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Dogecoin Tutorial

howtodogecoin.com

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Re: Dogecoin Tutorial

#91

Post by ptmx »

mcantelon wrote: post #69
hnha wrote: post #59

Earlier quoted context omitted.

My advice to everyone: Existing cryptocurrencies and especially all the "i made a coin too" are a shady, complicated and potentially completely useless things. Consider them all schemes to lure money into the creator's wallets. That's the whole purpose. Now make the ethical decision if you want to support that for a chance on a questionable gain in $YourLocalRealMoney through shady exchanges. And if you feel stressed…

>Consider them all schemes to lure money into the creator's wallets Some launches, like Dogecoin's, are done ethically with no pre-mining. Look at the coin creator's launch plan and if they violate (as the recent Coinye coin did) take them to task for it (Coiye crashed and burned).

It's effectively the same thing, except that the set of people at the top of the pyramid is larger. It's still most lucrative for the creators, it's just also highly rewarding for the earliest adopters.

Re: Dogecoin Tutorial

#92

Post by mcantelon »

ptmx wrote: post #91
mcantelon wrote: post #69

Earlier quoted context omitted.

>Consider them all schemes to lure money into the creator's wallets Some launches, like Dogecoin's, are done ethically with no pre-mining. Look at the coin creator's launch plan and if they violate (as the recent Coinye coin did) take them to task for it (Coiye crashed and burned).

It's effectively the same thing, except that the set of people at the top of the pyramid is larger. It's still most lucrative for the creators, it's just also highly rewarding for the earliest adopters.

How is it more lucrative for the creators than the early adopters?

Re: Dogecoin Tutorial

#93

Post by barbs »

nowigetit wrote: post #80
mcantelon wrote: post #68

Earlier quoted context omitted.

"To the moon" isn't exclusive to Dogecoin. The phrase was used in the Bitcoin community before.

"To the moon" isn't exclusive to the bitcoin community. The phrase has been used in pump and dump schemes before.

"To the moon" isn't exclusive to pump and dump schemes, NASA have been known to use it from time to time...

Re: Dogecoin Tutorial

#94

Post by mrkickling »

nowigetit wrote: post #81
mrkickling wrote: post #67

Earlier quoted context omitted.

The community is really awesome. For example peoples opinions on todays price drop is that it's great because more people can buy DOGE!

What's "awesome" about that? That's the "opinion" people have about every coin they hold that is dropping in price, because it is in their best interest to encourage people to buy more so they don't get stuck holding the bag.

Look at it this way: DOGE was worth 240 satoshis before, and now only 160 satoshis. You would think that this would make people sad, but no, it makes people happy because they and fellow shibes can buy more DOGE. Yes of course that will make the price go up again, but the price isn't really the deal here for the most people.

http://imgur.com/C9M8mHa

Re: Dogecoin Tutorial

#95

Post by ptmx »

mcantelon wrote: post #92
ptmx wrote: post #91

Earlier quoted context omitted.

It's effectively the same thing, except that the set of people at the top of the pyramid is larger. It's still most lucrative for the creators, it's just also highly rewarding for the earliest adopters.

How is it more lucrative for the creators than the early adopters?

I can see how my post left room for misinterpretation; my intention was to express that the creators are in the set {people for whom it's most lucrative}. The earliest adopters are in the set too, obviously.

Put differently, my point is that "ethical" launches are simply good marketing, and are quite compatible with the sentiment expressed upthread that "[altcoins] are schemes to lure money into the creator's wallets". If a given coin becomes popular, the creator is going to profit immensely from it whether or not they engaged in pre-mining. By doing an "ethical" launch, they're making it more likely that the coin gains significant adoption, albeit probably decreasing the expected size of their payout. That seems like a smart play, given diminishing marginal utility of money, etc.

Re: Dogecoin Tutorial

#96

Post by [deleted] »

ptmx wrote: post #95
mcantelon wrote: post #92

Earlier quoted context omitted.

How is it more lucrative for the creators than the early adopters?

I can see how my post left room for misinterpretation; my intention was to express that the creators are in the set {people for whom it's most lucrative}. The earliest adopters are in the set too, obviously. Put differently, my point is that "ethical" launches are simply good marketing, and are quite compatible with the sentiment expressed upthread that "[altcoins] are schemes to lure money into the creator's wallets…

[deleted]

Re: Dogecoin Tutorial

#97

Post by pippy »

tlrobinson wrote: post #90
mkeung wrote: post #87

Earlier quoted context omitted.

there is a big tipping culture in the community, especially on reddit. in addition to karma upvotes, people can use a tipbot to send doge to each other. the /r/dogecoin subreddit has 40k+ subscribers, with lots of tipping in each thread. additionally, it may be that each transaction is counted multiple times. if I were to tip you, I would first send funds to the bot, who then sends funds to you.

