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(Some Guy)   By number of transactions, Dogecoin is now bigger than Bitcoin. Wow   (bitinfocharts.com) divider line 47
    More: Dumbass, bitcoins, Dogecoin  
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1918 clicks; posted to Geek » on 15 Jan 2014 at 9:51 AM (35 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



47 Comments   (+0 »)
   
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2014-01-15 09:08:02 AM
That's a piss poor metric.
 
2014-01-15 09:53:42 AM
WHAT DOES IT MEAN?
 
2014-01-15 09:54:35 AM
Can't wait for some idiot to sell his house and put it all in dogecoins.
 
2014-01-15 10:07:13 AM
weknowmemes.com
 
2014-01-15 10:10:04 AM
Much money.
So crypto.
 
2014-01-15 10:14:32 AM
Yes, when something is literally worth almost nothing, it takes billions more of it to do anything besides continue to pass it around.
 
2014-01-15 10:14:47 AM
Seeing so many Bitcoin alternatives pop up, I have to wonder if there aren't powerful forces at work here trying to snuff out crypto currency. If they can't destroy Bitcoin directly, they can flood the market with competing currencies, confusing potential users and fragmenting those already using Bitcoin.
 
2014-01-15 10:19:22 AM

EngineerAU: If they can't destroy Bitcoin directly


Bitcoin's already rigged for self-destruction. It's an inherently deflationary currency, even moreso than a gold-backed currency. Cryptocurrency is going to happen, but bitcoin isn't it.
 
2014-01-15 10:22:27 AM

doglover: That's a piss poor metric.


very anger.
 
2014-01-15 10:27:00 AM

t3knomanser: EngineerAU: If they can't destroy Bitcoin directly

Bitcoin's already rigged for self-destruction. It's an inherently deflationary currency, even moreso than a gold-backed currency. Cryptocurrency is going to happen, but bitcoin isn't it.


I'm hoping for something along the lines of CureCoin, if it ever gets off the ground.
 
2014-01-15 10:35:37 AM

LasersHurt: I'm hoping for something along the lines of CureCoin, if it ever gets off the ground.


That is an interesting project. I don't know enough about the constraints of protein folding to know how deflationary that ends up being- will it get harder over time to find novel folds? I assume this is true, so the next question is:  how much harder? It seems like it will be hard to balance the currency and avoid both the BitCoin-esque deflation, and the hyperinflation most virtual currencies encounter. All that said, I really like the idea of a currency backed by something of  informational value- a CureCoin is proof that I've participated in solving a problem of  real world import.

I could see a lot of currencies cropping up along those lines- it's the natural next step for all of those @Home projects- throw a blockchain prover on there, and voila, you get valuable computation in exchange for fake Internet points, but fake Internet points you can trade in.
 
2014-01-15 10:52:01 AM

t3knomanser: LasersHurt: I'm hoping for something along the lines of CureCoin, if it ever gets off the ground.

That is an interesting project. I don't know enough about the constraints of protein folding to know how deflationary that ends up being- will it get harder over time to find novel folds? I assume this is true, so the next question is:  how much harder? It seems like it will be hard to balance the currency and avoid both the BitCoin-esque deflation, and the hyperinflation most virtual currencies encounter. All that said, I really like the idea of a currency backed by something of  informational value- a CureCoin is proof that I've participated in solving a problem of  real world import.

I could see a lot of currencies cropping up along those lines- it's the natural next step for all of those @Home projects- throw a blockchain prover on there, and voila, you get valuable computation in exchange for fake Internet points, but fake Internet points you can trade in.


Yep. It remains to be seen how effective it is at control, but they are working on it. And I think it's going to inspire other similar projects, certainly. Donating PC power as a paying gig seems like it would be popular.
 
2014-01-15 10:58:26 AM

doglover: That's a piss poor metric.


If the point of a currency is to facilitate transactions, then I'd say it's the best, if not only metric for measuring success.

EngineerAU: Seeing so many Bitcoin alternatives pop up, I have to wonder if there aren't powerful forces at work here trying to snuff out crypto currency. If they can't destroy Bitcoin directly, they can flood the market with competing currencies, confusing potential users and fragmenting those already using Bitcoin.


