fly over to whichever nation offers them the biggest bounty that hour or day...

-MarkM-

They forgot to explain why it's a big deal.

http://www.businessinsider.com/dogecoin-is-a-big-deal-2013-12

dogecoin is a big deal apparently

I think a more apt question is Will Dogecoin users ever be more than a joke?

dogecoin has a limit of 100 billion coins. Just because it is a bigger number doesn't make it have any less or more meaning towards the worth of a coin. In fact, without these limits, just as you said, money will just be printed out of thin air. So I ask you, what makes any new alt coin different then the fed introducing more money? There is suddenly a new cap to the entire crypto coin market. With each new coin made, the total cap of currency (even though it is of multiple kinds) has increased. The only way a coin is really worth anything is it's value to the holders, it's value to potential buyers, and its ability to be exchanged. Dogecoin effectively made a new cap on the market for "value". What makes dogecoin any better than the Federal Reserve?

I'd prefer mylittleponycoin. Friendship is magic, dontchaknow

you might wanna consider also horsecoins.

not

Well I tend to agree everything tends to look like a joke until it really catches fire

I think DogeCoin need a leap of faith.  Hey, look at Bitcoin when it is launched, everybody was laughing at it.  
And now, people jumping crazily into it.  What does this tell you?  It is being recognized and the value have went up almost 1000 times.

Bitcoin will be still around for a long time.  But you got to understand, Bitcoin is limited in quantity and limited quantity of 21 millions to be mine.
But Dogecoin is not. Even now, Dogecoin is growing in value slowly.  In a few years time, it will be a small brother of Bitcoin.  
There are different currencies in the world, I think there will be also different Altcoin as well.

Look at the financial crisis of 2008, Feds created or printed One Trillion dollars out of thin air because it is a Patrol Dollar.
And everybody is accepting it. Why can't it be Dogecoin?  And Dogecoin depend on Supply and Demand too.

As long as Dogecoin is stable and dependable usages for commerce, it will remind.