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Dogecoin and the Appeal of Small Numbers

245 点作者 pacov超过 11 年前

27 条评论

willholloway超过 11 年前
Great article, but I disagree with one point. I do believe the value of one Doge will reach one dollar.<p>A 100 billion market cap is just ~8 times that of Bitcoins. If Doge succeeds at its goal of being the tipping currency for the internet it will reach at least one dollar.<p>Update:<p>To expound on my point, I think Dogecoin solves the single biggest crisis the Internet has created, and that is &quot;How do we compensate people who create digital works that are infinitely reproducible?&quot;<p>This is Jaron Lanier&#x27;s beat. Has the internet delivered in broadening the middle class? No, it has threatened the middle class.<p>When people work for Likes, or reputation, instead of cash, they become impoverished.<p>Dogecoin can solve this problem by being a viable micropayment system. It can bring a currency layer to the internet, undergirding everything. As coders, Doge allows us to work with currency as easily as we work with an API.<p>The economic security of creators depends on being able to extract revenue in amounts greater than what advertising provides but less than what credit cards are capable of. All of the micropayment companies so far have failed. The prize is huge.<p>I bought into Dogecoin because I was vexed by the problems Lanier pointed out to me and I saw it as a micropayments solution that has gained explosive traction in just six weeks.<p>This is coming from someone whose HN comment history has been very down on cryptocurrency. I now have the fanatic zeal of a convert.
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ck2超过 11 年前
It&#x27;s not just the number of coins.<p>The people who created this were not idiots, they learned by looking at previous coins.<p><pre><code> 1. more coins for larger transactions instead of fractions 2. faster block rate (one a minute) 3. faster difficulty adjustment time (4 hours vs days or weeks) 4. faster halving time (every other month or so) 5. faster time to last block (mid 2015) 6. faster confirmations </code></pre> The random payout on a block is a neat idea. I think they borrowed it from lottocoin or luckycoin.<p>It doesn&#x27;t have to hit a dollar to be successful, even if it hits a penny USD, it will generate a ton of activity and &quot;wealth&quot;.<p>The only big problem they have is their blockchain is going to be insanely huge in a year, like staggeringly unmanageable.
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krisgee超过 11 年前
It&#x27;s 100% attitude. Doge is fun and playful while bitcoin seems to be the domain of crazy libertarians and people who just want to be the new bank.
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Destitute超过 11 年前
The fascinating thing about DOGECOIN, is the vast majority of the internet judge it purely based on its aesthetic and name. Take away the &quot;DOGE&quot; and it still has one of the most supportive, charitable, and active communities. All three of those are important to have a successful currency because that community grows.<p>People call it a joke or parody purely based on its name, and don&#x27;t have the mental fortitude to think beyond the DOGE aesthetic which was intended as a spark to get the engine going.<p>DOGE could become the de-facto internet tipping protocol if they go that route.<p>Hell, they could even change the name and shut everyone up too... and then I wonder if people would still call it a joke currency or parody? Hmmm..
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aresant超过 11 年前
Just a random comment on the whole &quot;community raised 25k&quot;<p>In fact one self identifying bitcoin speculator contributed $20k of that after moving some bc&gt;doge all to drive speculative in doge through the assured free press (and wrote about his intent on reddit).
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flatline超过 11 年前
I believe the problem they describe is both real and somewhat frivolous at the same time.<p>The minimum transaction amount that does not incur fees is currently .01 BTC, so I think there is an actual issue for micro-transactions as things stand now.<p>However, the smallest indivisible unit of a bitcoin is 1 satoshi (1e-8 BTC), and if the bitcoin fanatics are to be believed and 1 BTC will be worth anywhere from $40,000 to $1,000,000 in the future, it makes sense to deal in the smallest possible denomination that can show up on the blockchain. A 200K satoshi tip sounds a lot better than a .002 BTC tip, or even 2mBTC (hope I got those decimal places right!)
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earlz超过 11 年前
I got into Doge when it was about a week old, stupidly bought like 1000 DOGE for 0.001BTC (there wasn&#x27;t yet an exchange), which was way overvalued at the time. Then I setup cpuminer on my computer and let it run for a week and watched as 10,000 DOGE was added to my wallet. And then my mining pool shutdown. Just setup a mining pool account again this week and now my projections are looking more like 1000 DOGE every couple of weeks. ughhh<p>I completely agree though, feels so much better to have 10,000 DOGE than 0.01 BTC. And makes for a much better tipping experience
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jmuguy超过 11 年前
I switched from mining LTC to Dogecoin today. Feels good to get 100s of coin an hour compared to 0.002 LTC. So yeah small numbers and all that.
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finnh超过 11 年前
I am the only one who reads &quot;Doge&quot; as its pre-meme value: the ruler of an italian city state like Venice back in the day?
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steveklabnik超过 11 年前
Takeaway: People are not rational. You can exploit this for marketing purposes.
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minimax超过 11 年前
Can anyone comment on the profitability of mining Dogecoins vs bitcoins? It seems weird that mining one crypto currency would be more or less profitable (in dollars per watt terms) than another. Rational miners seeking to optimize profits would tend to mine the more profitable coin which would drive up the supply and drive down the price until an equilibrium is achieved.<p>edit: While we are at it, does anyone know how many dogecoins can you expect to mine per kilowatt-hour?
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drawkbox超过 11 年前
Dogecoin is one of those things that is right on the border of insanity and genius. The brand might give it such momentum and it could fit in as the internet tip karma. Reddit gold, gittip, doge, types of coin have social merit for sure and a bit of monetary reward.
jellicle超过 11 年前
Great post. Also perfectly explains why the idea that bitcoin will rule the world is nonsense; there&#x27;s infinite competition from other fad currencies.<p>Whatever benefit you think bitcoin has or will have - WHATEVER benefit - someone will make another currency that does it better and cooler, and then no one will have any reason to have bitcoins, and then your life savings evaporate.<p>Social networks, teen pop music bands, internet currencies - all follow a nice, predictable rise and fall arc. We can&#x27;t exactly predict how high the rise will be, or exactly when the fall will come, but we know it&#x27;s coming.
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croddin超过 11 年前
Instead of trying to set the value of each denomination of a currency to a certain amount why don&#x27;t we use SI prefixes for them? Making very large and small numbers more relatable is what SI prefixes are designed for.<p>Instead of talking about $DOGE 700 = $BTC 0.001, why not say $DOGE 700 = m$BTC 1?<p>This solution would work even if the currency drifted further from the value of the dollar, just start using u$BTC, n$BTC, or k$DOGE etc.
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bitops超过 11 年前
You know most people don&#x27;t want to believe that dogecoin is a real virtual currency.<p>[EDIT: Apparently some people on HN have not seen &#x27;Cool Runnings&#x27;.]
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JumpCrisscross超过 11 年前
Comes up in share grants as well. A 10,000 share stock award sounds a lot more impressive than a 50 share stock award, even if the former company has 10,000,000 (0.1%) shares and the latter 10,000 (0.5%).
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1qaz2wsx3edc超过 11 年前
It&#x27;s interesting when you look at 42&#x2F;BTC&#x2F;LTC&#x2F;DOGE. It seems the common denominator is rarity. The less rare, the less value, the more the higher the value. Sounds similar to something. DOGE are the pennies of cryptocurrencies. Just two cents, or two DOGE? I&#x27;m not sure anymore.
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spokenn超过 11 年前
Where can you exchange $20 for 10k DOGE easily? Doge-base anyone?
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patrickg_zill超过 11 年前
I view Bitcoin as being more like &quot;gold&quot; and Dogecoin as more like &quot;change in your pocket&quot;. As it is even with the recent runup in price, the value is not even 1 penny USD per Doge.<p>Gold is more valuable, but in terms of actually changing hands (I am not talking about trading paper gold) the daily volume is low. Meanwhile lots of people use coins every day.
interstitial超过 11 年前
I think it&#x27;s ironic that &#x27;Small Numbers&#x27; in now #2 with 23 points and 2 comments (well, 3 now). The HN penalty regex isn&#x27;t fine tuned. Also, ironic, that much of reddit has a financial incentive to promote it. Can I promote real estate and bulletin board stocks if I give it a tech slant?
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chris123超过 11 年前
My general thought, at least thus far, was&#x2F;is that the &quot;mainstream&quot; crypto currency market will be a winner-take-all kind of market. But maybe there will indeed be one crypto currency for big transactions and one for small. It will be interesting to see how this plays out. As an insurance policy of sorts, I&#x27;ve acquired my first-ever Dogecoin. I am guessing others will as well. Hmm.
catshirt超过 11 年前
dogetips should replace &quot;likes&quot; &quot;upvotes&quot; etc
JulianMorrison超过 11 年前
Dogecoin is what finally convinced me that the internet had eaten reality.
joshdance超过 11 年前
When I first heard about dogecoin I laughed. When I saw the circulation I paused. When I learned more I got interested.
phaed超过 11 年前
Aaaand there goes our precious low difficulty.
goatse超过 11 年前
Goatse Coin is coming - goatse.cx
mmaunder超过 11 年前
I once got a letter that told me to forward it to at least 10 of my friends and send $20 to someone.