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They should! Fees are tiny and transactions/confirmations are fast -- unlike the nonsense that's currently going on with Ethereum and Bitcoin.

by lxe 6y ago

drcode 6y ago
Mainly because it isn't seeing much use so far. It would face the same problem if it ever becomes more popular for payments.
- nexuist 6y ago
  With the ability for cryptos to perform hard forks as we have seen with ETH, it seems like technical problems are more or less irrelevant to the worth of a given coin - if there is enough demand then some developers will step up and give the coin the features people want, and then after the hard fork people will have the same amount of coin with much more capability.
  - danShumway 6y ago
    This is somewhat ironically a pretty depressing comment, because it implies that the overall community genuinely wants Bitcoin to have the technological characteristics it currently has.
    - deleted 6y ago
      [deleted]
    - X6S1x6Okd1st 6y ago
      Generally the Bitcoin community wants it to be the least risky coin
    - BTCOG 6y ago
      Not the community so much as that Bitcoin has mathematicians and competent cryptographers working on mission critical software. What you see with moving fast and breaking things and numerous forks in other coins is not bright.
      - danShumway 6y ago
        > Not the community Yes the community. What nexuist is claiming is that the community will move to whatever coins support the features they want, because anyone can fork Bitcoin and get the exact same core technology that all of those experts built, along with whatever extra features they want. So if what nexuist is saying is true, then that means that the majority of the Bitcoin community is happy with the features Bitcoin has, which is depressing because the technology behind it has been generally outclassed by multiple other coins at this point. Bitcoin isn't really leading the pack right now on transaction fees, transaction time, or (especially) privacy. But the community hasn't wholesale moved to coins like ZCash, Monero, or Mobilecoin, which (if nexuist is right) implies that they're OK with Bitcoin's current privacy guarantees, which are frankly pretty bad.
        nexuist 6y ago
        This does not imply that they are okay with Bitcoin's privacy guarantees because my post also does not imply that people are using Bitcoin as a currency. I think any discussion on crypto has to be conscientious of the fact that quite a large portion of the market cap is filled by speculative investors who are using the coin's price as a financial instrument, rather than as a payment provider. This is even more obvious with Dogecoin which is accepted at maybe a handful of physical locations around the entire world - far less than Bitcoin, which is itself still pitiful in terms of commerce adoption rate. The point of my original post was to say, in the event that the coin does start being used as an actual currency, and people do start having complaints about its technical limitations, that does not mean that it will automatically flop back down to worthlessness, because the procedure of hard forking would enable a development community to "fix" the coin and solve whatever problems arise. Bitcoin has been very useful this way as its blockchain was the first to reach an unmanageable size, leading to lots of innovative solutions to increase speed while decreasing disk space. Other coins, obviously wanting to compete with BTC, are incentivized to produce these solutions which can then be adopted by all other coins, improving the entire space at once. The open source nature (requirement, really) of crypto clients also means that nobody can hide their improvements behind an opaque backend - the code has to be visible to everyone, and everyone has to be able to fork it, meaning that everyone gets to use it.
- deleted 6y ago
  [deleted]
tybit 6y ago
It’s strange to hear that a cryptocurrency designed as a joke has better characteristics as a useful cryptocurrency than than the standard ones.
- cmeacham98 6y ago
  Dogecoin has the same design flaw of a hardcoded block size as bitcoin, and would hit the same limitation if it became popular (although, dogecoin mines a block every 1 minute as opposed to bitcoin's 10, so it could support 10x more tps before hitting said limit).
  - peteretep 6y ago
    By “hard coded” you mean “a variable” though. EDIT: wow, sorry Dogecoin fans, I double-checked my notes and you’re right, it’s actually some kind of universal constant that can’t be changed
    - vermilingua 6y ago
      If the variable doesn’t change, it isn’t variable, is it?
    - throwaway888abc 6y ago
      It's constant
      - number6 6y ago
