4 ms·

Ironic considering Dogecoin was created as a joke not meant for real world application, like Pastafarianism.

deleted 5y ago
[deleted]
yellowapple 5y ago
And what's doubly ironic is that it's arguably more useful as actual currency than more serious efforts like Bitcoin, given the faster transactions, bigger money supply, and lack of a hard cap (meaning said money supply can continue to grow indefinitely, giving it some chance of keeping up with global economic growth). Still not perfect, though; proof-of-work seems like a dead end to me for a globally-useful currency, given the high energy costs (scrypt might help here, but IMO it's just postponing the inevitable). Proof-of-stake (or something else not dependent on burning so much energy on solving math problems over and over again ad infinitum) seems like the next step.
- rfd4sgmk8u 5y ago
  Proof of stake is the dead end. You do not want large holding players to controlling the emission of a coin. They will corrupt it. The only way is fair emission by public mining. It is a good thing that energy is used over and over again. One should not be able to leverage their holdings to control the future of the coin. You own the timevalue from an UTXO create date until now, the future timevalue is owned by others when you move it. Proof of work is the only thing that works -- in this case DOGE is merge-mined with LTC (using the scrypt algorithm). With doge at these prices, it is twice as profitable to mine LTC as it was last week, so consequently many more miners will switch to Scrypt. DOGE is 'free', in that the energy has already been spent mining the LTC. Doge is a good thing.
  - yellowapple 5y ago
    > Proof of stake is the dead end. You do not want large holding players to controlling the emission of a coin. They will corrupt it. This depends on anyone actually having anywhere close to a majority stake in the coin, no? My impression was that various PoS coins largely avoid this some way or another (e.g. Cardano, which will actively avoid "oversaturated" stake pools when deciding which one should create the next block).

deleted 5y ago

[deleted]

And what's doubly ironic is that it's arguably more useful as actual currency than more serious efforts like Bitcoin, given the faster transactions, bigger money supply, and lack of a hard cap (meaning said money supply can continue to grow indefinitely, giving it some chance of keeping up with global economic growth). Still not perfect, though; proof-of-work seems like a dead end to me for a globally-useful currency, given the high energy costs (scrypt might help here, but IMO it's just postponing the inevitable). Proof-of-stake (or something else not dependent on burning so much energy on solving math problems over and over again ad infinitum) seems like the next step.

rfd4sgmk8u 5y ago
Proof of stake is the dead end. You do not want large holding players to controlling the emission of a coin. They will corrupt it. The only way is fair emission by public mining. It is a good thing that energy is used over and over again. One should not be able to leverage their holdings to control the future of the coin. You own the timevalue from an UTXO create date until now, the future timevalue is owned by others when you move it. Proof of work is the only thing that works -- in this case DOGE is merge-mined with LTC (using the scrypt algorithm). With doge at these prices, it is twice as profitable to mine LTC as it was last week, so consequently many more miners will switch to Scrypt. DOGE is 'free', in that the energy has already been spent mining the LTC. Doge is a good thing.
- yellowapple 5y ago
  > Proof of stake is the dead end. You do not want large holding players to controlling the emission of a coin. They will corrupt it. This depends on anyone actually having anywhere close to a majority stake in the coin, no? My impression was that various PoS coins largely avoid this some way or another (e.g. Cardano, which will actively avoid "oversaturated" stake pools when deciding which one should create the next block).