Dogecoin
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This is more a problem for crypto currency than anything else. It shows how easily replicated a currency is by somebody with half a brain and a little bit of time. Which lowers confidence for any one coin being the “most stable” for any serious amount of time.
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1M DOGE is back down to less than 0.7BTC.
God’s in His heaven, All’s right with the world and all that.
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I like dogecoin. I like the fact that it’s different. I like the fact that at a time when everyone was watching coins lose value day after day that it generated a buzz and bucked the trend (it was exciting!). I like the fact that it’s still here. I like the fact that it’s already being used in a real way. I like the fact that it’s the first coin (that I know of) to come up with an online wallet for users (I know there are 3rd party wallets out there). I like the fact that newbies can get into it and see how the whole thing works. I like the fact that if you’re a miner you can get a lot of coins for a days work… Blimey… mining for a whole day and getting 0.3 of a coin??
I have a sad feeling that it’s death will come as quickly as it’s birth, that miners will run like the wind once it’s no longer profitable to mine it (which will answer that age old question: what happens to a coin when it’s no longer profitable to mine and miners stop mining it? Dogecoin might answer that question)
But I hope that I’m wrong. (…and so do the dogecoin millionaires amongst us!!)
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The amount of coins mined in a small timeframe is irrelevant. The important thing is the value of each coin, the only exception would be if a coin had a large jump in price over a short period of time, like btc and ltc did. If everyone has millions of doge coins it would be almost impossible for its value to jump to a threshold where btc is. The overall amount of coins would keep the value in check.
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I;m not sure where i sit with doge tbh. Its neat in it`s own little way and does draw some attention to the crypto scene. Also in a way it`s a troll on the crypto community. It hammers exchanges, chain is slow moving, seems worthless when it comes to tangible goods and services. For some reason though it`s worth something lol
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[quote name=“Om3n” post=“46986” timestamp=“1387775181”]
It hammers exchanges
[/quote]What do you mean?
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I tried to mine 3 days on it and i got surprisely much O.o i have a low setup and on FTC i’m getting after exchange in 3 days 0.01 - 0.02 BTC with Doge Coins i’ve got 0.035 BTC o.o even if it’s so unstable.
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[quote name=“Tuck Fheman” post=“47001” timestamp=“1387783201”]
[quote author=Om3n link=topic=5680.msg46986#msg46986 date=1387775181]
It hammers exchanges
[/quote]What do you mean?
[/quote]It is its own troll. With a slow block chain and some sites requiring hundreds of confirmations it, in a way creates ddos situations on systems with wallets or exchanges. Your talking lets say thousands of miners (I’ll use mp as my example) hammering out 500k coins every 4 minutes (their recent block time.) and thousands of people dumping them in smaller batches, mp had to raise their minimum limit over it.
My friend installed the wallet and was mining to it from mp. If I want to troll him a little I reference those few days for him ;)
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Oh dear…
[url=http://www.theverge.com/2013/12/26/5244604/millions-of-dogecoin-stolen-in-christmas-hack]http://www.theverge.com/2013/12/26/5244604/millions-of-dogecoin-stolen-in-christmas-hack[/url]
I said I like the fact that they have an online wallet. I take it back! lol -
At least it’s only millions…