What I like about doegcoin is that everyone realizes it's a joke and has fun with it.
There are a great many people spending a whole lot on power and hardware who probably aren't laughing so much at the joke.
Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
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Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#12This effectively killed my interest in the currency completely. I've stopped mining it. I suspect this may be what they want: to keep it basically worthless so people keep using it to tip people large amounts and have fun with it, and to drive away investors and people looking to profit.
to drive away investors and people looking to profit. Holy shit, you mean it's a currency that will encourage trading rather than hoarding? The horror!
It will encourage tipping (giving it away in large numbers), not real trading. As mentioned elsewhere, why sell goods for it if the value will keep dropping?
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#13Earlier quoted context omitted.
to drive away investors and people looking to profit. Holy shit, you mean it's a currency that will encourage trading rather than hoarding? The horror!
Why would you trade it? You can just mine more as you need it? You aren't going to sell any goods for it because the value today is likely worth less tomorrow unless you can "cash it out" immediately.
Why would you trade it? You can just mine more as you need it?
Mining is resource-intensive.
the value today is likely worth less tomorrow unless you can "cash it out" immediately.
Exactly! Not only is this like almost every other good on the planet, it encourages trade.
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#14What I like about doegcoin is that everyone realizes it's a joke and has fun with it.
There are a great many people spending a whole lot on power and hardware who probably aren't laughing so much at the joke.
This is a risk when you invest in something where a small number of people can fundamentally change it on a whim. Remember Zynga's warning about its dependence on Facebook in its IPO filing?
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#15Earlier quoted context omitted.
My understanding was that Dogecoin doesn't want to become a "serious" currency and the sentiment in the community against the BTC-community is that they take themselves far too serious. This decision makes sense if Doge intends to stay the "great comment, I give you 10000 doge for that" fun-currency and drive out everybody whose primary intention is financial gain.
If that is the case the tipbots should not show USD next to the amount.
At least in my opinion, that's part of the joke, showing such a small amount next to such a large amount of coins.
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#16Earlier quoted context omitted.
I don't see how they plan on keeping any sort of stable price with this inflation.
My understanding was that Dogecoin doesn't want to become a "serious" currency and the sentiment in the community against the BTC-community is that they take themselves far too serious. This decision makes sense if Doge intends to stay the "great comment, I give you 10000 doge for that" fun-currency and drive out everybody whose primary intention is financial gain.
If the coin has no value, you might well just say "great comment, I give you 10000 doge for that" without the hassle of actually giving doge.
Why have a whole system that accomplishes no more than merely typing the words did? Stick with the words. Easier, faster, just as much fun.
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#17Earlier quoted context omitted.
to drive away investors and people looking to profit. Holy shit, you mean it's a currency that will encourage trading rather than hoarding? The horror!
It will encourage tipping (giving it away in large numbers), not real trading. As mentioned elsewhere, why sell goods for it if the value will keep dropping?
why sell goods for it if the value will keep dropping?
You know the USD is inflationary, right? I don't see people having had a problem selling goods in the US since 1970.
You don't sell goods to get money to hold on to for the rest of your life.
You sell goods so you can, with the profit, immediately purchase other goods that you need (either to live or to invest in).
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#18Earlier quoted context omitted.
to drive away investors and people looking to profit. Holy shit, you mean it's a currency that will encourage trading rather than hoarding? The horror!
It will encourage tipping (giving it away in large numbers), not real trading. As mentioned elsewhere, why sell goods for it if the value will keep dropping?
Uh, that's, like... How actual money works? /shrugs
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#19What I like about doegcoin is that everyone realizes it's a joke and has fun with it.
There are a great many people spending a whole lot on power and hardware who probably aren't laughing so much at the joke.
Well, that's their loss for taking a gamble on it. Not everything is a sure bet, and even those that look like it might turn out not to be :)
Re: Dogecoin decides to allow annual inflation of 5 billion coins each year, forever
#20Earlier quoted context omitted.
Why would you trade it? You can just mine more as you need it? You aren't going to sell any goods for it because the value today is likely worth less tomorrow unless you can "cash it out" immediately.
Why would you trade it? You can just mine more as you need it? Mining is resource-intensive. the value today is likely worth less tomorrow unless you can "cash it out" immediately. Exactly! Not only is this like almost every other good on the planet , it encourages trade.
In 2015 it won't be resource intensive.
We should be on 3rd or 4th generation asic scrypt miners by then which maybe means you'll be able to get a $20 usb stick that makes you 10k coins a month with a single kilowatt of power per month.