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Jamaican bobsleigh team raises $25k in Dogecoin
- JetSpiegel 13y ago"Joke currency" my ass!
- ye 13y agoIt still is. Can you name a single business that accepts it other than the exchanges? (And there's probably a few, but nobody knows them). Of course, doesn't mean it will stay that way, though I have a hard time believing it will ever lose its joke status.
- dpiers 13y agoThere's a directory: http://dogebiz.net/ http://dogebiz.net/
- ing33k 13y agohttp://shopdoge.com/ http://shopdoge.com/
- JohnTHaller 13y agoOn the numbers, I think more businesses accept dogecoin than bitcoin. And the volume of dogecoin transactions exceeded bitcoin transactions the other day. The transactions and businesses are smaller. All cryptocurrency is 'joke status' to a certain extent with the vast majority of people. Personally, I think it'd be genuinely funny for dogecoin to grow to be the most popular and valuable cryptocurrency.
- Crito 13y ago> On the numbers, I think more businesses accept dogecoin than bitcoin. And the volume of dogecoin transactions exceeded bitcoin transactions the other day. The transactions and businesses are smaller. Any chance the business plans for these businesses is "Make doge jokes on reddit, collect dogecoin donations"?
- JohnTHaller 13y agoYup. That plus art, poetry, and all kinds of little one-offs that individuals can make online and get money for.
- ye 13y ago> On the numbers, I think more businesses accept dogecoin than bitcoin Not even close. Thousands of businesses accept Bitcoin. A few dozen accept Doge. > And the volume of dogecoin transactions exceeded bitcoin transactions the other day Ah, you mean that stupid metric when you count the number of coins transferred? Yeah, whenever Doge fans mention it, they always forget to mention that there are 21 million bitcoins max, and what, a trillion Doge? You can create a coin with an extilion coins, make one transfer of all of them between two wallets, and voilà, you beat Doge in that metric. That's how dumb it is. Even at the peak of its popularity, Doge's volume in USD equivalent is 1/3 of Bitcoin. It's still impressive, no argument about it. Just don't make it sound like Doge overtook Bitcoin in any meaningful way. > All cryptocurrency is 'joke status' to a certain extent with the vast majority of people I disagree. Most people are not aware, that's true. But Bitcoin is serious business now.
- JohnTHaller 13y ago> Not even close. Thousands of businesses accept Bitcoin. A few dozen accept Doge. Very few real-world businesses, online of off, accept ANY sort of cryptocurrency. So much so that the big bitcoin lists of businesses that accept bitcoins are mostly made up of no-name and very low level online sites with virtual goods (hosting, email, sms, games, etc). They list a few dozen small online stores that sell real hard goods. The one notable exception is Overstock.com, though they don't accept bitcoin themselves. They just added Coinbase as a checkout option ala PayPal, WePay, Scrilla, Amazon Payments, etc (so they have no pricing in bitcoin and never touch bitcoin themselves since Coinbase does a BTC to USD trade immediately on purchase and gives Overstock.com the USD). > Ah, you mean that stupid metric when you count the number of coins transferred? Nope. Dogecoin has exceeded bitcoin in terms of number of daily unique transactions. Nothing at all to do with the number of coins transferred or available. Dogecoin sees about double the number of daily unique transactions that bitcoin does. That's pretty astounding considering that Bitcoin just celebrated its 5 year anniversary and Dogecoin just celebrated its one month anniversary. See: http://blogs.marketwatch.com/thetell/2014/01/14/dogecoin-transactions-outpacing-those-in-bitcoin-heres-why-thats-not-surprising/ http://blogs.marketwatch.com/thetell/2014/01/14/dogecoin-tra... > I disagree. Most people are not aware, that's true. But Bitcoin is serious business now. Most people that are aware of it think its a silly bubble, pyramid/pump and dump scheme, and/or semi-interesting exercise in distributed computing/trust/etc. A small percentage of the people aware of it think it's serious and have put some skin in the game. I have some BTC some LTC and some DGC that I've been given but have never actually done anything with any of them.
- skybrian 13y agoDogecoin is doing well because it's a joke currency. People can try out cryptocoins in a friendly community with trivial amounts (in dollars) and little risk.
- NigelTufnel 13y agoDidn't know that Jamaicans are into bobsleigh. Didn't know that Dogecoin exist. Today is the Knowledge Day.
- sp332 13y agoJamaicans aren't into bobsleigh, that's why there was no money to send the team.
- Renaud 13y agoThey've been into bobsleight on and off for the past 26 years: http://en.wikipedia.org/wiki/Jamaica_national_bobsleigh_team http://en.wikipedia.org/wiki/Jamaica_national_bobsleigh_team Their story inspired a comedy, Cool Runnings: http://www.imdb.com/title/tt0106611/ http://www.imdb.com/title/tt0106611/
- jameshart 13y agoJamaicans are into sprinting - it is basically the national sport. In the bob, three skills are needed: sprinting while pushing a bob, sitting very still, and steering, and only one person needs to do steering. And the sprinting bit is quite important. Bobsleigh is like a natural pivot into a new market for sprinters.
- deleted 13y ago[deleted]
- awkward 13y agoI can't wait for Cool Runnings 2: wow very sponsored.
- deleted 13y ago[deleted]
- Einstalbert 13y agoWow.
- frandroid 13y agoSuch wow.
- olympus 13y agoI'm not familiar with how much 26MM Dogecoin is in relation to the total amount of Dogecoin that's been mined, but it will be interesting to see what happens to the exchange rate as it gets converted into "real" money so the team can pay for the trip to Sochi. The article mentioned that the fundraiser may have raised the price of Doge itself, and I expect that bubble will pop as soon as the Jamaicans find out that you can't buy plane tickets with Doge (yet).
