CryptoCurrency in general - Mainly about DogeCoin

[TheHardkaare]

Hello fellow geekhackers.
I've recently started being very enthusiastic about Cryptocurrency, and was wondering if I'm the only one in this big forum, which is very unlikely.
I've started with the currency called DogeCoin. It is a month old today, and already has insane amounts of publicity, all of this mainly coming from reddit. (reddit.com/r/dogecoin)
If you become interested in it in any ways, feel free to ask me anything, I'll probably be able to help :-)

//Kåre

[SpAmRaY]

[TheHardkaare]

(Attachment Link)

You made me giggle. We should have a tipbot inhere.

[keymaster]

I've read that satirical cryptocurrency such as DogeCoin and CoinYe West are created or evolve into being used as a pump and dump. How do you feel about this?

[tgujay]

I've read that satirical cryptocurrency such as DogeCoin and CoinYe West are created or evolve into being used as a pump and dump. How do you feel about this?

Feels pretty good while pump and dumping.

[TheHardkaare]

I've read that satirical cryptocurrency such as DogeCoin and CoinYe West are created or evolve into being used as a pump and dump. How do you feel about this?

Yeah I feel that they don't know a whole lot what they're talking about.
DogeCoin is just a branch of Scrypt mining, a branch of the so-called "LiteCoin".
They just put a whole lot of reddit, a whole lot of community and a whole lot of fun into it.
Instead of getting them to make instant cash (which is, by the way possible with DogeCoin anyway), they make them to be kind of educational. To be fun. To be community-creating, while still being an actual form of currency.
The community is HUGE, and if you browse some of the posts of reddit, you will see people tipping it.
In my opinion, cryptocurrency such as DogeCoin are awesome for being a way of showing gratitude over the internet.

[BunnyLake]

yeah i actually wanna get some dogecoins just to tip people with, i really should look into it more

[missalaire]

One Bitcoin to rule them all.

[TheHardkaare]

yeah i actually wanna get some dogecoins just to tip people with, i really should look into it more

Feel free to go right ahead, I'll be right here to help you if you need it It's awesome, even if it's just for the tipping.

[TheHardkaare]

One Bitcoin to rule them all.

Bitcoin is wayyyy-dead in the mining industry, which is the part that interests me the most.
Else, yes, it's "the king" of cryptocurrency.

[daerid]

All this stuff will implode, just watch.

[TheHardkaare]

All this stuff will implode, just watch.

What do you mean by that?
Meaning the community will fail, and will result in 50 enthusiasts sitting in a forum all by them selves, crying over what they've invested their cash in?

[Wildcard]

All this stuff will implode, just watch.

What do you mean by that?
Meaning the community will fail, and will result in 50 enthusiasts sitting in a forum all by them selves, crying over what they've invested their cash in?

Sounds about right, but hey those dogecoins have intrinsic value in their humor alone.

[TheHardkaare]

All this stuff will implode, just watch.

What do you mean by that?
Meaning the community will fail, and will result in 50 enthusiasts sitting in a forum all by them selves, crying over what they've invested their cash in?

Sounds about right, but hey those dogecoins have intrinsic value in their humor alone.

Indeed, I feel the total same way :-D Also the fact that they're actually an in-real-life currency, makes it awesome aswell.

[Wildcard]

Buckle in



WOW Doge, very fun, much ride

[JPG]

All this stuff will implode, just watch.

I don't know much about these coins (just the very high level idea), but I am pretty sure there will be a crash, but then it will come back even stronger, but with a more official side to it to make it less volatile.


I also believe that countries should work hard to get rid of paper money (physical one) and put some way to control "irregular" cash flows. When you pay your tax, it should be like automatic, or at least you should have to only justify your "other" sources of incomes. It would probably be badly implemented, but at least it should give a harder time for black markets and people working "under the table". I don't know if all my terms can be translated in English from French, but I hope you get the meaning.

[dimamantra]

All this stuff will implode, just watch.

What do you mean by that?
Meaning the community will fail, and will result in 50 enthusiasts sitting in a forum all by them selves, crying over what they've invested their cash in?

Sounds about right, but hey those dogecoins have intrinsic value in their humor alone.

Indeed, I feel the total same way :-D Also the fact that they're actually an in-real-life currency, makes it awesome aswell.

