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

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

#61

Post by jccooper »

aestra wrote: post #51
alexro wrote: post #4

Earlier quoted context omitted.

There was a problem with multipools exploiting the 'random' block reward - which wasn't truly random - and getting more coins than they normally would. As of now this has been fixed and the price should go up a bit. Also, in about month time the block reward will halve.

Why would fixing that issue cause the price to go up? There was still the same amount of coins created. Also - they apparently fixed it by making the block reward fixed. http://www.cryptocoinsnews.com/2014/03/13/dogecoin-forks-aga...

Prices are the result of supply vs demand on the exchange market; total supply is a secondary factor.

Multipool miners will generally sell for BTC/fiat immediately, creating lots of supply and thus a consistent downward pressure on prices.

General miners will be more likely to hold or use instead, creating less sell pressure.

By making Doge less profitable to the multipools, they are less likely to mine it, and even if they continue they will get less Doge per block. And that means less supply in the exchanges, which will help the price.

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

#62

Post by Spockulus_Rift »

trevelyan wrote: post #59
a-priori wrote: post #44

Dogecoin is interesting. On one hand, it's all an elaborate joke and everyone involved knows it. On the other hand, it's got a higher transaction volume than its 'serious' cousin Bitcoin, and people occasionally use it to transfer significant amounts of money (e.g. here, and the Jamaican Bobsled Team). The biggest problem a currency has to overcome is the network effect. It's damned hard to bootstrap a currency, to g…

This is a very misleading comment. Dogecoin only processes about 0.3 percent of what Bitcoin handles daily, and is far behind in total number of daily transactions: http://bitinfocharts.com/

it was better than yours, asshat

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

#63

Post by pkulak »

sp332 wrote: post #26
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.

I'm aware of what mining is. And you're not just signing a block. No one would be making custom ASICs and putting server farms near hydro-electric plants if all you had to do was sign a block. You're paying people to do useless work and it's silly.

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

#64

Post by pkulak »

seabee wrote: post #36
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 hate mining too but you need a decentralized method to keep people from subverting the decision-making process and give them an incentive to participate. I would love a more environmentally friendly method than proof-of-work but I fear you would have to compromise the decentralization aspect to achieve it.

Proof of stake is more secure than proof of work, but the problem is that you have to give the new coins to the people with the coins, so it incentivizes hoarding just as much as deflation would.

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

#65

Post by a-priori »

trevelyan wrote: post #59
a-priori wrote: post #44

Dogecoin is interesting. On one hand, it's all an elaborate joke and everyone involved knows it. On the other hand, it's got a higher transaction volume than its 'serious' cousin Bitcoin, and people occasionally use it to transfer significant amounts of money (e.g. here, and the Jamaican Bobsled Team). The biggest problem a currency has to overcome is the network effect. It's damned hard to bootstrap a currency, to g…

This is a very misleading comment. Dogecoin only processes about 0.3 percent of what Bitcoin handles daily, and is far behind in total number of daily transactions: http://bitinfocharts.com/

Ah, thanks, good point. Sorry, for that part I just went by what the linked article said about Dogecoin. :(

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

#66

Post by manofmeans »

trevelyan wrote: post #59
a-priori wrote: post #44

Dogecoin is interesting. On one hand, it's all an elaborate joke and everyone involved knows it. On the other hand, it's got a higher transaction volume than its 'serious' cousin Bitcoin, and people occasionally use it to transfer significant amounts of money (e.g. here, and the Jamaican Bobsled Team). The biggest problem a currency has to overcome is the network effect. It's damned hard to bootstrap a currency, to g…

This is a very misleading comment. Dogecoin only processes about 0.3 percent of what Bitcoin handles daily, and is far behind in total number of daily transactions: http://bitinfocharts.com/

well for one that site's data is off. claims DOGE confirmation time is ~30mins. click through to the chart. shows confirmation times hovering around 1 minute. reward per block shown ~40k. way off. each block currently rewards 250k: visit http://dogechain.info/chain/DogeCoin and subtract subsequent outstanding amounts. 250k difference. those are just the ones i noticed immediately, i'm sure other data is wrong there too.

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

#67

Post by manofmeans »

a-priori wrote: post #65
trevelyan wrote: post #59

Earlier quoted context omitted.

This is a very misleading comment. Dogecoin only processes about 0.3 percent of what Bitcoin handles daily, and is far behind in total number of daily transactions: http://bitinfocharts.com/

Ah, thanks, good point. Sorry, for that part I just went by what the linked article said about Dogecoin. :(

the site he/she quoted has bad data, at least to some degree. see my reply.

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

#68

Post by dragontamer »

aestra wrote: post #55
dragontamer wrote: post #41

Earlier quoted context omitted.

Yes, but both have a practically fixed transaction fee of 0.01 BTC or 0.01 DOGE. BTC transaction fees (by default) cost $0.05 now. DOGE transaction fees are basically free. In its haste for profit-earning, the BTC community has screwed its own coin for "tipping". I ain't paying no 5% tax on $1 tips on the BTC network.

You're way off. The minimum recommended/default transaction fee is .0001 btc. This can change in the future, it is all about what the miners choose to accept, transaction fees are not fixed. For fun I sent a transaction of about .3 btc with a fee of .0.00005 btc. It was confirmed in about a day - or so I thought, because on blockchain.info it says +9 minutes so I don't know if that is the confirmation time or not. Th…

I missed two zeros on my BTC number, but my dollar amount remains the same. 0.0001 BTC at $500 per BTC == 5 cents per transaction.

You can pay less to lower your priority of course, or pay more to raise your priority. Similarly, miners can focus on higher priority transactions to make their profit.

Nonetheless, the real effects of deflation are beginning to show. BTC is a worse coin than DOGE for internet tipping. It costs more per transaction and takes longer for those transactions to take place. And as long as the BTC community is blinded by deflationary greed, the problem will remain.

Basically, I can transfer money with DOGE within minutes for nearly free (roughly one ten-thousanth of a penny), or I can use BTC to transfer money within hours for $0.05... or within days if I try to be cheaper.

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

#69

Post by GrinningFool »

baddox wrote: post #43
GrinningFool wrote: post #32

Earlier quoted context omitted.

The one miner who solves each block validates the transactions and receives the reward. For every other miner, it's wasted electricity.

That's not how it works. If every miner got a reward, then the decentralized network simply wouldn't work.

The one miner who solves the block gets the reward. All miners who tried to solve the same block (and that would be every other miner who didn't get a solution in first) have wasted their time and do not get a reward.

I'm not sure what we're disagreeing about?

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

#70

Post by robzyb »

sillysaurus3 wrote: post #42
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

Vault of Satoshi charges $99/mo for access to their exchange? That seems absurdly high just for access. I wonder why people would pay that much, and how popular it is? EDIT: Ah. $99/mo in exchange for zero trade fees. That's actually an interesting dynamic.

That is interesting. It's also interesting to think about it as:

- There are trade fees, but only to a maximum of $99/mo, and only if you remember to ask us to cap them.

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