7 ms·

When I found out about Bitcoin, I wanted to try some cryptocurrency to see what it was in practice, how it would work. Dogecoin was perfect for this learning pu

by soneca 9y ago

When I found out about Bitcoin, I wanted to try some cryptocurrency to see what it was in practice, how it would work. Dogecoin was perfect for this learning purpose. I mined a little, bought about USD5 of it. Gave some tips on Reddit. I liked the explicit purpose of the community to not be a speculative instrument. You should always use it as currency and most users were against holding it as wealth. I guess they lost that battle to the speculative greedy forces. Once I learned enough, I stopped playing with it and forgot about some coins left in my wallet. That ~USD5 is worth ~USD430 today. But I forgot about the coins and the password. :) So, no profit from my early playing time.

amelius 9y ago
You may find a solution here: https://news.ycombinator.com/item?id=15968825 https://news.ycombinator.com/item?id=15968825
- soneca 9y ago
  I actually tried some homemade bruteforce attack using all my regular passwords, but at half-way I decided it was not worthy. I don't think Dogecoin has any chance (or will, as a community) to get another 10x valuation; so probably I will keep tracking the value of my ~27000 dogecoins as a reminder of how speculative bubbles work.
mcv 9y ago
> I liked the explicit purpose of the community to not be a speculative instrument. You should always use it as currency and most users were against holding it as wealth. I guess they lost that battle to the speculative greedy forces. Every coin lost that battle. Bitcoin was also intended as currency. At the moment, the amount of speculation far outstrips any legitimate use as currency. The world has gone nuts. And what's worse, my co-workers talk all day about what Redcoin and Ripple and Verge are doing and whether they bought or sold at the wrong moment.
- beojan 9y ago
  > Every coin lost that battle. Bitcoin was also intended as currency. At the moment, the amount of speculation far outstrips any legitimate use as currency. We're seeing the reason economists consider deflation to be a bad thing.
  - Klathmon 9y ago
    It has nothing to do with deflation (bitcoin isn't even deflationary yet, it is still inflationary currently), it has everything to do with scaling the blockchain as a technology. Bitcoin was the first to hit the point of big adoption, and it will need to solve the problem. Ethereum is starting to feel the problem now as well.
    - beojan 9y ago
      The price of goods (using USD as a proxy for goods, which is fine so long as you account for inflation of USD) in bitcoin is generally speaking decreasing. This means bitcoin is deflationary (despite new bitcoin still being mined).
      - adventured 9y ago
        Currently Bitcoin is neither inflationary nor deflationary. It's a near zero swap (mostly other than fees). Nothing is created nor destroyed, which is why the primary argument for Bitcoin having much value today is as a value store. You want to sell $1 million in bitcoin. Someone else is willing to pay you $1 million USD for those bitcoins. $1 million neither left nor was added to the economy. You now have the $1m USD to spend or invest as you see fit. You swapped positions, that's it. No deflation occurred at all.
        beojan 9y ago
        I can buy more of whatever good I want for 1 bitcoin today than I could a couple of months ago, and I could buy more then than at the beginning of last year. That means bitcoin is deflating.
tanepiper 9y ago
Pretty much the same story here. Also I just checked my password manager and saw I had a bunch of Dogecoin sites. Tried them all. 5 out of 6 are completely dead, an one is just a price aggregation site. Also Dogecoin blew my GPU at the time, luckily I got a free replacement from MSI.
- soneca 9y ago
  That happened to me too. My GPU got permanently screwed due to Dogecoin mining.
SmellyGeekBoy 9y ago
Similar story here, except I discovered that the Doge I had sitting around on an old HDD was worth around $3000 in August, so I recovered it and exchanged it for Ethereum. If I'd held on to the Doge it would've been worth twice as much now. Oh well, it's free money so I can't really complain and I still think Ethereum has more potential longer term. Not that I'm an investor by any stretch of the imagination.
deleted 9y ago
[deleted]
taoistextremist 9y ago
Similar experience, though I'm too lazy to check the value, I think I had something like 17k dogecoin mined. My password had to have been like 60 characters and I forgot it, deleted my wallet because I figured it wasn't worth much anyways and I had gotten bored with the community by then. I really did like the community around it though (aside from a few ne'er-do-wells) and how when people would ask for the going rate of 1 Dogecoin you'd always get the response of 1 Dogecoin. In any case I think it worked well as an educational tool.