I want to be as optimistic as possible but I think its true that it will implode. BUT I think the government will end up making some stupid reason why they should be getting their grubby hands on it and basically kill it off. That will happen before it implodes (if it already hasn't).

I just think the concept behind it is cool. Private transactions behind the scenes between private parties. There is no reason any government should step in here.

Anyone care to discuss further? I would love to hear what everyone had to say.

[dimamantra]

All this stuff will implode, just watch.

I don't know much about these coins (just the very high level idea), but I am pretty sure there will be a crash, but then it will come back even stronger, but with a more official side to it to make it less volatile.


I also believe that countries should work hard to get rid of paper money (physical one) and put some way to control "irregular" cash flows. When you pay your tax, it should be like automatic, or at least you should have to only justify your "other" sources of incomes. It would probably be badly implemented, but at least it should give a harder time for black markets and people working "under the table". I don't know if all my terms can be translated in English from French, but I hope you get the meaning.

If it is a private transaction, there should be no government oversight...

I trade you 30 chickens for 2 cows...does that need government oversight? No!

I trade bitcoins for a product or service, same concept.

[JPG]

All this stuff will implode, just watch.

I don't know much about these coins (just the very high level idea), but I am pretty sure there will be a crash, but then it will come back even stronger, but with a more official side to it to make it less volatile.


I also believe that countries should work hard to get rid of paper money (physical one) and put some way to control "irregular" cash flows. When you pay your tax, it should be like automatic, or at least you should have to only justify your "other" sources of incomes. It would probably be badly implemented, but at least it should give a harder time for black markets and people working "under the table". I don't know if all my terms can be translated in English from French, but I hope you get the meaning.

If it is a private transaction, there should be no government oversight...

I trade you 30 chickens for 2 cows...does that need government oversight? No!

I trade bitcoins for a product or service, same concept.

Yea, I trade you 10g of coke (yea drug) for XXX$ Does government needs to know? Hell yea.


You make me a new bathroom and don't want to pay taxes. I pay you 10k$ for whatever you did. Does government needs to know? Hell yea. Why, so it's fair for everyone to pay his load of taxes. Now, for sure, there are other things to attack, but if there are taxes, better have them for all and not only those that needs to pay them.

[dimamantra]

All this stuff will implode, just watch.

I don't know much about these coins (just the very high level idea), but I am pretty sure there will be a crash, but then it will come back even stronger, but with a more official side to it to make it less volatile.


I also believe that countries should work hard to get rid of paper money (physical one) and put some way to control "irregular" cash flows. When you pay your tax, it should be like automatic, or at least you should have to only justify your "other" sources of incomes. It would probably be badly implemented, but at least it should give a harder time for black markets and people working "under the table". I don't know if all my terms can be translated in English from French, but I hope you get the meaning.

If it is a private transaction, there should be no government oversight...

I trade you 30 chickens for 2 cows...does that need government oversight? No!

I trade bitcoins for a product or service, same concept.

Yea, I trade you 10g of coke (yea drug) for XXX$ Does government needs to know? Hell yea.


You make me a new bathroom and don't want to pay taxes. I pay you 10k$ for whatever you did. Does government needs to know? Hell yea. Why, so it's fair for everyone to pay his load of taxes. Now, for sure, there are other things to attack, but if there are taxes, better have them for all and not only those that needs to pay them.

Since when is there a bathroom remodel tax?

And even if there was, why?

[JPG]

All this stuff will implode, just watch.

I don't know much about these coins (just the very high level idea), but I am pretty sure there will be a crash, but then it will come back even stronger, but with a more official side to it to make it less volatile.


I also believe that countries should work hard to get rid of paper money (physical one) and put some way to control "irregular" cash flows. When you pay your tax, it should be like automatic, or at least you should have to only justify your "other" sources of incomes. It would probably be badly implemented, but at least it should give a harder time for black markets and people working "under the table". I don't know if all my terms can be translated in English from French, but I hope you get the meaning.

If it is a private transaction, there should be no government oversight...

I trade you 30 chickens for 2 cows...does that need government oversight? No!

I trade bitcoins for a product or service, same concept.

Yea, I trade you 10g of coke (yea drug) for XXX$ Does government needs to know? Hell yea.


You make me a new bathroom and don't want to pay taxes. I pay you 10k$ for whatever you did. Does government needs to know? Hell yea. Why, so it's fair for everyone to pay his load of taxes. Now, for sure, there are other things to attack, but if there are taxes, better have them for all and not only those that needs to pay them.

