The demise of DOGE and how it is affecting our income

[brooklynite]

Doge is doing way better than anybody could have ever hoped for. You were lucky to be making $23 a day, and you are still lucky to make $12. Another month and you will be down to $5, regardless of how many shitcoins are made. The money has to come from somewhere. It's not like each shitcoin is bringing in new money. A dogecoin is rare, the rest of these shitcoins are bought by the same group of speculators, and adding a hundred new coins a day isn't going to magically bring in new money.

The money sadly comes from those who spent $15,000 on BFL and other ASIC equipment and now making only 0.01 BTC/day but they still run it bcase it has no reasonable resale value.

If BTC owners decided not to buy alts then shitcoins would die.

If a DOGE - US$ trading exchange opens up then BTC would die.

Huh. You may want to reference a mining calculator. When KNC's Jupiter was released, it was set to hash at 500 Gh/s and you could get it for $8k. Even right now, that gets nearly 0.1 BTC/day. Scale accordingly for $15k.

Not sure how you got your numbers...

Thanks for the correction, yes my numbers were off by a good scale.

My point is in cost of ownership, depreciation in other words:

$8k in GPU RIGs, would be equal to about 4 rigs totalling 11MH/s and makes about 0.1 BTC/day
$8k in KNC Jupiter will also make 0.1 BTC /day

After electricity. BUT and here is the big BUT:

$8k in GPU RIGs is worth $5000 in two years - NET COST $3,000
$8k in ASICs is worth $1500 in two years - NET COST $6,500


Look at what happened to the $90 USB miners the 333 MH ones, they are pretty worthless now even the 1.6GH/s ones. So depreciation was almost 100% on those.

[hellscabane]

The hash is strong with this one.

Heh, this place needs an upvote button 

Agreed

Hehe. Thanks. I try.

[hellscabane]

Doge is doing way better than anybody could have ever hoped for. You were lucky to be making $23 a day, and you are still lucky to make $12. Another month and you will be down to $5, regardless of how many shitcoins are made. The money has to come from somewhere. It's not like each shitcoin is bringing in new money. A dogecoin is rare, the rest of these shitcoins are bought by the same group of speculators, and adding a hundred new coins a day isn't going to magically bring in new money.

The money sadly comes from those who spent $15,000 on BFL and other ASIC equipment and now making only 0.01 BTC/day but they still run it bcase it has no reasonable resale value.

If BTC owners decided not to buy alts then shitcoins would die.

If a DOGE - US$ trading exchange opens up then BTC would die.

Huh. You may want to reference a mining calculator. When KNC's Jupiter was released, it was set to hash at 500 Gh/s and you could get it for $8k. Even right now, that gets nearly 0.1 BTC/day. Scale accordingly for $15k.

Not sure how you got your numbers...

Thanks for the correction, yes my numbers were off by a good scale.

My point is in cost of ownership, depreciation in other words:

$8k in GPU RIGs, would be equal to about 4 rigs totalling 11MH/s and makes about 0.1 BTC/day
$8k in KNC Jupiter will also make 0.1 BTC /day

After electricity. BUT and here is the big BUT:

$8k in GPU RIGs is worth $5000 in two years - NET COST $3,000
$8k in ASICs is worth $1500 in two years - NET COST $6,500


Look at what happened to the $90 USB miners the 333 MH ones, they are pretty worthless now even the 1.6GH/s ones. So depreciation was almost 100% on those.

Yes, that is true. Those who got a lot of the USB Miners have definitely taken a loss (if they haven't gotten them early enough). Wouldn't disagree with that at all. To get to the heart of your point, yes ASICs essentially depreciate to the value of raw materials. (However, if you spent $15k, getting USBs wouldn't have been prudent and frankly you'd deserve losing your money.)

That being said if you dropped the cost of getting a Jupiter when preorders first came out (just under a year ago) versus investing 8k into 4 scrypt mining rigs at the same time, the Jupiter has made significantly more money than 4 mining rigs did. (Of course we get into the pedantic argument about risk and all that stuff. So let's not go there. There has been tons of losers. In a sense, you can say that at least with Scrypt Mining Rigs, there has been less "risk.")

On the other hand, 4 mining rigs would make up its cost. But it didn't get as much additional revenue

[langfhir]

It's not that Network hashrate has doubled overnight, it's that DOGE went through it's first halving. 

