Dogecoin tips itself to oblivion?

[DieJohnny]

Buy orders on Cryptsy have been chewed up dramatically in past couple of days as Bitcoin gets a bounce.

There appears to be no resistance for Dogecoin heading downward. I can't help but feel bad for the Dogecoin holders. It doesn't seem fair that so many tippers and so much of a community cannot support the coin's market cap, however, it shows how important big time investment money actually is to a coin. A loveable community only goes so far in the world of finance and global currency. Doge is in peril.

ASICS coming out are going to destroy litecoin and dogecoin IMHO. For miners, these coins are only alternatives to getting more bitcoin and everyone is starting to realize that.

[flound1129]

Buy orders on Cryptsy have been chewed up dramatically in past couple of days as Bitcoin gets a bounce.

There appears to be no resistance for Dogecoin heading downward. I can't help but feel bad for the Dogecoin holders. It doesn't seem fair that so many tippers and so much of a community cannot support the coin's market cap, however, it shows how important big time investment money actually is to a coin. A loveable community only goes so far in the world of finance and global currency. Doge is in peril.

ASICS coming out are going to destroy litecoin and dogecoin IMHO. For miners, these coins are only alternatives to getting more bitcoin and everyone is starting to realize that.

No destruction, not due to asics.

What we're seeing is the last of the sell pressure on Bitcoin evaporating, with people liquidating their alts to sell at these levels.

[DieJohnny]

No destruction, not due to asics.

What we're seeing is the last of the sell pressure on Bitcoin evaporating, with people liquidating their alts to sell at these levels.

Why would this be the last of the sell pressure on bitcoin evaporating???

You are suggesting that everyone left after this downturn is in Doge for the long haul??

Please elaborate

[HR]

Buy orders on Cryptsy have been chewed up dramatically in past couple of days as Bitcoin gets a bounce.

There appears to be no resistance for Dogecoin heading downward. I can't help but feel bad for the Dogecoin holders. It doesn't seem fair that so many tippers and so much of a community cannot support the coin's market cap, however, it shows how important big time investment money actually is to a coin. A loveable community only goes so far in the world of finance and global currency. Doge is in peril.

ASICS coming out are going to destroy litecoin and dogecoin IMHO. For miners, these coins are only alternatives to getting more bitcoin and everyone is starting to realize that.

No destruction, not due to asics.

What we're seeing is the last of the sell pressure on Bitcoin evaporating, with people liquidating their alts to sell at these levels.

I'm not sure I understand your logic there. Liquidating = selling. Liquidating to sell? I've never seen or heard anyone say that before. Could you be suggesting the liquidation of alts to sell BTC? That just doesn't make sense either. One is not in any way related to the other.

On the other hand, liquidating alts to *buy* BTC is another matter altogether.

I agree with the original post. ASICs will only accentuate that trend as it is the most cost effective way of entering into or further building a BTC position. The ASICs will destroy any ASIC compatible altcoin as they mine those coins into oblivion by immediately "liquidating" their altcoin mining proceeds in order to buy BTC.

It's as simple as supply and demand. https://bitcointalk.org/index.php?topic=557086.0

[flound1129]

Buy orders on Cryptsy have been chewed up dramatically in past couple of days as Bitcoin gets a bounce.

There appears to be no resistance for Dogecoin heading downward. I can't help but feel bad for the Dogecoin holders. It doesn't seem fair that so many tippers and so much of a community cannot support the coin's market cap, however, it shows how important big time investment money actually is to a coin. A loveable community only goes so far in the world of finance and global currency. Doge is in peril.

ASICS coming out are going to destroy litecoin and dogecoin IMHO. For miners, these coins are only alternatives to getting more bitcoin and everyone is starting to realize that.

No destruction, not due to asics.

What we're seeing is the last of the sell pressure on Bitcoin evaporating, with people liquidating their alts to sell at these levels.

I'm not sure I understand your logic there. Liquidating = selling. Liquidating to sell? I've never seen or heard anyone say that before. Could you be suggesting the liquidation of alts to sell BTC? That just doesn't make sense either. One is not in any way related to the other.

On the other hand, liquidating alts to *buy* BTC is another matter altogether.

I agree with the original post. ASICs will only accentuate that trend as it is the most cost effective way of entering into or further building a BTC position. The ASICs will destroy any ASIC compatible altcoin as they mine those coins into oblivion by immediately "liquidating" their altcoin mining proceeds in order to buy BTC.

It's as simple as supply and demand. https://bitcointalk.org/index.php?topic=557086.0

Liquidating alts into BTC to sell for fiat.  Seen this happen many times when BTC rises.

mine those coins into oblivion by immediately

Ever heard of difficulty?

