

| What are you craving RIGHT NOW | |
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| Tweet Topic Started: Nov 23 2013, 07:28 AM (1,127 Views) | |
| The_Fry_Cook_of_Doom | Feb 7 2014, 05:46 PM Post #31 |
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:OOOOOOOOOOOOMAAANN
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log(100) = 2 |
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| Incog | Feb 7 2014, 06:37 PM Post #32 |
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CHEERIO!
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Of course, it's actually one of the more profitable coins to mine. Bitcoin and Litecoin are too hard (BTC especially), so if you're not into trading and watching the market all the time, you just mine Dogecoin and trade it for litecoin. I've got 5000 Doge atm (I'm a lazy miner and I only have one GPU), which I'll probably trade for Litecoin. I think I can do about 5000 Dogecoin a day. https://www.cryptsy.com/markets/view/135 5000*0.00006143 = 0.30715 http://litecoinexchangerate.org/c/EUR/1 €4.43998 So 5000 Dogecoin is that many €. Though I'm going to wait for Litecoins to be worth more before trading for real money. |
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Black tulip Tribute to the the greatest of the great. | |
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| Jam | Feb 7 2014, 06:38 PM Post #33 |
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Fruit Based Jam
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I'm sorry. Doge coin? Real currency? So dumb, wow. |
| Long live Carolus | |
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| Incog | Feb 7 2014, 06:39 PM Post #34 |
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CHEERIO!
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Only in base 10.
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Black tulip Tribute to the the greatest of the great. | |
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| Jack the IV | Feb 7 2014, 06:42 PM Post #35 |
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The Gent's Club
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Yea I have 3578 doge coins. Stopped mining cause I'm scared of burning my laptop out. |
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In battle, in the forest, at the precipice in the mountains, On the dark great sea, in the midst of javelins and arrows, In sleep, in confusion, in the depths of shame, The good deeds a man has done before defend him. | |
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| darkbelg | Feb 7 2014, 09:13 PM Post #36 |
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Lieutenant
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it'sa bubble |
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<----------------------------------------------------------------------------------------look at my | |
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| gs | Feb 8 2014, 03:53 AM Post #37 |
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Slow down
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apparently there is somethingsomethingbillion dogecoin in the world, worth a total of 44 million € i don't get this. where the actual fuck did that 44 mill come from? |
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| Jack the IV | Feb 8 2014, 06:01 AM Post #38 |
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The Gent's Club
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People give stuff value. Gold is just a shiny metal, yet it goes for 1000 USD an ounce... |
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In battle, in the forest, at the precipice in the mountains, On the dark great sea, in the midst of javelins and arrows, In sleep, in confusion, in the depths of shame, The good deeds a man has done before defend him. | |
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| Jam | Feb 8 2014, 06:25 AM Post #39 |
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Fruit Based Jam
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Mining con takes time and people have a limited amount, that means they will only spend a certain portion of their coin on an item based on how the value of that item compares to the value of the time spent generating the coin to buy it. You wouldn't spend 5 months worth of savings on a candy bar, but you might spend it on a car. You can say the same thign about real money so you have a basis for interconverting them. I have no idea of what I'm talking about. |
| Long live Carolus | |
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| The_Fry_Cook_of_Doom | Feb 8 2014, 11:08 AM Post #40 |
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:OOOOOOOOOOOOMAAANN
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So are there actually things you can buy using dogecoin? |
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| Incog | Feb 8 2014, 12:02 PM Post #41 |
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CHEERIO!
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http://shopdoge.com/41-steam-gift-cards So there's that. I'd rather sell my Doge for Litecoin though. Btw gs, you have an AMD card, you could mine this shit. |
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Black tulip Tribute to the the greatest of the great. | |
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| Incog | Feb 8 2014, 12:13 PM Post #42 |
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CHEERIO!
