Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Like Tree12Likes

Reply
 
LinkBack Thread Tools
Old 01-29-2014, 02:29 PM   #1
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
Dogecoin: does it have potential?

Hi,

I've been reading a lot about Dogecoin. If you're familiar with the subject, what do you think: will this be the next Litecoin?

Everyone is crazy about it and it seems very cheap right now and I put my hands on a few.

But they will be mining 100 billion and about 36 billion are already out there.

Media says it's a "pump & dump" coin.

I can imagine it will go to zero once the 100 billion have been mined out.
Potemkin is offline   Reply With Quote
Old 01-29-2014, 02:57 PM   #2
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 1,989
Liked: 880 times
Dodgecoin .....

sounds like something you ought to get out of
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 01-29-2014, 03:17 PM   #3
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
...we'll see who laughs at the end!

Maybe you didn't read the news:
http://blogs.marketwatch.com/thetell...ot-surprising/
Potemkin is offline   Reply With Quote
Old 01-29-2014, 04:31 PM   #4
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 1,989
Liked: 880 times
OK you didnt buy into bitcoin and were quite rude about it IIRC ......

and ever since youve been asking what this group thought about various alternative crypto currencies, in the hope you might be persuaded to invest some hard earned paper in an upcoming crypto.

I can see the attraction of crypto currencies but do not hold any because I am a Luddite.

Be brave and buy some but treat it as buying a lottery ticket and just forget about it for a while. Perhaps Dodgecoin will do well, or perhaps someone is generating large numbers of small value dodgecoin transactions and feeding biased articles to whoever will post it up .......

The consensus here seems to be that Gold and Silver have bottomed and can only go up from where we are.
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 01-29-2014, 08:19 PM   #5
Big-eyed bug
 
Join Date: Nov 2012
Posts: 416
Liked: 249 times
Yes Dogecoin is a pump and dump coin. (that has already been pumped.) Nothing new and innovative at all. A good silly marketing campaign though...

Not that I would buy this myself, but if you want to try a pump and dump you might consider 'Kittehcoin' currently has a 2.3 million CAP and I can see it playing off Dogecoin to do a Doge vs. Kitteh type silliness.

If you actually want to invest in a crypto-currency that improves on Bitcoin my suggestion is NXT.
Unbeatable is offline   Reply With Quote
Old 01-29-2014, 08:57 PM   #6
PM Bug Supporter
 
DoChenRollingBearing's Avatar
 
Join Date: Oct 2011
Location: SE USA
Posts: 1,275
Liked: 691 times
...

I would not know, but based on the ONE guy I know who mines them (but not Bitcoin) likes them because of the "cute environment"... Ahh, no gracias!

I have heard that zerocoin and quarkcoin may work out. But, until I have Bitcoin figured out well enough for me, I would avoid all of them except BTC, but only bet what you can afford to lose.

Disclosure, I own some BTC, what a ride, good as Vegas!
DoChenRollingBearing is offline   Reply With Quote
Old 01-30-2014, 12:10 AM   #7
Yellow Jacket
 
DCFusor's Avatar
 
Join Date: Nov 2011
Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times
Well, a couple other programmers and I were joking about them the other night on G+ vidchat. Someone offered 100 of them doggy-coins (the official pronunciation if I heard right) for an obsolete disk drive, and everyone laughed (and no takers). IIRC, it was started as a joke on either 4-chan or Reddit - I forget. You just can't tell anymore what things like that will evolve into. Sometimes the joke winds up being on the joker.

The issue with all crypto-currencies is pretty much what Ron Paul used to have on his desk - "Don't steal, the government doesn't like competition".

Doesn't matter who pumps. The .gov is going to come in and dump it at some point.
Just look at the news - after the silk road bust, now some people pretty high up in the bitcoin biz are being busted because they were helping "launder money". Maybe so, maybe not, who knows (or cares). But one thing that makes BC work is that it's very much NOT anonymous if someone can break Tor anonymity - and the recent bust proves it's possible, even easy - the blockchain shows who has owned each one in turn, it's a bonanza for anyone with enough resources - EG FBI, NSA, three-letter anyone, and quite a few well setup individuals, to simply trace it back to whoever.
Or steal it. BC has quite a history of theft.

So, no matter who pumps, some government (and we know who owns them) is gonna make it dump at some point, there is no real anonymity on the 'net, ever. How you gonna spend it without telling someone where to send what you bought, anyway?

Harry Harrison's "stainless steel rat" series shows how hard it is to be a "successful criminal" in a world of bits - and was written when I was a boy, lo these many years ago. Not that great as sci-fi, but it points out the issues.

One has to wonder...Bitcoin and any other crypto-currency encourages people to learn how to solve crypto problems really fast - could it be a false flag, or a total oops by the guys who let crypto become a popular thing to become good at? This article has an interesting take on that part:
http://www.theregister.co.uk/2014/01...ity_nightmare/

Because mining bitcoins involves essentially learning how to break a certain type of crypto (SHA-N hashes) as fast as possible. Hmmm, who does that help? Who really stands to benefit? Always follow the money. Cui bono.

My take is this - all these things move, and where there's motion, there's money to be made if you're on the correct side of the trade and timing. Period. Thinking *anything* you trade has actual intrinsic value is about as sensible as saying because I owned GM stock as they went bankrupt, I can go demand a nice big machine for my stock certificates. Sorry pal (actually, I was so short GM it bought me a nice new GM car, but that's another story - the rest of the corrupt markets let me cover my short for pennies, that time).

So, as advised, treat it as a lottery ticket - or better, as a trade, knowing you could wind up a bagholder when the dump comes, and the more successful it is, the more likely that enforced dump becomes.

Like many things, all these favor those with the most resources. You wanna bet you can outdo the deficit-spenders with a printing press? GoodLuckWithThat. You might do fine as an in and out trade, however - like DoChen says (calm down man, I'm on your side) - it can be better than Vegas - almost certainly if you're on the right side of it. Just don't get complacent.

But when something was started as a joke, well, you'll likely get what you deserve.
Nothing is impossible, but some things are pretty unlikely.
DCFusor is offline   Reply With Quote
Old 01-30-2014, 06:52 AM   #8
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,065
Liked: 2454 times
Originally Posted by DCFusor View Post:
...
Because mining bitcoins involves essentially learning how to break a certain type of crypto (SHA-N hashes) as fast as possible. Hmmm, who does that help? ...
DCFusor likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 01-30-2014, 08:47 AM   #9
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
Quote :
you didnt buy into bitcoin and were quite rude about it IIRC ......
I wasn't rude about anyone. And what's an "IIRC"?

Quote :
Perhaps Dodgecoin will do well, or perhaps someone is generating large numbers of small value dodgecoin transactions and feeding biased articles to whoever will post it up .......
It's dogecoin. If you don't know the name, you don't know anything about it. So, how can you have an opinion about something you don't know?

Quote :
The consensus here seems to be that Gold and Silver have bottomed and can only go up from where we are.
You cannot know that.
Potemkin is offline   Reply With Quote
Old 01-30-2014, 09:35 AM   #10
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,065
Liked: 2454 times
IIRC = If I Remember Correctly
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 01-30-2014, 10:30 AM   #11
Big-eyed bug
 
Join Date: Nov 2012
Posts: 416
Liked: 249 times
Originally Posted by DCFusor View Post:
Because mining bitcoins involves essentially learning how to break a certain type of crypto (SHA-N hashes) as fast as possible. Hmmm, who does that help?
It's an interesting question, there are some good discussions on the Bitcoin forum, development sub-section from time to time. (Which are way over my head.)

https://bitcointalk.org/index.php?topic=151120.0

Basically Bitcoin uses secp256k1, which so far has no known exploits, even though it is theoretically possible.

Similar algorithms like Secp256r1 could have potential exploits.

Personally I think just gaining 51% of the hashing power with circa $500 million is a much bigger vulnerability myself.

Edit: Digital currency was always going to be secured with some form of cryptography & so far, 4 years in, it looks like Bitcoin has chosen one of the best.

I also don't think the NSA is going to deliberately empower a libetarian leaning currency valued in the tens of billions of dollars, that risks unsettling the existing status quo just to help them break a few codes faster.
(Also once a specific cryptography is known to be broken people quickly switch to something else, so there is limited value there.)
DCFusor likes this.

Last edited by Unbeatable; 01-30-2014 at 10:41 AM.
Unbeatable is offline   Reply With Quote
Old 01-30-2014, 10:44 AM   #12
Yellow Jacket
 
DCFusor's Avatar
 
Join Date: Nov 2011
Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times
Well, in a sense, bitcoin mining IS an exploit - already worked-out hashes for collision testing by "someone". But I also agree on the other - if you can control a majority of the network, it's all yours. There are significant risks all around - we are in "greater fool" territory with all of them at this point. Maybe you get lucky. Maybe you don't. At least in part, it depends on a supply of greater fools, that have things to exchange and will take them. If things get bad, historically, the greater fool population diminishes (or even if they still believe, they have nothing to give in return) and takes a long time to come back to the table.
DCFusor is offline   Reply With Quote
Old 01-30-2014, 08:03 PM   #13
n00b
 
Join Date: Jan 2014
Location: Washington, DC
Posts: 9
Liked: 1 times
Sounds bubbly to me. Maybe I'm too old school, but I'd stay away from some "dodgey" coin...
PeterA is offline   Reply With Quote
Old 02-01-2014, 05:10 AM   #14
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
It may be joke coin, but what if it's not?

There are some concrete facts about it that amazed me:
http://www.primevalues.org/market-wa...matic-rise.htm

It's more traded than Bitcoin and it had a huge spike in December 2013. It's not that popular yet and it seems as successful as foolish it is.

It started out as a joke, but it has a market cap of 60 million $. That's more than Namecoin:
http://coinmarketcap.com

The news is picking it up:
http://www.ibtimes.co.uk/dogecoin-be...rrency-1434544

This is a silly coin, but just look at the figures.

Last edited by Potemkin; 02-01-2014 at 05:12 AM.
Potemkin is offline   Reply With Quote
Old 02-01-2014, 10:42 AM   #15
Ground Beetle
 
11C1P's Avatar
 
Join Date: Aug 2013
Location: North Dakota
Posts: 966
Liked: 504 times
Originally Posted by Potemkin View Post:
I wasn't rude about anyone. And what's an "IIRC"?



It's dogecoin. If you don't know the name, you don't know anything about it. So, how can you have an opinion about something you don't know?



You cannot know that.
lulz
11C1P is offline   Reply With Quote
Old 02-01-2014, 02:20 PM   #16
Yellow Jacket
 
Penn's Avatar
 
Join Date: Apr 2012
Posts: 1,566
Liked: 249 times
If you get greedy then you will have nothing.

Do not make this same mistake again.
DCFusor likes this.
Penn is offline   Reply With Quote
Old 02-02-2014, 02:54 PM   #17
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
Almost no-one here knows anything...
Potemkin is offline   Reply With Quote
Old 02-03-2014, 04:09 PM   #18
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 1,989
Liked: 880 times
Originally Posted by Potemkin View Post:
Almost no-one here knows anything...
we are indeed blessed to have you here potemkin
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 02-04-2014, 11:19 PM   #19
PM Bug Supporter
 
DoChenRollingBearing's Avatar
 
Join Date: Oct 2011
Location: SE USA
Posts: 1,275
Liked: 691 times
...

@ Potemkin and rblong2us

Yes, of course we really KNOW very little. For me I look at things from a probability perspective.

My bets on BTC can all be lost and it changes nothing in my life. But, it is interesting, and quite an infrastructure has been built up. But, when the young 'un told me how he mined DOGECOIN because of the "cute environment", well that did it for me, I will not play with that one.
rblong2us likes this.
DoChenRollingBearing is offline   Reply With Quote
Old 02-08-2014, 02:43 AM   #20
Predaceous stink bug
 
Potemkin's Avatar
 
Join Date: Jul 2013
Posts: 220
Liked: 31 times
Originally Posted by DoChenRollingBearing View Post:
...

@ Potemkin and rblong2us

Yes, of course we really KNOW very little. For me I look at things from a probability perspective.

My bets on BTC can all be lost and it changes nothing in my life. But, it is interesting, and quite an infrastructure has been built up. But, when the young 'un told me how he mined DOGECOIN because of the "cute environment", well that did it for me, I will not play with that one.
That is exactly what's making it popular. It started as a joke and people like it. It sounds stupid, but many people already made fortunes.

Dogecoin is considered a "pump and dump" coin. So, from what I understand - it's a speculative thing.

It is cheap, while Bitcoin and Litecoin are a lot more expensive.
Potemkin is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Farage on a potential Brexit PMBug Fiat Ponzi 24 11-14-2018 08:54 AM
Bretton Woods and potential gold revaluation PMBug Gold Bug 7 08-05-2013 07:09 AM
Dr Copper building potential head and shoulders formation swissaustrian STS 23 04-18-2013 07:48 AM
SRSrocco: Potential disturbance in the (paper silver market) force PMBug Silver Bug 2 06-13-2012 12:05 PM
IMF warns of potential Euro currency collapse PMBug Fiat Ponzi 26 04-20-2012 03:38 PM


All times are GMT -5. The time now is 06:29 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.