Hi, As I'm trying to understand Dogecoin, I'm wondering whether they intended it to be a short-lived "joke currency", one meant to create a speculative bubble and then crash to oblivion... They will create an immense number of 100 billion coins. The more coins, the cheaper a unit will be... And more than 1/3 have already been mined. So, we don't have much time until the last is mined... When will the last Dogecoin be mined? How long will this last and what will it be good for after all of them are mined? The sheer huge number, the fast mining and the fact that 1/3 have already been put into existence makes me wonder whether it really has significant potential.
Hunter, nobody knows what will be succesful and when or if it will die and get worthless. Dont try to jump each wagon. I have learned to stay to something you begin once. I had sooooo much DOGE and i convertetd to other coins tooo fast for nearly nothing I had lot millions of TIPS and converted to early ..... same here Choose coins early and hold them, If you choose a bundle early you maybe have a winner - but you have to spend time, time, time For example join LPC for free ... and wait or mine a few days - http://forums.silverstackers.com/topic-49573-leprocoin-lpc-russian-community-coin.html
and Hunter - invest maybe in a small miner - You ll learn sooo much about coins if you are mining Reading, trading and switching alone wont make you successful yourself with cryptos. Work with coins and youll learn over time to see what ll be worth to waiste your time and your hashpower
Doge has the largest global following of any Crypto in existence so far, last 24 hrs of trading in US $ was 336+ million dollars, BTC was $360+ million making Doge only second to BTC with Litecoin coming in with $145+ million in third place . For many many people Doge is their first introduction to the Crypto world. It was intended to be a joke coin but has become mainstream with a massive following . Just wait till the Sochi Winter Olympics and the Jamaican Bobsled team get's worldwide publicity.
No idea. I'm mining doge coins but purely for the learning experience. Certainly not getting enough to make the effort worthwhile if I wasn't learning something and having fun. Picked doges because at least I get whole numbers and not fractions :lol: There are a number of possible futures: 1. Bitcoin becomes "the one" crypto currency and all others (including litecoin) die off 2. Crypto currencies become a commodity and tend towards equal market cap - racing to the bottom (including bitcoin) 3. A new, better, currency gets created and wipes out all the current ones 4. Governments get serious and ban them all together
Being an economist I take the subject of cryptocurrencies seriously. I take a neutral side, but my job is to investigate. No-one knows, of course... I'm wondering if Dogecoin's rapid mining process and low price will actually fuel demand? Or the other way around? Trew: I agree with zou in grabbing entire figures of Dogecoin and not just fractions I think Bitcoin too may be just a "first phase" currency. Or, the first generation cryptocurrency. A new one might emerge. Like: a cryptocurrency with some sort of backing - as an example.
No, I haven't missed that one It can still be crypto, if it has some sort of backing. Ah, well, not all cryptocurrencies must be decentralised. I can imagine a cryptocurrency as the World's reserve currency, one that doesn't inflate, but has some sort of backing. And it would be tradeable in all currencies. It would be a great, neutral currency of reference. I wonder whether people would buy Dogecoin for other reasons except pure greedy speculation. Bitcoin is good for paying services, but Dogecoin stands worse in this issue. It's also harder to trade it. :/
I am a LEO and I began looking at cryptocurrencies because of their obvious value to criminal organizations. As I see it cryptos are money that don't need laundering for illegal activities and they are also a hot target for a thief. I started trying to mine Bitcoins but realized that it wasn't very helpful in understanding cryptos because it is so hard to mine and the payouts are small unless I want to invest in a mining rig. Dogecoin was affordable and I was able to see some coins develop even in a web browser (I get two or three a day). This gave me a basic foundation for how all of this stuff works. What I realized is that the Dogecoin community is a really cool group and the currency has a lot of potential. I just like the Dogecoin. I've turned a few folks onto them too and once they do some research they all seem to like the Doge better than other cryptos. I see some of the cryptos as a "useful for the moment" sort of thing like a US 3 cent piece. Really useful when it came out but it was short lived because it lost its function and it became unpopular with the general population. I feel like Dogecoin is a more popular and user friendly crypto. Who wants to buy a bag of chips with 0.0015 Bitcoin? I don't think we are geared to think in fractions smaller than 0.01 for transactions. I'd rather pay 600 Dogecoin; I can wrap my head around it better. Just my thoughts, Chris