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I'm not sure where the actual value comes from. I understand the actual concept poorly. Disclaimer, I could be 100% wrong: From the little I know, Dogecoin (or any Cryptocoin) gets mined at a regular rate. To mine it, people solve equations (or some shit like that) called blocks. The equations are actually transactions. For example, if I want to send gs 1000 dogecoin, I'll set up a transaction. To ensure that the transaction is real, everyone in the world has to know that I gave gs 1000 dogecoin. So, this transaction goes to the blockchain. To go through with our transaction, people need to verify it. I think this is called a block. Each block gets a problem to solve. When you set a GPU to mine, you're setting up your GPU to find the solution to that problem (ie to solve the block). If you find a solution, you tell everyone else. Other GPUs then verify the solution to the problem. If the solution is correct (ie other GPUs check the solution), the block is validated. The blockchain is then updated. So when the block of my transaction, of me giving gs 1000 dogecoin, is solved, our block gets add to the blockchain. The blockchain is downloaded by everyone in the world with a dogecoin wallet and everyone is up to date on who has what amount of dogecoin. The thing is, validating blocks takes time and energy. So people who put their GPUs to work to validate the blocks are awarded with dogecoins. That is the essence of cryptocoins. As more transactions take place and more coins are mined, the value of the coin goes up. Dogecoin started as a joke but then everyone hopped on board and its value exploded. Also, the more coins that are mined, the more difficult it is to mine them. For example, if I had mined dogecoin from day 1, I would be making 5000 doge a day, I'd have made a LOT more. Had I waited for its value to explode before selling the sick amount of dogecoin I would have mined, I'd have made serious money. It's what happened with that guy from 4chan who bought a Tesla off of bitcoins he mined in bitcoin's early days. They used to be worth like $10 a coin, now it's up to $700 a coin. That's why people are into mining. There are potential waves to ride. If you're not into following the market closely and trying to guess which coin will be the next money coin, you can lazily mine dogecoin and make a little bit of money each day. |
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Black tulip Tribute to the the greatest of the great. | |
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| gs | Feb 8 2014, 01:25 PM Post #43 |
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Slow down
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i get that its generated, now i also know how, but it doesnt answer the question where its actual value comes from. why did anyone ever start trading actual useful stuff for dogecoin? im thinking its to give it value. its like collecting lots of sand then publicly saying "i will trade real money for sand". suddenly everyone wants sand, sand has value and its value can go up as the market develops which ultimately makes your investment worth it because you now own lots of sand. or something? |
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| The_Fry_Cook_of_Doom | Feb 8 2014, 01:54 PM Post #44 |
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:OOOOOOOOOOOOMAAANN
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lmao you can use dogecoin to buy gold. |
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| gs | Feb 8 2014, 03:04 PM Post #45 |
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Slow down
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you can use it to buy anything, it's currency |
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| budgie | Feb 8 2014, 03:49 PM Post #46 |
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squawk
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gs: i guess dogecoin is just another litecoin, which is another bitcoin, which was used to transfer value underground or to trade for drugs or whatever, getting around taxes, avoiding trackable shit like paypal what i dunno |
| "I been done got the very same way I done did. - jam 2016 | |
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| gs | Feb 8 2014, 05:10 PM Post #47 |
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Slow down
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yeah i thought of that, but why invest in worthless currency when you can use bitcoin/lc for the exact same purpose. i guess my question also applies to litecoin |
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| Jack the IV | Feb 8 2014, 07:50 PM Post #48 |
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The Gent's Club
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The battle of crypto currencies will be won by whichever one is adopted the most. If more people adopt dogecoin it will gain in value and wipe the others out. If it wasn't for dogecoin donations the Jamaicans probably wouldn't be at the olympics right now. They also tried to send and indian but I'm not sure if he made it, didn't watch the opening ceremony. |
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In battle, in the forest, at the precipice in the mountains, On the dark great sea, in the midst of javelins and arrows, In sleep, in confusion, in the depths of shame, The good deeds a man has done before defend him. | |
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| darkbelg | Feb 8 2014, 10:51 PM Post #49 |
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Lieutenant
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I don't think it's going to be witch one is adopted more. It's going to be witch one is the most valuable. The amount of bitcoins that can be farmed is limited. the crypto currency will have the most value where there are the most farmers. They need to pay the electric bills. Mining on a dead coin would be dumb. |
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<----------------------------------------------------------------------------------------look at my | |
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| Jack the IV | Feb 9 2014, 01:11 AM Post #50 |
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The Gent's Club
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The one that is adopted more will be more valuable because more people want it. People only mine bitcoin dogecoin etc because they know people will trade goods for them or buy them. |
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In battle, in the forest, at the precipice in the mountains, On the dark great sea, in the midst of javelins and arrows, In sleep, in confusion, in the depths of shame, The good deeds a man has done before defend him. | |
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| Incog | Feb 9 2014, 08:29 AM Post #51 |
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CHEERIO!