Since when is there a bathroom remodel tax?

And even if there was, why?

Where I live, when you work, you pay a part of you salary as a sort of tax. It gets high very fast. Let's say that I pay probably more than 40% of my salary as a direct income tax. Then I also need to pay sales tax, city tax, school tax (school is free, but we pay tax if you have a house), then special tax for some goods, etc.


But some people (a lot in the construction industry), get paid without declaring anything. Well, they declare some of it not to look too bad, but let say they make 60k a year and declare half of it, then they pay very very few tax because the tax % on 30k/year is very low to give a chance to the poor. The other 30k that he makes but does not declare goes directly in his pocket while he should have paid a lot of tax from this part. It would be much much harder to do this if he could not be paid cash.


And why do we pay so much taxes? We have a free healthcare (it sucks hard, if your not dying, expect to wait 8h at the emergency). We have public schools (not so bad), we have sucky overpaid roads, we have so many people working for the government that produce very few in the end, etc.


me = tired of paying for nothing in return.

[daerid]

Normally I don't go all "revolutionary", but I do think that a flat tax on the sale of goods/services is the way to go. I mean, money's no good if it's not spent on something, right? That's arguably it's sole purpose. So you tax the spending of money, not the making of it. Sure, there will be some people that save a **** ton of money, but that money will eventually be spent, otherwise it's pointless. That's where you put the tax. Simplifies the whole process and puts the power of choice back into the hands of the public. Don't wanna pay taxes? Go live in the woods and don't buy ****. Hell even then if you purchased land out in the wilderness you'd pay taxes then.

Probably a utopian dream though...

[dimamantra]

All this stuff will implode, just watch.

I don't know much about these coins (just the very high level idea), but I am pretty sure there will be a crash, but then it will come back even stronger, but with a more official side to it to make it less volatile.


I also believe that countries should work hard to get rid of paper money (physical one) and put some way to control "irregular" cash flows. When you pay your tax, it should be like automatic, or at least you should have to only justify your "other" sources of incomes. It would probably be badly implemented, but at least it should give a harder time for black markets and people working "under the table". I don't know if all my terms can be translated in English from French, but I hope you get the meaning.

If it is a private transaction, there should be no government oversight...

I trade you 30 chickens for 2 cows...does that need government oversight? No!

I trade bitcoins for a product or service, same concept.

Yea, I trade you 10g of coke (yea drug) for XXX$ Does government needs to know? Hell yea.


You make me a new bathroom and don't want to pay taxes. I pay you 10k$ for whatever you did. Does government needs to know? Hell yea. Why, so it's fair for everyone to pay his load of taxes. Now, for sure, there are other things to attack, but if there are taxes, better have them for all and not only those that needs to pay them.

Since when is there a bathroom remodel tax?

And even if there was, why?

Where I live, when you work, you pay a part of you salary as a sort of tax. It gets high very fast. Let's say that I pay probably more than 40% of my salary as a direct income tax. Then I also need to pay sales tax, city tax, school tax (school is free, but we pay tax if you have a house), then special tax for some goods, etc.


But some people (a lot in the construction industry), get paid without declaring anything. Well, they declare some of it not to look too bad, but let say they make 60k a year and declare half of it, then they pay very very few tax because the tax % on 30k/year is very low to give a chance to the poor. The other 30k that he makes but does not declare goes directly in his pocket while he should have paid a lot of tax from this part. It would be much much harder to do this if he could not be paid cash.


And why do we pay so much taxes? We have a free healthcare (it sucks hard, if your not dying, expect to wait 8h at the emergency). We have public schools (not so bad), we have sucky overpaid roads, we have so many people working for the government that produce very few in the end, etc.


me = tired of paying for nothing in return.

I think that construction worker is entitled to keep what he earned while he worked his ass off. Everyone should pay some sort of tax to the government, but when taxes get into every nook and cranny of our lives, the people begin to lose sight of what a government is actually for, serving the people.

Serving the people, not ruling them.

[TheHardkaare]

We're slowly going away from the topic, lol
But yeah. OFC if this is to go into main source of money, the government should and will know, else it will all fall apart.

As daerid stated, we're all living in an utopian dream in this thread, lol.

