Dogecoin

[Stretchysumo]

So in the wake of the BTC boom, we just got another crypto-currency: The Dogecoin. It only hit the market last week. I thought it was a joke, but it's actually rapidly gaining value, although still trading for fractions of a penny per DC. If you have mining software, it might pay off to mine these just for shits and giggles. Even if they only went up to $0.01 USD per DC, that would be a very large profit margin considering current value.
Official Site.

[Piggler]

I've heard of cryptocurrencies before, but I have no fucking clue as to how they work.

It seems revolutionary.

[Phobotech]

Regarding everything...WHY.

I'm not even trying to be a dick, like the BBS are won't to do, but seriously:

1. Why the Doge meme...
...you probably didn't have anything to do with the decision, but its baffling. It would be like the internet creating a currency out of the Gangam Style stuff when it was in full swing however many years ago; it's a flare from culture that has little to no lasting power, so why...WHY try to immortalize it in such a pathetic way?

2. What the fuck is the point of online currency?

No really, I have no idea. And for others that don't, it would be useful to elaborate as to why it's such a great opportunity as you say it is.

3. Is replicating online currency illegal, and if it isn't, then why bother?

[Phobotech]

At 12/17/13 02:18 AM, Phobotech wrote:
2. What the fuck is the point of crypto-currency?

No really, I have no idea. And for others that don't, it would be useful to elaborate as to why it's such a great opportunity as you say it is.

3. Is replicating crypto-currency illegal, and if it isn't, then why bother?

Fixed...what I meant was the cryptozoology coin. Even the name "crypto-currency" seems to hint at the fact that it's fictitious and not something to get all worked up over.

[Stretchysumo]

At 12/17/13 02:20 AM, Phobotech wrote:

At 12/17/13 02:18 AM, Phobotech wrote:
2. What the fuck is the point of crypto-currency?

No really, I have no idea. And for others that don't, it would be useful to elaborate as to why it's such a great opportunity as you say it is.

3. Is replicating crypto-currency illegal, and if it isn't, then why bother?

Fixed...what I meant was the cryptozoology coin. Even the name "crypto-currency" seems to hint at the fact that it's fictitious and not something to get all worked up over.

I don't think you understand crypto-currency. To be fair, I don't have much of an understanding of it either, but wikipedia can explain why these have value and how things like BTC can be legitimate.

[Zachary]

Dogecoin won't ever be a thing. I've seen it pushed on /g/ tons of times, but it's really not going to go anywhere. Also, it has been around for more than a week.

[xnaut0]

I really really hate memes. the worst ones being the ones where people type like retards, e.g. doge, dolan, and that awful ERMERGERD shit.

the fact that anybody would spend enough time to make something like this is mind numbingly retarded.

[NeonSpider]

I never understood why people would spend real world money on online currencies.

Real world currencies have the benefit if they're not backed by actual gold/silver/etc they're at least backed by governments with militaries with real killing-you power. You basically accept it's worth what they say it is because they can back that up with real world force if they need to.

Who is going to enforce what some online currency is worth? Exactly.

[xnaut0]

At 12/17/13 04:37 AM, NeonSpider wrote: I never understood why people would spend real world money on online currencies.

they use it to buy illegal content, e.g. drugs, hitman, child pornography, etc. bitcoin is also probably the best way to donate money, especially to sites like tpb.

I don't see why people would use it for anything other than illegal activities. seems pointless to me.

[Sword-of-Kings]

Wait... That shit's real?! I thought that was just some stupid joke on /g/!

[Halberd]

At 12/17/13 02:18 AM, Phobotech wrote: 2. What the fuck is the point of online currency?

People use bitcoins to buy illegal things like drugs and guns from black market websites (e.g the deep web)

This is pretty much as far as I know its main usage and probably the only reason the idea hasn't died.

[ZeroAsALimit]

I am familiar of the concept of digital currency and the plusses of, but can it really be that easy to acquire?

[Bit]

DOGE is the future of currency.

[ManDeep]

Another crypto-currency?

[Scintillating]

At 12/17/13 08:36 AM, ManDeep wrote: Another crypto-currency?

A crypto currency worth nothing that will disappear in a year along with yo money

[Splats]

Inb4 lame doge joke

[mandog]

Dumb, currency is supposed to be a physical thing, but, I guess we send money over the internet...

[jarrydn]

that feel when 1 million doge

[Xenomit]

All these fake currencies make me mad

[Thor]

I'm gonna buy $5,000,000 in dogecoin, then when it goes up in value i'll be a millionaire...

[jarrydn]

At 12/17/13 04:09 PM, Xenomit wrote: All these fake currencies make me mad

that's unfortunate

[Satan]

This is a massive fucking scam, let's face it.

[Thor]

At 12/17/13 04:12 PM, Amaranthus wrote:

At 12/17/13 04:11 PM, Thor wrote: I'm gonna buy $5,000,000 in dogecoin, then when it goes up in value i'll be a millionaire...

Why would a god need money?

You think capes are cheap?!

[Piggler]

Currently mining dogecoins.

Still 0 DOGE.

[Stretchysumo]

At 12/17/13 04:40 AM, xnaut0 wrote:

At 12/17/13 04:37 AM, NeonSpider wrote: I never understood why people would spend real world money on online currencies.

they use it to buy illegal content, e.g. drugs, hitman, child pornography, etc. bitcoin is also probably the best way to donate money, especially to sites like tpb.

I don't see why people would use it for anything other than illegal activities. seems pointless to me.

Imvestment. Bitcoins used to be worth small change. Now they're worth near $1,000 per BTC.

[Insateddii]

I think the 'doge' meme is getting a bit out of hand

wow such post very opinion

[Stretchysumo]

At 12/17/13 08:17 AM, ZeroAsALimit wrote: I am familiar of the concept of digital currency and the plusses of, but can it really be that easy to acquire?

If you have a powerful dedicated mining rig, yes. My friend's brother makes ~$12/h just by leaving his computer on mining BTC. Keep in mind that's an extremely expensive computer. As value increases, currency becomes harder to mine, which is why people are mining the shit out of DC right now.

[Natick]

kill me

[MintPaw]

At 12/17/13 08:17 AM, Halberd wrote:

At 12/17/13 02:18 AM, Phobotech wrote: 2. What the fuck is the point of online currency?

People use bitcoins to buy illegal things like drugs and guns from black market websites (e.g the deep web)

This is pretty much as far as I know its main usage and probably the only reason the idea hasn't died.

The main point is that it's decentralized, no government has control over it, it can never be taxed, never get charged back, not debt based in any ways so you can never borrow it meaning no banks can ever exist for it. It's a pretty good idea, especially if you own some kind of small business and don't wanna pay bank fees or the bulk of the taxes.

[Feoric]

At 12/17/13 06:31 PM, MintPaw wrote: The main point is that it's decentralized, no government has control over it, it can never be taxed, never get charged back, not debt based in any ways so you can never borrow it meaning no banks can ever exist for it. It's a pretty good idea, especially if you own some kind of small business and don't wanna pay bank fees or the bulk of the taxes.

If you were a business owner, would you accept an alternative unregulated currency with no sort of control that fluctuates +/-5% in value on a daily basis?