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Well, from my point of view, me with "just" my 7970, the great thing about Doge is that it's way easier to mine compared to LTC or, god forbid, BTC. The value, though I can't be sure, comes from just that. It started off as a joke I think, but when everyone hopped on board because it was a funny meme, people with BTC thought it might be worth something and started trading BTC for Doge. So you're trading something with value (BTC) vs something that might have value (Doge, which might have value given that everyone is mining it, and for a cryptocoin to have value, it needs people mining it). Doing so gives Doge value. It's again, way easier to mine Doge compared to LTC/BTC, so people will mine that instead. Mining Doge at a certain hashrate during a day will yield more money (after trading it for LTC/BTC and then real money) than mining LTC/BTC. So people will mine Doge and that gives it value, compared to BTC/LTC who won't be mined as much, since they're more difficult to mine. That's how I see it. There are flaws in the reasoning in there somewhere, do'nt worry. |
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Black tulip Tribute to the the greatest of the great. | |
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| Incog | Feb 9 2014, 08:32 AM Post #52 |
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CHEERIO!
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As to why bitcoin suddenly became valuable? Well once people realized BTC was in limited supply, they realized that it could be used to trade the same way real money could be used. Money itself has no "real" value, neither does BTC. People realized that it could be used as a trading interface, which is true, as long as enough people hop on board. Which is what happened. People hopped on board because BTC was (and still is) in limited supply* and also because more people were willing to use it than before. *Unlike real money, where the amount in circulation can be manipulated by the governments. |
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Black tulip Tribute to the the greatest of the great. | |
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| gs | Feb 9 2014, 01:10 PM Post #53 |
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Slow down
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mining it doesn't give it value, the people who are trading it for bitcoin give it value. the weird part is that someone (probably a bunch of people at the same time) had to be the first. someone at some point traded bitcoin for the still worthless dogecoin. the only way that makes sense is if they predicted that dc would go up in value which would ultimately make their investment worth it. maybe they figured since dogecoin is all hip and bitcoin is probably gonna crash in value in the coming year that it would be worth it. risky business but i see the point |
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| The_Fry_Cook_of_Doom | Feb 9 2014, 04:41 PM Post #54 |
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:OOOOOOOOOOOOMAAANN
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bitcoin more like buttcoin lol |
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| Ichigo1uk | Feb 9 2014, 05:03 PM Post #55 |
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Huh?
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uh Huh uh Huh Good one, Good one
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| Jam | Feb 9 2014, 05:51 PM Post #56 |
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Fruit Based Jam
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How does one mine buttcoin? |
| Long live Carolus | |
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| Incog | Feb 9 2014, 06:34 PM Post #57 |
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CHEERIO!
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well, as i said, idk |
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Black tulip Tribute to the the greatest of the great. | |
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| The_Fry_Cook_of_Doom | Feb 9 2014, 06:38 PM Post #58 |
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:OOOOOOOOOOOOMAAANN
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![]() in and out |
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| Incog | Feb 9 2014, 06:42 PM Post #59 |
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CHEERIO!
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Never seena more inappropriate post. much shame |
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Black tulip Tribute to the the greatest of the great. | |
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| Jam | Feb 9 2014, 07:43 PM Post #60 |
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Fruit Based Jam
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That's a painful investment. Anyways, twitter is worth $18 billion due to investors despite actually loosing money every year, because it has massive potential for ad and marketing revenue. It will probably be start turning profits this year. It must have seemed odd to buy 'worthless twitter stocks' back when it was just a new website with a few thousand users. |
| Long live Carolus | |
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