Dogecoin

[Bloopy]

A month ago I looked at Google trends, and my first thought was invest in doge now! Well, now you can: http://dogecoin.com

Wow, so curiosity. Great opportunity to learn about the digital currency fad while dogecoin is such fresh. Irresistible cute. As opposed to ugly bitcoin, much stale, can't mine jack.

So far I have 2 Doge in my wallet, currently worth about 0.1 of a cent, but I'm looking forward to my first mining payout.

[barman]

I have about 43000 at the moment, worth approximately $30. Can't wait to see how the whole thing turns out, I'd be quite happy if the exchange rate hits $0.05 per coin at least

[darKz]

I find the trend and the meme quite hilarious and I swear I was really close to actually LOLing IRL when I read the thread, so thanks for that Bloopy! But investing money into a meme-coin is not something I would do.

[barman]

You don't explicitly need to buy doges (although you can and a lot of people are doing that), you can simply run a miner program overnight, in such case all you pay for are electricity costs.

I found out about dogecoin quite early on and initially managed to scoop up as much as 8000 doges over the course of several hours every day with my modest laptop (Intel i3 2370M + GeForce GT 630M). Yet, the mining difficulty has spiked up since then, now I'm hardly getting more 1000 doges when I leave the machine running overnight. I'll probably just reach 50k and give it a little break, hoping that the currency will recover from the abrupt fall in price (down from about $1.40 per 1000 doges to $0.80 per 1000 doges) which happened yesterday

[Impossible]

i doubt dogecoin will become as expensive as bitcoin, after all there is 1 billion of dogecoins unlike bitcoin with like 21 million, still worth a try

[Bloopy]

I've mined around 6500 doge in 24 hours. I'm damn tempted to leave my PC running while I'm away on holiday. On the one hand it seems like a waste of electricity, but on the other hand it's the most efficient time to do it while the coin is new. Mostly in it for the fun though.

[barman]

6500 per day is a nice amount. I'd say keep it running. Unless you are using a borderline energy-inefficient PC or the cost of the electricity in your house is sky-high, the number of coins you get is totally enough to cover the power bill. You can also remote control your PC and turn the miner off if the situation gets sticky.

i doubt dogecoin will become as expensive as bitcoin, after all there is 1 billion of dogecoins unlike bitcoin with like 21 million, still worth a try

Of course it will not, there will be a total of 100 billion doges (about 5000 times more than bitcoins). The future of dogecoin depends on its popularity, more people = more mining difficulty = higher price. The exchange rate will not fly up to several cents per doge as long as you can easily mine thousands per day with a decent PC

[theredi]

can u explain in "dumb" words wtf is that shit supposed to be?

[barman]

I'm not an expert, but here's an explanation which hopefully is accurate enough:

Dogecoin is a digital currency system working as a decentralized p2p network.

You can store your dogecoins in a wallet on your hard drive.
There are also online wallets, for example http://www.coinedup.com - you can log in there with a google account.

You can send dogecoins to someone else in transactions which are identified by encrypted code (you can send the code via the internet or even write it down on paper).

In order to prevent fraud, every transaction has to be confirmed (verified) by the network.

The confirmation process is done by solving cryptographical problems embedded in the transaction keyphrase.

You get awarded by coins for providing your computing power to the network (also known as "mining"). That's how new coins are distributed.

There is a fixed number of coins in the network. Currently, there are about 10 billion in circulation and this number will increase asymptotically until it reaches a maximum value of 100 billion long time from now.

If there are too many miners, the network automatically adjusts the "difficulty" of the problems needed to decrypt the transactions in order not to distribute more coins than expected.

Higher difficulty requires more processing power required to obtain coins.

The exchange rate of dogecoin is determined by supply and demand. Currently, the network is totally flooded with coins, that's why the price is so low.

Due to relatively low difficulty, you can mine thousands of coins per day (a few dollars worth) with an average PC, even more with a high-end one.

There are people out there who can obtain millions of coins per day with extremely powerful racks. Even if you subtract the electricity costs, it turns out to be quite a profitable activity

As more and more users join the network, it will get progressively harder to get new coins (a good thing) and the price will increase. But if the interest is lost, the coins will remain easily obtainable (a bad thing) for those who stick around, negatively affecting the value.

Hope that clears things up a little bit

[Impossible]

yeah, thats the only thing where nvidia titan could be useful xD

[Bloopy]

I'm not an expert

wow barman, such humble, very wisdom. Also dogecoin is about more than just its value. It's about having fun, something the 4chan and reddit generation can feel like they're part of.

I got the 6500 while I was trying out different pools and things, so hopefully I can generate a bit more than that, maybe 10000 per day or so. Just remembered I have a good reason to leave my PC running anyway... downloading TV episodes.

[taner]

there should be a tourny for doges.

[barman]

Hey Bloopy, you still into doges? The price has increased like 3 times during the last few days, I'm currently about 120$ in the green

[Bloopy]

Yeah, still mining, got about 200,000 doge. I think I'll convert a small portion to bitcoin to learn about that side of things, and cash some of that out to help pay for my next power bill. Gotta hold onto most of the doge though!

Dogecoin is now in the top 8 cryptocurrencies by total market value and climbing: http://coinmarketcap.com

[barman]

My laptop pretty much can't stand the difficulty anymore, so I just went ahead last Friday and bought 65k more doges for $25. I now wish I had spent, like, $2000
Wonder what will happen with the price in the next few days. Some guys have been reportedly toying with the exchange rate today, trying to get the market moving. Looks like they had succeded, after some major turbulences the growth seems to be pretty stable again: