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Dogecoin and the Appeal of Small Numbers

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Re: Dogecoin and the Appeal of Small Numbers

#61

Post by lvs »

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...

Boy, I really wouldn't want to work with you. The unfortunate situation to which you're referring was the result of trying to mitigate a microtransaction attack that was happening on the blockchain. It was a rock and a hard place situation, and because the community was still relatively small and focused, the devs tried to get everyone to upgrade simultaneously. They chose to risk a fork rather than risk effectively dead-ending the blockchain with dust. There was no good solution that didn't come with risks, but it certainly wasn't a result of "idiocy" as you flippantly imply.

Re: Dogecoin and the Appeal of Small Numbers

#62

Post by bendoernberg »

interstitial wrote: post #4

I think it's ironic that 'Small Numbers' in now #2 with 23 points and 2 comments (well, 3 now). The HN penalty regex isn't fine tuned. Also, ironic, that much of reddit has a financial incentive to promote it. Can I promote real estate and bulletin board stocks if I give it a tech slant?

Next thing you know people will start submitting blog posts about their own companies!

Re: Dogecoin and the Appeal of Small Numbers

#63

Post by citricsquid »

aresant wrote: post #57

Just a random comment on the whole "community raised 25k" In fact one self identifying bitcoin speculator contributed $20k of that after moving some bc>doge all to drive speculative in doge through the assured free press (and wrote about his intent on reddit).

That's interesting! Do you have a link to hand? Thanks!

Re: Dogecoin and the Appeal of Small Numbers

#64

Post by dragontamer »

nwh wrote: post #31
ihuman wrote: post #27

Earlier quoted context omitted.

The same thing happened to bitcoin, though. http://bitcoin.org/en/alert/2013-03-11-chain-fork

No it did not. Bitcoin has trouble because there was a parameter in Berkeley DB that nobody thought would ever be hit (the number of locks associated with a particular table). They'd tested against this and believed the value to be enough, except that in very rare cases when values outside what they thought possible caused some nodes to reject a particular block. With a portion of the network seeing the block as inva…

Which is fine, because Dogecoin is not designed to be a longterm store of value.

As far as I'm concerned, Dogecoin having more Transactions / day makes it far far more successful than BTC. BTC, despite being a better store of value, is literally affecting fewer people, because everyone is so obsessed with hoarding the dang thing.

Dogecoin takes the whole approach and makes a joke of it... and that is why it will be a perfectly fine transaction medium.

Re: Dogecoin and the Appeal of Small Numbers

#66

Post by drawkbox »

Dogecoin is one of those things that is right on the border of insanity and genius. The brand might give it such momentum and it could fit in as the internet tip karma. Reddit gold, gittip, doge, types of coin have social merit for sure and a bit of monetary reward.

Re: Dogecoin and the Appeal of Small Numbers

#67

Post by dragontamer »

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…

I also have hated on Bitcoin (less so on Litecoin). Nonetheless, I'm significantly more open to the idea of using Dogecoin, if only for the absurd numbers they have. (I can give you 1000 DOGE and everyone feels good about it)

Re: Dogecoin and the Appeal of Small Numbers

#68

Post by boyter »

spokenn wrote: post #65

Where can you exchange $20 for 10k DOGE easily? Doge-base anyone?

You need to buy Bitcoin first. Once you have $20 of Bitcoin load it into an exchange that takes Bitcoin and trade. Apparently cryptsy is bogged down with orders, so I would suggest http://bter.com/ which has been working quite well.

Re: Dogecoin and the Appeal of Small Numbers

#69

Post by lvs »

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…

Yes, and to be more concrete, the idea of micropayments as a way to keep the media/journalism industry alive was something that was essentially dropped in favor of pay-walls. I don't think anyone considers the latter solution to be wholeheartedly successful. If ƉOGE tipping can finally make micropayments a reality, it's going to get a lot of attention.

Re: Dogecoin and the Appeal of Small Numbers

#70

Post by gfodor »

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...

so what you're saying is dogecoin is the php of the crypto world. we all know how that turned out.
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