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Dogecoin now accounts for more transactions than any other cryptocurrency
- aarondf 13y agoOk, help me out here: Dogecoin's first block was mined on 2013-12-06 and now the richest account has $846,935 USD. Is it really that easy? Could I start an aarondfcoin? Is it all about getting the network effect to make a non-backed (fiat) currency actually worth something? I was just so shocked to see that Dogecoin was actually worth anything.
- chunkstuntman 13y agoGood luck getting aarondfcoin to gain any sort of traction or following. If you can convince a committed and numerous group to believe in anything, it will be worth something.
- jsilence 13y agoIf a local group decided to start their on local currency, just like a couple of groups do (https://en.wikipedia.org/wiki/Local_currency https://en.wikipedia.org/wiki/Local_currency), then using a bitcoin like system might make sense for them.
- robmcm 13y agoLike a hacker news coin?
- jackgavigan 13y agoYCoin.
- robmcm 13y agoy combinator should do it, then they can pay all their startups in YCoins!
- X4 13y agoI'm in :) that would YRock!
- finishingmove 13y agoYCoin? BecauseCoin.
- superuser2 13y agoThat doesn't mean anyone would actually buy $846,935 of Dogecoin at once.
- GigabyteCoin 13y agoAccording to coinmarketcap.com there was about $875K USD of trading done yesterday. If you premined the coin you could theoretically cash out about half of that value, and the minute after the coin would be dead.
- Psyonic 13y agoSure you can start aarondfcoin: http://www.coingen.io/ http://www.coingen.io/.
- wielebny 13y agoKeep in mind that this generator uses premined genesis block - the same for all currencies. Creating new one, with unique genesis block, with adjusted difficulty can take some time.
- deleted 13y ago[deleted]
- msgilligan 13y agoYou can go out and make aarondfcoin just like you can go out and make a viral video.
- Smegger 13y agoDogecoins is worth something in the same way that oversized obviously fake bills from party supply stores are worth money; you have to pay to get them but after that they are less valuable then monopoly money. the only reason people want them is to be in on the joke some they can give each other thousands of of fake dollars for nothing.
- Houshalter 13y agoI can't explain why dogecoin is worth so much, probably just crazy speculators (after all, the only market is people using it as a joke/meme, no one is ever going to spend significant amounts of money on it - I hope.) But yes you can create your own cryptocurrency and make a lot of money off of it. This is a good and a bad thing. Good because it should create competition to make better cryptocurrencies. It also helps build the currency as all the miners invest resources in it and get exposed to the currency and have an incentive to try to get others to use it. Bad because, well that money is coming from somewhere, and the users of the cryptocurrency are essentially paying a tax to the miners for not really contributing anything of value.
- jey 13y agoExcept it's conceivable that having virality baked into it (e.g. being a "joke/meme") could actually help its adoption move much faster than it otherwise would. And once you have a cryptocurrency that has a lot of buy-in, why not use it for real transactions? I'm not ready to say DOGE will win the cryptocurrency wars, but it certainly wouldn't the first time that a "joke" or "hack" turned into something real and lasting.
- KVFinn 13y agoWhen those people mined it it wasn't worth anything. It was a surprise to pretty much everyone that a joke became a real coin. Now that people are trying to copy dogecoin it's going to be a lot harder to have that slow ramp.
- thomasnno 13y agoThe currency (and the meme it is "based on") is somewhat attractive, its silly image made me laugh, and mine for a few days, getting 120 000 or so Doge. If enough people think it funny enough to use, and of low enough value to actually use instead of just hold, it may have a future as a low value tipping currency. Your aarondfcoin lacks that funny easygoing silly meme power, I belive.
- natmaster 13y agoPeople have tried to copy the success, but has failed horribly. Dogecoin is special because it was first, and the early community built a loving friendly place. People like friendly doges.
- unreal37 13y agoWhat was DOGE first at? People love it because it started as a joke that they themselves were in on. And then the joke became real.