Bitcoin critics have been warning this would happen for a while now:

"An even more fundamental problem with bitcoins, and indeed any private currency, is that there is no way to limit its supply. True, bitcoins cannot be manufactured beyond the limits set by Nakamoto. But there is no way to prevent future Nakamotos from creating bitcoin substitutes-say, bytecoin, or botcoin. If merchants are willing to accept bitcoins, they will be willing to accept the substitutes, especially as bitcoins become scarce and consumers scramble for substitutes. Nakamoto must have realized this because there are not enough bitcoins to substitute for the currencies around the world. The currency can only succeed if it is expanded or supplemented. But if there are no constraints on substitute digital currencies-and there aren't-then the value of bitcoins will plummet as the subs begin to circulate. And once it becomes clear that there is no limit, people will realize that their holdings could become worthless at any moment, and demand for bitcoins and the other currencies will collapse, ending the experiment." Link
 
2014-01-15 11:09:22 AM
There is something about mtgox & bitcoin, winklvoss & etc that i really hate...
whatever it is, they can take it to hell with them.

yes, they have a demon, or more properly, the demon has them.
 
2014-01-15 11:11:56 AM

t3knomanser: EngineerAU: If they can't destroy Bitcoin directly

Bitcoin's already rigged for self-destruction. It's an inherently deflationary currency, even moreso than a gold-backed currency. Cryptocurrency is going to happen, but bitcoin isn't it.


Cryptocurrency is rigged for anonymous manipulation. It ignores the whole point of currency as valuation by not exposing the valuations made with it. All such currencies will fall to flood attacks, and all potential protections that keep the production distributed and transactions anonymous will simply change which part of the currency stream is hurt initially.
 
2014-01-15 11:24:11 AM
To exchange dogecoins for a bitcoin, you need about 2.4 million of them. Dogecoins are created in blocks of 5000, not 25 or 50 like normal cryptocurrency. This makes them a lot like Zimbabwe Dollars, or any other hyperinflated currency. Their low value explains their high trade volume.
 
2014-01-15 11:28:47 AM
Good thing i have all my money tied up in Coinye. It's so valuable, it isnt even being traded!
 
2014-01-15 11:34:56 AM
Wake me up when I can buy a Tesla with all of these old Aladdin's Castle tokens.
 
2014-01-15 11:39:14 AM
img.fark.net

Dogecoin!  Dogecoin!  We've got Dogecoin here!
 
2014-01-15 11:51:16 AM

EngineerAU: Seeing so many Bitcoin alternatives pop up, I have to wonder if there aren't powerful forces at work here trying to snuff out crypto currency. If they can't destroy Bitcoin directly, they can flood the market with competing currencies, confusing potential users and fragmenting those already using Bitcoin.


And crypto-currency was supposed to be "deflationary."
 
2014-01-15 12:05:11 PM
Yes, but what's the exchange rate between Dogecoin and Flooz?
 
2014-01-15 12:11:32 PM
I would equate bitcoin to dogecoin about the same way I'd equate, say, the dollar to the euro (or whatever pair of physical currencies you want to substitute; i'm not so concerned with the analogy that I'm going to worry about that). There's a bunch of each, but they don't really cannibalize each other. It really kind of comes down to which type of currency, physical or crypto, people collectively have more faith in.
 
2014-01-15 12:43:54 PM
LazarusLong42

Yes, but what's the exchange rate between Dogecoin and Flooz?

You first have to convert both to beenz.
 
2014-01-15 01:01:13 PM
Still more valuable than Delta SkyPesos.
 
2014-01-15 01:03:47 PM

Son of Thunder: [img.fark.net image 681x602]

Dogecoin!  Dogecoin!  We've got Dogecoin here!


see, nobody cares.
 
2014-01-15 01:52:43 PM

t3knomanser: EngineerAU: If they can't destroy Bitcoin directly

Bitcoin's already rigged for self-destruction. It's an inherently deflationary currency, even moreso than a gold-backed currency. Cryptocurrency is going to happen, but bitcoin isn't it.


How is it a deflationary currency? I know it's unbacked but it doesn't look like its going anywhere for the time being. Are you claiming it's only a matter of time before a flaw is found in the encryption process?
 
