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Dogecoin's inventor looks to the past for insight into the future

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Re: Dogecoin's inventor looks to the past for insight into the future

#21

Post by ummjackson »

SippinLean wrote: post #15
lumberjack wrote: post #7

Earlier quoted context omitted.

Are you sure that was Bitcoin's initial goal? Or just speculation from early adopters? In the actual white paper, Satoshi does not mention any of this, although like you, I do remember these motivations being used very early on. I don't know their origin, but Satoshi simply talks about non reversible transactions, in the context of payments over the Internet.

Satoshi did mention it elsewhere: >The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We ha…

+ the genesis block included the text "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" (Source: https://en.bitcoin.it/wiki/Genesis_block)

Re: Dogecoin's inventor looks to the past for insight into the future

#22

Post by abakker »

mkirklions wrote: post #9
meri_dian wrote: post #2

>"To deliver a peer-to-peer alternative to cash that, through decentralization, did away with the need for trust in financial institutions, which the 2008 crisis showed to be unscrupulous, and often corrupt." The sort of activity which led to the financial crisis would not be mitigated by the establishment of a decentralized currency. Decentralization would not do away with the need for financial institutions (or the…

>The USD is pretty decentralized already People are insane. Fiat currency is the definition of centralized currency

Please define what you mean by Centralized and Decentralized. I believe you and the OP are talking at cross purposes.

the USD is decentralized in that P2P transactions are accepted with almost anyone in the world without needing a centralized intermediary.

Re: Dogecoin's inventor looks to the past for insight into the future

#23

Post by simias »

mkirklions wrote: post #10
gourou wrote: post #5

Key take-away: > Once the cryptocurrency price bubble pops and takes all the hype with it, will the community be able to recover the energy it needs to build real, innovative technology once again?

Yeah because most people are putting fun money into the alt-coins. As long as people bought bitcoin and ethereum, they probably will end up positive. The people that are riding on 3 month old coins like IOTA or TRON will lose. Those risking everything on the future of Ripple or BCH or 1-2 specific coins will lose. Those that diversify impartially will come out major winners.

Speculation is worthless because unlike bitcoin it seems to be infinite supply. Tell me that you're able to predict what the cryptocurrency scene will look like 1 year from now and I'll call you a fool.

Your thought process to reach that conclusion might prove more insightful however. So far it seems that cryptocurrencies move alongside each other for the most part, when the big ones go up the smaller follow. If you diversify in crypto and everything crashes at the same time how do you win? How does one diversify "impartially"? What if it turns out that in the end only IOTA remains?

For all the talk about real use cases and replacing fiat cryptocurrencies are 99% speculation and get-rich-quick schemes nowadays. It seems we still have some wild times ahead of us before it settles one way or an other.

Re: Dogecoin's inventor looks to the past for insight into the future

#25

Post by throwaway30yo »

DOGE is a pretty good currency to use for moving money between exchanges. That is why its used. If BTC had low/no transaction fees and was fast, people would have less incentive to use DOGE.

Overvalued? Its possible but I think the entire crypto market is actually insanely undervalued. I was talking to my financial advisor the other day and he said pretty much 100% of people now are asking him about crypto and are considering putting money in. This seems like it is just the start.

The figure for the .com crash was around a 7 trillion dollar market cap. Crypto is 0.7 trillion today and its more of an international market then the .com days. Easily cypto could 10x in size over the next year or two.

In the end its super high risk speculation. You can figure the entire market is overvalued but there is no doubt that there is money to be made in several sub-sectors of the crypto market.

Re: Dogecoin's inventor looks to the past for insight into the future

#26

Post by Bromskloss »

nwah1 wrote: post #6
sharemywin wrote: post #3

It may have been meant as a joke but it has a purpose. but it's become a base market in several exchanges.

Then those exchanges have no purpose.

And whoever uses those exchanges has no purpose, and so on, until no one has any purpose.

Re: Dogecoin's inventor looks to the past for insight into the future

#27

Post by meri_dian »

abakker wrote: post #22
mkirklions wrote: post #9

Earlier quoted context omitted.

>The USD is pretty decentralized already People are insane. Fiat currency is the definition of centralized currency

Please define what you mean by Centralized and Decentralized. I believe you and the OP are talking at cross purposes. the USD is decentralized in that P2P transactions are accepted with almost anyone in the world without needing a centralized intermediary.

Exactly. I'm realizing now that we need to be much more precise when we talk about centralization of currencies to have meaningful discussion.

Re: Dogecoin's inventor looks to the past for insight into the future

#28

Post by md2be »

jzoch wrote: post #12
meri_dian wrote: post #2

>"To deliver a peer-to-peer alternative to cash that, through decentralization, did away with the need for trust in financial institutions, which the 2008 crisis showed to be unscrupulous, and often corrupt." The sort of activity which led to the financial crisis would not be mitigated by the establishment of a decentralized currency. Decentralization would not do away with the need for financial institutions (or the…

The USD is one of the most centralized currencies in the world. Just because everyone has some does not mean its decentralized. It is still minted and distributed through centralized silos owned by the government, and policy enacted by the government ON the currency is still effective.

And it’s the reason why we have such an incredible economy.

Re: Dogecoin's inventor looks to the past for insight into the future

#29

Post by nwah1 »

Bromskloss wrote: post #26
nwah1 wrote: post #6

Earlier quoted context omitted.

Then those exchanges have no purpose.

And whoever uses those exchanges has no purpose, and so on, until no one has any purpose.

A giant rube goldberg apparatus built around a worthless central premise is just as worthless as the central premise itself.

Re: Dogecoin's inventor looks to the past for insight into the future

#30

Post by blurbleblurble »

jzoch wrote: post #12
meri_dian wrote: post #2

>"To deliver a peer-to-peer alternative to cash that, through decentralization, did away with the need for trust in financial institutions, which the 2008 crisis showed to be unscrupulous, and often corrupt." The sort of activity which led to the financial crisis would not be mitigated by the establishment of a decentralized currency. Decentralization would not do away with the need for financial institutions (or the…

The USD is one of the most centralized currencies in the world. Just because everyone has some does not mean its decentralized. It is still minted and distributed through centralized silos owned by the government, and policy enacted by the government ON the currency is still effective.

That comment was a reference to the fact that money itself operates on belief systems and motivations that are distributed and decentralized
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