- paulnewmanseyes 13y agoThey've already converted the 26m DOGE into $25,000, it says in the last two paragraphs.
- olympus 13y agoI read that, but for some reason it didn't register that the Dogecoin was already converted. Thank you for clearing that up for me.
- naterator 13y agoThere can be up to 100B Dogecoin (ever), so this represents ~0.03% of that. There are about 32B mined now, so 0.08% of doge in existence.
- JohnTHaller 13y agoIt was already converted into USD and donated to them.
- aestra 13y ago100,000,000,000 dogecoin will be mined total (one hundred billion) https://dogechain.info/chain/Dogecoin/statistics https://dogechain.info/chain/Dogecoin/statistics 32.32%(!) of that has already been mined. That's 32,323,788,534 dogecoin. 26 million is .08% of all dogecoins that have been mined.
- melarina 13y agoAbout a billion coins are being added per day. That will change 2 weeks from now when the block reward halves. What's kind of interesting about Dogecoin is that there are so many people mining it. The rapid rate at which coins are being released combined with the large number of miners means that currently the top 100 addresses only hold 36.9% of all coins, the lowest concentration of wealth of any altcoin by a wide margin.
- aestra 13y agoWow, in the article it said that this actually affected the dogecoin/bitcoin exchange rate. >So many people had been donating, in fact, that they seemed to raise the price of the currency itself; in 12 hours, the Dogecoin to Bitcoin exchange rate rose by 50%.
- eterm 13y agoAnd rather than wait for it all to be over then try to liquidate the donated coins (and realise that would no longer be possible), they were selling the coins as they were donated, to the very people buying them to donate. The net effect is that dollars themselves were donated effectively by means of doge.
- Alex3917 13y agoThe rise was due to a single investor in China manipulating the market. Even if the entire donation was purchased in the exchanges, 25k isn't enough money to significantly affect the price.
- mrkickling 13y agoAccording to some rumours, I honestly don't believe it. Not impossible though.
- lvs 13y agoBlockchain link or it didn't happen.
- mrkickling 13y agoWhy would the donations be the reason for the 50% rise?
- flatline 13y agoMarkets are complex systems and defy simple explanations, but many analysts make a living from ignoring this fact and making it seem like everything can be summed up in a 10 second soundbite. That sell was a drop in the bucket compared to the volume dogecoin has seen on the exchanges in the past 24 hours. Rumors abound about why the price has skyrocketed but I think that it boils down to a few things: - dedicated, welcoming community - coin ecosystem: well-orchestrated launch, smart developers and pool operators, etc. - increased hashrate, second now only to that of bitcoin and litecoin. This is partly from the community and partly from speculators: success breeds success. - lots of good publicity
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- vezzy-fnord 13y agoIt seems to me that it's now inevitable (for better or for worse) that Dogecoin will become the bronze to Litecoin's silver, or in other words 3rd highest valued cryptocurrency.
- dpiers 13y agoDogecoin has surpassed Litecoin's transaction volume in USD for the last two days. It's still finding its place in the world, and it's possible that place isn't 3rd.
- SwellJoe 13y agoI suspect Litecoin will fade into non-existence, with Peercoin (or some other somewhat novel approach to the problem) replacing it. LTC has nothing over Bitcoin...it's merely still mine-able on GPUs, which is good for miners that have GPU farms[1], but not all that useful for anybody else. Maybe it has value as an alternative blockchain to BTC, should something terrible happen to BTC, but many cryptocurrencies could provide that. Doge is roughly identical to Litecoin, but more fun. 1-I have a modest GPU mining setup, and I mine LTC and Doge.
- waylandsmithers 13y agoMaybe this is fueled, at least in part, by others who had the same experience I did? 1. Hear the Jamaican bobsled team needs cash to get to Sochi. 2. Want to help- surely there is a fund online people can donate to? 3. Search google, find nothing. 4. Search reddit, only related thread is in /r/dogecoin.
- jquery 13y agoMost of the $25k donation was from a single, large owner of Dogecoin. Flagged for being little more than shameless pumping of a "joke" (tee hee!) currency. (disclaimer: I own some Dogecoin to hedge my sheer annoyance with it against the money I'm making from its absurd success).
- cheald 13y agoWell, it's over $34k now, so I'm not sure that it's just "shameless pumping". It's a fun story about a joke cryptocurrency. Roll with it.
- jquery 13y agoFair enough, I unflagged the story. My annoyance probably stems from all the dogecoin fans calling it a "joke" currency to mask their greed. It was a joke currency two months ago. Now it's a liquid, $MM cryptocurrency second to Bitcoin.
- cheald 13y agoIt's still a joke, which is why it does well. It's got a serious strain, but it's firmly rooted in internet sillyness and people throw it around willy-nilly right now specifically because it's a "joke" with some minimal amount of value. People treat it as functionally equivalent to reddit karma or whatever - at the moment, it's broadly used as kind of a secondary upvote. Just because it's a joke doesn't mean it can't also be a serious cryptocurrency. It's just rebranded Litecoin, after all. As far as "second to bitcoin", not quite. Its market cap jumped quite a bit in the past day, but it's still 8th on the list according to http://coinmarketcap.com/ http://coinmarketcap.com/
- KVFinn 13y agoI think those are different sets of people for the most part. The people who think of it as a currency-of-fun are still there, but investors/speculators/scammers have joined too.
- untilHellbanned 13y agothink Dogecoin will succeed precisely because it's perceived as lighthearted, this is reminiscent of lots of internet successes: twitter, reddit, dropbox, etc. friendly wins the internet
- untilHellbanned 13y agodogecoin is going through the roof http://coinmarketcap.com/ http://coinmarketcap.com/