- rallison 13y agoThe short answer is yes. The longer answer is that you also need virality. There are multiple coins released every day [1]. Most of these coins go nowhere. Why are so many coins released? Quite simply, most coins are forks of Bitcoin/Litecoin/etc with minor tweaks. Occasionally, you get a truly new coin based on something new, but most simply tweak the coins per block, the difficulty re-targeting rate, the starting difficulty, the block time, etc. Coingen.io exemplifies how simple this is. Of course, there are exceptions, such as the upcoming Etherium [2], the first Turing complete cryptocurrency (as far as I know, at least). Despite that, most coins basically fail. Sure, they receive hashing power, and some even get onto exchanges. Most of them, however, don't really go anywhere. So, yes, it is relatively easy to create and launch a coin. It is a bit harder to launch a coin that makes it to an exchange. It is harder still to make one that also sticks around and stays in the public consciousness (such as dogecoin). Finally, let's say you have a great idea for a new coin. The way some people previously got rich by creating a new coin was to premine the coin. Basically, one would mine the first x number of blocks, before releasing it. This still happens, but is now much more often frowned upon. So, to get rich off of creating a coin, you basically would need to premine a coin, and convince others that you had a good reason to premine it [3]. This absolutely still happens, but is becoming tougher to pull off. So yes, you could create aarondfcoin. Yes, you could probably release it and get hashing power thrown at it. But, would you make money doing so? Well, that requires a bit more effort. Keep in mind that there are hundreds of attempted alt currencies for every dogecoin success. That said, yes, there is still room for success here, but it usually requires more than just creating aarondfcoin. The virality aspect is the more important aspect, at the moment. [1] See the bitcointalk announcement forum https://bitcointalk.org/index.php?board=159.0 https://bitcointalk.org/index.php?board=159.0 [2] http://ethereum.org/ http://ethereum.org/ and the whitepaper: http://ethereum.org/ethereum.html http://ethereum.org/ethereum.html [3] Yes, there are a still a number of ways to make money off of releasing a coin that doesn't involve premining (or appears not to involve premining), but that is a topic worthy of its own thread.
- rms 13y agoWhoa, ethereum. What kind of setup do I want to start mining ether from the start?
- krakensden 13y agoIt's nominally worth $850k, but I am skeptical you could find someone to take the other side of that trade. Dogecoin is like any other currency. The things that make it useful are belief and people willing to exchange things for it. It's unlike other currencies in that mostly the things being exchanged are electronic and not worth meatspacecoin. There is, of course, no reason it has to stay that way.
- tphyahoo 13y agoDogecoin has a daily volume of almost 1M USD. coinmarketcap.com It's fairly liquid. You absolutely could cash out. Probably over several days, so you don't move the price too much. But the early doge holders are rich.
- dirtyaura 13y agotphyahoo, FYI, seems that you have been hellbanned for almost 4 years. That's such a long time that it feels almost evil. Maybe you should contact HN admins and ask for forgiveness.
- baddox 13y agoThat part shouldn't be any harder to understand from an economic standpoint than the fact that a $1 lottery ticket can become worth millions of dollars overnight.
- simondlr 13y agoYes, exactly! It's all just a network effect of value. Read my post here: http://simondlr.com/post/70089813484/in-the-future-everyone-will-have-their-own http://simondlr.com/post/70089813484/in-the-future-everyone-.... I believe, if go forward with what this entails, everyone will have their own cryptocurrency in the future.
- abus 13y agoAs with any product or service, marketing is very important. You could start your own coin but you'd have to promote it well.
- taproot 13y agoIts like silver vs gold. The volume for silver is much higher as its price range is a lot more manageable for people. I also wouldnt be suprised if just one person created the majority of these to push hype. Theyre all a bunch of ponzi schemes. Sadly i also think theyre here to stay for at least a long while.
- deckar01 13y agoIt's more like gold vs a chocolate coin.
- girvo 13y agoChrist I'm sick of people describing these as Ponzi schemes. It displays a distinct lack of economic (and modern history) knowledge. Especially when the intent matters.
- lmm 13y agoGo on then: it pays out a lot to early "investors". It can only maintain this rate of return as long as adoption is increasing. Why is it not a Ponzi scheme?
- robmcm 13y agoYou are viewing it as an investment rather than a currency.
- hobbes300 13y agoBitcoin IS an investment.
- robmcm 13y agoIt's a currency first. Just like art is art first, or an antique chair is a chair first. The investment or any of these can be described as a ponzi scheme by the above criteria. The first few buyers of a chair make money, it only works is people are still interested in buying the chair...
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- ulam2 13y agoMuch progress, WoW!
- testrun 13y agoso doge
- alexeisadeski3 13y agosuch currency
- wanda 13y agovery wealth
- Cthulhu_ 13y agowow
- untog 13y agoTo everyone that dismisses this as a joke currency - how is it different from bitcoin?
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- nwh 13y agoIt's not. It's identical with a slightly modified POW and some of the values tweaked. The incompetent developer has already accidentally broken the currency once, so it doesn't really bode well for it in the future.
- verroq 13y agoLet's not spread FUD here. The fork is due to old clients not updating.
- nwh 13y agoEh? The chain broke because the author made a hard forking change with 10 days notice. You can't do that. Bitcoin staged theirs over months and still managed to leave some people behind. It's not FUD if it's true.