Yeah, crash fast into the moon!!! But seriously, despite my early thoughts on it it's here to stay. Simply because it's been added as a pairing now on so many alt coin exchanges. That to me means longevity, as really XPM is only Other alt I've seen this with.. And with speed of mining I think once we hit 80% odd the price will really rocket
Blockchain size will become unmanageable in the future unless centralised, mining will start to become unprofitable after block 100,000 is mined, we are currently at block 78,157 http://dogechain.info/chain/Dogecoin Block 1-100,000: 0-1,000,000 DogeCoin Reward Block 100,001 200,000: 0-500,000 DogeCoin Reward Block 200,001 300,000: 0-250,000 DogeCoin Reward Block 300,001 400,000: 0-125,000 DogeCoin Reward Block 400,001 500,000: 0-62,500 DogeCoin Reward Block 500,001 - 600,000: 0-31,250 DogeCoin Reward Block 600,000+: 10,000 DogeCoin Reward I don't ever expect it make it much past block 300,000 But for the short while, enjoy it, still plenty of upside potential in the short term If your looking for something new and catchy check out 66 http://66coin.org/
There are hundreds of thousands of DogeCoins released per hour. This, along with the fact that there are no scrypt ASICs means that even a standard Intel CPU can mine several DogeCoins per hour. Meanwhile, a GPU is only going to see 0.000002 Bitcoins per hour. Regardless of the fact that these numbers are arbitrary it is all relative to price, I suspect some people like having "whole" DogeCoins as they view them as "cheap".
Don't discount this factor Many people consider a share price of $1 better value than a share price of $1000, and a share price of $0.05 must mean the company is junk because it's too low In reality the price makes no difference to the value of the shares - it depends on how many shares are issued - but humans are still biased
When do you think the short term peak will hit? It's being mined so fast and if at some point the mining process becomes unprofitable, I guess many will abandon it. I was expecting a higher price by the time 1/3 of Doge was mined. We're still around 0.0013-0.0016 $ It's been about 10 days since I'm monitoring it and the price doesn't move too much.
Dogecoin is cheap and fashionable. There is this mania around it. But why would anyone seriously want to use it? Not for investing, but for using it... I don't see many reasons. There are few companies accepting them. It's the demand that will drive the price. Will it hit 0.01 $ at least? Or 0.1 $? The market cap of Dogecoin has risen tremendously - it's the 4th largest from this point-of-view with 56 million $. And more than double Bitcoin's number of transactions per 24 h! So there is a force driving Dogecoin... it's obvious. The more they put into it, the higher the market cap will go. At the beginning, Bitcoin and Litecoin were sluggish as well. Although I am aware that they're "more serious currencies"...
As per my post Block 100,001 will be the peak, all down hill from there. Who knows where the top will be maybe around block 90,000 I guess
Well the price will be determined more by demand than supply. Right now it's mined to death and many of the miners just dump the doges for btc, keeping the price down. When the miners get less there will be less to dump. If the demand is still there from buyers the price may go up rather than down after block 100,000 Even if the block rewards halve, if the miners halve as well then those left get the same as before.
Yes, I also share your logic. Price should go up as supply goes down. As for demand - I expect it to rise. And if that ignites a price increase, then more will rush in.
Well, for a coin that started out to be a joke, they appear to be doing alot of things right. Marketing, seems to be their tool of choice. http://www.followthecoin.com/dogecoin-sending-indian-luge-team-to-2014-winter-olympics/ First the Jamaican and now the Indian Lube team.