[dimamantra]

We're slowly going away from the topic, lol
But yeah. OFC if this is to go into main source of money, the government should and will know, else it will all fall apart.

As daerid stated, we're all living in an utopian dream in this thread, lol.

I like to think that this is a very important part of CryptoCurrency. But yes, a tad off topic

Also, I don't live in a utopian world because there is no such thing.

[TheHardkaare]

We're slowly going away from the topic, lol
But yeah. OFC if this is to go into main source of money, the government should and will know, else it will all fall apart.

As daerid stated, we're all living in an utopian dream in this thread, lol.

I like to think that this is a very important part of CryptoCurrency. But yes, a tad off topic

Also, I don't live in a utopian world because there is no such thing.

It perhaps is in the future, I had not thought about that.
In your mind you sometimes do. Everyone does.

[dimamantra]

Normally I don't go all "revolutionary", but I do think that a flat tax on the sale of goods/services is the way to go. I mean, money's no good if it's not spent on something, right? That's arguably it's sole purpose. So you tax the spending of money, not the making of it. Sure, there will be some people that save a **** ton of money, but that money will eventually be spent, otherwise it's pointless. That's where you put the tax. Simplifies the whole process and puts the power of choice back into the hands of the public. Don't wanna pay taxes? Go live in the woods and don't buy ****. Hell even then if you purchased land out in the wilderness you'd pay taxes then.

Probably a utopian dream though...

Not at all is this a utopian dream. It is common sense.

A utopian dream is a pure communist state actually working out in a long term and scalable manner.

[Puddsy]

my buddy bought almost $500 in dogecoin and is mining whenever he's away from his computer

he has like 3 million doge

[dimamantra]

my buddy bought almost $500 in dogecoin and is mining whenever he's away from his computer

he has like 3 million doge

many doge

so coin

very mining

wow

[Puddsy]

yeah essentially

[tp4tissue]

The problem with all these crypto currency is I am afraid that they DON'T receive the "real-cash" infusion later down the line...

Which means they'll never really be recognized.


Most of these new currencies start as a large ponzi scheme...

[ComradeSniper]

I was lucky enough to get in on DogeCoin around the first week it came up and mined a little over 200K. It's already worth more than I expected, I hope it will last but I don't think there's anyway to know.

[tp4tissue]

I think the best strategy on these coins is to just Buy them... TODAY....

Mining is so dumb..

[damorgue]

The problem with all these crypto currency is I am afraid that they DON'T receive the "real-cash" infusion later down the line...

I was lucky enough to get in on DogeCoin around the first week it came up and mined a little over 200K. It's already worth more than I expected, I hope it will last but I don't think there's anyway to know.

I recently got lost all my Litecoin because I held onto them for too long in hopes that they would keep increasing. Don't fall for great, cash out often.

I wish I had begun back when Bitcoin was new. I even installed the required programs and everything back then, but I didn't actually start mining because I did not see a future for it. I would have been rich if I had mined ever so slightly back then.

[noisyturtle]

*noisy checks his watch*
According to my internetz limelight timer, this meme should be dying any day now (thank god.)

[TacticalCoder]

All this stuff will implode, just watch.

So Bitcoin is just about the value that speculators are giving to it? What about the technical aspect of it: say decentralization and the first workable solution to the Byzantine General's Problem? What about people putting messages in the cryptos blockchain as the real first decentralized trusted timestamping solution ever? These are no small technical feats.

IMO there's more to Bitcoin than "one day it's gonna be worth zero" or "it's only for drugdealers" or "people who are into bitcoin don't understand economics" or "you can't use it to send money across continents in minutes because it is so volatile" etc.

For my part mad respect to the cryptographers & programmers who created and popularized Bitcoin. Should it fall to zero in value tomorrow it would still be an amazing feat and it would be long remembered.

[Hak Foo]

Maybe the problem is that we're asking the wrong questions.  Tere's a mindset of "what can Bitcoin replace?"  and the answer, for many many things is "Not really, and not in its present form."  But it's the standard format of the question-- "How can I replace my merchant gateway account with Bitcoin?  How can I replace Western Union with Bitcoin?  How can I replace the crumpled old thousand-won note in my wallet with Bitcoin?".

Anything which involves using it as "money" is sort of undermined by a level of instability you usually only see in third-world economies with kamikaze economic policies.   This can sort itself out-- if you start seeing goods and services priced "natively" in BTC, or Doge, or whatever.