2014-01-15 01:56:56 PM

Gosling: I would equate bitcoin to dogecoin about the same way I'd equate, say, the dollar to the euro (or whatever pair of physical currencies you want to substitute; i'm not so concerned with the analogy that I'm going to worry about that). There's a bunch of each, but they don't really cannibalize each other. It really kind of comes down to which type of currency, physical or crypto, people collectively have more faith in.


I would equate bitcoin to dogecoin in the same way that I'd equate world of warcraft gold to Fallout bottlecaps.  They're all imaginary and none is really worth anything.
 
2014-01-15 02:03:33 PM

viscountalpha: t3knomanser: EngineerAU: If they can't destroy Bitcoin directly

Bitcoin's already rigged for self-destruction. It's an inherently deflationary currency, even moreso than a gold-backed currency. Cryptocurrency is going to happen, but bitcoin isn't it.

How is it a deflationary currency? I know it's unbacked but it doesn't look like its going anywhere for the time being. Are you claiming it's only a matter of time before a flaw is found in the encryption process?


It's deflationary because the supply is arbitrarily capped; ie, money supply doesn't grow with the economy.

Inflation is when money supply grows substantially faster than the economy; deflation is the other way around.

/most economic depressions have been deflationary,
 
2014-01-15 02:17:35 PM

2chris2: I would equate bitcoin to dogecoin in the same way that I'd equate world of warcraft gold to Fallout bottlecaps. They're all imaginary and none is really worth anything.


Isn't all money imaginary, or do you really think that scrap of paper in your wallet is really worth $100?
 
2014-01-15 02:54:44 PM

EngineerAU: Seeing so many Bitcoin alternatives pop up, I have to wonder if there aren't powerful forces at work here trying to snuff out crypto currency. If they can't destroy Bitcoin directly, they can flood the market with competing currencies, confusing potential users and fragmenting those already using Bitcoin.


Bitcoin was intended to be a proof-of-concept, not a working currency. Shady people needed a working currency that had anonymity attached, so bitcoin got picked up for that purpose. As other people have said, if another crypto-coin comes along, bitcoin will collapse as people migrate to the new hotness.

This all goes to show that all currency-- i.e. the equating of a valueless token with something that can be eaten, drunk, slept in or have sex with-- is nothing more than a social construct. Yes, even gold.
 
2014-01-15 03:07:27 PM

theorellior: if another crypto-coin comes along, bitcoin will collapse as people migrate to the new hotness.


Dozens have come along. Bitcoin has a pretty strong foothold.

Unless Bitcoin runs into some serious issues, it will take something revolutionary to knock Bitcoin off the throne.
 
2014-01-15 03:23:27 PM

Hand Banana: 2chris2: I would equate bitcoin to dogecoin in the same way that I'd equate world of warcraft gold to Fallout bottlecaps. They're all imaginary and none is really worth anything.

Isn't all money imaginary, or do you really think that scrap of paper in your wallet is really worth $100?


Government backed notes hold value among banks and businesses, which is all that matters to folks (most of whom aren't buying drugs or weapons through the internet). We don't care if the paper itself is worth anything so long as its got accountable value with all of the right people.

Bitcoin is currently backed by a shady network of exchanges that can't seem to avoid being ripped off or running into trouble with the law. Its as good as a check signed by the prince of Nigeria himself.
If you can run with that crowd then maybe you make some money. But I'm not feeling confident with so many people using it to invest and get rick quick.

/If something happens, those same traders will run on the exchanges to cash out their bit investments.
/The exchanges are not too big to fail...
 
2014-01-15 03:25:28 PM

EngineerAU: Seeing so many Bitcoin alternatives pop up, I have to wonder if there aren't powerful forces at work here trying to snuff out crypto currency. If they can't destroy Bitcoin directly, they can flood the market with competing currencies, confusing potential users and fragmenting those already using Bitcoin.


Yes, it's a government conspiracy and not people just thinking "hey, if idiots bought bitcoins as they bubbled, maybe they'll buy my piece of shiat pretend currency as it bubbles and I'll make a ton of cash".
 
2014-01-15 03:27:37 PM
Can I use Dogecoin to buy drugs off the internet?  Cause, that's all Bitcoin does, right?
 
2014-01-15 03:29:59 PM

Hand Banana: 2chris2: I would equate bitcoin to dogecoin in the same way that I'd equate world of warcraft gold to Fallout bottlecaps. They're all imaginary and none is really worth anything.

