Now the question is what kind of slippage the seller of all those dogecoins will experience. I'm not sure how big the market depth for dogecoins is on the buy side.
This would be around 4% of the daily exchange I think. A water drop.
Doge 4 Water
11–20 of 32 posts
Re: Doge 4 Water
#12The (most?) interesting part of this was the final 14,000,000 donation came from someone going by "savethemhood". They claim... I take from the greedy to feed and blanket the poor. I'm here today because I believe we are aligned. I'm here to redistribute millions of Doge, from the greedy, to you. They appear to be (unconfirmed) responsible for theft of fiat and is converting it to dogecoin to "help" people. They also…
The most likely explanation is probably that they're wealthy and want to donate some of it while having some fun. They're probably not a thief.
Re: Doge 4 Water
#13The (most?) interesting part of this was the final 14,000,000 donation came from someone going by "savethemhood". They claim... I take from the greedy to feed and blanket the poor. I'm here today because I believe we are aligned. I'm here to redistribute millions of Doge, from the greedy, to you. They appear to be (unconfirmed) responsible for theft of fiat and is converting it to dogecoin to "help" people. They also…
The 14 million Dogecoin (~$12,000) tweet:
Re: Doge 4 Water
#14> to be converted to current value in USD It'll be interesting to see what happens... but somehow the idea of expending huge amounts of computing power mining cryptocurrency for charity looks like an incredibly more wasteful process than just shutting off your machines when they're not in use and donating the difference in your power bill.
No financial incentive for turning off your machines. While there is a financial incentive to donate to spread the good will of Dogecoin.
Re: Doge 4 Water
#15I am rather confused, who is buying Dogecoin to actually make this happen?
Re: Doge 4 Water
#16> to be converted to current value in USD It'll be interesting to see what happens... but somehow the idea of expending huge amounts of computing power mining cryptocurrency for charity looks like an incredibly more wasteful process than just shutting off your machines when they're not in use and donating the difference in your power bill.
At least it's less wasteful than mining gold.
Is it?
Re: Doge 4 Water
#17The (most?) interesting part of this was the final 14,000,000 donation came from someone going by "savethemhood". They claim... I take from the greedy to feed and blanket the poor. I'm here today because I believe we are aligned. I'm here to redistribute millions of Doge, from the greedy, to you. They appear to be (unconfirmed) responsible for theft of fiat and is converting it to dogecoin to "help" people. They also…
Fuck yes real life Robin Hood.
Re: Doge 4 Water
#18Earlier quoted context omitted.
At least it's less wasteful than mining gold.
Is it?
Re: Doge 4 Water
#19The (most?) interesting part of this was the final 14,000,000 donation came from someone going by "savethemhood". They claim... I take from the greedy to feed and blanket the poor. I'm here today because I believe we are aligned. I'm here to redistribute millions of Doge, from the greedy, to you. They appear to be (unconfirmed) responsible for theft of fiat and is converting it to dogecoin to "help" people. They also…
The most likely explanation is probably that they're wealthy and want to donate some of it while having some fun. They're probably not a thief.
That reddit post says:
>Do not be concerned, friends. These are not stolen crypto. I convert the paper fiat of the wealthy into crypto for your to spread. Please help those in need.
I read that as "I didn't steal cryptocurrency, I converted fiat." - so did they steal fiat, or is it legitimately gotten wealth?
Re: Doge 4 Water
#20> to be converted to current value in USD It'll be interesting to see what happens... but somehow the idea of expending huge amounts of computing power mining cryptocurrency for charity looks like an incredibly more wasteful process than just shutting off your machines when they're not in use and donating the difference in your power bill.
To put this in perspective here is some napkin calculations on how much power dogecoin currently uses:
Assuming an average kh/watt of 2.333 [1] and the total network hashrate of 68 GH/s [2] we can see the network uses about 30 Megawatts of electricity. As a comparison Microsoft uses 250 Megawatts to power for their datacenters [3]. So it is wasteful, yes, but who's to say it's any worse than running datacenters so I can play battlefield 4 with my friends on xbox live which also provides no benefit for charity.
[1]: most ATI cards use this much per kh (https://litecoin.info/Mining_hardware_comparison), this ignores the newer ASIC hardware that is orders of magnitude more efficient
[2]: http://bitinfocharts.com/dogecoin/
[3]: http://www.extremetech.com/extreme/161772-microsoft-now-has-...