How Dogecoin changed my perspective on cryptocurrency

Basically, the author is saying that the absurdity of Dogecoin made him realize that most currency is intrinsically worthless, with the only reason that it has value being a state power or arbitrary group of people (as in the case of cryptocurrency) has assigned it one... also known as fiat.

A very old and evident observation.

Not exactly enlightening, but there you go.

Re: How Dogecoin changed my perspective on cryptocurrency

#5

Post by steveklabnik » Sat, Dec 21, 2013, 10:15 PM UTC

vezzy-fnord wrote: post #4

Basically, the author is saying that the absurdity of Dogecoin made him realize that most currency is intrinsically worthless, with the only reason that it has value being a state power or arbitrary group of people (as in the case of cryptocurrency) has assigned it one... also known as fiat. A very old and evident observation. Not exactly enlightening, but there you go.

To be clear, _I_ already knew this. I'm saying that I think that it might lead _other_ people to reflect upon the nature of money.

Re: How Dogecoin changed my perspective on cryptocurrency

#6

Post by abus » Sat, Dec 21, 2013, 10:15 PM UTC

Does "Dogecoin was began" make sense?

Re: How Dogecoin changed my perspective on cryptocurrency

#7

Post by delinka » Sat, Dec 21, 2013, 10:16 PM UTC

sgtpepper wrote: post #2

wow. such blog. much words.

Please, for the love of doge, put the meme phrases in the correct order.

Re: How Dogecoin changed my perspective on cryptocurrency

#8

Post by steveklabnik » Sat, Dec 21, 2013, 10:17 PM UTC

abus wrote: post #6

Does "Dogecoin was began" make sense?

Might be a regionalism, or I might just suck at writing. I wondered that upon a re-read, but decided to leave it because I couldn't tell.

Re: How Dogecoin changed my perspective on cryptocurrency

#9

Post by Jack000 » Sat, Dec 21, 2013, 10:17 PM UTC

there was a spike in dogecoin prices last week, making it the 9th most valuable cryptocurrency: http://www.ibtimes.co.uk/bitcoin-alternative-dogecoin-soars-...

though it's dropped back to 14th since.

with the viral aspect of it, I can see dogecoin actually gaining some traction. It would be funny if it unseats the likes of namecoin, primecoin or other serious cryptocurrencies.

Re: How Dogecoin changed my perspective on cryptocurrency

#10

Post by sliverstorm » Sat, Dec 21, 2013, 10:17 PM UTC

steveklabnik wrote: post #3

Now that several exchanges have implemented DOGE/BTC, I've been joking that I should build a HFT bot in Rust. I probably won't, but the idea is amusing.

It's probably already been done. The values of two cryptocoins track their exchange rate very closely, and vica versa. I can only assume arbitrage bots are already operating.