Isn't all money imaginary, or do you really think that scrap of paper in your wallet is really worth $100?


The scrap of cotton and linen in my pocket is worth what people will give me in goods and services.  I can go down to a nice restaurant and get a very nice dinner or buy grocieries for my family for a week or three tanks of gasoline or a couple rather new video games or pay a babysitter for 8 or so hours of watching my kid with it.  I can't do that with bitcoins.  Also, considering the ridiculous variability in them, I wouldn't really want to use it because I'd never know if this hour I could get one tank of gas or six.
 
2014-01-15 03:35:00 PM

way south: But I'm not feeling confident with so many people using it to invest and get rick quick.


My feeling as well.

Bitcoin's current value is set mostly by speculators expecting the value to increase, not by people buying bitcoin to exchange for goods.
 
2014-01-15 04:09:20 PM

meanmutton: I can go down to a nice restaurant and get a very nice dinner or buy grocieries for my family for a week or three tanks of gasoline or a couple rather new video games or pay a babysitter for 8 or so hours of watching my kid with it.  I can't do that with bitcoins


This is where you are wrong. You can do it with bitcoins ... you just need to deal with people who accept the currency.

Try buying gas at your local station with Yuan. I'm pretty sure they won't take them. Does that mean that Yuan are not legitimate currency? Because there is over a billion Chinese people that would disagree with you if you think that your corner gas station defines whether or not it is currency.

And you can easily pay your babysitter with Bitcoin ... they just need to set up a wallet (one time - 5 minutes - free).
 
2014-01-15 04:10:43 PM
Looking at TFA, most of those cryptocurrencies have transaction confirmation times of approx 5 minutes!!  That's ridiculous.  Western Union to Guatemala is faster than that.
 
2014-01-15 05:08:44 PM

Farking Canuck: meanmutton: I can go down to a nice restaurant and get a very nice dinner or buy grocieries for my family for a week or three tanks of gasoline or a couple rather new video games or pay a babysitter for 8 or so hours of watching my kid with it.  I can't do that with bitcoins

This is where you are wrong. You can do it with bitcoins ... you just need to deal with people who accept the currency.

Try buying gas at your local station with Yuan. I'm pretty sure they won't take them. Does that mean that Yuan are not legitimate currency? Because there is over a billion Chinese people that would disagree with you if you think that your corner gas station defines whether or not it is currency.

And you can easily pay your babysitter with Bitcoin ... they just need to set up a wallet (one time - 5 minutes - free).


Exactly, a currency's value is determined by those who choose to accept it (or not). In terms of practical spending, BTC is accepted by approximately no one, while the dollar is accepted by essentially everyone.

It's true that you can buy some goods in limited situations with BTC, and you can even convert them to dollars if you don't mind using a site like Mt. Gox that seems to get hacked every 6 months or so. But this pales in comparison to the avenues of purchase and exchange of real currencies, and that's why the dollar will remain valuable no matter what any crypto-libertarians try to tell you.
 
2014-01-15 05:08:45 PM

FrancoFile: Looking at TFA, most of those cryptocurrencies have transaction confirmation times of approx 5 minutes!!  That's ridiculous.  Western Union to Guatemala is faster than that.


True but your average retailer would not wait for the 100% verification. As an example, I believe Bitcoin needs 6 verifications to become official. A retailer would probably approve the transaction after one or two verifications - greatly reducing this time. It is a small risk to the retailer but acceptable for average purchases. Obviously full confirmation would be needed for a car or a house purchase but 10 minutes is not unreasonable for purchases of that magnitude.

That said, this is one of the weaknesses of Bitcoin and I personally believe one of the reasons that it will be eventually dethroned. Its successor will have a much faster confirmation time.
 
2014-01-15 05:21:42 PM

Farking Canuck: FrancoFile: Looking at TFA, most of those cryptocurrencies have transaction confirmation times of approx 5 minutes!!  That's ridiculous.  Western Union to Guatemala is faster than that.

True but your average retailer would not wait for the 100% verification. As an example, I believe Bitcoin needs 6 verifications to become official. A retailer would probably approve the transaction after one or two verifications - greatly reducing this time. It is a small risk to the retailer but acceptable for average purchases. Obviously full confirmation would be needed for a car or a house purchase but 10 minutes is not unreasonable for purchases of that magnitude.