[xux99]

The community of DogeCoin should pressure for new features, especially anonymity. Otherwise DogeCoin has no competitive advantage and will gradually decline.

[digitalindustry]

I've got a simpler answer the few that were trading Doge back and forth with each other took that capital some where else, because when high powered retail ASICs arrive that is the equivalent of then giving money away.


I think they moved it to Dark, which tells me few have X11 ASICs we will know by looking at the hash rates.

This is not the end of the world  or alts.

Doge was started as a joke and will end like one.

[DogeBalla]

Have faith in Doge!!

[tokyoghetto]

Doge is...well....Dogeshit.

[DieJohnny]

I've got a simpler answer the few that were trading Doge back and forth with each other took that capital some where else, because when high powered retail ASICs arrive that is the equivalent of then giving money away.


I think they moved it to Dark, which tells me few have X11 ASICs we will know by looking at the hash rates.

This is not the end of the world  or alts.

Doge was started as a joke and will end like one.

I think the handful of whale's that still are holding Doge are jumping ship. The order book just got completely obliterated since my original post.

Trying to unload even 50 BTC in Doge will destroy the price, completely and totally. I know some moderately large holder is about to pull the trigger. I think it is gonna be capitulation to All time low coming shortly.

I am watching Doge/BTC on Cryptsy more than Bitcoin on bitcoinwisdom. for some reason watching destruction play out live is morbidly fascinating.

[roozifus]

I agree that as bitcoin starts to pickup steam from the bottom of a dip people will sell alts to get in on it.

If btc has another huge rally though at some point all the new money coming in starts to trickly down to alts and they become very profitable again.

This is my experience from last time as well as my interpretation of the graphs.


As for DOGE I think it's a little overpriced, but at the same time it's built on a community that is highly emotionally invested in it and that is not a small thing.

I would actually say that DOGE would survive a 51% attack much better than LTC for example because LTC is full of investors who will throw it away if it stops performing, there's so many other options.

The DOGE community will stick with it no matter what happens, DOGE will never win, but it kind of can't lose either because it's not really competing like all the other coins.

And in some weird way that makes it strong it it's own right.

[DieJohnny]

I agree that as bitcoin starts to pickup steam from the bottom of a dip people will sell alts to get in on it.

If btc has another huge rally though at some point all the new money coming in starts to trickly down to alts and they become very profitable again.

This is my experience from last time as well as my interpretation of the graphs.


As for DOGE I think it's a little overpriced, but at the same time it's built on a community that is highly emotionally invested in it and that is not a small thing.

I would actually say that DOGE would survive a 51% attack much better than LTC for example because LTC is full of investors who will throw it away if it stops performing, there's so many other options.

The DOGE community will stick with it no matter what happens, DOGE will never win, but it kind of can't lose either because it's not really competing like all the other coins.

And in some weird way that makes it strong it it's own right.

I think Doge can win if it is still relevant 1 year from now when only inflationary mining is happening.  i just am not sure it will survive

[roozifus]

I agree that as bitcoin starts to pickup steam from the bottom of a dip people will sell alts to get in on it.

If btc has another huge rally though at some point all the new money coming in starts to trickly down to alts and they become very profitable again.

This is my experience from last time as well as my interpretation of the graphs.


As for DOGE I think it's a little overpriced, but at the same time it's built on a community that is highly emotionally invested in it and that is not a small thing.

I would actually say that DOGE would survive a 51% attack much better than LTC for example because LTC is full of investors who will throw it away if it stops performing, there's so many other options.

The DOGE community will stick with it no matter what happens, DOGE will never win, but it kind of can't lose either because it's not really competing like all the other coins.

And in some weird way that makes it strong it it's own right.

I think Doge can win if it is still relevant 1 year from now when only inflationary mining is happening.  i just am not sure it will survive

But how would it die?

[flound1129]

I agree that as bitcoin starts to pickup steam from the bottom of a dip people will sell alts to get in on it.

If btc has another huge rally though at some point all the new money coming in starts to trickly down to alts and they become very profitable again.

This is my experience from last time as well as my interpretation of the graphs.


As for DOGE I think it's a little overpriced, but at the same time it's built on a community that is highly emotionally invested in it and that is not a small thing.

I would actually say that DOGE would survive a 51% attack much better than LTC for example because LTC is full of investors who will throw it away if it stops performing, there's so many other options.

The DOGE community will stick with it no matter what happens, DOGE will never win, but it kind of can't lose either because it's not really competing like all the other coins.

And in some weird way that makes it strong it it's own right.

I think Doge can win if it is still relevant 1 year from now when only inflationary mining is happening.  i just am not sure it will survive

But how would it die?

No altcoin that's on major exchanges will EVER die, even if the devs abandon it, other people will take over and fork it.  The most obscure shitcoins from a year ago are still going strong.