- deleted 13y ago[deleted]
- James_Duval 13y agoIt is different from BTC - it's a fork of Litecoin, meaning it uses scrypt rather than SHA-256 and cannot be effectively mined using BTC-oriented ASICs. There is already at least one scrypt-focussed ASIC, however. https://alpha-t.net/product/scrypt-asic-miner/ https://alpha-t.net/product/scrypt-asic-miner/
- wmf 13y agoIt has less adoption than Bitcoin and since Bitcoin's value comes from network effects there's no reason why Dogecoin would ever catch up.
- plaxis 13y agoBut the supply is 28,310,185,834 DOGE.
- oinksoft 13y agoI'm pretty happy to be alive in 2014 to see things like But the supply is 28,310,185,834 DOGE.
- tarlyn 13y agoThis is transactional volume, and although of course the transactions are pretty small keep in mind that the total transactions over the last 24h was $13 million which is still pretty impressive. (Bitcoin was $500m) - http://bitinfocharts.com/ http://bitinfocharts.com/
- oskarth 13y agoI don't understand. Who is buying and selling Dogecoins? For what? Mining for fun is one thing, but why buy it with USD?
- boyter 13y agoI suspect many are buying with bitcoin as 0.01 bitcoin gets you over 20,000 dogecoins which in turn buys a lot of fun on reddit.
- dangero 13y agoPeople tip other people Dogecoins on sites like Reddit. That's its main use and that's why there are so many transactions. Since the coin has a total supply of 100 billion coins vs 21 million for Bitcoin, you can easily tip someone 100 Dogecoins without it really costing you much, but you can't do that with Bitcoin for obvious reasons.
- rthomas6 13y agoThis sort of thinking is natural but incorrect since cryptocurrencies are divisible to many decimal places. It's just as easy to tip BTC, but tipping .00001 Bitcoins doesn't feel the same as tipping 100 Dogecoins, even though it's just as easy and exactly the same. It's just another one of those things that matters for adoption that nerds would never consider.
- dangero 13y agoI'm not sure what you are describing as incorrect. Tipping 100 Bitcoins would cost nearly $100,000. Yes, you can tip the same value in Bitcoins, but tipping a decimal amount is not fun since everyone is conditioned to local currency value that generally goes to 2 decimal places at most. Nerds are considering this. There is a big movement in bitcoin to denominate coins in millibitcoins or microbitcoins.
- rthomas6 13y ago>tipping a decimal amount is not fun since everyone is conditioned to local currency value that generally goes to 2 decimal places at most. That's all I meant. :)
- uniclaude 13y agoThis is an absolutely unfounded assumption but one could think a large part of those transactions might be some sort of tips. I can confess I'm happy to have some supply of a very cheap currency that I can give to people for fun. I have no use for DOGE other than this, but my friends and I are enjoying it. Pollution created through the mining of relatively worthless items can be an issue though.
- dangero 13y agoThis is absolutely the source of the transactions. When you consider that no other crypto currency has a mass appeal use at this point, it makes sense that the transactions would be higher for DOGE than any other. Conversely, The primary use of Bitcoin is value storage.
- Blahah 13y agoAn alternative source of the transactions is dust (people sending tiny transactions as a way to increase the size of the blockchain - an attack on the currency). See http://www.reddit.com/r/dogecoin/comments/1tc7ul/serious_shibes_we_have_a_dust_problem/ http://www.reddit.com/r/dogecoin/comments/1tc7ul/serious_shi...
- dangero 13y agohttps://github.com/dogecoin/dogecoin/pull/52 https://github.com/dogecoin/dogecoin/pull/52 That was fixed.
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- qznc 13y agoDogecoin is kind of the Redditcoin [0]. This might be one reason, why it is so heavily used. For reddit users, it probably easier to get started with doge than with bitcoin. Since it is seen as fun, (micro) transactions are casually thrown around [1]. [0] http://www.reddit.com/r/dogetipbot/wiki/gettingstarted http://www.reddit.com/r/dogetipbot/wiki/gettingstarted [1] http://www.reddit.com/r/dogecoin/comments/1v8x3v/recently_struck_rich_mining_set_up_this_account/ http://www.reddit.com/r/dogecoin/comments/1v8x3v/recently_st...
- MiWDesktopHack 13y agosupposedly FEDORAcoin or "TIPS" is the most traded or gifted currency within reddit. This would not show on any external chain monitors like the story source as most of the trading is occurring within reddit; only when a client cashed out to their wallet would the transaction actually touch the blockchain.
- gizzlon 13y agoCool.. Is there a service that let's me tip email addresses, twitter users etc? (Without registration first..)
- James_Duval 13y agoTwitter - yes at least one https://twitter.com/tipdoge https://twitter.com/tipdoge, Email - I've seen rumblings, but not now I think.
- wosos 13y agoso transaction
- Blahah 13y agoI think the transaction volume comes partly from Reddit tipping with tipbots (a beautiful aspect of the modern age). But it's probably more from from the fact that some people are attacking the currency by sending massive volumes of micro-transactions. Many people have been receiving thousands of really tiny donations (off-reddit).
