Bitcoin Forum

If Dogecoin were to be taken seriously instead of a "meme" coin, what features would you suggest for Dogecoin to become a worthy crypto in the future?

Here's some of my suggestions:

1. Limit supply of DOGE to 25 million coins

2. Make it a hybrid coin with PoW and PoS.


Any comments? Please share them here with the community. Thanks  ;)

I completely disagree with the limited supply.  This minimum payout gives miners a reason to keep mining.

Doge is #4.. (I don't count ripple)..

1. Doge originally had a limit, but it was decided this was to be removed to encourage mining

2. Absolutely retarded, would most like cause to the price to sink like a stone.

Dogecoin's 15 seconds are over. It's practically worthless now. Was created as a joke, so shall it die a joke.

I think that the Doge would no longer grow

#2.. really?  I didn't think that was that bad of an idea..  why don't you like that idea?

I figure don't change it if it ain't broken but ya.

Ironically, Dogecoin would be the choice of Milton Friedman since he argues for sustained 2-4% supply increase to match GDP growth.  Since there are likely more Bitcoins lost than gold or USD lost per year, due to strong encryption and other variables, the 4% is not that bad of a choice.

http://www.investopedia.com/terms/k/k-percent-rule.asp

I personally would aim for the inflation to only replace the number of lost coins myself, which would probably be something like 1-2%.  This assumes the amount of lost coins is high initially, but decreases a lot once the coins have value.

Well, I think that if supply is limited, the price could skyrocket. The main reason that DOGE is so undervalued is because of current supply. Just my opinion  ::)

1. Err, there's slightly over 100 billion coins out there already, that might be tricky (I mean impossible) to do. Also we'd then literally be Bitcoin with a dog on it.
2. PoS still has the issue that it encourages exchanges to keep coins online (to stake them), and makes the "mining" asset (coins instead of hardware) trivially and anonymously movable. See the issues with Vericoin being essentially destroyed by the Mintpal hack, and NXT barely escaping a similar fate with Bter.

The plan, as always, is to be an adoption coin. We're not here to make anyone rich (I mean, sure, some people might, but Doge's never going to make me rich, certainly), we're here to be friendly, easy to pick up, easy to get, and to push the technology out to more people. Immediate priority is the Dogecoin Core 1.10 (based on Bitcoin Core 0.11, so you get blockchain pruning, headers-first downloads, etc. etc.), then HD wallets to make it easier for people to handle wallet backups (and ties neatly into the at least two hardware wallets planning Dogecoin support).

Dogecoin is enough popular, so it will have future. With more and more sites, Dogecoin can expand worldwide  ;D

I'm just wishing that I could buy stuff from Amazon or Ebay with Dogecoins. That would just be great for me  ::)

A lot of people left the dogecoin world when they removed the money cap. I think it was dumb decision.

hmm ur own number 2) is a good analysis of ur own point 1)  ;)

weird thing is could they have changed it if nobody used the new wallet? i'm not sure why all the doge miners/users went for it.

1. You mean 25 million new coins per year?  Way too low.  You can argue that the current 5 billion per year is too high, and maybe it is, but DOGE wasn't supposed to be the hoarding coin.  DOGE was supposed to be the fun coin where everyone could feel rich.  It goes against the spirit in which it was created.

2.  As long as LTC network is healthy and stable, there is no value in adding POS.  I am blatantly shilling here, but if you are interested in a version of DOGE that you can stake, check out LiteDoge https://bitcointalk.org/index.php?topic=1077390.0  It has a rocky past but it is cheap at 2 satoshis, staking is highly rewarding, and it still has a small but dedicated community.

A large part of the value of any alt is its community but when it comes to DOGE, community is and always was 100% of what it had going for it.  Adding new features or monkeying with its technical specifications isn't going to boost it's value.  It's a meme coin.  The problem with memes is that most of them die eventually.  DOGE is still hanging around, but it remains to be seen if it will grow, or if more people will decide it's not fun anymore and head for the door.

I will give LiteDoge a try! They're extremely cheap. The only thing I don't get is how many coins are required for staking? Or is it that I could start staking with any amount? Thank you for sharing this info.  :D

About the minimum coins required for staking LiteDoge, I've found it. Just got too lazy to look over the official website. Going to start buying some LiteDoge and see how good it goes for me.  ;D

Dogecoin should limit its coin supply.
At first people were excited about the huge number of coins. Now people are requesting for smaller number of coins for it to be more credible.

As you already mentioned, POS feature and limitation of coin amount would be a good start. Further, there should be something like a in-wallet stock exchange. DOGE should use its popularity to bring people, investors and startup founders to ask for capital through crowdfunding over the blockchain.

Hope for a new and faster NASCAR  :D

And a better driver!! (Sorry Josh Wise, you're still my favorite NASCAR driver...)

No but really... 1-minute block times are terrific. It makes transactions near instantaneous compared to most other coins. I agree the supply is outta control, but as was pointed out earlier sometimes it just "feels good" to be able to have 340,000 of something instead of .034 of something.

Something we're considering is allowing user-defined consensus parameters. Essentially rather than us being the gatekeepers for changes like supply or mining algorithm, we load these from disk at startup. Want to cut the supply? Update the config, and then convince others to adopt your new configuration. Want bigger blocks? Same. Faster/slower blocks? Same.

Risk is basically we're handing the community loaded guns and directions to their own feet, but I think it may help people better understand what changes we can't make (because no-one will mine them / exchanges won't touch them / both), and some good points have been made that a coin isn't truly leaderless if only a small group can make important changes. This won't be until after Dogecoin Core 1.10 ships (next month with a little luck), though.

So this would be consensus-based changes, or are you talking about the ease of creating forks? I think the mining algo you described earlier sounds fine.... So long as transaction fees are also included in the block reward, I don't think people will stop mining DOGE.

On my own account as I don't have the Dogecoin password on me - it's a way of allowing users to create their own hard forks, and as with any hard fork whether it's adopted or not depends on consensus. Essentially a lot of proposed changes we don't try, because we're fairly certain that we can't get consensus on them (and/or they're just a bad idea), but we shouldn't be the gatekeepers for changes, the community should. So if someone can get consensus on a new hard fork, and get enough people to adopt their suggested configuration, it should become the new main fork.

Hope that makes sense!

Also enables people to make their own forks for playing with (given the pre-AuxPoW fork is still active, some people clearly like just having their own space to play in).

It does! Leave it to the DOGE to extend the boundaries of decentralization... :)

Specifically, what I mean is it shouldn't require coding and compiling your own client to do this. We actually have the arbitrary hard-fork code in 1.10 already, in an attempt to mitigate the nest of if-else conditions from the hard forks to date, so mostly this involves deciding a configuration format (likely JSON), safety measures (i.e. make it clear to the user if they're running a non-standard fork, and which fork they're running), and code it all up.