This is the way most Cryptocurrencies reward early adopters and/or increase the value of the coin.

The reward is random, but where the other day the reward was between 1-1,000,000 DOGE coins, it's now going to be 1-500,000 DOGE Coins.   And then while later it will be 1-250,000 DOGE coins and so on. 

What it is supposed to do is make the coin more rare, which should increase the value of the coin.  If you think Market cap, which alot of people believe in,  There use to require X number of dollars in the DOGE currency to keep it at its current value.  Now that amount required is half what it used to be, so it should allow the entire value of the coin increase.   In a perfect world/vacuum it would take a coin worth 250 Satoshi, and eventually make it worth 500 Satoshi. 

It's not dead yet, but from seeing the network hash rate and difficulty diving you would think it was.   

I didnt say network hash doubled, in fact I stated the opposite. DOGE difficulty went from 1900 to 1200 overnight so many people left mining it. Its value ALSO dropped from 270ish to 230ish. So Satoshi's assumption did not work. The value woulnt go from 250 to 500 overnight because people didnt work that hard to make it. In the future few months it may go up there but not right away.

Rarity in Crypto does not produce value. Look at the very rare 42 Coin, its crap. Look at DOGE, billions available and being produced daily and even they mentioned there will be no cap in production of it out of thin air, and STILL the value went up.

DEMAND is the name of the game here. Dogecoin has demand, 42Coin doesn't. /r/Dogecoin is getting around 1,000 new subscribers a day, and it is still among the highest coins in terms of trading volume. Demand is keeping up with supply, so Doge's price stays level, or at least keeps it from plummeting. Demand is NOT increasing with 42, so its price is going down.

[Spoetnik]

i could never in a million years find the words to express how badly i want you and all the other people like you to leave the scene.

Your a cancer to the crypto community.

The primary reason is you feed of what can only be described and already is widely perceived publicly as nothing more than a Ponzi Scheme.
You don't have the faintest interest obviously in supporting the concept of a digital currency and are here making a mess of our scene simply out of greed.

All the gay random shit clone coins your so desperate to 'flash mine' are destroying the entire crypto situation across the globe..
Which should have been your topic title by the way.. "Wanted new coin to flash mine"
And i say this because there is no way in hell governments across the planet are not looking at Doge coin and then the rest and then
coming to the conclusion that they are ALL Ponzi schemes equally and ALL should be banned or severely regulated.. sadly i think they are right too
it may be the only way to stop you people.. and i would rather see this whole scene go down the toilet then let you fuck it up anymore !
And you can bicker about what is or what is not a Ponzi scheme but i can show you any site at random across the planet that is exposed to this crap
and all people scream Ponzi in a heart beat and you think politicians etc are smart enough or care enough to see what its about ? Of course not.. they don't care.

I said it a year ago and i say it even more so now.. you guys will ruin this scene and that is what is happening and this also is a reason for Bitcoin itself
to be regarded as a Ponzi scheme scam and also making it's value plummet.. respectable investors across the world see your kind
and dump their shit and walk away ..they do not want to be involved with greedy children out of control foaming at the mouth hard with greed.

Congrats on taking a good thing and spoiling it for ALL of us and dragging everyone down with you !
I hope it's worth it making more now than a lot long term.. too bad you people are all far too dumb to see the brutally obvious

And you can say what you want in return but i will remind you ALL i have since day one been looking out for the new guys that come into this scene
and prob 100+ of you have received personal and often long time consuming help from me while i drop what i am doing and bend over backwards to help you all anyway i can
EVEN if i hate the coin your using .. and you guys know it ! ..i have 99.99% refused any kind of donation in return for my time also.
AND i am looking out for new guys who comes into this scene by warning them of the dangers involved and helping them cope with the aftermath
of getting essentially ripped off by you guys as you stomp around bragging about how much Bitcoin / Money you have made while noobs are left
holding the bag and broke.. defenseless and unable to get their money back because they don't have the trading skills and experience to handle
getting stuck with a bag as you guys do what your asking about in your first comment here.. flash mine and run.. (lAKA: ponzi scheme)
And you can say oh that's fair.. and i say oh its fair i can warn these guys and help them as much as i can and maybe persuade some of you to stop being so greedy ?

