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Jamaican Bobsledders Ride Dogecoin Into Olympics

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Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#31

Post by tlrobinson »

maaku wrote: post #21
jjsz wrote: post #6

Earlier quoted context omitted.

Highly recommend multipool.

Highly discourage using multipool and ilk if you care at all about the coins you are mining. The hash-n-dash behavior of these pools overwhelm a chain with hash power causing difficult adjustments upwards, then disappear as quickly as the come leaving the network high and dry with hours or days between blocks. Coins have been destroyed this way. Heck, even if you don't care about the underlying coins, it's simply not…

I would suggest that if a coin can be destroyed by a multipool it's probably not a viable coin and deserves to be destroyed.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#32

Post by girvo »

tlrobinson wrote: post #31
maaku wrote: post #21

Earlier quoted context omitted.

Highly discourage using multipool and ilk if you care at all about the coins you are mining. The hash-n-dash behavior of these pools overwhelm a chain with hash power causing difficult adjustments upwards, then disappear as quickly as the come leaving the network high and dry with hours or days between blocks. Coins have been destroyed this way. Heck, even if you don't care about the underlying coins, it's simply not…

I would suggest that if a coin can be destroyed by a multipool it's probably not a viable coin and deserves to be destroyed.

Bitcoin at the beginning could've been destroyed by this behaviour, it's only the quirk of being first that means it couldn't have happened. In other words, your statement there is kinda pointless :/

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#33

Post by sfall »

untilHellbanned wrote: post #24

Bitcoin is to Myspace as Dogecoin is to Facebook?

i wouldn't go that far, one issue with bitcoin is that .08 is ~$65 now that values is ~40k dogecoin last time i checked.

for micro transactions the dogecoin is a better crypto currency but i don't see it as one or the other think about it as american express vs (mastercard or visa)

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#34

Post by untilHellbanned »

sfall wrote: post #33
untilHellbanned wrote: post #24

Bitcoin is to Myspace as Dogecoin is to Facebook?

i wouldn't go that far, one issue with bitcoin is that .08 is ~$65 now that values is ~40k dogecoin last time i checked. for micro transactions the dogecoin is a better crypto currency but i don't see it as one or the other think about it as american express vs (mastercard or visa)

Value can change. Myspace was $500Million company when FB was a ~$500K company. Today, Myspace ~$5Million, FB $150Billion.

More relevant is that Myspace had an image problem, whereas Facebook got mass appeal.

A currency that is social will win the internet.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#35

Post by nostrademons »

tlrobinson wrote: post #30
benajnim wrote: post #29

Earlier quoted context omitted.

Just to clarify some of the facts. Dogecoin uses scrypt like litecoin, but this proof of work was first used by Tenebrix. It also employs the random block reward (vs fixed for litecoin) pioneered by LotteryTickets (which includes the ongoing 10k block reward feature). I'm not exactly sure which repo it was started from, but the wallet client, namely the 1.5 release inherits all Litecoin updates since 0.6.*.

"Pioneered"? Is there any advantage to random rewards, besides novelty?

It makes mining more addictive, which increases the number of people who are willing to mine, even if the financial rewards for doing it drop. Same reason why people by lotto tickets even though it's a net economic negative.

I'd argue that the Dogecoin creators are actually quite brilliant, because they manage to exploit several known cognitive biases in humans to drive adoption. Design for the world as it actually is, not for how you would like it to be.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#36

Post by melarina »

tlrobinson wrote: post #26
lappa wrote: post #22

Earlier quoted context omitted.

You would call that successfully? The developers have no idea what they're doing. They copied bitcoins code, but didn't realize that they made a 500 million doge transaction limit, so they gave their users a short period of time to update their clients. They ended up with a fork after someone made a 500 million doge tx which could have allowed many many doublespends. Doge will not be able to scale up to real economic…

To be fair, Bitcoin experienced a hard fork last year too. That said, I agree Dogecoin's dev team talent is non-existent compared to Bitcoin's, but to some extent they can just copy everything Bitcoin/Litecoin does, for now.

I'm not sure it's a lack of talent but rather unfamiliarity with Litecoin/Dogecoin's code base.

Charles Lee and Sunny King, two very talented developers, both made similar mistakes when they started their coins. In Charles Lee's case, be had to scrap his first coin (Fairbrix) and start over with Litecoin.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#37

Post by im3w1l »

tlrobinson wrote: post #30
benajnim wrote: post #29

Earlier quoted context omitted.

Just to clarify some of the facts. Dogecoin uses scrypt like litecoin, but this proof of work was first used by Tenebrix. It also employs the random block reward (vs fixed for litecoin) pioneered by LotteryTickets (which includes the ongoing 10k block reward feature). I'm not exactly sure which repo it was started from, but the wallet client, namely the 1.5 release inherits all Litecoin updates since 0.6.*.

"Pioneered"? Is there any advantage to random rewards, besides novelty?

It is an incentive to keep around gear that can't normally pay for its electricity. Mining gear that isn't online 24/7 but can come online when the need arises is useful to counter a temporary 51% attack.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#38

Post by maaku »

tlrobinson wrote: post #31
maaku wrote: post #21

Earlier quoted context omitted.

Highly discourage using multipool and ilk if you care at all about the coins you are mining. The hash-n-dash behavior of these pools overwhelm a chain with hash power causing difficult adjustments upwards, then disappear as quickly as the come leaving the network high and dry with hours or days between blocks. Coins have been destroyed this way. Heck, even if you don't care about the underlying coins, it's simply not…

I would suggest that if a coin can be destroyed by a multipool it's probably not a viable coin and deserves to be destroyed.

Just about any coin could be destroyed by this behavior, if one or more of the large pools started acting as a multipool. Even Bitcoin could be hurt badly.

This is a problem of mis-aligned incentives that hurts everybody, not just particular coins.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#39

Post by tlrobinson »

nostrademons wrote: post #35
tlrobinson wrote: post #30

Earlier quoted context omitted.

"Pioneered"? Is there any advantage to random rewards, besides novelty?

It makes mining more addictive, which increases the number of people who are willing to mine, even if the financial rewards for doing it drop. Same reason why people by lotto tickets even though it's a net economic negative. I'd argue that the Dogecoin creators are actually quite brilliant, because they manage to exploit several known cognitive biases in humans to drive adoption. Design for the world as it actually i…

So, novelty.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#40

Post by tlrobinson »

im3w1l wrote: post #37
tlrobinson wrote: post #30

Earlier quoted context omitted.

"Pioneered"? Is there any advantage to random rewards, besides novelty?

It is an incentive to keep around gear that can't normally pay for its electricity. Mining gear that isn't online 24/7 but can come online when the need arises is useful to counter a temporary 51% attack.

Interesting point. So miners would stay online and only mine blocks that they know would be profitable to them?

Presumably there would be a lot of such miners, which would increase competition for those more profitable blocks, which would essentially dampen out the expected value of the rewards. I wonder how the math works out.

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