But maybe the currency aspect of it will end up secondary to the "we've built a decentralized, self-synchronizing, self-fixing network platform here" aspect. For example,  I could imagine a communication protocol running atop a *coin network-- using tiny transactions as the mechanism to distribute the messages.

[tp4tissue]

Maybe the problem is that we're asking the wrong questions.  Tere's a mindset of "what can Bitcoin replace?"  and the answer, for many many things is "Not really, and not in its present form."  But it's the standard format of the question-- "How can I replace my merchant gateway account with Bitcoin?  How can I replace Western Union with Bitcoin?  How can I replace the crumpled old thousand-won note in my wallet with Bitcoin?".

Anything which involves using it as "money" is sort of undermined by a level of instability you usually only see in third-world economies with kamikaze economic policies.   This can sort itself out-- if you start seeing goods and services priced "natively" in BTC, or Doge, or whatever.

But maybe the currency aspect of it will end up secondary to the "we've built a decentralized, self-synchronizing, self-fixing network platform here" aspect. For example,  I could imagine a communication protocol running atop a *coin network-- using tiny transactions as the mechanism to distribute the messages.

The main drive of bitcoin was silk road, essentially laundering of drug money// illegal arms dealing..

We need south america to pick up doge coins...   where's demik...

[Puddsy]

May I also direct you all to this quote from my mother

"Porn is always first, nobody wanted a VCR until porn became available. People were scared of the internet until people put porn on it, nobody will use bitcoin until you can use it for porn."

just sayin

[nubbinator]

The problem is that most people don't pay for porn...

[Oobly]

I cannot support a currency which is based on wasting resources.

ALL digital currencies that require mining are incredibly wasteful. The calculations are made purposefully computationally intensive to provide an adjustable "amount of work done". By far, the majority of the calculations are simply discarded. This just wastes power, throwing away processing cycles and electrical power for no good reason.

If the cycles were used for something useful (such as using folding@home for proof of work) I could consider having something to do with it, but as it stands, I have an ethical reason not to.

The power consumed daily for mining Bitcoins is staggering. It's amazing how most people are happy to ignore this fact and focus on their own gains, balancing it with how much the electricity is costing THEM only.

[TheHardkaare]

All this stuff will implode, just watch.

So Bitcoin is just about the value that speculators are giving to it? What about the technical aspect of it: say decentralization and the first workable solution to the Byzantine General's Problem? What about people putting messages in the cryptos blockchain as the real first decentralized trusted timestamping solution ever? These are no small technical feats.

IMO there's more to Bitcoin than "one day it's gonna be worth zero" or "it's only for drugdealers" or "people who are into bitcoin don't understand economics" or "you can't use it to send money across continents in minutes because it is so volatile" etc.

For my part mad respect to the cryptographers & programmers who created and popularized Bitcoin. Should it fall to zero in value tomorrow it would still be an amazing feat and it would be long remembered.

I don't think I can emphasize enough, how much I agree with you on this. People are not thinking it through, IMO.

May I also direct you all to this quote from my mother

"Porn is always first, nobody wanted a VCR until porn became available. People were scared of the internet until people put porn on it, nobody will use bitcoin until you can use it for porn."

just sayin

^This is loololololololoolollol

I cannot support a currency which is based on wasting resources.

ALL digital currencies that require mining are incredibly wasteful. The calculations are made purposefully computationally intensive to provide an adjustable "amount of work done". By far, the majority of the calculations are simply discarded. This just wastes power, throwing away processing cycles and electrical power for no good reason.

If the cycles were used for something useful (such as using folding@home for proof of work) I could consider having something to do with it, but as it stands, I have an ethical reason not to.

The power consumed daily for mining Bitcoins is staggering. It's amazing how most people are happy to ignore this fact and focus on their own gains, balancing it with how much the electricity is costing THEM only.

I'll speak my mind here.
I do not mine DogeCoin for the profit. I mine it for the shear purpose of the community, while having the thought in the back of my head: "hey, I'm actually not wasting my time on this. It's possible that it'll be worth something some day, and while I'm doing it now, I'm not losing any cash".
Of course "nothing" useful is used for this, except acting as an easy way of tipping, and acting as a form of currency aswell.
Oh and by the way, people do far from ignore the fact that powerconsumption is greatly increased by mining. I believe the BitCoins trouble your mind with this. The "difficulty" as it is called, is simply too high, so there's no way you'll earn more than you spend.
As for newer cryptocurrencies, it's a whole other deal. You see, DogeCoin is actually the most "profitable" cryptocurrency right now. And yes, I actually tried it myself while measuring my kWh, and calculating the overall cost. It does make me a profit.
Remember: Don't get into mining the cryptocurrency only for profit, also do it of interest and curiosity.