by soneca 9y ago

amelius 9y ago

You may find a solution here: https://news.ycombinator.com/item?id=15968825 https://news.ycombinator.com/item?id=15968825

soneca 9y ago
I actually tried some homemade bruteforce attack using all my regular passwords, but at half-way I decided it was not worthy. I don't think Dogecoin has any chance (or will, as a community) to get another 10x valuation; so probably I will keep tracking the value of my ~27000 dogecoins as a reminder of how speculative bubbles work.

mcv 9y ago

> I liked the explicit purpose of the community to not be a speculative instrument. You should always use it as currency and most users were against holding it as wealth. I guess they lost that battle to the speculative greedy forces. Every coin lost that battle. Bitcoin was also intended as currency. At the moment, the amount of speculation far outstrips any legitimate use as currency. The world has gone nuts. And what's worse, my co-workers talk all day about what Redcoin and Ripple and Verge are doing and whether they bought or sold at the wrong moment.

beojan 9y ago
> Every coin lost that battle. Bitcoin was also intended as currency. At the moment, the amount of speculation far outstrips any legitimate use as currency. We're seeing the reason economists consider deflation to be a bad thing.
- Klathmon 9y ago
  It has nothing to do with deflation (bitcoin isn't even deflationary yet, it is still inflationary currently), it has everything to do with scaling the blockchain as a technology. Bitcoin was the first to hit the point of big adoption, and it will need to solve the problem. Ethereum is starting to feel the problem now as well.
  - beojan 9y ago
    The price of goods (using USD as a proxy for goods, which is fine so long as you account for inflation of USD) in bitcoin is generally speaking decreasing. This means bitcoin is deflationary (despite new bitcoin still being mined).
    - adventured 9y ago
      Currently Bitcoin is neither inflationary nor deflationary. It's a near zero swap (mostly other than fees). Nothing is created nor destroyed, which is why the primary argument for Bitcoin having much value today is as a value store. You want to sell $1 million in bitcoin. Someone else is willing to pay you $1 million USD for those bitcoins. $1 million neither left nor was added to the economy. You now have the $1m USD to spend or invest as you see fit. You swapped positions, that's it. No deflation occurred at all.
      - beojan 9y ago
        I can buy more of whatever good I want for 1 bitcoin today than I could a couple of months ago, and I could buy more then than at the beginning of last year. That means bitcoin is deflating.

tanepiper 9y ago

Pretty much the same story here. Also I just checked my password manager and saw I had a bunch of Dogecoin sites. Tried them all. 5 out of 6 are completely dead, an one is just a price aggregation site. Also Dogecoin blew my GPU at the time, luckily I got a free replacement from MSI.

soneca 9y ago
That happened to me too. My GPU got permanently screwed due to Dogecoin mining.

SmellyGeekBoy 9y ago

Similar story here, except I discovered that the Doge I had sitting around on an old HDD was worth around $3000 in August, so I recovered it and exchanged it for Ethereum. If I'd held on to the Doge it would've been worth twice as much now. Oh well, it's free money so I can't really complain and I still think Ethereum has more potential longer term. Not that I'm an investor by any stretch of the imagination.

deleted 9y ago

[deleted]

taoistextremist 9y ago

Similar experience, though I'm too lazy to check the value, I think I had something like 17k dogecoin mined. My password had to have been like 60 characters and I forgot it, deleted my wallet because I figured it wasn't worth much anyways and I had gotten bored with the community by then. I really did like the community around it though (aside from a few ne'er-do-wells) and how when people would ask for the going rate of 1 Dogecoin you'd always get the response of 1 Dogecoin. In any case I think it worked well as an educational tool.