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How Dogecoin changed my perspective on cryptocurrency

words.steveklabnik.com

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Re: How Dogecoin changed my perspective on cryptocurrency

#71

Post by [deleted] »

KVFinn wrote: post #64
Houshalter wrote: post #61

Earlier quoted context omitted.

Well we could always make a new worthless currency. And set it so it intentionally inflates infinitely so that this can't happen. Zimbabwe-coin maybe.

>Well we could always make a new worthless currency. And set it so it intentionally inflates infinitely so that this can't happen. Zimbabwe-coin maybe. Yeah that might work. If you could somehow decay the value of held currency to encourage spending directly that would be even better though I can't imagine it being feasible.

[deleted]

Re: How Dogecoin changed my perspective on cryptocurrency

#72

Post by gibybo »

Houshalter wrote: post #60
shurcooL wrote: post #41

Here's an interesting observation I made. You can instantly become both the world's richest and generous person. Take a friend that you trust, and sell him a piece of paper for $10000000000000 billion dollars. Suppose he agrees (even if he doesn't have that money right now, he/his descendants can pay it off over their lifetimes). Now you have $10000000000000 billion dollars of wealth. But, you decide to be generous a…

You've also massively increased GDP, good job! Another interesting observation on subjective value; if you put your money into another currency, say bitcoin, and the exchange rates change, you have to pay taxes on that. You haven't actually produced anything or gained any income or even sold your bitcoins yet, just changes in exchange rates. Because someone somewhere decided it was more valuable to them. It also depe…

Taxes do go negative for assets decreasing in value. You may deduct any (realized) losses in value from your other (realized) gains. You may also deduct up to $3k/year of those losses from your income. If you have losses exceeding this amount, you may carry them over into the following year and deduct again.

*This is the US tax code, but I suspect many countries operate similarly.

Re: How Dogecoin changed my perspective on cryptocurrency

#73

Post by GeneralMayhem »

shurcooL wrote: post #50
steveklabnik wrote: post #30

Earlier quoted context omitted.

> Megacoin , Your Global Currency. Your Modern Wallet. Global, Anonymous, Secure. Sounds pretty serious business to me.

Are there any crypto-currencies that are not anonymous? I like secure, modern, low cost transactions, but I don't like the anonymity. I want a currency where everyone knows how much I spent, what I bought, and it applies to everyone. Does that exist?

Just Tweet your Bitcoin address. All Bitcoin transactions are inherently public in that everyone knows which addresses have sent how much to which other addresses; the only anonymity is that nobody knows who (as in which real-world person) owns/controls the address.

Re: How Dogecoin changed my perspective on cryptocurrency

#74

Post by eurleif »

GeneralMayhem wrote: post #73
shurcooL wrote: post #50

Earlier quoted context omitted.

Are there any crypto-currencies that are not anonymous? I like secure, modern, low cost transactions, but I don't like the anonymity. I want a currency where everyone knows how much I spent, what I bought, and it applies to everyone. Does that exist?

Just Tweet your Bitcoin address. All Bitcoin transactions are inherently public in that everyone knows which addresses have sent how much to which other addresses; the only anonymity is that nobody knows who (as in which real-world person) owns/controls the address.

Or if you really want to prove it, use your Bitcoin address to sign a message containing your Twitter ID.

Re: How Dogecoin changed my perspective on cryptocurrency

#75

Post by jacalata »

GeneralMayhem wrote: post #73
shurcooL wrote: post #50

Earlier quoted context omitted.

Are there any crypto-currencies that are not anonymous? I like secure, modern, low cost transactions, but I don't like the anonymity. I want a currency where everyone knows how much I spent, what I bought, and it applies to everyone. Does that exist?

Just Tweet your Bitcoin address. All Bitcoin transactions are inherently public in that everyone knows which addresses have sent how much to which other addresses; the only anonymity is that nobody knows who (as in which real-world person) owns/controls the address.

That doesn't address the stated " it applies to everyone" requirement.

Re: How Dogecoin changed my perspective on cryptocurrency

#77

Post by hmsimha »

firebones wrote: post #70
highCs wrote: post #35

Earlier quoted context omitted.

The fact that people are buying Dogecoin simply because it is a fun internet meme kind I think the point is that people do not buy Dogecoin because it's fun in itself but because it's the currency of fun , in other terms, their currency. "Their" meaning "a slice of the population" as a country is a slice of the population too. "Before", currencies were determined by geopolitic, now it's up to the people proximity in…

Bingo. There's not really much overhead to creating a new cryptocurrency, so worries about deflationary pressures should be removed since new currencies can emerge. The currencies will emerge out of specific cultures, in this case the meme culture, but as we've seen in the past, through various gaming cultures and as someone else suggested "Bieber-coin". (Exercise for the reader: is this much different than dot-com b…

In-game currencies are already a thing, but I suspect the reason they never caught on as viable liquid currency is their centralized nature.

Re: How Dogecoin changed my perspective on cryptocurrency

#78

Post by L_Rahman »

amark wrote: post #57
grey-area wrote: post #47

Earlier quoted context omitted.

Someone might rightfully ask the question, "Should I invest in Dogecoin?", and at this stage of our financial markets, I really don't have a good answer for that. This is where recognising a distinction between investing and speculating comes in handy. It's quite possible to speculate in dogecoin (relying on greater fools coming after) in the short term and make some money. In the long term it is extremely unlikely t…

I disagree. Dogecoin has the backing of one of the strongest communities on the internet. It's quite feasible to see it as a virtual currency used to pay for online goods, such as karma, games, or media. It's friendliness means it may be adopted by the majority of consumers, who are scared off by the volatility and high price of bitcoins. What needs to happen? First, it needs to distance itself from the meme part of…

I believe you meant "intra" app payments rather than "inter".

Re: How Dogecoin changed my perspective on cryptocurrency

#79

Post by amark »

L_Rahman wrote: post #78
amark wrote: post #57

Earlier quoted context omitted.

I disagree. Dogecoin has the backing of one of the strongest communities on the internet. It's quite feasible to see it as a virtual currency used to pay for online goods, such as karma, games, or media. It's friendliness means it may be adopted by the majority of consumers, who are scared off by the volatility and high price of bitcoins. What needs to happen? First, it needs to distance itself from the meme part of…

I believe you meant "intra" app payments rather than "inter".

Yes.

Re: How Dogecoin changed my perspective on cryptocurrency

#80

Post by Johnie »

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.

I thought I was reading economics 101.
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