Is Dogecoin Taking Off?

"Satoshi "Zipang" Katsura" (sundowne36)
09/13/2014 at 23:03 • Filed to: Dogecoin

Despite my !!!error: Indecipherable SUB-paragraph formatting!!! , looks like the Dogecoin is picking up steam, as a megadoge is now worth $232.31 as of Saturday, September 13th, 2014.

!!! UNKNOWN CONTENT TYPE !!!

That being said, I know a group of selfish bastards would take advantage of the dogecoin's skyrocketing value by buying hardware and mining so much doge that the value comes crashing back down. Don't be a dick, people.

DISCUSSION (19)

Dusty Ventures > Satoshi "Zipang" Katsura
09/13/2014 at 23:05

Kinja'd!!!

To the moon!

Satoshi "Zipang" Katsura > Dusty Ventures
09/13/2014 at 23:08

The sad thing is, I could not find the original picture, so this works.

K-Roll-PorscheTamer > Satoshi "Zipang" Katsura
09/13/2014 at 23:08

What are these dogecoins? do they actually have market value??

Satoshi "Zipang" Katsura > K-Roll-PorscheTamer
09/13/2014 at 23:14

They do from what I could dig up, but I wouldn't call these long term investments. I'm mining just so I could sell them. If I have to, I'm more than willing to hold on to supply for longer.

GhostZ > Satoshi "Zipang" Katsura
09/13/2014 at 23:15

The difficulty spiked way higher than the price. What you're seeing is an inability of most people to mine the coin and so purchasing rates are climbing slowly because the market isn't big enough to serve them with such restricted mining. I mean, I've barely ever seen such an incredible fluctuation in mining difficulty over such a short period of time. The price is changing to reflect that.

Once those mined coins start being dumped or the miners switch to another coin with higher instantaneous profitability, things will mellow out.

K-Roll-PorscheTamer > Satoshi "Zipang" Katsura
09/13/2014 at 23:15

How does one "mine" these coins?

GhostZ > K-Roll-PorscheTamer
09/13/2014 at 23:18

They're digital code that is incredibly hard to replicate, and therefore can be used to store value. There's several open clearing markets available, so they are traded frequently.

Some people think that the computing power necessary to generate one creates value. This is incredibly stupid to believe. The computing power have a huge impact on the price of obtaining one, but does not control the market price.

As long as people are willing to buy, and there are people willing to sell, it will have a price.

GhostZ > Satoshi "Zipang" Katsura
09/13/2014 at 23:19

Hoping that shilling for your coins on Oppo will raise the price further before you dump?

I'm kidding. Cryptocurrency is fun.

K-Roll-PorscheTamer > GhostZ
09/13/2014 at 23:20

This is some unusual, weird yet fascinating stuff I think.

GhostZ > K-Roll-PorscheTamer
09/13/2014 at 23:25

There are programs that run your processor and graphics cards out to max capacity (using lots of electricity) to solve a complex mathematical equation. Once you solve the equation, if you solve it first, you get some coins granted to you. Being the first one to solve it means there's a constant arms race for more powerful computers.

K-Roll-PorscheTamer > GhostZ
09/13/2014 at 23:29

Yeah, That sounds like a bit too much work for me. I have no intentions to solve some complex math equation for money like that. Sounds really tedious.

Satoshi "Zipang" Katsura > GhostZ
09/13/2014 at 23:31

You also have to deal with people saving up with ASICs that could push out more hashing power compared to the best AMD card to date. The hardware isn't even profitable on ROI.

Satoshi "Zipang" Katsura > GhostZ
09/13/2014 at 23:31

Heh, you know me.

GhostZ > Satoshi "Zipang" Katsura
09/13/2014 at 23:38

Have Scrypt ASICs taken off? I haven't followed much in the last few months, last I heard they were still being built but haven't shipped yet, except for some exclusive owners. Waiting lists were like, 6-12 months long.

GhostZ > K-Roll-PorscheTamer
09/13/2014 at 23:39

Well, you don't. Your computer does it. You don't do anything except let it run.

Problem is that most conventional computers are so far out of their league in performance that the probability of getting anything is practically nil. And the cost of the machines capable of turning a profit generally outweigh the costs.

K-Roll-PorscheTamer > GhostZ
09/13/2014 at 23:42

Fair enough. I guess my $600 built computer from 2013 wouldn't be up for it haha. Oh well! :)

Satoshi "Zipang" Katsura > GhostZ
09/13/2014 at 23:43

Some, yeah. Some company was going to release some 300 MH/s ASIC, but is it really worth the $1,600 price tag?

ddavidn > Satoshi "Zipang" Katsura
09/14/2014 at 00:21

It'd be great if it hits $0.50 per 1 doge. Then I could buy my house in cash!

Axial > Satoshi "Zipang" Katsura
09/14/2014 at 03:35

Crypto-currency is such a silly concept. Burn fuel to obtain...an intangible idea. And the benefits of crypto-currency will be lost if it every becomes a mainstream form of payment because governments will find a way to tax people on it. Finally, crypto-currency is only worth anything because it can be tied to a conventional currency.

Meh. Have a Doge Coin hype video: