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I wonder if part of this is due to dust. My understanding is that at these prices you don't really want to split a coin for a $.25. As a result it's poor for mi

I wonder if part of this is due to dust. My understanding is that at these prices you don't really want to split a coin for a $.25. As a result it's poor for micro payments and daily macro payments alike.

nostrademons 9y ago
Dogecoin was created explicitly to have a low value suitable for micropayments & tipping. It hasn't really worked out much better for Dogecoin...interest in it seems to have waned a long time ago. My bet is that it hasn't caught on as a medium of exchange simply because that's not really a major pain point. Cryptocurrency's competition as payment isn't $USD; it's Visa, Mastercard, Discover, Stripe, Square, and other payment processors. People bitch about these companies, but they usually bitch about them from a concentration-of-power-and-fees standpoint (which Bitcoin doesn't actually solve, once you consider the costs of the commercial Bitcoin exchanges), not a convenience one. When it comes to convenience, whipping out a wallet-sized piece of plastic or your cell phone is a lot better than waiting 12 minutes for a transaction to settle on the blockchain.
- nnfy 9y ago
  I think dogecoin failed to go anywhere at least partly because it was a literal memecoin. Certainly made it hard for me to take it seriously as a semi-layman at the time.
  - stanleydrew 9y ago
    Interestingly that would seem to further the author's point a bit. You didn't think dogecoin was legitimate because it was named after a meme. So that made you less likely to trust the code/governance?
    - zdkl 9y ago
      > […] it was named after a meme. > So that made you less likely to trust the code/governance? Well... yeah! What's your point? That projects deserve trust based on their branding? I'm not convinced until there's peer approval, especially not if it's piggybacking on something "trendy". I do agree though it's a shame it got subverted from the ultra low value p2p tipping platform it was becoming. Feels like it's just litecoin left as credible alternative in that area.
- wavefunction 9y ago
  Dogecoin is for fun. Much block-chain. Wow. It died off because _some people_ tried to turn it into a real thing for micro transactions, etc.
pmuk 9y ago
And there are huge energy costs in performing a transaction... 197 KWh @ $0.10 per KWh = nearly $20 of electricity for 1 transaction.

nostrademons 9y ago

Dogecoin was created explicitly to have a low value suitable for micropayments & tipping. It hasn't really worked out much better for Dogecoin...interest in it seems to have waned a long time ago. My bet is that it hasn't caught on as a medium of exchange simply because that's not really a major pain point. Cryptocurrency's competition as payment isn't $USD; it's Visa, Mastercard, Discover, Stripe, Square, and other payment processors. People bitch about these companies, but they usually bitch about them from a concentration-of-power-and-fees standpoint (which Bitcoin doesn't actually solve, once you consider the costs of the commercial Bitcoin exchanges), not a convenience one. When it comes to convenience, whipping out a wallet-sized piece of plastic or your cell phone is a lot better than waiting 12 minutes for a transaction to settle on the blockchain.

nnfy 9y ago
I think dogecoin failed to go anywhere at least partly because it was a literal memecoin. Certainly made it hard for me to take it seriously as a semi-layman at the time.
- stanleydrew 9y ago
  Interestingly that would seem to further the author's point a bit. You didn't think dogecoin was legitimate because it was named after a meme. So that made you less likely to trust the code/governance?
  - zdkl 9y ago
    > […] it was named after a meme. > So that made you less likely to trust the code/governance? Well... yeah! What's your point? That projects deserve trust based on their branding? I'm not convinced until there's peer approval, especially not if it's piggybacking on something "trendy". I do agree though it's a shame it got subverted from the ultra low value p2p tipping platform it was becoming. Feels like it's just litecoin left as credible alternative in that area.
wavefunction 9y ago
Dogecoin is for fun. Much block-chain. Wow. It died off because _some people_ tried to turn it into a real thing for micro transactions, etc.

pmuk 9y ago

And there are huge energy costs in performing a transaction... 197 KWh @ $0.10 per KWh = nearly $20 of electricity for 1 transaction.