Ok, lets be generous and assume all 45,199 /r/dogecoin subscribers tip daily, and there are 2 transactions for every tip. Each subscriber would need to tip an average of: $427,079,860 / 2 / 45,199 = $4724.44 Not likely, IMHO, even if each tip required 10 or 100 transactions. Most tips seem to be less than a dollar. http://www.reddit.com/user/dogetipbot It just doesn't add up. Where else is Dogecoin being used? EDIT:…

I would assume much of this is done by speculators. iBit, a company that directly connects the bitcoin market with NASDAQ, enables high volumes of trade. Once you have bitcoin all other alt currencies are very easy to trade. Many speculators love the high volatility of trades as it gives them an opportunity to buy low and sell high, especially if you've got a high risk portion in your investment portfolio.

Re: Dogecoin Tutorial

#98

Post by mkeung »

tlrobinson wrote: post #90
mkeung wrote: post #87

Earlier quoted context omitted.

there is a big tipping culture in the community, especially on reddit. in addition to karma upvotes, people can use a tipbot to send doge to each other. the /r/dogecoin subreddit has 40k+ subscribers, with lots of tipping in each thread. additionally, it may be that each transaction is counted multiple times. if I were to tip you, I would first send funds to the bot, who then sends funds to you.

Ok, lets be generous and assume all 45,199 /r/dogecoin subscribers tip daily, and there are 2 transactions for every tip. Each subscriber would need to tip an average of: $427,079,860 / 2 / 45,199 = $4724.44 Not likely, IMHO, even if each tip required 10 or 100 transactions. Most tips seem to be less than a dollar. http://www.reddit.com/user/dogetipbot It just doesn't add up. Where else is Dogecoin being used? EDIT:…

I haven't run any numbers (great analysis by the way). Other sources I can think of:

-conversion from other currency holdings (LTC, BTC), which some people have openly said they did

-recent run up / down of the value caused a lot of people who were previously holding to buy / sell (started around the time of the big news push with the Jamaican bobsled team fundraiser, right now it is dropping)

-general interest, people buying some amount to hold for the first time. i have had friends making their first crypto purchase in doge recently, who don't understand the technology and probably shouldn't (due to the news i think and not wanting to miss out on bitcoin 2.0)

-Chinese investors getting in / out? i think i saw a graph of cny to doge being a major part of the transactions

personally, i haven't looked into it that seriously because i haven't invested seriously. i put time in (especially for the site content), but all my coins are mined from an existing gaming computer. my total doge USD value is ~$50, which is probably lower than what people would expect of the dogecointutorial creator. my doge mining actually started because I wanted to cheaply explore how cryptocurrencies worked. then the tutorial site actually started when i was testing out aws / github pages for landing page hosting. originally i just had some sort of dogecoin index placeholder but found myself jumping around / searching for info as i learned about doge and cryptocurrencies...so i started my own guide. if you do more research, do share it!

Re: Dogecoin Tutorial

#99

Post by tlrobinson »

mkeung wrote: post #98
tlrobinson wrote: post #90

Earlier quoted context omitted.

Ok, lets be generous and assume all 45,199 /r/dogecoin subscribers tip daily, and there are 2 transactions for every tip. Each subscriber would need to tip an average of: $427,079,860 / 2 / 45,199 = $4724.44 Not likely, IMHO, even if each tip required 10 or 100 transactions. Most tips seem to be less than a dollar. http://www.reddit.com/user/dogetipbot It just doesn't add up. Where else is Dogecoin being used? EDIT:…

I haven't run any numbers (great analysis by the way). Other sources I can think of: -conversion from other currency holdings (LTC, BTC), which some people have openly said they did -recent run up / down of the value caused a lot of people who were previously holding to buy / sell (started around the time of the big news push with the Jamaican bobsled team fundraiser, right now it is dropping) -general interest, peop…

I did some more calculations here: https://www.quora.com/Dogecoin/Where-is-the-currently-massiv...

Notably, the volume across all exchanges today is 562,124,614 doge, which is about $786,974, and mining accounts for another ~$1,000,000/day (500000 * 60 * 24 * $0.0014).

2x each of those to account for transactions into/out of mining pools and exchanges, and it's still only a few million dollars (plus a lot of trading never touches the blockchain)

Re: Dogecoin Tutorial

#100

Post by dwaltrip »

At the risk of sounding like a hypocrite (I own some bitcoins and have upvoted some bitcoin threads here), I am getting tired of seeing dogecoin threads. They don't seem to contain very novel or insightful information. Also, how long can the doge meme honestly keep people interested in the currency?
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