[El Dude]

dogecoin is dying , just look at the hashrate


http://imgur.com/nmGT3lu

[HR]

Liquidating alts into BTC to sell for fiat.  Seen this happen many times when BTC rises.

Worse yet! (and, yes, understood, that makes sense, but, as I said, that's worse yet, and further undermines your argument).

mine those coins into oblivion by immediately

Ever heard of difficulty?

To that I reply what may sound like an idiotic ever heard of ASIC? Really, flound, I can't believe I'm hearing this from one of the most important pool operators around. ASIC cuts scrypt power costs by what? Over 900%? Said another way, ASIC mining variable costs are 1/10 that of GPU mining? (That's just to throw out low-ball figures - the high end is around 1/20th the cost, so get ready.) "Ever heard of difficulty?" Are you serious? At a 1/10 cost to mine, difficulty could rise 10 fold and the ASICs would still be profitable!!!! Where do you think the widely distributed user base and secure network will be by then? 99% of scrypt coins are currently NOT PROFITABLE using GPU, *ALREADY*, and price isn't rising. Why do you think that is happening? You think those coins will be able to recover after the ASIC demolition? You're dreaming pal. As soon as they go back to profitable for the ASIC, those same ASICs will be back like zombies. The position you are arguing is untenable, and your argument (or lack of as it were) only more clearly reveals that fact. As I said, I can't believe I'm hearing this from you. I can only guess that you must have a very strong predisposition that needs to be reinforced at whatever cost. In any event, let's promise to get together and talk about this again once diff has risen by 1000% (you and the handful of ASICs still mining on Multipool   ).

[MaxDZ8]

I honestly hoped DOGE could keep breathing a bit more. While the coin itself was a total joke, it had a few things to teach to others. LTC in particular still didn't get the lesson and probably will never do. Personally I will remember DOGE for a while, even though I never owned one, nor mined it.

[flound1129]

Liquidating alts into BTC to sell for fiat.  Seen this happen many times when BTC rises.

Worse yet! (and, yes, understood, that makes sense, but, as I said, that's worse yet, and further undermines your argument).

mine those coins into oblivion by immediately

Ever heard of difficulty?

To that I reply what may sound like an idiotic ever heard of ASIC? Really, flound, I can't believe I'm hearing this from one of the most important pool operators around. ASIC cuts scrypt power costs by what? Over 900%? Said another way, ASIC mining variable costs are 1/10 that of GPU mining? (That's just to throw out low-ball figures - the high end is around 1/20th the cost, so get ready.) "Ever heard of difficulty?" Are you serious? At a 1/10 cost to mine, difficulty could rise 10 fold and the ASICs would still be profitable!!!! Where do you think the widely distributed user base and secure network will be by then? 99% of scrypt coins are currently NOT PROFITABLE using GPU, *ALREADY*, and price isn't rising. Why do you think that is happening? You think those coins will be able to recover after the ASIC demolition? You're dreaming pal. As soon as they go back to profitable for the ASIC, those same ASICs will be back like zombies. The position you are arguing is untenable, and your argument (or lack of as it were) only more clearly reveals that fact. As I said, I can't believe I'm hearing this from you. I can only guess that you must have a very strong predisposition that needs to be reinforced at whatever cost. In any event, let's promise to get together and talk about this again once diff has risen by 1000% (you and the handful of ASICs still mining on Multipool   ).

I'm not sure what you're trying to say.  Difficulty adjustment ensures a constant supply of coins no matter what the network hashrate is.

Yes, you'll need an ASIC to mine scrypt efficiently, you pretty much do right now.  Just because people have ASICs does not mean that more coins per day will magically be produced.  The production rate will be the same as it is now.  Some (One?) scrypt coin(s) still have slow difficulty adjustments, which means that the hashrate of those coins will most likely start swinging violently every few days until a faster adjustment is implemented.  Still, I can't see LTC getting caught in a difficulty trap unless most of the dedicated hash on it drops off and I just don't see that happening.

[flound1129]

Iit had a few things to teach to others. LTC in particular still didn't get the lesson and probably will never do.

Yep.

[r0ach]

ASICS coming out are going to destroy litecoin and dogecoin IMHO.

I don't think you know what you're talking about.  ASIC coming out will cause a scrypt holocaust with possibly Litecoin as the only survivor, maybe a few PoS coins too just like how Peercoin still survives in the BTC network.  KNC, Ghash, etc, will all be building scrypt ASIC farms and the amount of hash power and size of network will start to rival that of BTC.  Once that occurs, in a rational world, the price of LTC should increase, while BTC goes down, but I think both will probably go up due to the upward pressure BTC has as first in the business.