Sacrifice it all for short term higher gain while ruining the scene for all of us and leaving victims in your wake ? or use your brain and let this go long term ?
Choice is yours..

PS:
You can make more than enough money with out having to flash mine scam-coins that are released daily by shadowy anonymous scammers !
If YOU can't ? Your doing it wrong..

[cryptohunter]

Doge is still growing crazy fast, soon all these new shitclones coming out everyday will die, nobody will mine them for more than 2 seconds until diff goes to 0.01 because people start to realise these are worthless. Then all hash will start to be directed at the main alts again. Doge is one of these.


I have always only mined 99% of the new shitclones to cash into BTC ,doge and QRK. Mostly i never take my miners from doge.

There are few good older alts from the last wave, i will start to mine some of those as they rise in profitability again as people start to flock to the older established alt coins.

Unless you are selling right away and buying better alts then it is risky to mine the shitclones even when they get their 5 mins of 100000% profitability, you need to sell those bitches fast before they sink in value 100-500%.

Best to look at coinwarz and say....hmmmm which of these alts realy have any chance of rising or even holding their value, then make a list, from those mine the ones that are rising in profitability or keeping steady nearer the top 10-15 coins.

People say yeah mine the most profitable one then sell for the coins you like, but in reality a lot of the time it is impossible to sell for the price you want before either diff rockets or price sinks.

This 3rd wave of alts is nearly past it's peak. It will be better for everyone once it is over.

[scarface]

your an idiot just because dogecoin is not profitable to mine now you freak the hell out?

go mine litecoin if you want constant money.

[zvs]

KrugerCoins

[Xenopus]

Your doing it wrong..

This is the first unironic example of this mistake I've ever seen.

[Spoetnik]

Your doing it wrong..

This is the first unironic example of this mistake I've ever seen.

and THAT was the best retort you could come up with after reading that long winded rambling i did ?
jeez your really reaching arn't you lol

sorry you fail.. try again ?

U mad bro ?

upset i insulted the whole scammy greedy brat ponzi con/coin scene ? and how i pointed out they will ruin it for all of us ?

..leave

your not wanted.

me ? i'm not going anywhere and i will have a lot of i told you so's to dish out to noobs like all the morons scamming with Doge coin..

Don't be surprised if there are wide sweeping arrests for fraud and money laundering.. authorities don't usually respond to well to ponzi scheme operations
even if the have an ooooooh soooooo hilarious dog meme.jpg as an icon.

so gonna try again greedy delusional nub ? or are you far too busy flash mining the two "My Little Pony" coins that came out within last few hours ?

See my sig too, i get the feeling your one of "them" and brain washed or high off of flash mining profits like the OP.. i can help re-educate you to see the truth

[tk808]

I'm saying I was making 0.028 BTC /day and now its 0.018 BTC/day overnight (before power). There is a sudden overnight increase in hashrate.

What did you think 0.28 was a steady job and you could plan finances on it?

Welcome to crypto.


~BCX~

Time to move onto the next currency, DOGE will never seen the golden era again unless a 2nd round of MAJOR adoption occurs.

Plenty of other crypto's that actually offer something brand new, or if a brand name is all your looking for, there are a few shitcoins out as we speak that will suit your liking.

[mison]

how we can make strong currency if everyone mine it just for quick profit? Mine and quick sell... oo mama it dropped to half.... what I will do?

[flipstyle]

how we can make strong currency if everyone mine it just for quick profit? Mine and quick sell... oo mama it dropped to half.... what I will do?

If you're looking for a currency that really has a shot of going 'to da mune', then invest in something with a substantially smaller cap.  All you Max Keiser-esque sensationalists barking '$1 doge by 2015!!' need to have your heads examined.

[mison]

how we can make strong currency if everyone mine it just for quick profit? Mine and quick sell... oo mama it dropped to half.... what I will do?

If you're looking for a currency that really has a shot of going 'to da mune', then invest in something with a substantially smaller cap.  All you Max Keiser-esque sensationalists barking '$1 doge by 2015!!' need to have your heads examined.

only fool may think that doge will reach 1 dollar sometime. The same with mooncoin.. forget about 300 satoshi mooncoin. I am just sad that people mining and selling every new shitcoin without background and development. Stupid zomiecoin, vampire, lycancoin.. I bet that many people will mine this shit and more stupid people will buying it expensive.