        There is one speaker who Talks about refractorating, sorry I forgot his name, who always leads with this: [if we changed this constant the function could also do this and we can save a lot of code.] "And what do we call a constant that changes? A variable!" And than he uses it as a parameter. Reminded me of him.
- 1996 6y ago
  It's a great crypto: to copy paste from an earlier comment, DOGE has the same UI as BTC as it is based on the same software (so just as secure and easy to add if you already support BTC payments), but with more digits (no need for satoshis as the smaller unit), lowest prices (people do not want to own fractional number of a coin like 1/100 of a BTC, they want integers), widely available on most exchange due to having existed for a long time... There is a strong usecase, at least as strong as LTC. I see it as a strong contender for the 3rd crypto, as a medium of exchange. Also, the community has refused before to reduce the emission rate (which would advantage holders), meaning they remain open minded. Given that and their past involvement with various charities DOGE has all my support: when it started increasing 2 months ago due to the WSB crowd, I deployed a few full nodes to give a hand as people were complaining how long it took to sync the full chain.
benatkin 6y ago
There's Bitcoin Cash, but point taken.
- StuntPope 6y ago
  easyDNS used to take BCH but dropped it. https://easydns.com/blog/2019/01/29/bitcoin-cash-is-out-litecoin-is-in/ https://easydns.com/blog/2019/01/29/bitcoin-cash-is-out-lite...
  - benatkin 6y ago
    Dropped at the same time they added LTC. Market caps according to CoinMarketCap: LTC $21,459,619,181, BCH $21,143,204,898, DOGE $36,149,070,463
xur17 6y ago
The funny thing is.. they really aren't tiny right now [0]. Average fees are currently > $1 for Dogecoin. [0] https://bitinfocharts.com/comparison/dogecoin-transactionfees.html https://bitinfocharts.com/comparison/dogecoin-transactionfee...
- edoceo 6y ago
  wait, this number means nothing without the txn value. its the ratio that matters edit: here's that with avg txn and avg fee. trying to find a table. at second glance fees don't seem that high. https://bitinfocharts.com/comparison/transactionvalue-transactionfees-doge-sma7.html#3m https://bitinfocharts.com/comparison/transactionvalue-transa...
  - X6S1x6Okd1st 6y ago
    Maybe coming from traditional finance. In cryptocurrency you usually pay per byte or roughly per operation
LeoPanthera 6y ago
That also describes Bitcoin Cash, except BCH has a still-actively-maintained reference codebase. (And isn't a pump-and-dump coin, which Doge probably is.)
- zhoujianfu 6y ago
  AND Bitcoin Cash fees are (and always will be) sub 1c.
  - X6S1x6Okd1st 6y ago
    The only way you can garuntee those kind of fees on an L1 is to not have sufficient demand to fill up blocks
  - BTCOG 6y ago
    Yeah, because nobody will ever use it.
- CameronNemo 6y ago
  How many transactions occur on the BCH network each day?
  - LeoPanthera 6y ago
    308,583 in the last 24h. https://bitinfocharts.com/bitcoin%20cash/ https://bitinfocharts.com/bitcoin%20cash/
- joshsyn 6y ago
  Interest. I am bit put off by what Bitcoin has become. Lightning network isn't a solution.
X6S1x6Okd1st 6y ago
Fees remain small until blocks start filling up. This is nothing new, Bitcoin and ethereum have high fees because people are actually using them. Bitcoin will likely continue to have high fees because they are uninterested in scaling L1.
wyager 6y ago
This persists exactly to the point where people actually start using it for anything serious. Fees are already >$1.
Canada 6y ago
Doge is an unmaintained fork of bitcoind. They chained a few constants, that's it.
- deleted 6y ago
  [deleted]
NicoJuicy 6y ago
> They should! Lol. I hope they share their numbers of which crypto had some influence versus usd/eur revenue ( if it even makes any difference) We walked this road before. It's a nice marketing trick for now.
X6S1x6Okd1st 6y ago
Bitcoin has thrown up it's hands and fully embraced the store of value story largely giving up on medium of exchange. Ethereum is working on reducing gas fees and there's tons of L2 systems with zkrollups there. Saying doge is better because it's lower fees is like saying you should do all your driving in montana because there's less traffic there.
- arcticbull 6y ago
  "It's the best performing asset class in the last decade, way outperforming Bitcoin, best performing asset class this year, mass adoption imminent. Insitutionals coming! Why wait, put it on your books! Peaked today at #6 by market cap. Low fees. Can't lose! Have fun staying poor if you don't." "Can't help but feel a lot of folks in this thread are coping that they didn't get in on Doge sooner." Now where have I heard this narrative before.

