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Dogecoin and the Appeal of Small Numbers

diegobasch.com

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Re: Dogecoin and the Appeal of Small Numbers

#11

Post by boyter »

cortesoft wrote: post #8
willholloway wrote: post #3

Great article, but I disagree with one point. I do believe the value of one Doge will reach one dollar. A 100 billion market cap is just ~8 times that of Bitcoins. If Doge succeeds at its goal of being the tipping currency for the internet it will reach at least one dollar. Update: To expound on my point, I think Dogecoin solves the single biggest crisis the Internet has created, and that is "How do we compensate peo…

Wait.... bitcoin cap is 21 million, which puts the 100 billion cap at 4761 times that of bitcoin.

You have your numbers a little bit wrong. The total number of coins is what you are referring to. There will only be 21 million bitcoins and 100 billion dogecoins.

The market cap is their value measured against the US dollar. Bitcoin is at 10 billion at the moment http://coinmarketcap.com/ If dogecoin rose to 100 billion ~10 the size of bitcoin each coin would be worth a dollar.

Re: Dogecoin and the Appeal of Small Numbers

#12

Post by steveklabnik »

rch wrote: post #7
jmuguy wrote: post #5

I switched from mining LTC to Dogecoin today. Feels good to get 100s of coin an hour compared to 0.002 LTC. So yeah small numbers and all that.

This is a little absurd. It's like hearing that people living near the beach just started using shells as money all of a sudden. Except without even the inconvenience of physical shells.

Human beings are generally a little absurd. You can try to ignore it, or you can try to take advantage of it.

Dogecoin is doing the second.

Re: Dogecoin and the Appeal of Small Numbers

#13

Post by rmc »

krisgee wrote: post #9

It's 100% attitude. Doge is fun and playful while bitcoin seems to be the domain of crazy libertarians and people who just want to be the new bank.

As a techie who's been following bitcoin and disapproves of their libertarian ideology, I like the Dogecoin attitude. It's all a joke. It's like it's not serious. It's like people know that you're not going to replace all the money.

Re: Dogecoin and the Appeal of Small Numbers

#14

Post by earlz »

I got into Doge when it was about a week old, stupidly bought like 1000 DOGE for 0.001BTC (there wasn't yet an exchange), which was way overvalued at the time. Then I setup cpuminer on my computer and let it run for a week and watched as 10,000 DOGE was added to my wallet. And then my mining pool shutdown. Just setup a mining pool account again this week and now my projections are looking more like 1000 DOGE every couple of weeks. ughhh

I completely agree though, feels so much better to have 10,000 DOGE than 0.01 BTC. And makes for a much better tipping experience

Re: Dogecoin and the Appeal of Small Numbers

#18

Post by ck2 »

It's not just the number of coins.

The people who created this were not idiots, they learned by looking at previous coins.

   1. more coins for larger transactions instead of fractions
   2. faster block rate (one a minute)
   3. faster difficulty adjustment time (4 hours vs days or weeks)
   4. faster halving time  (every other month or so)
   5. faster time to last block (mid 2015)
   6. faster confirmations
The random payout on a block is a neat idea. I think they borrowed it from lottocoin or luckycoin.

It doesn't have to hit a dollar to be successful, even if it hits a penny USD, it will generate a ton of activity and "wealth".

The only big problem they have is their blockchain is going to be insanely huge in a year, like staggeringly unmanageable.

Re: Dogecoin and the Appeal of Small Numbers

#19

Post by cortesoft »

boyter wrote: post #11
cortesoft wrote: post #8

Earlier quoted context omitted.

Wait.... bitcoin cap is 21 million, which puts the 100 billion cap at 4761 times that of bitcoin.

You have your numbers a little bit wrong. The total number of coins is what you are referring to. There will only be 21 million bitcoins and 100 billion dogecoins. The market cap is their value measured against the US dollar. Bitcoin is at 10 billion at the moment http://coinmarketcap.com/ If dogecoin rose to 100 billion ~10 the size of bitcoin each coin would be worth a dollar.

You are right in that market cap means total value... however, in the context of the article and the comment I was replying to, they meant total coins (where else would the 100 billion number come from?)

Wait... now that I read the above comment again, I think you may be right... they are saying that it would only take the total value (market cap) of dogecoin to be 8 times the current market cap of bitcoins for the dogecoin to be worth at least $1 a coin.

So nevermind, you are right and I was wrong. In my defense, the original comment was a little unclear about what they meant.

Re: Dogecoin and the Appeal of Small Numbers

#20

Post by boyter »

cortesoft wrote: post #19
boyter wrote: post #11

Earlier quoted context omitted.

You have your numbers a little bit wrong. The total number of coins is what you are referring to. There will only be 21 million bitcoins and 100 billion dogecoins. The market cap is their value measured against the US dollar. Bitcoin is at 10 billion at the moment http://coinmarketcap.com/ If dogecoin rose to 100 billion ~10 the size of bitcoin each coin would be worth a dollar.

You are right in that market cap means total value... however, in the context of the article and the comment I was replying to, they meant total coins (where else would the 100 billion number come from?) Wait... now that I read the above comment again, I think you may be right... they are saying that it would only take the total value (market cap) of dogecoin to be 8 times the current market cap of bitcoins for the d…

No problem. I modified my comment to reflect this to avoid any further confusion.
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