4 ms·

Alternative perspective: maybe cryptocurrencies are valuable and represent real innovation?

tqkxzugoaupvwqr 9y ago
Counterpoint: “Dogecoin, a parody cryptocurrency, just broke $2B for its market cap” although development stopped two years ago. https://news.ycombinator.com/item?id=16096119 https://news.ycombinator.com/item?id=16096119
- pavel_lishin 9y ago
  Goatse cryptocurrency.
  - bobcostas55 9y ago
    If you visit the original goatse domain, you will find exactly that. "Meme creation on the blockchain", it says.
    - pavel_lishin 9y ago
      Right, I wasn't making a joke, I was saying that Dogecoin isn't the most ridiculous example
- leoc 9y ago
  I'm not sure to what extent doge was ever really a parody, even if it was started as a lark then marketed as zany and relatable. And for a number of years it's been shepherded by a small group of devs who seem to be competent and diligent, and exceptionally up-front and down-to-earth by cryptocurrency standards. (Disclaimer: I know one of them personally. Additional disclaimer: this isn't anything resembling financial advice.) I don't know much about cryptocurrencies, but afaik doge's fairly low transaction fees and continued strong commitment to be inflationary may also justify some of the interest. https://www.reddit.com/r/dogecoin/comments/7oxi53/developer_brain_dump_incoming/ https://www.reddit.com/r/dogecoin/comments/7oxi53/developer_... > I feel some are using our rise to illustrate the absurdity of cryptocurrency pricing (http://uk.businessinsider.com/dogecoin-cryptocurrency-has-market-cap-above-2-billion-2018-1 http://uk.businessinsider.com/dogecoin-cryptocurrency-has-ma... for example). To me, in an environment where a cryptoasset with $30 USD equivalent transaction fees has a market cap of over a quarter of trillion dollars, I don't think we're the absurd one. Yes we take ourselves less seriously, but that doesn't mean we're not serious behind the scenes. We're a 4 year old currency with transaction fees barely over a cent and significantly higher throughput than most other cryptocurrencies. EDIT: Ross has asked me to point out the continuing development at https://github.com/dogecoin/dogecoin/pulls https://github.com/dogecoin/dogecoin/pulls . Version 1.14 is apparently on its way.
- rnicoll 9y ago
  Oi, check the PRs before declaring development stopped :P https://github.com/dogecoin/dogecoin/pulls https://github.com/dogecoin/dogecoin/pulls
drharby 9y ago
Thats not a perspective, thats a hypothesis
steego 9y ago
The question isn't if cryptocurrencies are valuable and represent real innovation. The question is if the current valuation of crypto currencies is strangling their ability to innovate. One reason could be the high valuations are creating a tunnel vision that's hyper-focused on realizing returns rather than adding additional value. Here's one theory: http://danariely.com/2008/11/20/what%E2%80%99s-the-value-of-a-big-bonus/ http://danariely.com/2008/11/20/what%E2%80%99s-the-value-of-...
- brndnmtthws 9y ago
  Strangling? No. That's like saying Amazon's success is strangling retailers.

Counterpoint: “Dogecoin, a parody cryptocurrency, just broke $2B for its market cap” although development stopped two years ago. https://news.ycombinator.com/item?id=16096119 https://news.ycombinator.com/item?id=16096119

pavel_lishin 9y ago
Goatse cryptocurrency.
- bobcostas55 9y ago
  If you visit the original goatse domain, you will find exactly that. "Meme creation on the blockchain", it says.
  - pavel_lishin 9y ago
    Right, I wasn't making a joke, I was saying that Dogecoin isn't the most ridiculous example
leoc 9y ago
I'm not sure to what extent doge was ever really a parody, even if it was started as a lark then marketed as zany and relatable. And for a number of years it's been shepherded by a small group of devs who seem to be competent and diligent, and exceptionally up-front and down-to-earth by cryptocurrency standards. (Disclaimer: I know one of them personally. Additional disclaimer: this isn't anything resembling financial advice.) I don't know much about cryptocurrencies, but afaik doge's fairly low transaction fees and continued strong commitment to be inflationary may also justify some of the interest. https://www.reddit.com/r/dogecoin/comments/7oxi53/developer_brain_dump_incoming/ https://www.reddit.com/r/dogecoin/comments/7oxi53/developer_... > I feel some are using our rise to illustrate the absurdity of cryptocurrency pricing (http://uk.businessinsider.com/dogecoin-cryptocurrency-has-market-cap-above-2-billion-2018-1 http://uk.businessinsider.com/dogecoin-cryptocurrency-has-ma... for example). To me, in an environment where a cryptoasset with $30 USD equivalent transaction fees has a market cap of over a quarter of trillion dollars, I don't think we're the absurd one. Yes we take ourselves less seriously, but that doesn't mean we're not serious behind the scenes. We're a 4 year old currency with transaction fees barely over a cent and significantly higher throughput than most other cryptocurrencies. EDIT: Ross has asked me to point out the continuing development at https://github.com/dogecoin/dogecoin/pulls https://github.com/dogecoin/dogecoin/pulls . Version 1.14 is apparently on its way.
rnicoll 9y ago
Oi, check the PRs before declaring development stopped :P https://github.com/dogecoin/dogecoin/pulls https://github.com/dogecoin/dogecoin/pulls

drharby 9y ago

Thats not a perspective, thats a hypothesis

steego 9y ago

The question isn't if cryptocurrencies are valuable and represent real innovation. The question is if the current valuation of crypto currencies is strangling their ability to innovate. One reason could be the high valuations are creating a tunnel vision that's hyper-focused on realizing returns rather than adding additional value. Here's one theory: http://danariely.com/2008/11/20/what%E2%80%99s-the-value-of-a-big-bonus/ http://danariely.com/2008/11/20/what%E2%80%99s-the-value-of-...

brndnmtthws 9y ago
Strangling? No. That's like saying Amazon's success is strangling retailers.