Dogecoin and the Appeal of Small Numbers
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Dogecoin and the Appeal of Small Numbers
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Re: Dogecoin and the Appeal of Small Numbers
#2I believe the problem they describe is both real and somewhat frivolous at the same time.
The minimum transaction amount that does not incur fees is currently .01 BTC, so I think there is an actual issue for micro-transactions as things stand now.
However, the smallest indivisible unit of a bitcoin is 1 satoshi (1e-8 BTC), and if the bitcoin fanatics are to be believed and 1 BTC will be worth anywhere from $40,000 to $1,000,000 in the future, it makes sense to deal in the smallest possible denomination that can show up on the blockchain. A 200K satoshi tip sounds a lot better than a .002 BTC tip, or even 2mBTC (hope I got those decimal places right!)
Re: Dogecoin and the Appeal of Small Numbers
#3Great 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 people who create digital works that are infinitely reproducible?"
This is Jaron Lanier's beat. Has the internet delivered in broadening the middle class? No, it has threatened the middle class.
When people work for Likes, or reputation, instead of cash, they become impoverished.
Dogecoin can solve this problem by being a viable micropayment system. It can bring a currency layer to the internet, undergirding everything. As coders, Doge allows us to work with currency as easily as we work with an API.
The economic security of creators depends on being able to extract revenue in amounts greater than what advertising provides but less than what credit cards are capable of. All of the micropayment companies so far have failed. The prize is huge.
I bought into Dogecoin because I was vexed by the problems Lanier pointed out to me and I saw it as a micropayments solution that has gained explosive traction in just six weeks.
This is coming from someone whose HN comment history has been very down on cryptocurrency. I now have the fanatic zeal of a convert.
Re: Dogecoin and the Appeal of Small Numbers
#4I think it's ironic that 'Small Numbers' in now #2 with 23 points and 2 comments (well, 3 now). The HN penalty regex isn't fine tuned. Also, ironic, that much of reddit has a financial incentive to promote it. Can I promote real estate and bulletin board stocks if I give it a tech slant?
Re: Dogecoin and the Appeal of Small Numbers
#5I 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.
Re: Dogecoin and the Appeal of Small Numbers
#6You know most people don't want to believe that dogecoin is a real virtual currency.
[EDIT: Apparently some people on HN have not seen 'Cool Runnings'.]
Re: Dogecoin and the Appeal of Small Numbers
#7I 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.
Re: Dogecoin and the Appeal of Small Numbers
#8Great 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.
Re: Dogecoin and the Appeal of Small Numbers
#9It'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.
Re: Dogecoin and the Appeal of Small Numbers
#10Great 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…
I'm having a hard time deciding if that's a parody of a bitcoin-supporting post, or actually serious.