Bitcoin Forum

I haven't been online in a few weeks, and while btc hasn't shifted either way too much, I see dogecoin has plummeted. Anyone have any theories on what happened?

Supply demand I guess. Community is still friendly and helpful as ever though

i think it is too much supply.


do you think they will ever get past that and become just another cryptocoin?

is a joke, just a clone feeding who sell hardware to mine.

compared to other coins in the same reward level this coin has x100 more value..



i think its doing just fine. its just adjusted with the market

Josh Wise, DOGE, Nascar.
Someone is accumulating and waiting for the Nascar media coverage at the end of April, early May. Imagine the DOGE on national TV.
300 Satoshi expected. Just like you shouldve sold when it hit 250, now I should buy at 105 many cheap levels.

http://www.theguardian.com/technology/2014/mar/27/nascar-dogecoin-sponsor-josh-wise-talladega-superspeedway

I thought you were referencing the BTC-e trollbox joke at first :P

People might be starting to realise that coins refusing to implement merged mining are deliberately undermining the security not only of themselves but of all the coins using the same miners / mining-hardware. How long can you keep on with the bait-and-switch of spawning a new scam to mine, abandoning the previous scams, before the suckers catch on that you are deliberately not implementing the merged mining code that would allow you to continue to mine - and thus help try to secure - the previous scam's chain when moving on to the new scam?

Basically these scams try to conceal the cost of securing a Proof of Work blockchain by deliberately not securing the blockchain. Their main reason for not implementing merged mining is that merged mined coins tend to reflect (price-in) in their market cap the cost of securing a blockchain.

The bait and switch scamcoin miners do not want thier scams to reflect the cost of securing a bolckchain, and since they have no intention of actually securing blockchains, preferring to keep spamming out new coins to keep doing the bait and siwtch over and over again, it is correct for the scamcoin blockchains not to reflect the cost of securing the chain. But, for a while in the past and likely still to some degree even now, the market caps of these bait-and-switch scams have not seemed to reflect the fact that they are insecure garbage. Their market caps have been reflecting the lack of cost for security gained by deliberately not being secure, being in fact designed to be insecure and even maybe not practical to secure, but have not properly reflected the fact that they are not secure.

Maybe largely because they are mostly the realm of bait and switch scam miners and ponzi scheme promoting "speculators" both of whom do not care about securing the chains since both will be moving on next day or later in the day or whenever some profitability website says so to another similar scam, the scam of the day or scam of the hour so to speak.

-MarkM-

Did you expect doge becoming the future of cryptos?

If DOGE and Litecoin adapted to be merged mined together, with both having the ability to be a secondary coin in a merge, then maybe scrypt might start to look like a serious option.

Until then all the scrypt coins look like garbage because they all undermine each other instead of working together to try to achieve some security, evidencing thereby a total lack of caring about securing their blockchains thus a total disdain and contempt for investors and potential actual users.

-MarkM-

I assume this is just a troll and we are ignoring the dead weight that bitcoin is having on this market, but ok.  

100 billion coins in 1 year.  That is quite a bit of supply for any coin and yet  it remain one of the most consistently profitable coins to mine. I believe the majority of dogecoins come on to the market as soon as they are mined and swapped for bitcoins and other cryptos immediately.  It is staggering to me that this demand has held so strong and we are now 2/3 of the way to 100 billion.

If demand collapses dogecoin is fucked, but I do wonder what will happen if demand stays as strong as it is when the supply dwindles.  At the very least I think there will be one last major rally.

I don't think there is any need to rush into merged mining yet until we know what the ASICs will do to the market, but I think a lot of people are watching the hashrates. 

People woke up & realised the coin was a ponzi

DOGEs slow death began after the first halving.
It's an idiotic assumption that the price rises if supply narrows.

There is no real demand for DOGE, no natural market at all.
It's a very cheap marketing Ponzi perpetrated by the usual mob.

My prediction for after the coming Nascar stunt:
A short hefty rise and then it'll tank another 50% in less than 24 hours, these people will be dumping like crazy.

BTC price drops -> simple and easy

Yup, Doge will dominate the world. No doubt.

