Dogecoin's inventor looks to the past for insight into the future • Hacker News Board

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

#31

Post by sremani » Fri, Jan 12, 2018, 4:46 PM UTC

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…

Minting new coin is not difficult, there is CrptoNote project on Github you can fork and in matter of minutes you can have your own "Coin" and start mining on couple of old Linux boxes.

I understand the network and traction, but this is not very different from each bank having its own currency notes back in the day (1800s?). The biggest problem is they are not stable enough to be currencies their volatility makes them more like commodity/asset and their Transaction speed does not make them huge transaction payment systems. They fail at both promises when they gain traction, of course, there will be ultimate winners in this space. Instead of calling them Cryptocurrencies, calling them DLT (distributed ledger tech) is more appropriate for most the coins anyway.

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

#32

Post by xenihn » Fri, Jan 12, 2018, 4:47 PM UTC

mkirklions wrote: post #8

sharemywin wrote: post #3

It may have been meant as a joke but it has a purpose. but it's become a base market in several exchanges.

Uh? What exchanges? I've never seen a DOGE to anything. Right now, BTC is the most popular. ETH is second most popular. I know some exchanges support monero, but those are very limited in what can be converted.

Yobit, where dead coin bags are traded with DOGE due to them being worth less than the smallest fraction of BTC or ETH whenever they aren't being pumped.

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

#33

Post by vec » Fri, Jan 12, 2018, 4:47 PM UTC

throwaway30yo wrote: post #20

nefitty wrote: post #11

Earlier quoted context omitted.

I wonder how many young, talented, technology-minded people will be set back if this "bubble" does pop.

Lots already have succeeded. I have worked at 2 non crypto startups now that have been founded by someones crypto gains.

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 those traditionally don't end well for the median investor.

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

#34

Post by down » Fri, Jan 12, 2018, 4:48 PM UTC

That something wrong with fiat, in my country all political parties battle for control of the national bank that issues money, why, well there are stories of powerful political leaders, kicking the door and just asking for money.

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

#35

Post by xenihn » Fri, Jan 12, 2018, 4:48 PM UTC

nwah1 wrote: post #6

sharemywin wrote: post #3

It may have been meant as a joke but it has a purpose. but it's become a base market in several exchanges.

Then those exchanges have no purpose.

They do serve a purpose -- pumping and dumping dead coins that can't actually be withdrawn from the exchange. I didn't do my research and sunk about $100 into one. I'm technically up $20 on it (if converting to ETH/BTC, which I can't actually do because there's too many other sell orders at the exact same price necessary for me and others to make a profit ahead), but would be down as soon as I converted it to doge and paid the transaction and withdrawal fees.

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

#36

Post by JumpCrisscross » Fri, Jan 12, 2018, 4:55 PM UTC

abakker wrote: post #22

mkirklions wrote: post #9

Earlier quoted context omitted.

>The USD is pretty decentralized already People are insane. Fiat currency is the definition of centralized currency

Please define what you mean by Centralized and Decentralized. I believe you and the OP are talking at cross purposes. the USD is decentralized in that P2P transactions are accepted with almost anyone in the world without needing a centralized intermediary.

> P2P transactions are accepted with almost anyone in the world

For a startling Exhibit A, consider that North Korea [1] and Iran [2] hold and transact with large quantities of U.S. dollars (in physical cash) despite American sanctions.

[1] http://www.cnn.com/2017/10/16/asia/hong-kong-north-korea/ind...

[2] https://www.wsj.com/articles/a-tally-of-iran-sanctions-relie...

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

#37

Post by perseusprime11 » Fri, Jan 12, 2018, 4:55 PM UTC

Just wait for Wall Street to start building complex derivative products that will be used as a vehicle for these cryptocurrencies and all of a sudden the bubble will reach epic proportions.

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

#38

Post by JumpCrisscross » Fri, Jan 12, 2018, 4:56 PM UTC

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.

> it is still minted and distributed through centralized silos owned by the government

Money can be created by privately-owned banks, which adds a significant decentralized element to the mix. Cash settlement is also, if done physically, a totally de-centralised transaction mode.

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

#39

Post by creeble » Fri, Jan 12, 2018, 4:58 PM UTC

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 sort of activity which led to the financial crisis would not be mitigated by the establishment of a decentralized currency.”

Indeed, the ‘sort of activity’ which led to crisi is simply called greed. As far as I can tell, crypto currencies have simply become new fuel for greed thus far, and the result will likely be the same.

A cure for centralized currency != a cure for greed.

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

#40

Post by lmm » Fri, Jan 12, 2018, 4:59 PM UTC

sremani wrote: post #31

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…

Minting new coin is not difficult, there is CrptoNote project on Github you can fork and in matter of minutes you can have your own "Coin" and start mining on couple of old Linux boxes. I understand the network and traction, but this is not very different from each bank having its own currency notes back in the day (1800s?). The biggest problem is they are not stable enough to be currencies their volatility makes the…

I'd trust Doge more than most cryptocurrencies, honestly. It's relatively established, the community doesn't or at least didn't take itself too seriously (sounds like that may now have changed), and it took the (admittedly mostly symbolic) decision to allow "mining" to continue indefinitely, ensuring there will always be a Doge supply rather than passing all gains to the early adopters. In a sense it's a lot more functional than Bitcoin - people use it for "microtransactions" and "tipping" that would be impossible with Bitcoin's transaction fees.