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Jamaican Bobsledders Ride Dogecoin Into Olympics

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Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#51

Post by Viper007Bond »

steveklabnik wrote: post #50
Al-Khwarizmi wrote: post #43

Earlier quoted context omitted.

The common knowledge (although I don't know the exact reason and technical details yet - cryptocoins are amazing, they have lots of quirks to learn) is that a pool getting more than 50% of the network hashrate at any given moment is a Very Bad Thing. If that happens they can manipulate the network somehow. I hope someone can explain it better. At some points last week, dogehouse was bordering 50% so there were warnin…

51% would let you double spend coins.

Only if everyone in the pool was in on it, right?

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#53

Post by Viper007Bond »

steveklabnik wrote: post #52
Viper007Bond wrote: post #51

Earlier quoted context omitted.

Only if everyone in the pool was in on it, right?

Yes, though generally, that's what you do when you join a pool.

I meant in on the deception not in on the pool, but I could easily be mistaken.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#54

Post by lappa »

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…

If you want to gamble on mining you could just join a pool with low hashrate or solo mine. If you're lucky you could earn a block $20k block in a day, but it is a game of chance and you probably wont.

Re: Jamaican Bobsledders Ride Dogecoin Into Olympics

#55

Post by lappa »

dublinben wrote: post #25
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…

>They copied bitcoins code They copied the code to Litecoin. At least get your facts straight.

99% of dogecoins code originates from the Bitcoin project. The other 1% is Litecoins proof of work and other random garbage including 10k block rewards at the end (originally a bug they didn't want to fix), 1 year for all coins to be generated, random rewards, 500 million transaction limit (originally a bug that they fixed and due to incompetence caused a massive fork) the security and economic implications of which likely hasn't been considered AT ALL, yet people still argue that these arbitrary changes are genius.

The reason they argue that the changes are genius is because they either have been fooled by someone with a stake in dogecoin, or have a stake in dogecoin themselves.

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