That said, this is one of the weaknesses of Bitcoin and I personally believe one of the reasons that it will be eventually dethroned. Its successor will have a much faster confirmation time.


While it's true about the wait time, for a walk-in store, it will still work great for online purchases.
 
2014-01-15 05:26:00 PM

octane14: Farking Canuck: FrancoFile: Looking at TFA, most of those cryptocurrencies have transaction confirmation times of approx 5 minutes!!  That's ridiculous.  Western Union to Guatemala is faster than that.

True but your average retailer would not wait for the 100% verification. As an example, I believe Bitcoin needs 6 verifications to become official. A retailer would probably approve the transaction after one or two verifications - greatly reducing this time. It is a small risk to the retailer but acceptable for average purchases. Obviously full confirmation would be needed for a car or a house purchase but 10 minutes is not unreasonable for purchases of that magnitude.

That said, this is one of the weaknesses of Bitcoin and I personally believe one of the reasons that it will be eventually dethroned. Its successor will have a much faster confirmation time.

While it's true about the wait time, for a walk-in store, it will still work great for online purchases.


Not if I have a flaky internet connection...
 
2014-01-15 06:05:09 PM

Farking Canuck: Obviously full confirmation would be needed for a car or a house purchase but 10 minutes is not unreasonable for purchases of that magnitude.


Good idea of the day: buying your house with a "currency" that regularly fluctuates +/- 10% in value.
 
2014-01-15 07:22:00 PM

Farking Canuck: FrancoFile: Looking at TFA, most of those cryptocurrencies have transaction confirmation times of approx 5 minutes!!  That's ridiculous.  Western Union to Guatemala is faster than that.

True but your average retailer would not wait for the 100% verification. As an example, I believe Bitcoin needs 6 verifications to become official. A retailer would probably approve the transaction after one or two verifications - greatly reducing this time. It is a small risk to the retailer but acceptable for average purchases. Obviously full confirmation would be needed for a car or a house purchase but 10 minutes is not unreasonable for purchases of that magnitude.

That said, this is one of the weaknesses of Bitcoin and I personally believe one of the reasons that it will be eventually dethroned. Its successor will have a much faster confirmation time.



The weakness of Bitcoin is that there is already plenty of evidence showing it is a manipulatable currency, and this is true of all anonymously distributedly-produced currency.  There are a number of research papers now showing various fingerprints of manipulation, and it is clear the currency can be manipulated theoretically.  The weakness of Bitcoin is that it ignores 150+ years of currency theory and the only reason it has any value is the grey market uses and a speculator bubble.  It is a currency that has already had crashes (plural) in it's brief existence!  It hasn't even been throned to be dethroned.
 
2014-01-15 10:15:09 PM

oren0: Good idea of the day: buying your house with a "currency" that regularly fluctuates +/- 10% in value.


I am not suggesting that anyone do this. I was just posting an example of when a full confirmation would be warranted.

You do realize that the current fluctuations are due to the very speculative nature of the currency right now. This will stabilize as it becomes more mainstream which will encourage more legitimate use (i.e. standard transactions as opposed to speculation) which will stabilize it further and decrease the speculation further.

I never understand why people expect everything new to be perfect out of the box. I guess people can only see what is and have no vision as to what things can/might become.
 
2014-01-16 12:37:54 AM

Farking Canuck: This will stabilize as IF it becomes more mainstream


With the understanding that bit coins (pictured below) have a better chance than bitcoin of becoming a mainstream currency.

derpicdn.net
 
2014-01-16 08:46:56 AM

Olympic Trolling Judge: Farking Canuck: This will stabilize as IF it becomes more mainstream

With the understanding that bit coins (pictured below) have a better chance than bitcoin of becoming a mainstream currency.

[derpicdn.net image 475x600]


First you need to define 'mainstream'. Apparently over 20,000 businesses and charities accept Bitcoins. How many are needed before it can be called mainstream?

Second, I personally don't believe Bitcoin will be the long term winner in the cryptocurrency race as it is an early design and has some shortcomings that newer cryptocurrencies are addressing. But I do feel that some kind of open source cryptocurrency will continue to exist into the future.
 
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