Ask HN: What are your thoughts on Dogecoin? | Hacker News Reader

Ask HN: What are your thoughts on Dogecoin?

13 pointsgarysahota9324 comments

With its sudden uptick & strong Reddit community, really curious what you all think will happen next with its price?

My opinion is if you think buying into the losing end of a pump and dump is sticking it to the man, then I've got a great new deal for you, it's called PolkaCoin, it's directly tied to my net worth, so the more you give me, the higher its value goes (unless I eat lunch that day). I won't even let you sell it, all of the pump with none of the dump. TO THE MOON and all that.

I also have a cryptocurrency, it's called IdiotCoin. Only a single idiot exists and I own it. It can be divided into 2^64-1 dolts. If you want to buy a dolt from me, the cost is one US cent, however, for every dolt purchased I will double the price of the next dolt.

So you see, the value of dolts will always exponentially increase, provided the US dollar doesn't inflate even faster. This is great because it means that no matter when you purchase a dolt you are guaranteed to see the value double as soon as someone else buys a dolt from me. If you buy a dolt from someone else the price could of course be lower, and they'll be giving you one hell of a deal!

I find it very hard to believe that either idiots or dolts are somehow limited in number, especially to the number 1. This seems an entirely unfeasible basis for a cryptocurrency to me.

Reinterpretation of Godwin's law:

As a parody cryptocurrency's blockchain grows longer, the probability of it remaining a parody approaches 0.

I can think of lots of things that started that way.

Like Science Fiction writers sitting around joking about starting a religion, then Hubbard goes off...

And cow clicker https://en.wikipedia.org/wiki/Cow_Clicker

I'm sure there are other great examples...

Is there evidence Hubbard meant it as a joke at the beginning?

We might never know. Stuff happened long before most of us were born.

https://youtu.be/O9AGVARpqdk

Ooh, I didn't know about Cow Clicker. Thanks, that looks like a great example of this.

Dogecoin was created as a joke. The founder removed himself from the project, other people are probably use it for scams. https://www.cnbc.com/2021/01/29/dogecoin-cryptocurrency-rise...

Regardin all crypto: https://meaningofstuff.blogspot.com/2017/12/why-bitcoin-will...

> With its sudden uptick & strong Reddit community, really curious what you all think will happen next with its price?

I thought the same when I bought a bunch in 2014. I held for years and didn't make any money (maybe a little from BTC increases?). You could buy some and hold and check the price every waking hour for the next few years waiting for another pump where you can 2x your investment, or you could move on with your life and not got get sucked into stupid fantasy money making schemes.

A lot of folks are long-time holders (hodlers) and I bet many are scrambling to try and cash in on this run. A lot of exchanges (and even Robinhood) have limited or halted Doge trading, and the network is overloaded with folks trying to sync old wallets and whatnot. Very chaotic situation, but I imagine the price will drop once more people figure out how to cash in. The coin inflates infinitely so it's all fun, games and short-term speculation in my view.

This is way more stupid than the GameStop hype. There is nothing behind dogecoin other than "wow, a lot of people are looking at meme stocks shooting to the moon off hype".

Well, at the end of the day, this is not more stupid than Bitcoin.

Except it is; because the mining network for Dogecoin is much smaller than that for Bitcoin it is much less secure.

I'm in agreement, but I've gotta admit I've missed out on a lot of money not following the dumb money lately. It's hard not to be frustrated when you see people making bank on this stuff.

Classic Fear Of Missing Out in action. Don't worry, money not gained that way is not "money lost".

Oh, yeah I know. It's just tricky to keep that in mind sometimes.

Last night for giggles, I tried to see if I could get a few coins having dabbled in crypto over the years.

It was surprisingly hard.

Highlights: * Coinbase doesn't trade it. * Held my nose and tried to sign up for Robinhood last night, could get through their process as it kept crashing. * Ditto for Kraken. * Tried to download their wallet, required Java 6.

Gave up since I wasn't actually going to purchase more than $5 and won't touch the offshore exchanges.

There are a number of posts on the /r/Dogecoin subreddit for how to do it but I haven't looked at them. I already had a bunch of DOGE from 2014 mining (really just for fun) but if I didn't, and I wanted to trade, I would probably buy (or use what I have) BTC from Coinbase or similar, then move it over to a platform like Kraken/Binance.us, then trade on the DOGE/BTC pair.

Binance will let you trade the DOGE/USD pair, you just can't cash out without going through KYC-type stuff (or trade back to BTC/other and transfer wherever).

I also bought $25 for lulz and the path that worked for me (after MUCH frustration) was I used Cash App to buy BTC then I deposited it into Binance.US after which I bought DOGE using the app. NOT easy for noobs like me which means that most of the people buying are already "in the game".

Dogecoin was nice as a way to "tip" comments; basically reddit gold without having to pay much. Right now, it's being used as an overt pump & dump scam. It was never made to hold intrinsic value as a currency or as an asset, and the price is artificially inflated due to scammers

I thought the whole point of it was for technically minded, and other curious folk, to mess around with it - learn the ins and outs of crypto and have some fun, away from the nonsense of speculation and having to pony up silly amounts of actual money to play.

Looks like I was naive...

I think it has no value.

If you want crypto money -> https://nano.org

If you want to build decentralized apps -> https://ethereum.org/en/ or https://tezos.com

last commit in the repo was 15 months ago

Reply on news.ycombinator.com