They should! Fees are tiny and transactions/confirmations are fast -- unlike the nonsense that's currently going on with Ethereum and Bitcoin.

by lxe 6y ago

They should! Fees are tiny and transactions/confirmations are fast -- unlike the nonsense that's currently going on with Ethereum and Bitcoin.

drcode 6y ago

Mainly because it isn't seeing much use so far. It would face the same problem if it ever becomes more popular for payments.

nexuist 6y ago
With the ability for cryptos to perform hard forks as we have seen with ETH, it seems like technical problems are more or less irrelevant to the worth of a given coin - if there is enough demand then some developers will step up and give the coin the features people want, and then after the hard fork people will have the same amount of coin with much more capability.
- danShumway 6y ago
  This is somewhat ironically a pretty depressing comment, because it implies that the overall community genuinely wants Bitcoin to have the technological characteristics it currently has.
  - deleted 6y ago
    [deleted]
  - X6S1x6Okd1st 6y ago
    Generally the Bitcoin community wants it to be the least risky coin
  - BTCOG 6y ago
    Not the community so much as that Bitcoin has mathematicians and competent cryptographers working on mission critical software. What you see with moving fast and breaking things and numerous forks in other coins is not bright.
    - danShumway 6y ago
      > Not the community Yes the community. What nexuist is claiming is that the community will move to whatever coins support the features they want, because anyone can fork Bitcoin and get the exact same core technology that all of those experts built, along with whatever extra features they want. So if what nexuist is saying is true, then that means that the majority of the Bitcoin community is happy with the features Bitcoin has, which is depressing because the technology behind it has been generally outclassed by multiple other coins at this point. Bitcoin isn't really leading the pack right now on transaction fees, transaction time, or (especially) privacy. But the community hasn't wholesale moved to coins like ZCash, Monero, or Mobilecoin, which (if nexuist is right) implies that they're OK with Bitcoin's current privacy guarantees, which are frankly pretty bad.
      - nexuist 6y ago
        This does not imply that they are okay with Bitcoin's privacy guarantees because my post also does not imply that people are using Bitcoin as a currency. I think any discussion on crypto has to be conscientious of the fact that quite a large portion of the market cap is filled by speculative investors who are using the coin's price as a financial instrument, rather than as a payment provider. This is even more obvious with Dogecoin which is accepted at maybe a handful of physical locations around the entire world - far less than Bitcoin, which is itself still pitiful in terms of commerce adoption rate. The point of my original post was to say, in the event that the coin does start being used as an actual currency, and people do start having complaints about its technical limitations, that does not mean that it will automatically flop back down to worthlessness, because the procedure of hard forking would enable a development community to "fix" the coin and solve whatever problems arise. Bitcoin has been very useful this way as its blockchain was the first to reach an unmanageable size, leading to lots of innovative solutions to increase speed while decreasing disk space. Other coins, obviously wanting to compete with BTC, are incentivized to produce these solutions which can then be adopted by all other coins, improving the entire space at once. The open source nature (requirement, really) of crypto clients also means that nobody can hide their improvements behind an opaque backend - the code has to be visible to everyone, and everyone has to be able to fork it, meaning that everyone gets to use it.
deleted 6y ago
[deleted]

tybit 6y ago

It’s strange to hear that a cryptocurrency designed as a joke has better characteristics as a useful cryptocurrency than than the standard ones.

cmeacham98 6y ago
Dogecoin has the same design flaw of a hardcoded block size as bitcoin, and would hit the same limitation if it became popular (although, dogecoin mines a block every 1 minute as opposed to bitcoin's 10, so it could support 10x more tps before hitting said limit).
- peteretep 6y ago
  By “hard coded” you mean “a variable” though. EDIT: wow, sorry Dogecoin fans, I double-checked my notes and you’re right, it’s actually some kind of universal constant that can’t be changed
  - vermilingua 6y ago
    If the variable doesn’t change, it isn’t variable, is it?
  - throwaway888abc 6y ago
    It's constant
    - number6 6y ago
      There is one speaker who Talks about refractorating, sorry I forgot his name, who always leads with this: [if we changed this constant the function could also do this and we can save a lot of code.] "And what do we call a constant that changes? A variable!" And than he uses it as a parameter. Reminded me of him.
1996 6y ago
It's a great crypto: to copy paste from an earlier comment, DOGE has the same UI as BTC as it is based on the same software (so just as secure and easy to add if you already support BTC payments), but with more digits (no need for satoshis as the smaller unit), lowest prices (people do not want to own fractional number of a coin like 1/100 of a BTC, they want integers), widely available on most exchange due to having existed for a long time... There is a strong usecase, at least as strong as LTC. I see it as a strong contender for the 3rd crypto, as a medium of exchange. Also, the community has refused before to reduce the emission rate (which would advantage holders), meaning they remain open minded. Given that and their past involvement with various charities DOGE has all my support: when it started increasing 2 months ago due to the WSB crowd, I deployed a few full nodes to give a hand as people were complaining how long it took to sync the full chain.

