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Great article, but I disagree with one point. I do believe the value of one Doge will reach one dollar. A 100 billion market cap is just ~8 times that of Bitco
by willholloway 13y ago
Great article, but I disagree with one point. I do believe the value of one Doge will reach one dollar.
A 100 billion market cap is just ~8 times that of Bitcoins. If Doge succeeds at its goal of being the tipping currency for the internet it will reach at least one dollar.
Update:
To expound on my point, I think Dogecoin solves the single biggest crisis the Internet has created, and that is "How do we compensate people who create digital works that are infinitely reproducible?"
This is Jaron Lanier's beat. Has the internet delivered in broadening the middle class? No, it has threatened the middle class.
When people work for Likes, or reputation, instead of cash, they become impoverished.
Dogecoin can solve this problem by being a viable micropayment system. It can bring a currency layer to the internet, undergirding everything. As coders, Doge allows us to work with currency as easily as we work with an API.
The economic security of creators depends on being able to extract revenue in amounts greater than what advertising provides but less than what credit cards are capable of. All of the micropayment companies so far have failed. The prize is huge.
I bought into Dogecoin because I was vexed by the problems Lanier pointed out to me and I saw it as a micropayments solution that has gained explosive traction in just six weeks.
This is coming from someone whose HN comment history has been very down on cryptocurrency. I now have the fanatic zeal of a convert.
- cortesoft 13y agoWait.... bitcoin cap is 21 million, which puts the 100 billion cap at 4761 times that of bitcoin.
- boyter 13y agoYou have your numbers a little bit wrong. The total number of coins is what you are referring to. There will only be 21 million bitcoins and 100 billion dogecoins. The market cap is their value measured against the US dollar. Bitcoin is at 10 billion at the moment http://coinmarketcap.com/ http://coinmarketcap.com/ If dogecoin rose to 100 billion ~10 the size of bitcoin each coin would be worth a dollar.
- cortesoft 13y agoYou are right in that market cap means total value... however, in the context of the article and the comment I was replying to, they meant total coins (where else would the 100 billion number come from?) Wait... now that I read the above comment again, I think you may be right... they are saying that it would only take the total value (market cap) of dogecoin to be 8 times the current market cap of bitcoins for the dogecoin to be worth at least $1 a coin. So nevermind, you are right and I was wrong. In my defense, the original comment was a little unclear about what they meant.
- boyter 13y agoNo problem. I modified my comment to reflect this to avoid any further confusion.
- devcpp 13y agoIndeed, with today's $940 Bitcoin, a $1 Dogecoin would that the Dogecoin market would be worth over 5 times the current Bitcoin market. I don't see it happening, and I don't even see the Dogecoin market cap even reaching the Bitcoin market cap, at least not unless Bitcoin itself becomes a major currency, and Dogecoin becomes the official joke currency.
- Anderkent 13y agoI'm having a hard time deciding if that's a parody of a bitcoin-supporting post, or actually serious.
- steveklabnik 13y ago> This is coming from someone whose HN comment history has been very down on cryptocurrency. I now have the fanatic zeal of a convert. This is exactly my story as well.
- deleted 13y ago[deleted]
- dllthomas 13y agoit would probably be a lot clearer if you spelled out "capitalization" instead of using "cap", in a context where there are also maximum values restricting things.
- bones6 13y agoInteresting analysis. I could see Dogecoin becoming the Whuffie of Doctorow's Down and Out in the Magic Kingdom. The currency of karma. The tipping currency of the internet. The post-work currency?
- willholloway 13y agoI like post-work currency. Automation induced under/unemployed millenials living at home posting content to Twitter/Facebook deserve to be compensated for their work. They helped create $100 billion in value for FB shareholders at IPO. I hope they will be compensated in Doge.
- oelmekki 13y agoOk now, who will launch karmacoin ?
- dragontamer 13y agoI also have hated on Bitcoin (less so on Litecoin). Nonetheless, I'm significantly more open to the idea of using Dogecoin, if only for the absurd numbers they have. (I can give you 1000 DOGE and everyone feels good about it)
- lvs 13y agoYes, and to be more concrete, the idea of micropayments as a way to keep the media/journalism industry alive was something that was essentially dropped in favor of pay-walls. I don't think anyone considers the latter solution to be wholeheartedly successful. If ƉOGE tipping can finally make micropayments a reality, it's going to get a lot of attention.
- sfall 13y agoi don't know if it would work for large companies but I could see it working with established writers, open source contributors, or artists