- phy6 13y agoThe 'dust' issue was resolved recently by changing the minimum transaction amount. AFAIK, this vulnerability affects many other alt coins that haven't had the masses of people looking at their implementations.
- lvs 13y agoA significant portion of the commenters in this thread are asking why Dogecoin has any value at all, as if for the first time grappling with the abstraction of value. Dogecoin has value, like any currency, because a number of people believe it does. Cryptocurrency will have been worth its short-term weight in carbon dioxide and money laundering if, at a minimum, it illuminates the minds of a good number of people to the fundamental arbitrariness of economics and all the philosophical consequences it entails.
- VladRussian2 13y ago>Dogecoin has value, like any currency, because a number of people believe it does. In Doge we trust.
- praptak 13y agoMuch value. Wow.
- orblivion 13y agoWhen it all comes crashing down is when they'll be illuminated.
- 13y ago
- calcsam 13y agoAny reasonable measure of transaction volume should be measured in a stable currency like dollars...and BTC is the leader, far and away here...
- woah 13y agohow about percentage? Bitcoin 5%, Dogecoin 110%
- hbbio 13y agoPercentage of what? Since there _is_ a relative value between cryptocurrencies, counting volume without taking in account value is meaningless. I understand Dogecoin has a use (Reddit) and could be a great investment in the future, but currently, it represents only a tiny fraction of what Bitcoin, or Litecoin are.
- gus_massa 13y agoI agree. From the article: > Sent last 24h: > 583,524 BTC ($490,161,390 USD) > 56,695,554,108 DOGE ($22,823,181 USD)
- cantbecool 13y agoDogecoin is going to be the defacto way to give kudos to someone on the internet, i.e., Doge Tip Bot on reddit/twitter. I think with that in mind, Doge is going to expose millions of people to cryptocurrency and actually give them the ability to own at least a few, unlike Bitcoin.
- davidw 13y agoWhat the Doge's coins actually looked like: http://it.wikipedia.org/wiki/Monete_di_Venezia http://it.wikipedia.org/wiki/Monete_di_Venezia
- jbb555 13y agoThe difference is that bitcoin will likely be considerable more useful next month and next year and dogecoin will be a joke you can read about on the internet.
- jff 13y ago"but, but, I've hitched my cart to that horse!"
- gdeglin 13y agoThe reason for the large number of transactions is that so many people are mining Dogecoin. Most miners automatically sell their mined Dogecoin for Bitcoin, and new Dogecoin blocks are mined roughly every 60 seconds. Several pools have as many as 6000+ individuals currently mining it. Really the only thing preventing the transaction number from being even higher is that most pools only give out accumulated awards to their members every 30 minutes or so (during which the pool may have mined several blocks).
- Cthulhu_ 13y agoIDK, there was an alarming comment on the doge community page that this particular system would soon have a block chain that would be too large to contain on anyone's computer if the transaction volume keeps up. Could be someone (or many people) just spamming transactions for the lulz to make dogecoin unfeasible to keep.
- maninchaos 13y agoA few weeks ago, my mom heard about Bitcoin on the news, gave me a call. She wanted to mine BTC. When I explained that mining would not be a viable process considering the inherent difficulty and the age and type of her computer, she was disappointed. I showed her how to buy Bitcoins, how to make an offline paper wallet, and she spent a little money and now holds one BTC. Once Doge popped up, I called my mom and told her she could mine! I set up her machine, and for a while she was pulling in a few thousand a day. Even with growing difficulty she's mining a few hundred a day. She's excited, and she's learned an absolute ton about cryptocurrencies because of Doge. She thinks the meme is cute, and she's been tipping people on Reddit, and giving away Doge in "real life" as well. Bitcoin feels unaccessible to people like my mom. Most of the discussions that happen in the various Bitcoin communities occurs at a technological level that limits the kinds of participants involved. Since there are 100 BILLION Doge, it will always be affordable, joke or not, and with the kind community developing around it, it allows people like my mom to get involved and to learn some interesting things that will most likely impact her future. My mom will hold on to her 1 BTC, sure, but she's using her Doge. She bought a cool trilobite fossil on the dogemarket subreddit, and is thinking of putting up her hand knit scarves for sale. When 60 year old folks who have never been interested in the intersections of technology and economy start using Reddit and mining and using cryptocurrency, there is something special happening.
- lucisferre 13y agoThanks this was actually a really fascinating anecdote which gives a pretty unique perspective on digital crypto-currencies.
- ck2 13y agoThe real test for dogecoin is when the reward cuts in half next month, and then half again two months after that. We'll see who is mining come May. If they still are, then it won.
- poorelise 13y agoOK, so where can I best buy some Dogecoin with BTC?