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A 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

by lvs 13y ago

A 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 ago
  Much value. Wow.
orblivion 13y ago
When it all comes crashing down is when they'll be illuminated.
- rch 13y ago
  By giving it value, they illuminate the absence of value in all of it. Think of it like performance art.
- deleted 13y ago
  [deleted]
- redial 13y ago
  Unlikely, if 2008 proved anything.
- sizzle 13y ago
  illuminati 2014
oskarth 13y ago
I think you are mischaracterizing many of the comments. The abstract value concept is not new to people. What is confusing however, is what the uses are. In the case of Bitcoin this is easily explained: Silk Road, "laundering" (for good or bad) and speculation. Since this is the first time many people have heard of this currency a natural question is: who is using this and why? In the case of this specific currency, it seems like it's mainly used on social networks like Reddit for small transactions (tip), and due to its origins as a cheap joke currency it managed to get early traction. With this explanation in hand, the concrete uses becomes more clear. Abstract values don't exist in a vacuum. There's always a concrete use of it, even if it's just speculation (Tulips) or gestures of goodwill (~ tip).
- baddox 13y ago
  > In the case of Bitcoin this is easily explained: Silk Road, "laundering" (for good or bad) and speculation. Or, for people who like Bitcoin: decentralized transaction log, low/no transaction fees, and fraud protection.
  - Nursie 13y ago
    Fraud protection? LOL. Fraud enablement is more to the point.
  - oskarth 13y ago
    I like Bitcoin. It's odd that I even have to say that to be read correctly. None of the things you mention are uses, they are features. Great features, sure, but it's not something that you actually do with a currency. It's like saying dollars are used by paper, or for central bank. Bitcoin - right now - is not used much for commerce, aside from black market type stuff.
    - potatolicious 13y ago
      > "It's odd that I even have to say that to be read correctly." This is IMO a sign that a discussion has jumped the shark and is no longer worth participating in. Once you get to the "you're either with us or against us" point people have picked their sides and you're arguing against brick walls.
wildster 13y ago
The only important question is, can you buy drugs with it?
- redial 13y ago
  Just use Tide, http://nymag.com/news/features/tide-detergent-drugs-2013-1/ http://nymag.com/news/features/tide-detergent-drugs-2013-1/
girvo 13y ago
Because doge will make it to the moon. Such value. So wow. In all seriousness, it's like a post-modern take on cryptocurrency. It's hilarious and thought provoking and stupid and intelligent, all at the same time. And it's so doge.
- sharpneli 13y ago
  http://www.reddit.com/r/dogeservice/ http://www.reddit.com/r/dogeservice/ And you can actually purchase stuff with it. Cheap translation services, pictures, haikus, you name it. I purchased 2 nonsensical stories, 1 completely useless and yet awesome doodle and a re-sizing service for a picture. However the best part in Dogecoin is that it makes certain kind of cryptocurrency evangelists have a twitch in their eye. The amount of "Dogecoin ruins the reputation of serious cryptocurrencies!" posts makes it rather awesome. The best quote "Dogecoin? Are you kidding me? I'm all for altcoins, but this is just making a mockery of what we're all trying so hard to turn into a respectable enterprise." This quote was actually the one that made me play around with Dogecoin a bit. I have a hunch that this is part of the reason why dogecoin is somewhat popular. People use dogecoin because they can. And they intentionally ignore any cries on how it's not going to hold value etc. It's not supposed to. It works fine for what it already is. Tipping and nonsensical internet services.
  - wonderzombie 13y ago
    All right, you convinced me to get in on this. This is hilarious.
topynate 13y ago
That's not quite it - people hold these currencies based in part on what they think about other participants, so you end up with a situation resembling the blue eyes puzzle described at https://en.wikipedia.org/wiki/Common_knowledge_(logic) https://en.wikipedia.org/wiki/Common_knowledge_(logic). That's a much more rational position. I mean, you'd have to be an incredible idiot to think that Dogecoin was worth something eo ipso, but slightly less of an idiot to think that there were other people who thought so, and even less of an idiot to think that other people thought that there were idiots who believed that Dogecoin was valuable, and so on.
CmonDev 13y ago
"like any currency, because a number of people believe it does" - even raw military force is enough for some currencies.

