(Poll) DOGECoin: Helping or hurting cryptocurrency?

[maursader]

Surprised nobody brought this up yet, so I'll start things off.

If you haven't heard by now, DOGECoin has been one of the most profitable coins to mine, if you own GPU-based miners. The return is crazy high. A person with dual HD5830's can get almost $300 USD a month.

Problem is, the market caps of other coins are shrinking. Not by a little either.

Thoughts?

[armodilloben]

Well, cryptocoins are a best-of-breed. Different factors will decide, which cryptocurrency will survive, for example:

- mechanism (block duration, reward, special features)
- infrastructure (mining pools, exchanges, brainwallets, acceptances)
- community that brings the currency forward, like improving popularity and image, which has been done (jamaican bob team action)
- style of coin, mainly backed up by community

DogeCoin has an exceptional powerful meme standing behind it and also a lot of enthusiasts that back it up. If this hurts cryptocurrencies in genery: no, but it most certainly does hurt other cryptocurrencies. But, as we are in a best of breed environment, this is how things go.

[Hexah]

Well, cryptocoins are a best-of-breed. Different factors will decide, which cryptocurrency will survive, for example:

- mechanism (block duration, reward, special features)
- infrastructure (mining pools, exchanges, brainwallets, acceptances)
- community that brings the currency forward, like improving popularity and image, which has been done (jamaican bob team action)
- style of coin, mainly backed up by community

DogeCoin has an exceptional powerful meme standing behind it and also a lot of enthusiasts that back it up. If this hurts cryptocurrencies in genery: no, but it most certainly does hurt other cryptocurrencies. But, as we are in a best of breed environment, this is how things go.

Agreed, community is what really stands up here. The more people are willing to adopt pretty much any kind of cryptocurrency the more it will cost.
... and you simply can't avoid mining something that called DOGE_freaking_coin, lol

[An amorous cow-herder]

Memes come and go.
Soon all your base will belong to KittehCoin.

[WompRat]

Anything that popularises crypto should be welcomed.  There was a post on reddit the other day from a woman who had asked her bank, apparently seriously, about how she could buy some Dogecoins.

Lolcats has remained fairly popular over the years and delivered strong advertising revenue in the region of $4 million annually.  in a recent round of funding Cheezburger secured an extra $30 million, so Dogecoin's current cap is not without merit and I would argue is probably still undervalued.  I appreciate that a coin and a company are slightly different, but it proves that a business based on a meme can be successful.

[adrian33]

The pie's getting bigger, and there's a new piece. Learn and be inspired. Wow.

[whiskers75]

Dogecoin = crap.

[FlyForFun]

Dogecoin = crap.

Give me some crap please... I mean dogecoin

[Rub3n]

Its really not necesairy to create other crypto's beside LTC in my opinion.

[bastisc]

Dogecoin started out as a joke, afaik, and probably still is.
But the funny thing is, it would absolutly make sense that fiat started out the same way:
Some economist making a joke about money and some politicians, whose job has more or less always been to exploit the stupidity of people, implemented the system of fiat. The rest is history.

[5od0miz3r]

BTC is first coin and winner coin.  All other coins is JOKES but doge honest about JOKE.  So DOGE take market cap from alts but HELP bitcoin:

V FAST, MUCH CONFIRMS

Bitcoin = 10 min  ->  Litcoin = 2.5 min   ->  Dogecoin = 1 min

SO COINS, V RICH

Bitcoin = 21,000,000 BTC  ->  Litcoin = 84,000,000 LTC   ->  Dogecoin = 100,000,000,000 DOGE

SUCH COMMUNITY

r/Bitcoin = 1,051 online now   ->   r/Litecoin = 149 online now   ->   r/Dogecoin = 1,988 online now

doge-dice.com (trusted dooglus), doge-road (such highz), doge-tip bot (so generous)

LITECOIN SO SATURATE, DOGECOIN TO MOON

[An amorous cow-herder]

V FAST, MUCH CONFIRMS

Bitcoin = 10 min  ->  Litcoin = 2.5 min   ->  Dogecoin = 1 min

Already noticed the problems with the 1m confirmation time on other "fast" cryptos. Extremely high percentage of orphans and stales. Probably gonna get amplified as the block size grows and transfer time of blocks grows with it. Those 2.5m is alread pushing it fairly hard, but 1m already nearly kills solo mining already.

[meanig]

BTC is first coin and winner coin.  All other coins is JOKES but doge honest about JOKE.  So DOGE take market cap from alts but HELP bitcoin:

V FAST, MUCH CONFIRMS

Bitcoin = 10 min  ->  Litcoin = 2.5 min   ->  Dogecoin = 1 min

SO COINS, V RICH

Bitcoin = 21,000,000 BTC  ->  Litcoin = 84,000,000 LTC   ->  Dogecoin = 100,000,000,000 DOGE

SUCH COMMUNITY

r/Bitcoin = 1,051 online now   ->   r/Litecoin = 149 online now   ->   r/Dogecoin = 1,988 online now

doge-dice.com (trusted dooglus), doge-road (such highz), doge-tip bot (so generous)

LITECOIN SO SATURATE, DOGECOIN TO MOON

In twelve months time.......

