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Dogecoin's inventor looks to the past for insight into the future

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Re: Dogecoin's inventor looks to the past for insight into the future

#101

Post by sharemywin »

jedberg wrote: post #93
stale2002 wrote: post #91

Earlier quoted context omitted.

What if someone comes to your house and steals your gold bars in a vault? That's the same thing as stealing your Bitcoin. If my private keys are in cold storage in a vault, it isnt any easier to steal that, than if my Bitcoin was instead gold bars.

Gold bars in a vault are at least something of value, and not just bits on a drive. The physical gold can be used to make things. What can you do with the bits on a drive?

That argument could be made for any intellectual property and it would be wrong.

Re: Dogecoin's inventor looks to the past for insight into the future

#102

Post by IronKettle »

aardvark291 wrote: post #97
reefoctopus wrote: post #87

Earlier quoted context omitted.

Pretend alice bought bitcoin for $10. Alice sells to bob when it reaches $1,000. The price is currently $13,500. Alice gained $990. Who lost $990?

Bob is out $1000 until he finds a "greater fool". The zero-sum aspect occurs if at some point all participants cash out.

This argument is also true of any equity that doesn't pay out dividends.

Most people wouldn't consider the stock market to be a zero-sum game. Maybe in the ultimate long-term, but not within a time frame that's meaningful for anyone.

Re: Dogecoin's inventor looks to the past for insight into the future

#103

Post by derimagia »

usrusr wrote: post #98
throwaway30yo wrote: post #25

DOGE is a pretty good currency to use for moving money between exchanges. That is why its used. If BTC had low/no transaction fees and was fast, people would have less incentive to use DOGE. Overvalued? Its possible but I think the entire crypto market is actually insanely undervalued. I was talking to my financial advisor the other day and he said pretty much 100% of people now are asking him about crypto and are co…

> I was talking to my financial advisor the other day and he said pretty much 100% of people now are asking him about crypto and are considering putting money in. 100% of those are not interested in cryptocurrency at all, they are interested in anything that goes from bottom left to top right if charted against their local denomination. They don't want crypto, they want fiat and see crypto merely as a possible means…

Honestly though, doesn't this also apply to a lot of people's choice of stocks?

Re: Dogecoin's inventor looks to the past for insight into the future

#104

Post by erispoe »

jzoch wrote: post #12
meri_dian wrote: post #2

>"To deliver a peer-to-peer alternative to cash that, through decentralization, did away with the need for trust in financial institutions, which the 2008 crisis showed to be unscrupulous, and often corrupt." The sort of activity which led to the financial crisis would not be mitigated by the establishment of a decentralized currency. Decentralization would not do away with the need for financial institutions (or the…

The USD is one of the most centralized currencies in the world. Just because everyone has some does not mean its decentralized. It is still minted and distributed through centralized silos owned by the government, and policy enacted by the government ON the currency is still effective.

In modern systems money can be created by banks lending money. That's an interesting property as money creation is tied to the course of the economy. However, this can lead to inflation if the amount of money created actually exceeds the growth in economic activity.

In the gold standard model where the amount of money is completely uncorrelated with economic activity, you have inherent deflation. Deflation is a serious threat, as it pushed people to hold onto their currency (as the real value automatically rises) instead of spending or investing it.

Bitcoin is really a digital gold standard. There is no way that a gold standard currency can support a growing economy efficiently.

Re: Dogecoin's inventor looks to the past for insight into the future

#105

Post by xorcist »

dahdum wrote: post #72
simias wrote: post #23

Earlier quoted context omitted.

Speculation is worthless because unlike bitcoin it seems to be infinite supply. Tell me that you're able to predict what the cryptocurrency scene will look like 1 year from now and I'll call you a fool. Your thought process to reach that conclusion might prove more insightful however. So far it seems that cryptocurrencies move alongside each other for the most part, when the big ones go up the smaller follow. If you…

They rise and fall mostly with Bitcoin, Ethereum has shown recently to be more independent, but the biggest drops are usually spurred by panic about crypto regulation. Regarding 2018, I'm your fool...here are my predictions: Bitcoin will remain top market cap and crypto numeraire. Majority of the newest projects like IOTA, Tron, etc. will be down significantly. Burned by vaporware projects, investors will become more…

I want to play too! Here is my prediction for 2018:

Just as 2015 was the year of the altcoins, and 2017 was the year of the tokens (why mess with a software project when anyone can create an ERC-type token effortlessly, plus there's no mining so you can sell every last bit of it day one), 2018 will be the year of the forkcoins. Things like Ethereum Classic and Bitcoin Cash are just too lucrative to pass by.

