Dogecoins: Investment opportunity or joke?
So what do you guys think?
Just another Bitcoin? Let me tell you what makes Dogecoin different:
- started December, so still chance to be early adopter
- different algorithm that does not favor specialized hardware so much (this means you can make lots of coins at home if you happen to have a good gpu).
- there are much more coins and they are worth less
- great for micro-payments and tipping
- great community
Honestly I am not a big fan of crypto-currencies. The bitcoin community is full of anarcho-capitalistic dreamer and people that believe they can get rich by doing nothing. What I like about Dogecoin is that it is more geared towards the mainstream and actually solving real problems, like micro-payments. Plus people don't take it so ultra-serious.
Personally, knowing basically only the name, plus what little I know about bitcoin, I don't see this being picked up seriously by many.
Surprisingly, it has a very strong and big community.
Originally Posted by AKRhino
$47,846,924 USD Market Capitalization
Plus it is the crypto-coin with the most transaction going on.
Last edited by killface; 2/04/2014 6:22pm at .
What makes Bitcoin worth something IMHO is at least when Silk Road was around backed by a commodity. The fact was even if you couldn't convert bitcoin into dollars at an exchange you could always convert it into drugs. Drugs have value.
So what can you actually buy with Dogecoin?
We should start pumping out bullshidobucks
I think picking a meme was a poor idea for the longevity of the currency. Imagine if someone made AllYourBaseCoins or MoreCowbellCoins a few years ago.
Well the crypto currency algorithms and source code are all out there for free. If you want it to be so, make it so and start mining.
Originally Posted by AKRhino
You can buy everything with Dogecoin. There is a site to convert it to Amazon gift cards so you can buy everything from Amazon for example. Or you convert your Dogecoins to dollars.
Originally Posted by goodlun
I think you misunderstand how these currencies works. Think of virtual gold. The coins took some computational power to mine and so have worth in itself.
As I said the thing that dogecoins solves is micro-payments. "Your post made me laugh, I will sent you 0.001 dollars"? No. With dogecoins you can make very small payments without it being a pain in the ass. Look at all the tipping on reddit.
The silk road helped bitcoin but also serves as an argument against crypto-currencies so meh.
Also good article:
Last edited by killface; 2/04/2014 10:49pm at .
I think you have a misunderstanding of how Currency work crypto or otherwise.
Originally Posted by killface
**** micropayments who gives a **** about that? Seriously. I have never needed to give someone less than a penny in my life.
The advantage to Cryptocurrency doesn't lie in the ability to mine them.
Its their anonymity. The ability to Launder your money away. The ability to move it around without anyone knowing. The stuff we use to be able to do with dollars before the war on drugs.
Currency is only good if you can spend it.
If you can get amazon gift cards great. Then there's real value.