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Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

forbes.com

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Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#21

Post by skybrian »

res0nat0r wrote: post #16
kattenkorven wrote: post #15

Earlier quoted context omitted.

There's a growing list of exchanges where you can do this https://www.kraken.com https://www.anxpro.com https://www.vaultofsatoshi.com https://www.coinmkt.com

Can any of these sites actually realize that in actual USD in a reasonable timeframe? How much time and effort and waiting does it take to see $11k in their hands? Or do they have to do transactions of $100/max once per week with a waiting time of 10 days each?

Apparently the most common approach is to trade for Bitcoin on an exchange and then exchange that for dollars.

Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#22

Post by Aaronontheweb »

pkulak wrote: post #20

As a Keynesian I love that Dogecoin is the first (that I know of) crypto currency that isn't deflationary. I do wish there was a way to make the things other than mining though. I hate "mining". Such a waste of resources.

One of the forms of wealth accumulation that's taken off in the Dogecoin community is tipping - it's been pretty successful on Reddit, 4Chan, and Twitter as a means of rewarding people who create useful / insightful things. The YouTube tipbot is starting to get some traction now too.

Here's a post from yesterday that includes some statistics about how much volume in USD is actually distributed on Reddit via the Dogecoin vs. Bitcoin tipbots respectively: http://www.reddit.com/r/Bitcoin/comments/20ms1i/if_we_want_a...

Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#23

Post by Aaronontheweb »

skybrian wrote: post #21
res0nat0r wrote: post #16

Earlier quoted context omitted.

Can any of these sites actually realize that in actual USD in a reasonable timeframe? How much time and effort and waiting does it take to see $11k in their hands? Or do they have to do transactions of $100/max once per week with a waiting time of 10 days each?

Apparently the most common approach is to trade for Bitcoin on an exchange and then exchange that for dollars.

Can confirm.

Kraken is eventually going to enable me to convert it directly into USD, but it still has some regulatory hoops to go through in California at least.

Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#24

Post by sp332 »

dragontamer wrote: post #14
sp332 wrote: post #2

Is it true that Dogecoin's value is kept artificially low?

Yes, the 100 Billion cap plays a huge role here. With so many Dogecoins flooding the market, it is likely that Doge will remain near worthless forever. Which means it will always be an easy coin to experiment with.

Doge and bitcoin are very easily divisible, so that's not why they're more or less valuable. Bitcoins are rewarded at 250,000,000 satoshis/block!

Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#26

Post by sp332 »

pkulak wrote: post #20

As a Keynesian I love that Dogecoin is the first (that I know of) crypto currency that isn't deflationary. I do wish there was a way to make the things other than mining though. I hate "mining". Such a waste of resources.

"Mining" is really solving a block. This means that your computer has verified all the transactions in the block and signed them. As a reward for keeping the transaction record secure, you get some coins. At first, the reward has to be large, to entice people to a new cryptocurrency. But over time, a secure network becomes valuable for itself, and the reward isn't necessary anymore.

Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#27

Post by LoganCale »

pkulak wrote: post #20

As a Keynesian I love that Dogecoin is the first (that I know of) crypto currency that isn't deflationary. I do wish there was a way to make the things other than mining though. I hate "mining". Such a waste of resources.

The primary function of mining is not creation of coins, but security of the network. Mining is the reward to make sure enough people do it that transactions don't become exploitable.

Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#28

Post by GrinningFool »

kerkeslager wrote: post #7

Since Forbes insists on putting an ad wall in front of their content, here's the full text of the article without ads: Dogecoin – Bitcoin’s goofy little brother – has just made history. A member of the Dogecoin community donated 14 million Dogecoins (worth about US$11,000 on the exchanges) to a charity with one single message on Twitter. That tweet, to an automated Twitter-bot, is the most money ever donated or sent…

Since forbes insists on putting an ad wall in front of their content, you're going to lift the copyrighted content in its entirety and paste it here instead of just clicking 'skip this ad'? (And if you have ABP, the ad is blank.)

Re: Most Expensive Tweet Ever Sends $11,000 To Kenyan Water Charity Via Dogecoin

#30

Post by Zombieball »

pkulak wrote: post #20

As a Keynesian I love that Dogecoin is the first (that I know of) crypto currency that isn't deflationary. I do wish there was a way to make the things other than mining though. I hate "mining". Such a waste of resources.

I am very naive when it comes to the bitcoin and dogecoin protocols. However, my understanding was that mining is what keeps the currency running and you are actually validating transactions. For doing this work you are "rewarded" with coins. Not really a waste of resources if you are helping run something you support.
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