The problem with Dogecoin is that the community, which is indeed nice and funny, vehemently refuses to accept the crude facts. Every post that points to the price dip is downvoted. They want to believe that massive tipping, donating, and fun is all what it needs to fly "to the moon".
But sticking the head in the sand and shouting "to the moon" is not the answer. Just as the multipools and the "big players" get richer, the community gets poorer.

 

Well, you are correct that sticking ones head in the sand does not help when the price is going down, but that is only IF were are talking about a commodity.  
They are building a currency, a currency's true long term value comes from the strength of its community, that they trust their currency and thus they create commerce with it.  
As long as the currency has more and more transactions thus there is actual true circulation then the value of their economy becomes stronger then only then will the exchange rate against any other currency will go up.  

It is about building a strong and durable currency, it is not about one making money by day trading it.  
The dogecoiners that will make money are those that build systems to improve transactions and for businesses to use the coin in more efficient and innovative ways.  

I like reading this forum to scan for market sentiment.

Maximum FUD in this forum = Best buying opportunity.

My 2 cents.

i think ur right

My 2 cents is that there are too many miners who entered the market when doge was booming and are now desperate and have to sell to pay the bills. It's crazy the number of rigs posted on craigslist these days. I think prices will be generally low until the market balances out between the investors putting capital into cryptos and miners pulling it out.

Don't completely agree, but good reasoning!

Okay. I'm going to add my lengthy 2 cents to the question. For the record, I have zero DOGE atm. Also, I should pre-warn that I'm arguing by analogy. I'm assuming that the commonality of human nature will be enough to offset the stretch between two completely different industries.

I've been watching, and dabbling in, the penny stock world in the gold-exploration arena. The high point for a promising gold stock tends to come when it announces exciting sample result after exciting sample result. The excitement spreads like wildfire and the stock takes off. What's interesting - and this phenom is fairly reliable - is that an exploration company with a serious shot at building a profitable mine has to go through a lot of hoops even after a full feasibility study indicates that it's got a winner. Environmental studies, aboriginal consultation efforts if needed, governmental permissions, and the #1 big barrier: securing the 8-9 figures' worth of capital for constructing the mine. Burrowing underground costs a lot of $$$.

But here's the funny thing, a phenomenon contrary to what the economics textbooks say. As a company lumbers its way to getting the necessary preconditions to building a real mine, its stock tends to...slump. Even some time after it announces the crucially good news that it's secured the financing to start construction of the mine.

This slump doesn't always happen - it doesn't in red-hot markets - but it happens enough that some old pros buy in at this point and (in effect) get paid for investing in boredom.

Why does this happen? Because the hard scut work is boring to follow, and boredom is an antonym of excitement. Boredom makes excitement-driven punters sell their shares because the next exciting penny has got a grip in their heads. Or, maybe, they sell in disgust because the real good news is doing nothing to the stock. This slow but steady selling pressure isn't countered by sufficient buying pressure. So, the stock slumps even though it's objectively a better speculation because the company's closer to getting real profits in its coffer. Strange, but true.

Dogecoin's community is bigger than ever, and the ecosystem is transitioning to mass acceptance of DOGE as a "real" currency. Objectively, that should make DOGE a better buy right now than when it was at 300 satoshis.

But, the trouble is...building that ecosystem takes a lot of time and involves a lot of scut work by the builders. In other words, it's boring. To a punter, DOGE's a bore in a room of exciting alts who are still in the blue-sky phase. Never mind that a huge majority of alts will never get beyond blue-sky fantasies; they're still tantalizing and exciting. And DOGE's real growth has become...somewhat boring in comparison.

So, as with the exploration company that's on the build-a-mine track, relative boredom wrt the competition means the price sinks even as it becomes a better bet long-term.

[ "'Long-term'? Oh, you mean next week!"  ;) ] 

I think I counted 15 occurrences of the word 'secure' or some variation thereof and 12 instances of the word 'scam' in your post.

Just what is the point you are trying to make ?       L)L

Use of malicious negative trust to suppress free speech discredits the bitcoin community