Expect to see Ethereum Black, Bitcoin Plus and Litecoin Gold. Each with a subtle change from the parent in block times, hard caps or other parameters. More than one will also try to steal old unspent UTXOs (including Satoshi's) for the developers themselves.

Every improvement to the underlying protocol will see a lot of manufactured dissent to lay the groundwork for a fork, even regarding opt-in features (such as segwit and p2sh).

Eagerly awaiting being declared a fool in 2019!

Re: Dogecoin's inventor looks to the past for insight into the future

#106

Post by georgeecollins »

throwaway30yo wrote: post #25

DOGE is a pretty good currency to use for moving money between exchanges. That is why its used. If BTC had low/no transaction fees and was fast, people would have less incentive to use DOGE. Overvalued? Its possible but I think the entire crypto market is actually insanely undervalued. I was talking to my financial advisor the other day and he said pretty much 100% of people now are asking him about crypto and are co…

It is very faulty logic to say that because .coms got to 7 trillion market cap (and as an aside, isn't that whole exchanges, not just technology stocks?) we should expect crypto currencies to go much higher than 0.7 trillion valuation. The analogy between the two things makes sense in that they were both popular investments, but otherwise are different in many ways.

Re: Dogecoin's inventor looks to the past for insight into the future

#107

Post by gruez »

sharemywin wrote: post #86
saosebastiao wrote: post #53

Earlier quoted context omitted.

And what if 90% of that market consensus is really just 10 different high frequency traders battling for top market making position, with the occasional humdrum buying to "diversify"? The market depth says a lot more about a currency's value than the market price or even volume does. It's not something that can be summed up into a tidy single number, though. Which means people don't talk about it when when writing gl…

https://bitinfocharts.com/top-100-richest-dogecoin-addresses...

how's that useful? a wallet can have multiple addresses, and an address can belong to multiple wallets (on web wallets or exchange accounts).

Re: Dogecoin's inventor looks to the past for insight into the future

#108

Post by notheguyouthink »

rthomas6 wrote: post #52
vec wrote: post #33

Earlier quoted context omitted.

This is the kind of dangerous thinking that fuels speculation bubbles. Bubbles go up and up and up until they plummet all at once. Everyone looks like they're winning all the way up until everyone suddenly loses together. Maybe Bitcoin isn't a speculation bubble; maybe it's something new. But if you ignore the underlying tech and just look at the price chart it sure looks like an old fashioned speculation bubble, and…

The internet was something new, and it fueled a speculation bubble. I think we are seeing something similar with cryptocurrencies. Are they something innovative and potentially useful? Yes. Do their valuations make sense? No.

> Do their valuations make sense? No.

I think their valuations will make sense, but no, not right now. I think this whole pile is breaking ground on new tech, tech that will redefine some of the things in our lives. Will Bitcoin / ETH be what holds on? No idea.

Re: Dogecoin's inventor looks to the past for insight into the future

#109

Post by Certhas »

meri_dian wrote: post #2

>"To deliver a peer-to-peer alternative to cash that, through decentralization, did away with the need for trust in financial institutions, which the 2008 crisis showed to be unscrupulous, and often corrupt." The sort of activity which led to the financial crisis would not be mitigated by the establishment of a decentralized currency. Decentralization would not do away with the need for financial institutions (or the…

Bitcoin - Because the problem with global finance is too much regulation.

It baffles me how seemingly capable people have had the idea that a cryptocurrency would counter 2008 style stuff. It seems like a reasoning short circuit: Big institutions failed us, so something without big institutions must be immune.

The big institutions failed us exactly by allowing each other to do too much. By not regulating (which is by definition centrally imposed).

Re: Dogecoin's inventor looks to the past for insight into the future

#110

Post by mr_spothawk »

by my reading, Author thinks we're all better off when we're protected from our irrationality by regulatory entities keeping us from doing stupid shit with our money.

i think the run on DOGE is about how much easier it is to move DOGE between exchanges. i could care less about pump&dumps... that type of behavior will naturally stop if we leave ourselves to discover the risks.

if we use a regulatory mechanism to prevent folks from engaging in that type of behavior, we may very well prevent speculation, but we won't teach anybody anything.

i think it's smarter, on the whole, to let the crazy crypto churn continue, and see where it takes us, than it is to disenfranchise all kinds of folks from learning about markets/currency/etc... by regulating them away from it.

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