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Dogecoin

Discussion in 'Off Topic' started by Rho Delta, Jan 31, 2014.

  1. Rho Delta

    Rho Delta Well-Known Member

  2. Jaxel

    Jaxel Well-Known Member

    All these new currencies are a waste of time. The rises in price are based on speculation, not an actual increase of value. Bitcoin is eventually going to crash when the market adjusts for an actual value.

    The problem with today's currency is that its fiat currency, it has no intrinsic value beyond what the government tells you its worth. Which is why they are subject to market velocity. These new digital currencies only solve the government control problem, it doesn't solve the fiat currency problem.

    The advantage of solving the government problem is that the currency can follow austrian economics, instead of keynesian. Which means, without a government to inject funds, there can be no rapid inflation, and a "crash" can be seen as a "market correct", which is a good thing. The reason why so many government controlled currencies have so little value is because the government tries to stop crashes; when a crash is a good thing... its a correction to a mistake.
     
    Aayush and D.O.A. like this.
  3. Rho Delta

    Rho Delta Well-Known Member

    How is it a waste of time when you can trade TODAY for USD? You can calculate what your actual profit will be before purchasing GPUs, then if it crashes you can sell your used GPUs on eBay. It sounds like you don't know as much about cryptocurrency mining as you think you do. There are guys making a ****ton of money daily doing this right now.
     
    RastaLulz likes this.
  4. Slavik

    Slavik XenForo Moderator Staff Member

    What a narrow and short-sighted view.

    Many people, including myself are making a very nice profit from mining.
     
    RastaLulz likes this.
  5. mistypants

    mistypants Well-Known Member

    I'm interested in the idea of BitCoin & the other digital currencies, but I can't help but feel Dogecoin is... ridiculous. At a certain point, won't people stop trading other currencies (whether it be USD or other digital currency, like BitCoin) or goods (some online stores are accepting bitcoin now) for it?

    I'm very new & very uninformed to the subject though, so feel fee to correct me?
     
  6. whynot

    whynot Well-Known Member

    Do you have $100 to waste? Invest it into *coin.
    Run away with a profit, don't wait for too long. Smile.
    Were you late with that run? Lost only $100, no reason to cry.
     
    Rho Delta likes this.
  7. mistypants

    mistypants Well-Known Member

    I understand that; it's basically like playing the stock market--you put in a certain amount of money in hopes that you can sell for more than you paid (selling for other types of currencies or for goods & services). But I can't help but wonder at the people who own a lot of dogecoin right now -- if it were me, I'd trade it the moment I could make some sort of a profit, in fears that such a ridiculous currency will fall out of vogue soon. Of course, I'm a poor college student, so I'm probably more cautious with my money than some others. Bitcoin is at least a serious option that will outlast dogecoin, in my eyes.
     
  8. whynot

    whynot Well-Known Member

    Wise.
    There were wonderful pyramid schemes with huge profits for some.
    The only coins made for the public to keep their values were made from gold and silver.
    They disappeared from public use, only collectors have them.
     
  9. Rho Delta

    Rho Delta Well-Known Member

    Maybe not, Dogecoin has a very active and enthusiastic community behind it on Reddit, and has made the news for lots of charitable events like sending 2 teams to the Olympics... Goodwill can bring a lot of new users aboard!
     
    mistypants likes this.
  10. ekine

    ekine Active Member

    At this point no one can say which coins will be the most popular ones. But you can be sure that this new technology will most likely stay around and it will open up a whole series of new possibilities.

     
  11. Mr.Rick

    Mr.Rick Active Member

  12. D.O.A.

    D.O.A. Well-Known Member

    So people just invent currencies now? Hipsters never cease to amaze me
     
  13. erich37

    erich37 Well-Known Member

     
    Last edited: Feb 6, 2014
  14. Mister Builder

    Mister Builder New Member

    The value of this isn't set to a real value because Bitcoins like standardized currency have no intrinsic value, as you've mentioned, because more can just be.. made. The difference with a cryptocurrency like Bitcoin or Dogecoin is that they have an inherent process to their creation that helps to mediate their delivery into the market. Rather than the government simply stating that the money is worth x amount and that they will only make x amount of it to keep things thin, these currencies are derived by and divided up between the users.

    While I don't understand many of the deeper intricacies of cryptocurrency I know there are methods in place to give it a more natural value than standard paper and coin cash.

    I think it's really interesting to see us not only moving to a digital currency, but a decentralized one. Whoo technology!
     
  15. melbo

    melbo Well-Known Member

    I traded my PM for btc about a year ago - not a waste of time :)
     
  16. ekine

    ekine Active Member

    It could not only help as a tipping feature but also for community games where the winners receive coins. There are so many new possibilities and the communities which incorporate such addons will gain value.
     
  17. Rho Delta

    Rho Delta Well-Known Member

    I have asked for a tip bot to be ported to xenforo but no one has taken me up on it. The software is already out there and open source. It works on reddit, imgur, facebook and twitter already!
     
  18. melbo

    melbo Well-Known Member

    I also believe there is something similar on git.
     
  19. whynot

    whynot Well-Known Member

  20. cowboypudding

    cowboypudding Member

    I mine those and I hit gold! Yee haw!
     

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