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Dogecoin and the Appeal of Small Numbers

diegobasch.com

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Re: Dogecoin and the Appeal of Small Numbers

#21

Post by devcpp »

cortesoft wrote: post #8
willholloway wrote: post #3

Great 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.

Indeed, with today's $940 Bitcoin, a $1 Dogecoin would that the Dogecoin market would be worth over 5 times the current Bitcoin market.

I don't see it happening, and I don't even see the Dogecoin market cap even reaching the Bitcoin market cap, at least not unless Bitcoin itself becomes a major currency, and Dogecoin becomes the official joke currency.

Re: Dogecoin and the Appeal of Small Numbers

#22

Post by 1qaz2wsx3edc »

It's interesting when you look at 42/BTC/LTC/DOGE. It seems the common denominator is rarity. The less rare, the less value, the more the higher the value. Sounds similar to something. DOGE are the pennies of cryptocurrencies. Just two cents, or two DOGE? I'm not sure anymore.

Re: Dogecoin and the Appeal of Small Numbers

#23

Post by smtddr »

rch wrote: post #7
jmuguy wrote: post #5

I 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.

We're all humans here... I think

The Lotto is "absurd" but I still play it when it reaches those ridiculously high levels. Spending[1] $400 on CandyCrush is "absurd". The $999 iOS app "I'm rich" was "absurd". The idea such a thing as bitcoin, from an anonymous dev, somehow reaching $1,000 each is "absurd" .....but here we are. :)

As much as I thought Dogecoin was ridiculous, I now know that I better go get some... just in case.

1. http://www.insanee.com/update/wtf-2/400-bucks-on-candy-crush...

Re: Dogecoin and the Appeal of Small Numbers

#24

Post by nwh »

ck2 wrote: post #18

It's not just the number of coins. The people who created this were not idiots, they learned by looking at previous coins. 1. more coins for larger transactions instead of fractions 2. faster block rate (one a minute) 3. faster difficulty adjustment time (4 hours vs days or weeks) 4. faster halving time (every other month or so) 5. faster time to last block (mid 2015) 6. faster confirmations The random payout on a bl…

Weren't idiots? They accidentally hard forked their own currency without realising what they were doing by changing a transaction limit. The developers have no idea what's going on and it's readily apparent.

http://4x.reddit.com/r/dogecoin/comments/1ufl1e/much_concern...

Re: Dogecoin and the Appeal of Small Numbers

#25

Post by ck2 »

nwh wrote: post #24
ck2 wrote: post #18

It's not just the number of coins. The people who created this were not idiots, they learned by looking at previous coins. 1. more coins for larger transactions instead of fractions 2. faster block rate (one a minute) 3. faster difficulty adjustment time (4 hours vs days or weeks) 4. faster halving time (every other month or so) 5. faster time to last block (mid 2015) 6. faster confirmations The random payout on a bl…

Weren't idiots? They accidentally hard forked their own currency without realising what they were doing by changing a transaction limit. The developers have no idea what's going on and it's readily apparent. http://4x.reddit.com/r/dogecoin/comments/1ufl1e/much_concern...

Are you talking about the massive transaction that broke the chain and it forked or something else?

Re: Dogecoin and the Appeal of Small Numbers

#26

Post by boyter »

earlz wrote: post #14

I got into Doge when it was about a week old, stupidly bought like 1000 DOGE for 0.001BTC (there wasn't yet an exchange), which was way overvalued at the time. Then I setup cpuminer on my computer and let it run for a week and watched as 10,000 DOGE was added to my wallet. And then my mining pool shutdown. Just setup a mining pool account again this week and now my projections are looking more like 1000 DOGE every co…

Agreed. I was mining primecoin to get bitcoin, and noticed this new thing called doge. Since I like the idea of having 10,000 of something I exchanged for it instead.

You know what? I have had more fun with that then any of the bitcoin I have. I have been playing with day trading, tipping people online and buying things from people.

Re: Dogecoin and the Appeal of Small Numbers

#27

Post by ihuman »

nwh wrote: post #24
ck2 wrote: post #18

It's not just the number of coins. The people who created this were not idiots, they learned by looking at previous coins. 1. more coins for larger transactions instead of fractions 2. faster block rate (one a minute) 3. faster difficulty adjustment time (4 hours vs days or weeks) 4. faster halving time (every other month or so) 5. faster time to last block (mid 2015) 6. faster confirmations The random payout on a bl…

Weren't idiots? They accidentally hard forked their own currency without realising what they were doing by changing a transaction limit. The developers have no idea what's going on and it's readily apparent. http://4x.reddit.com/r/dogecoin/comments/1ufl1e/much_concern...

The same thing happened to bitcoin, though.

http://bitcoin.org/en/alert/2013-03-11-chain-fork

Re: Dogecoin and the Appeal of Small Numbers

#28

Post by nwh »

ck2 wrote: post #25
nwh wrote: post #24

Earlier quoted context omitted.

Weren't idiots? They accidentally hard forked their own currency without realising what they were doing by changing a transaction limit. The developers have no idea what's going on and it's readily apparent. http://4x.reddit.com/r/dogecoin/comments/1ufl1e/much_concern...

Are you talking about the massive transaction that broke the chain and it forked or something else?

Yes. The author changed a value in an updated client that caused half of the network to see one chain as valid, and the other half to make scores of sub chains on the side. The value of the transaction was not the issue, but the developer not understanding how to maintain a consensus over hard forking changes.

Re: Dogecoin and the Appeal of Small Numbers

#29

Post by hayksaakian »

ck2 wrote: post #25
nwh wrote: post #24

Earlier quoted context omitted.

Weren't idiots? They accidentally hard forked their own currency without realising what they were doing by changing a transaction limit. The developers have no idea what's going on and it's readily apparent. http://4x.reddit.com/r/dogecoin/comments/1ufl1e/much_concern...

Are you talking about the massive transaction that broke the chain and it forked or something else?

i think he's implying that since the large transaction was on an old version of the client, and caused the fork, that the Dogecoin devs are at fault.

Re: Dogecoin and the Appeal of Small Numbers

#30

Post by oafitupa »

smtddr wrote: post #23
rch wrote: post #7

Earlier quoted context omitted.

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.

We're all humans here... I think The Lotto is "absurd" but I still play it when it reaches those ridiculously high levels. Spending[1] $400 on CandyCrush is "absurd". The $999 iOS app "I'm rich" was "absurd". The idea such a thing as bitcoin, from an anonymous dev, somehow reaching $1,000 each is "absurd" .....but here we are. :) As much as I thought Dogecoin was ridiculous, I now know that I better go get some... ju…

"The idea such a thing as bitcoin, from an anonymous dev, somehow reaching $1,000 each is "absurd""

That's not absurd at all. Might be absurd to you if you are absurd though or not good at Math, like lots of other humans apparently are.

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