by lvs 13y ago

VladRussian2 13y ago

>Dogecoin has value, like any currency, because a number of people believe it does. In Doge we trust.

praptak 13y ago
Much value. Wow.

orblivion 13y ago

When it all comes crashing down is when they'll be illuminated.

rch 13y ago
By giving it value, they illuminate the absence of value in all of it. Think of it like performance art.
deleted 13y ago
[deleted]
redial 13y ago
Unlikely, if 2008 proved anything.
sizzle 13y ago
illuminati 2014

oskarth 13y ago

I think you are mischaracterizing many of the comments. The abstract value concept is not new to people. What is confusing however, is what the uses are. In the case of Bitcoin this is easily explained: Silk Road, "laundering" (for good or bad) and speculation. Since this is the first time many people have heard of this currency a natural question is: who is using this and why? In the case of this specific currency, it seems like it's mainly used on social networks like Reddit for small transactions (tip), and due to its origins as a cheap joke currency it managed to get early traction. With this explanation in hand, the concrete uses becomes more clear. Abstract values don't exist in a vacuum. There's always a concrete use of it, even if it's just speculation (Tulips) or gestures of goodwill (~ tip).

baddox 13y ago
> In the case of Bitcoin this is easily explained: Silk Road, "laundering" (for good or bad) and speculation. Or, for people who like Bitcoin: decentralized transaction log, low/no transaction fees, and fraud protection.
- Nursie 13y ago
  Fraud protection? LOL. Fraud enablement is more to the point.
- oskarth 13y ago
  I like Bitcoin. It's odd that I even have to say that to be read correctly. None of the things you mention are uses, they are features. Great features, sure, but it's not something that you actually do with a currency. It's like saying dollars are used by paper, or for central bank. Bitcoin - right now - is not used much for commerce, aside from black market type stuff.
  - potatolicious 13y ago
    > "It's odd that I even have to say that to be read correctly." This is IMO a sign that a discussion has jumped the shark and is no longer worth participating in. Once you get to the "you're either with us or against us" point people have picked their sides and you're arguing against brick walls.

wildster 13y ago

The only important question is, can you buy drugs with it?

redial 13y ago
Just use Tide, http://nymag.com/news/features/tide-detergent-drugs-2013-1/ http://nymag.com/news/features/tide-detergent-drugs-2013-1/

girvo 13y ago

Because doge will make it to the moon. Such value. So wow. In all seriousness, it's like a post-modern take on cryptocurrency. It's hilarious and thought provoking and stupid and intelligent, all at the same time. And it's so doge.

sharpneli 13y ago
http://www.reddit.com/r/dogeservice/ http://www.reddit.com/r/dogeservice/ And you can actually purchase stuff with it. Cheap translation services, pictures, haikus, you name it. I purchased 2 nonsensical stories, 1 completely useless and yet awesome doodle and a re-sizing service for a picture. However the best part in Dogecoin is that it makes certain kind of cryptocurrency evangelists have a twitch in their eye. The amount of "Dogecoin ruins the reputation of serious cryptocurrencies!" posts makes it rather awesome. The best quote "Dogecoin? Are you kidding me? I'm all for altcoins, but this is just making a mockery of what we're all trying so hard to turn into a respectable enterprise." This quote was actually the one that made me play around with Dogecoin a bit. I have a hunch that this is part of the reason why dogecoin is somewhat popular. People use dogecoin because they can. And they intentionally ignore any cries on how it's not going to hold value etc. It's not supposed to. It works fine for what it already is. Tipping and nonsensical internet services.
- wonderzombie 13y ago
  All right, you convinced me to get in on this. This is hilarious.

topynate 13y ago

That's not quite it - people hold these currencies based in part on what they think about other participants, so you end up with a situation resembling the blue eyes puzzle described at https://en.wikipedia.org/wiki/Common_knowledge_(logic) https://en.wikipedia.org/wiki/Common_knowledge_(logic). That's a much more rational position. I mean, you'd have to be an incredible idiot to think that Dogecoin was worth something eo ipso, but slightly less of an idiot to think that there were other people who thought so, and even less of an idiot to think that other people thought that there were idiots who believed that Dogecoin was valuable, and so on.

CmonDev 13y ago

"like any currency, because a number of people believe it does" - even raw military force is enough for some currencies.