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How Dogecoin changed my perspective on cryptocurrency

words.steveklabnik.com

171–173 of 173 posts

Re: How Dogecoin changed my perspective on cryptocurrency

#171

Earlier quoted context omitted.

The US's place in the global economy is just a bit difference than Zimbabwe, so that's a false equivalence. Hint: I was talking about imperialism, not "buy stuff with the national money, citizen!"

The American hegemony is bigger and involves a lot more moving parts, sure, but is that really a difference in kind rather than scale? And if being a global superpower is the key to running an economy based on fiat money, how did it get that big in the first place?

America didn't start with fiat. The transcontinental railroads (http://en.wikipedia.org/wiki/First_Transcontinental_Railroad) provided the backbone for a continental network that helped unleash human creative potential, much like the Internet is doing today. This led to an economic boom. Then two world wars destroyed Europe while leaving America virtually untouched. In the aftermath America had risen to superpower status (http://en.wikipedia.org/wiki/Aftermath_of_World_War_II).

Re: How Dogecoin changed my perspective on cryptocurrency

#172

Earlier quoted context omitted.

> Megacoin , Your Global Currency. Your Modern Wallet. Global, Anonymous, Secure. Sounds pretty serious business to me.

Are there any crypto-currencies that are not anonymous? I like secure, modern, low cost transactions, but I don't like the anonymity. I want a currency where everyone knows how much I spent, what I bought, and it applies to everyone. Does that exist?

really i might not know your name but if i tried hard enough i could trace the blockchain to where you bought it and look at the transaction, price of items, value at that time, and figure it out... but id never know it was you ;)

Re: How Dogecoin changed my perspective on cryptocurrency

#173

So the author got angry because he thought Dogecoin was making fun of cryptocurrency, then (wrongly) decided that Dogecoin was actually making fun of all currency? Cryptocurrency is a very interesting phenomenon, especially since it involves very significant amounts of money. But the total value of all cryptocurrency is still very small compared with say, M0 (the most equivalent measure of the total number of US doll…

This is one of the longest and most interesting threads I've read in a long while.

And since Paypal bought a bank to become legit, what stops some entity from becoming a bank somewhere, and allowing whatever crypto currency (heck, all of the respectable ones) and lets you get a Visa/Mastercard that lets you buy stuff anywhere, meaning they, in real-time, auto-denominate your crypto coins in whatever jurisdictional currency you are active in, and if you have enough to buy the thing in question, it's yours!

And for liquidity, the bank in question could simply API into coin base/cryptsy or whatever else is trading stuff, and sell off your coins when you transact (and what do they need to cover? Just the value fluctuation, not linked to any fiat currency, since they run to zero value as time goes to infinity).

Probably the Visa/Mastercard dudes will require a settlement in some fiat currency, so the coins would be settled to that, whatever it is.

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