benatkin 6y ago

There's Bitcoin Cash, but point taken.

StuntPope 6y ago
easyDNS used to take BCH but dropped it. https://easydns.com/blog/2019/01/29/bitcoin-cash-is-out-litecoin-is-in/ https://easydns.com/blog/2019/01/29/bitcoin-cash-is-out-lite...
- benatkin 6y ago
  Dropped at the same time they added LTC. Market caps according to CoinMarketCap: LTC $21,459,619,181, BCH $21,143,204,898, DOGE $36,149,070,463

xur17 6y ago

The funny thing is.. they really aren't tiny right now [0]. Average fees are currently > $1 for Dogecoin. [0] https://bitinfocharts.com/comparison/dogecoin-transactionfees.html https://bitinfocharts.com/comparison/dogecoin-transactionfee...

edoceo 6y ago
wait, this number means nothing without the txn value. its the ratio that matters edit: here's that with avg txn and avg fee. trying to find a table. at second glance fees don't seem that high. https://bitinfocharts.com/comparison/transactionvalue-transactionfees-doge-sma7.html#3m https://bitinfocharts.com/comparison/transactionvalue-transa...
- X6S1x6Okd1st 6y ago
  Maybe coming from traditional finance. In cryptocurrency you usually pay per byte or roughly per operation

LeoPanthera 6y ago

That also describes Bitcoin Cash, except BCH has a still-actively-maintained reference codebase. (And isn't a pump-and-dump coin, which Doge probably is.)

zhoujianfu 6y ago
AND Bitcoin Cash fees are (and always will be) sub 1c.
- X6S1x6Okd1st 6y ago
  The only way you can garuntee those kind of fees on an L1 is to not have sufficient demand to fill up blocks
- BTCOG 6y ago
  Yeah, because nobody will ever use it.
CameronNemo 6y ago
How many transactions occur on the BCH network each day?
- LeoPanthera 6y ago
  308,583 in the last 24h. https://bitinfocharts.com/bitcoin%20cash/ https://bitinfocharts.com/bitcoin%20cash/
joshsyn 6y ago
Interest. I am bit put off by what Bitcoin has become. Lightning network isn't a solution.

X6S1x6Okd1st 6y ago

Fees remain small until blocks start filling up. This is nothing new, Bitcoin and ethereum have high fees because people are actually using them. Bitcoin will likely continue to have high fees because they are uninterested in scaling L1.

wyager 6y ago

This persists exactly to the point where people actually start using it for anything serious. Fees are already >$1.

Canada 6y ago

Doge is an unmaintained fork of bitcoind. They chained a few constants, that's it.

deleted 6y ago
[deleted]

NicoJuicy 6y ago

> They should! Lol. I hope they share their numbers of which crypto had some influence versus usd/eur revenue ( if it even makes any difference) We walked this road before. It's a nice marketing trick for now.

X6S1x6Okd1st 6y ago

Bitcoin has thrown up it's hands and fully embraced the store of value story largely giving up on medium of exchange. Ethereum is working on reducing gas fees and there's tons of L2 systems with zkrollups there. Saying doge is better because it's lower fees is like saying you should do all your driving in montana because there's less traffic there.

arcticbull 6y ago
"It's the best performing asset class in the last decade, way outperforming Bitcoin, best performing asset class this year, mass adoption imminent. Insitutionals coming! Why wait, put it on your books! Peaked today at #6 by market cap. Low fees. Can't lose! Have fun staying poor if you don't." "Can't help but feel a lot of folks in this thread are coping that they didn't get in on Doge sooner." Now where have I heard this narrative before.