[Oobly]

I'll speak my mind here.
I do not mine DogeCoin for the profit. I mine it for the shear purpose of the community, while having the thought in the back of my head: "hey, I'm actually not wasting my time on this. It's possible that it'll be worth something some day, and while I'm doing it now, I'm not losing any cash".
Of course "nothing" useful is used for this, except acting as an easy way of tipping, and acting as a form of currency aswell.
Oh and by the way, people do far from ignore the fact that powerconsumption is greatly increased by mining. I believe the BitCoins trouble your mind with this. The "difficulty" as it is called, is simply too high, so there's no way you'll earn more than you spend.
As for newer cryptocurrencies, it's a whole other deal. You see, DogeCoin is actually the most "profitable" cryptocurrency right now. And yes, I actually tried it myself while measuring my kWh, and calculating the overall cost. It does make me a profit.
Remember: Don't get into mining the cryptocurrency only for profit, also do it of interest and curiosity.

 

I think you may be missing my point, which is that all that power is being used to do essentially nothing. The "difficulty" is decided by the current ability of miners to generate hashes which match the criteria. A valid encryption hash can be generated in milliseconds. There is no actually useful work done during mining, just a bunch of calculations whose results are discarded. It's a total waste of resources. Why can't the "proof of work" rather be something of real value instead?

[damorgue]

I'll speak my mind here.
I do not mine DogeCoin for the profit. I mine it for the shear purpose of the community, while having the thought in the back of my head: "hey, I'm actually not wasting my time on this. It's possible that it'll be worth something some day, and while I'm doing it now, I'm not losing any cash".
Of course "nothing" useful is used for this, except acting as an easy way of tipping, and acting as a form of currency aswell.
Oh and by the way, people do far from ignore the fact that powerconsumption is greatly increased by mining. I believe the BitCoins trouble your mind with this. The "difficulty" as it is called, is simply too high, so there's no way you'll earn more than you spend.
As for newer cryptocurrencies, it's a whole other deal. You see, DogeCoin is actually the most "profitable" cryptocurrency right now. And yes, I actually tried it myself while measuring my kWh, and calculating the overall cost. It does make me a profit.
Remember: Don't get into mining the cryptocurrency only for profit, also do it of interest and curiosity.

 

I think you may be missing my point, which is that all that power is being used to do essentially nothing. The "difficulty" is decided by the current ability of miners to generate hashes which match the criteria. A valid encryption hash can be generated in milliseconds. There is no actually useful work done during mining, just a bunch of calculations whose results are discarded. It's a total waste of resources. Why can't the "proof of work" rather be something of real value instead?

It would be too difficult for them to combine it with folding@home I believe. They have to easily be able to adjust difficulty to adjust inflation, and folding@home is based around several entities computing the same calculations and compared against eachother to ensure validity. This would mean several people get the same coins etc. I am sure that such a currency would take of once someone is able to make it work.

[kmiller8]

IS EVERYONE READY TO MINE COME COINYE

http://coinyeco.in/

[zoolzoo]

I cannot support a currency which is based on wasting resources.

ALL digital currencies that require mining are incredibly wasteful. The calculations are made purposefully computationally intensive to provide an adjustable "amount of work done". By far, the majority of the calculations are simply discarded. This just wastes power, throwing away processing cycles and electrical power for no good reason.

If the cycles were used for something useful (such as using folding@home for proof of work) I could consider having something to do with it, but as it stands, I have an ethical reason not to.

The power consumed daily for mining Bitcoins is staggering. It's amazing how most people are happy to ignore this fact and focus on their own gains, balancing it with how much the electricity is costing THEM only.

This is interesting... never thought about it in this regard.

[SpAmRaY]

IS EVERYONE READY TO MINE COME COINYE

http://coinyeco.in/

yeah didn't they just get a cease and desist.....