WOW, AMAZE, MUCH BLOATED WITH UNECONOMICAL TRANSACTIONS BLOCKCHAIN

Dogecoin = 20 Terabytes >>>>>> Bitcoin = 20 Gigabytes

[Rival]

Imagine all currencies as slices of a pie. Each slice represents the amount of value stored in that currency. You could have 100% of the value in dollars, and then every other currency would be worth zero. Or, you could have 50% of the value in dollars and 50% in bitcoins. Neither scenario changes the size of the pie. In order for one to grow, the others must shrink.

Each time an altcoin grows in value, it removes value from the other slices. From dollars, from yen, from rubles, and yes, from bitcoins. If all of the combined value of altcoins were transferred to bitcoins, each bitcoin would be worth many thousands. A good part of the struggle bitcoins have had of late increasing in value is doubtless due to the proliferation of altcoins.

The question is whether this trend will continue. Altcoins syphon value that would otherwise exist in bitcoins. Whether this is a positive development or a negative one remains to be seen.

I tend to think eventually bitcoin will eat all of the other altcoins, driving their value to zero. But it will probably not happen tomorrow.

[An amorous cow-herder]

Altcoins syphon value that would otherwise exist in bitcoins.

No, Bitcoin (SHA256) is centralisation with dedicated hardware, fewer and fewer people are mining. Scrypt currencies are pretty sure to have more people mining them. So basicly they add a value that wouldnt exist if they didnt exist.

[Rival]

Altcoins syphon value that would otherwise exist in bitcoins.

No, Bitcoin (SHA256) is centralisation with dedicated hardware, fewer and fewer people are mining. Scrypt currencies are pretty sure to have more people mining them. So basicly they add a value that wouldnt exist if they didnt exist.

They do not add "value" in the sense you appear be using that word. Creating more currency does not create more value. It does not create more eggs, more steel, or more hairspray. All it does is dilute the current pool of value counters, ie currency. It has nothing to do with who is mining them with what sort of hardware, nor does it matter how many joules of energy gets expended. If one could make the argument that more currency adds value, the treasury could print up trillion dollar bills, pass them out to everyone, and all of the worlds problems would be solved.

Digital currencies do not exist to give folks with graphics cards or CPU's something to do, and in the end (aside from maybe namecoin) altcoins do little bitcoin does not already do. Some view litecoins like a charity of sorts, a place for the poor and downtrodden to gather some wealth. Imagine 5% of all global transactions running on the blockchain. There are not enough CPU's in the world to do that. In fact, there are not enough GPU's, and in reality there currently are not enough ASICs. ASIC technology allows the bitcoin network to scale up to the enormous number of transactions needed to become a global currency. That is the fundamental limiting factor for Scrypt-based systems. They will never be able to scale up.

You really need an entire industry devoted to ASIC production to scale up to the potential that crytocurrencies have. Do you really think you can do that with graphics cards? Seriously?

[knightcoin]

I dont own DOGEcoin yet, but it is fun and people like funny stuff, I think that is the main reason of their marketing success. But yep, even cool stuff needs a proper infrastructure (pools, clients, developers support, exchange, etc)

[knightcoin]

Btw, just saw it 2 days ago ..

The Jamaican bobsled team has received enormous donations from the Dogecoin 

http://www.youtube.com/watch?v=DKiWF3EYiOk

[An amorous cow-herder]

Altcoins syphon value that would otherwise exist in bitcoins.

No, Bitcoin (SHA256) is centralisation with dedicated hardware, fewer and fewer people are mining. Scrypt currencies are pretty sure to have more people mining them. So basicly they add a value that wouldnt exist if they didnt exist.

They do not add "value" in the sense you appear be using that word. Creating more currency does not create more value. It does not create more eggs, more steel, or more hairspray. All it does is dilute the current pool of value counters, ie currency.

A transaction in itself has a value. A transaction creates income for miners as well as for exchanges. More people spending equals a value in itself. People hoarding do not generate value.

Imagine 5% of all global transactions running on the blockchain. There are not enough CPU's in the world to do that. In fact, there are not enough GPU's, and in reality there currently are not enough ASICs. ASIC technology allows the bitcoin network to scale up to the enormous number of transactions needed to become a global currency. That is the fundamental limiting factor for Scrypt-based systems. They will never be able to scale up.
You really need an entire industry devoted to ASIC production to scale up to the potential that crytocurrencies have. Do you really think you can do that with graphics cards? Seriously?

Yes. The only thing the Asics do is calculate the nonce for the next hash. Thats the proof of work part. Simply adding transactions to a block doesnt really require any compute power, and its not what the Asics do anyway. Or to be more precise, you argument is totally flawed.

[pluto34]

its all good for btc in the end