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Doge 4 Water
- grinich 13y agoI really hope Dodgecoin turns into a Ponzi scheme for philanthropic deeds. :)
- userbinator 13y ago> to be converted to current value in USD It'll be interesting to see what happens... but somehow the idea of expending huge amounts of computing power mining cryptocurrency for charity looks like an incredibly more wasteful process than just shutting off your machines when they're not in use and donating the difference in your power bill.
- sp332 13y agoIt's still useful for fast, cheap international transactions. Miners help verify the transactions.
- VMG 13y agoAt least it's less wasteful than mining gold.
- zerorbit 13y agoNo financial incentive for turning off your machines. While there is a financial incentive to donate to spread the good will of Dogecoin.
- gigq 13y agoTo put this in perspective here is some napkin calculations on how much power dogecoin currently uses: Assuming an average kh/watt of 2.333 [1] and the total network hashrate of 68 GH/s [2] we can see the network uses about 30 Megawatts of electricity. As a comparison Microsoft uses 250 Megawatts to power for their datacenters [3]. So it is wasteful, yes, but who's to say it's any worse than running datacenters so I can play battlefield 4 with my friends on xbox live which also provides no benefit for charity. [1]: most ATI cards use this much per kh (https://litecoin.info/Mining_hardware_comparison https://litecoin.info/Mining_hardware_comparison), this ignores the newer ASIC hardware that is orders of magnitude more efficient [2]: http://bitinfocharts.com/dogecoin/ http://bitinfocharts.com/dogecoin/ [3]: http://www.extremetech.com/extreme/161772-microsoft-now-has-one-million-servers-less-than-google-but-more-than-amazon-says-ballmer http://www.extremetech.com/extreme/161772-microsoft-now-has-...
- echo85 13y agoThis is a really good point, and I hope they come up with a another proof of work algorithm that does something useful like protein folding, or switch to "proof of stake" which is not compute intensive alternative.
- ziggamon 13y agoWow
- runeks 13y agoNow the question is what kind of slippage the seller of all those dogecoins will experience. I'm not sure how big the market depth for dogecoins is on the buy side.
- Barbatos 13y agoThis would be around 4% of the daily exchange I think. A water drop.
- citricsquid 13y agoThe (most?) interesting part of this was the final 14,000,000 donation came from someone going by "savethemhood". They claim... I take from the greedy to feed and blanket the poor. I'm here today because I believe we are aligned. I'm here to redistribute millions of Doge, from the greedy, to you. They appear to be (unconfirmed) responsible for theft of fiat and is converting it to dogecoin to "help" people. They also gave out 10,000 Doge to any redditor that asked for it. Here's their reddit post: http://www.reddit.com/r/dogecoin/comments/20idcv/my_name_is_hood_im_here_for_you/ http://www.reddit.com/r/dogecoin/comments/20idcv/my_name_is_...
- sillysaurus3 13y agoThe most likely explanation is probably that they're wealthy and want to donate some of it while having some fun. They're probably not a thief.
- TazeTSchnitzel 13y agoThat reddit post says: >Do not be concerned, friends. These are not stolen crypto. I convert the paper fiat of the wealthy into crypto for your to spread. Please help those in need. I read that as "I didn't steal cryptocurrency, I converted fiat." - so did they steal fiat, or is it legitimately gotten wealth?
- lvs 13y agoI'd guess that this is an oblique reference to working in finance.
- zerorbit 13y agoThe 14 million Dogecoin (~$12,000) tweet: https://twitter.com/savethemhood/status/445007386323853312 https://twitter.com/savethemhood/status/445007386323853312
- EC1 13y agoFuck yes real life Robin Hood.
- dantudor 13y agoThis community is amazing. Not their first charitable donation and certainly not their last. It will be interesting to see in a few years what 40,000,000 Dogecoin will equate to in USD. Then looking back this will be unbelievably epic. Congratulations to everyone who donated! Huge accomplishment!
- dantudor 13y agoThis community is amazing. Not their first charitable donation and certainly not their last. It will be interesting to see in a few years what 40,000,000 Dogecoin will equate to in USD. Then looking back this will be unbelievably epic. Congratulations to everyone who donated! Huge accomplishment!
- cordite 13y agoI am rather confused, who is buying Dogecoin to actually make this happen?
- echo85 13y agoI think mostly people from the Dogecoin subreddit, reddit.com/r/dogecoin . A lot of it was probably mined rather than bought also.
- sergers 13y agoFirst Jamaican bobsled now charity. They are really trying to push dogecoin. Radeon cards for GPU mining are sold out low stock. Prices have gone up. Coworkers of mine invested $40k into GPU mining setups. At the current rate they aren't evening mining enough to cover electricity costs. Let alone paying off their initial investment which was a high interest loan. Idiots to say the least... Sorry to say I don't think dogecoin is going to skyrocket. The future isn't dogecoin, nor bitcoin ever. I think I a newer protocol will raise from the ashes of bitcoin that's more broadly accepted.
- untilHellbanned 13y agoWe are trying our best to show that cryptocurrencies such as Dogecoin can actually do quite alot of good in the world. If you have "a newer protocol" that will be "more broadly accepted" and help more people, we are all ears. Also..."Idiots to say the least" Pretty strange tangent on a posting which has nothing to do with miners. Most Dogecoin miners autosell to Bitcoin to make money. They assuredly weren't donaters.
- untog 13y agoSorry to say I don't think dogecoin is going to skyrocket. I don't think anyone is expecting it to. Hence people are actually using it rather than stockpiling it.
- Cr1m5onK1ng 13y agoIf they aren't mining enough to cover electricity costs then they either live somewhere with really expensive electricity or have no clue what they are doing. I cover my electricity bill in 4 days of the month. The rest is profit.
- Barbatos 13y agoWhy has the title been changed?
- boldrikboldrik 13y agoI see this here often. Usually to less understandable.
- untilHellbanned 13y agoThe key point is that this is just another example of the Dogecoin community sharing wealth with those who have less. Regardless of the circumstances of the final donation, 2/3 of the 40M DOGE goal had been achieved with a week to go. Considering that the demographics of the Dogecoin community are largely teenagers giving 100-1000 DOGE each, this is something to be commended.
- SirDinosaur 13y agohere is information about the donation address: http://dogechain.info/address/DNfFHTUZ4kkXPnoYUvgt6BGVwonEFB1b2i http://dogechain.info/address/DNfFHTUZ4kkXPnoYUvgt6BGVwonEFB...