[tp4tissue]

I'll speak my mind here.
I do not mine DogeCoin for the profit. I mine it for the shear purpose of the community, while having the thought in the back of my head: "hey, I'm actually not wasting my time on this. It's possible that it'll be worth something some day, and while I'm doing it now, I'm not losing any cash".
Of course "nothing" useful is used for this, except acting as an easy way of tipping, and acting as a form of currency aswell.
Oh and by the way, people do far from ignore the fact that powerconsumption is greatly increased by mining. I believe the BitCoins trouble your mind with this. The "difficulty" as it is called, is simply too high, so there's no way you'll earn more than you spend.
As for newer cryptocurrencies, it's a whole other deal. You see, DogeCoin is actually the most "profitable" cryptocurrency right now. And yes, I actually tried it myself while measuring my kWh, and calculating the overall cost. It does make me a profit.
Remember: Don't get into mining the cryptocurrency only for profit, also do it of interest and curiosity.

 

I think you may be missing my point, which is that all that power is being used to do essentially nothing. The "difficulty" is decided by the current ability of miners to generate hashes which match the criteria. A valid encryption hash can be generated in milliseconds. There is no actually useful work done during mining, just a bunch of calculations whose results are discarded. It's a total waste of resources. Why can't the "proof of work" rather be something of real value instead?

that's why this has been called a ponzi scheme... similar to multilevel marketing as well... where there is a "non-pivotal" product being sold.  where the currency is only the Process itself in funneling money.

[tp4tissue]

Just to clarify... so people don't miss opportunities..

Ponzi schemes, and ALL financial schemes   ARE valid investments.. as long as you go into it with the right strategy and belief...

Generally, ponzi schemes that are very large will be bailed out, banks for example...   

that is how it's handled,  so as long as you get in "early" on the ponzi scheme, and you're AWARE of the major future roadblocks to public awareness of it,  you can form a plan for a modest and safe profit...

[Noko]

I'll speak my mind here.
I do not mine DogeCoin for the profit. I mine it for the shear purpose of the community, while having the thought in the back of my head: "hey, I'm actually not wasting my time on this. It's possible that it'll be worth something some day, and while I'm doing it now, I'm not losing any cash".
Of course "nothing" useful is used for this, except acting as an easy way of tipping, and acting as a form of currency aswell.
Oh and by the way, people do far from ignore the fact that powerconsumption is greatly increased by mining. I believe the BitCoins trouble your mind with this. The "difficulty" as it is called, is simply too high, so there's no way you'll earn more than you spend.
As for newer cryptocurrencies, it's a whole other deal. You see, DogeCoin is actually the most "profitable" cryptocurrency right now. And yes, I actually tried it myself while measuring my kWh, and calculating the overall cost. It does make me a profit.
Remember: Don't get into mining the cryptocurrency only for profit, also do it of interest and curiosity.

 

I think you may be missing my point, which is that all that power is being used to do essentially nothing. The "difficulty" is decided by the current ability of miners to generate hashes which match the criteria. A valid encryption hash can be generated in milliseconds. There is no actually useful work done during mining, just a bunch of calculations whose results are discarded. It's a total waste of resources. Why can't the "proof of work" rather be something of real value instead?

It would be too difficult for them to combine it with folding@home I believe. They have to easily be able to adjust difficulty to adjust inflation, and folding@home is based around several entities computing the same calculations and compared against eachother to ensure validity. This would mean several people get the same coins etc. I am sure that such a currency would take of once someone is able to make it work.

"Curecoin" is attempting to get this off the ground in dialogue with folding@home developers.  Not sure how it will go, but the idea is indeed already being explored.

I'd be wary of the normative "waste of resources" argument.  For one, that's a critique that could be applied to the market system in general, or of privatized power utilities.
Is heating a multimillionaire's hottub 24/7 "useful" work if he paid for the electricity?

However, I would say there are ethically positive implications of the work being done.  I did a quick programming job for someone today and they were able to pay me instantaneously (in this case in LTC).  I bought my parents' Christmas present from Tealet using BTC, which is money that goes directly to fair trade tea producers without payment providers taking an extra cut.  I've invested in startups who view low power costs in economically-depressed areas as a business advantage, and are thus bringing new jobs to those places.

This value is directly derived from the computational work being done, but it's allowing people to connect and transact for services and resources they want in a more efficient manner than has yet been possible.

I could talk for hours about this stuff, but I'll leave it at that.