[tk808]

how we can make strong currency if everyone mine it just for quick profit? Mine and quick sell... oo mama it dropped to half.... what I will do?

If you're looking for a currency that really has a shot of going 'to da mune', then invest in something with a substantially smaller cap.  All you Max Keiser-esque sensationalists barking '$1 doge by 2015!!' need to have your heads examined.

only fool may think that doge will reach 1 dollar sometime. The same with mooncoin.. forget about 300 satoshi mooncoin. I am just sad that people mining and selling every new shitcoin without background and development. Stupid zomiecoin, vampire, lycancoin.. I bet that many people will mine this shit and more stupid people will buying it expensive.

To anyone who believes Doge will reach 1 USD.

Do math

$1 Doge @ (TODAY's) Currently supply = $50,000,000,000 Market cap, so essentially 5-6X bigger then bitcoin over 3 years and about as large as Apple or Google.

By the end of this year, DOGE's market supply will be an excess of 100,000,000,000 +, an incredible supply. Quote me what doge's cap will be by the end of 2014.



Use Brain


What i stated above is completely unreasonable and insanity.



If bitcoin ever hits $10,000 per bitcoin then MAYBE you might see a 1 cent doge or 500+ satoshi mooncoin. But don't hold your breath, every alt follows what bitcoin is establishing and breaking barriers with.

If bitcoin says sit, every other altcoin will lie down and go to sleep. When bitcoin says to walk, every other altcoin stands up and waits for bitcoin to walk a few feet.


There are always exceptions (pump and dump, new hype alts) but essentially this the current model and trend for the alt market.

[Trillium]

I think the problem here is that the dogecoin community has a larger-than-usual proportion of miners who have never before mined scrypt coins or any cryptocurrency for that matter. This is partially thanks to the immense exposure caused by /r/dogecoin and a few of the newer mining subreddits that seemed to come out of nowhere overnight.

As a result the response to the block reward halving event has been less than spectacular. A lot of new miners are confused at how their instantaneous profitability calculations can be halved overnight, when in reality they should be looking at the mid to distant future value of the coin and not what they can cash out (to BTC) on a daily basis.

Now is the time where dogecoin will have to stand on its two feet as a lot of the new miners scramble to what they think - and hope - will be more profitable coins. I say good luck to them, it's all part of the adventure, but for now I see no reason not to keep mining DOGE.

[Starlightbreaker]

I'm saying I was making 0.028 BTC /day and now its 0.018 BTC/day overnight (before power). There is a sudden overnight increase in hashrate.

What did you think 0.28 was a steady job and you could plan finances on it?

Welcome to crypto.


~BCX~

apparently some people do.

i kinda cringe at people who planned to "invest" in doge for 30k lol.                                                                                                                                                                                                                                                           

[YoungShibe]

If bitcoin says sit, every other altcoin will lie down and go to sleep. When bitcoin says to walk, every other altcoin stands up and waits for bitcoin to walk a few feet.

http://imgur.com/KeozwAf

[roslinpl]

Hehe That is wonderful chart

Doge to the moon

[Xenopus]

Your doing it wrong..

This is the first unironic example of this mistake I've ever seen.

and THAT was the best retort you could come up with after reading that long winded rambling i did ?
jeez your really reaching arn't you lol

sorry you fail.. try again ?

U mad bro ?

upset i insulted the whole scammy greedy brat ponzi con/coin scene ? and how i pointed out they will ruin it for all of us ?

..leave

your not wanted.

me ? i'm not going anywhere and i will have a lot of i told you so's to dish out to noobs like all the morons scamming with Doge coin..

Don't be surprised if there are wide sweeping arrests for fraud and money laundering.. authorities don't usually respond to well to ponzi scheme operations
even if the have an ooooooh soooooo hilarious dog meme.jpg as an icon.

so gonna try again greedy delusional nub ? or are you far too busy flash mining the two "My Little Pony" coins that came out within last few hours ?

See my sig too, i get the feeling your one of "them" and brain washed or high off of flash mining profits like the OP.. i can help re-educate you to see the truth

Who are you talking to?