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You would call that successfully? The developers have no idea what they're doing. They copied bitcoins code, but didn't realize that they made a 500 million dog

by lappa 13y ago

You would call that successfully? The developers have no idea what they're doing. They copied bitcoins code, but didn't realize that they made a 500 million doge transaction limit, so they gave their users a short period of time to update their clients. They ended up with a fork after someone made a 500 million doge tx which could have allowed many many doublespends. Doge will not be able to scale up to real economic activity unless they get a real dev team.

steveklabnik 13y ago
> You would call that successfully? There was a problem, and now it's not a problem. Seems like a success to me. > The developers have no idea what they're doing. Luckily, that doesn't actually matter. Frankly, if they knew what they were doing, Dogecoin probably wouldn't even exist in the first place. > Doge will not be able to scale up to real economic activity unless they get a real dev team. Last I checked, DOGE had a higher total transaction volume than all other cryptocurrencies put together, sooooooooo
- tlrobinson 13y ago
  I'm still very skeptical of Dogecoin's transaction volume. I ran some numbers last week and still haven't heard a decent explanation: https://www.quora.com/Dogecoin/Where-is-the-currently-massive-Dogecoin-transaction-volume-coming-from https://www.quora.com/Dogecoin/Where-is-the-currently-massiv...
  - svantana 13y ago
    Do you think it could be fake - i.e. a bunch of bots trading back and forth to generate interest? If so, that's a very clever way of bootstrapping to critical-mass popularity. That reminds me of a story of a new york nightclub that pretended to be jam packed the first few nights with a bouncer outside telling everyone: "sorry, the place is full", when in fact, the place was empty. Needless to say, the first night it was actually open, hundreds were standing in line.
  - officemonkey 13y ago
    The /r/dogecoin subreddit has some _very_ active "tipbots." Many threads consist of people tipping each other back and forth. It's almost like a Potlatch. It's pretty ridiculous and fun and it's one of the reasons adoption among redditors has taken off.
    - steveklabnik 13y ago
      Dogetipbot's creators say it's only exchanging about $1500 USD/day of DOGE, so that doesn't explain it.
dublinben 13y ago
>They copied bitcoins code They copied the code to Litecoin. At least get your facts straight.
- benajnim 13y ago
  Just to clarify some of the facts. Dogecoin uses scrypt like litecoin, but this proof of work was first used by Tenebrix. It also employs the random block reward (vs fixed for litecoin) pioneered by LotteryTickets (which includes the ongoing 10k block reward feature). I'm not exactly sure which repo it was started from, but the wallet client, namely the 1.5 release inherits all Litecoin updates since 0.6.*.
  - tlrobinson 13y ago
    "Pioneered"? Is there any advantage to random rewards, besides novelty?
    - nostrademons 13y ago
      It makes mining more addictive, which increases the number of people who are willing to mine, even if the financial rewards for doing it drop. Same reason why people by lotto tickets even though it's a net economic negative. I'd argue that the Dogecoin creators are actually quite brilliant, because they manage to exploit several known cognitive biases in humans to drive adoption. Design for the world as it actually is, not for how you would like it to be.
      - tlrobinson 13y ago
        So, novelty.
      - lappa 13y ago
        If you want to gamble on mining you could just join a pool with low hashrate or solo mine. If you're lucky you could earn a block $20k block in a day, but it is a game of chance and you probably wont.
tlrobinson 13y ago
To be fair, Bitcoin experienced a hard fork last year too. That said, I agree Dogecoin's dev team talent is non-existent compared to Bitcoin's, but to some extent they can just copy everything Bitcoin/Litecoin does, for now.
- melarina 13y ago
  I'm not sure it's a lack of talent but rather unfamiliarity with Litecoin/Dogecoin's code base. Charles Lee and Sunny King, two very talented developers, both made similar mistakes when they started their coins. In Charles Lee's case, be had to scrap his first coin (Fairbrix) and start over with Litecoin.
  - deleted 13y ago
    [deleted]

by lappa 13y ago

steveklabnik 13y ago

> You would call that successfully? There was a problem, and now it's not a problem. Seems like a success to me. > The developers have no idea what they're doing. Luckily, that doesn't actually matter. Frankly, if they knew what they were doing, Dogecoin probably wouldn't even exist in the first place. > Doge will not be able to scale up to real economic activity unless they get a real dev team. Last I checked, DOGE had a higher total transaction volume than all other cryptocurrencies put together, sooooooooo

tlrobinson 13y ago
I'm still very skeptical of Dogecoin's transaction volume. I ran some numbers last week and still haven't heard a decent explanation: https://www.quora.com/Dogecoin/Where-is-the-currently-massive-Dogecoin-transaction-volume-coming-from https://www.quora.com/Dogecoin/Where-is-the-currently-massiv...
- svantana 13y ago
  Do you think it could be fake - i.e. a bunch of bots trading back and forth to generate interest? If so, that's a very clever way of bootstrapping to critical-mass popularity. That reminds me of a story of a new york nightclub that pretended to be jam packed the first few nights with a bouncer outside telling everyone: "sorry, the place is full", when in fact, the place was empty. Needless to say, the first night it was actually open, hundreds were standing in line.
- officemonkey 13y ago
  The /r/dogecoin subreddit has some _very_ active "tipbots." Many threads consist of people tipping each other back and forth. It's almost like a Potlatch. It's pretty ridiculous and fun and it's one of the reasons adoption among redditors has taken off.
  - steveklabnik 13y ago
    Dogetipbot's creators say it's only exchanging about $1500 USD/day of DOGE, so that doesn't explain it.

dublinben 13y ago

>They copied bitcoins code They copied the code to Litecoin. At least get your facts straight.

benajnim 13y ago
Just to clarify some of the facts. Dogecoin uses scrypt like litecoin, but this proof of work was first used by Tenebrix. It also employs the random block reward (vs fixed for litecoin) pioneered by LotteryTickets (which includes the ongoing 10k block reward feature). I'm not exactly sure which repo it was started from, but the wallet client, namely the 1.5 release inherits all Litecoin updates since 0.6.*.
- tlrobinson 13y ago
  "Pioneered"? Is there any advantage to random rewards, besides novelty?
  - nostrademons 13y ago
    It makes mining more addictive, which increases the number of people who are willing to mine, even if the financial rewards for doing it drop. Same reason why people by lotto tickets even though it's a net economic negative. I'd argue that the Dogecoin creators are actually quite brilliant, because they manage to exploit several known cognitive biases in humans to drive adoption. Design for the world as it actually is, not for how you would like it to be.
    - tlrobinson 13y ago
      So, novelty.
    - lappa 13y ago
      If you want to gamble on mining you could just join a pool with low hashrate or solo mine. If you're lucky you could earn a block $20k block in a day, but it is a game of chance and you probably wont.

tlrobinson 13y ago

To be fair, Bitcoin experienced a hard fork last year too. That said, I agree Dogecoin's dev team talent is non-existent compared to Bitcoin's, but to some extent they can just copy everything Bitcoin/Litecoin does, for now.

melarina 13y ago
I'm not sure it's a lack of talent but rather unfamiliarity with Litecoin/Dogecoin's code base. Charles Lee and Sunny King, two very talented developers, both made similar mistakes when they started their coins. In Charles Lee's case, be had to scrap his first coin (Fairbrix) and start over with Litecoin.
- deleted 13y ago
  [deleted]