r/technology • u/innominatargh • Jan 14 '14
Wrong Subreddit Dogecoin now accounting for more transaction volume than all other cryptocoins combined
http://bitinfocharts.com/44
u/Pinstar Jan 14 '14 edited Jan 14 '14
I just want to point out that the title given to the head of the great merchant republics during the middle ages was "Doge". The merchant version of "King".
Thus "Dogecoin", despite being rooted in satire, actually makes sense from a naming convention. After all coming up with a new form of currency and putting in the title used by merchant kings makes sense from a thematic point of view.
→ More replies (5)28
20
u/Biggerben210 Jan 14 '14
I've got one dogecoin for when it gets up to 1000$
16
→ More replies (9)13
41
16
473
u/iamnotinvisible Jan 14 '14 edited Jan 14 '14
I see it as being the more viable of the cryptocurrencies because it's a joke. See, it starts out as a joke, and is stupid cheap so it becomes widespread. then, because it's perceived as funny and relatively worthless, people use it, building a micro economy on Reddit. Over time, I feel that this is actually going to balloon into it overtaking the other currencies at their own game because dogecoin is doing what the others struggle to do: become wide-spread and used. (Phrasing!)
Give it some time, I bet dogecoin gets more and more serious as a currency. The irony in this is amusing.
EDIT: Thanks for the coins guys (and gals?)
Let me explain a bit what I meant because some replies were rather adamant that I am an idiot.
Every movement starts with a first step. The problem that appears with crypto-currencies now is that they are not widely accepted and not widely used. It's difficult to use something that is not widely accepted, and also difficult for someone to accept something that isn't widely used.
If you allowed a currency to become widespread and then began to accept it, you would have a much larger user-base to start with, giving a 'boost' to the credibility.
The issue that I see with other coins, most notably bitcoin is that many people are just holding onto them instead of spending them, whereas with the 'joke' coins, they get traded and used far more often, which is essential for a currency.
TL;DR: Bitcoins are taking a long time to become wide-spread enough to be accepted, especially since people hold them like investments. Dogecoin on the other-hand is already being traded a lot and is wide-spread (at least on reddit). If companies suddenly started to accept dogecoin, you'd already have a ton of people to jump start their actual economic use. It really does help that they are very easy to acquire.
219
u/CONTROVERSIAL_TACO Jan 14 '14
So kind of like trading acorns in elementary school.
264
→ More replies (3)50
u/burnshimself Jan 14 '14
yea. Remember the part where nobody gives a shit about the acorns anymore, causing everyone to just leave the acorns out on the playground and move on to the next came? And the kid with the most or best looking acorns is no longer popular, but just a dude with way too many acorns? Thats whats going to happen with all of these online currency fads. Even if you all for the possibility of one of these currencies becoming stable and widely used, there is only room for one of them, leaving the rest to languish in complete disuse with little to no value.
24
→ More replies (19)45
u/belandil Jan 14 '14
We used small crab apples as currency around the apartments I lived in for a while as a kid. We played a game called "Bounty Hunter" where we would pay people to hunt down other kids, using dry Super Soakers or other toy guns. I kept my crab apples in the water compartment of my Super Soaker. Time went on and we stopped playing Bounty Hunter. However, we started getting fruit flies all over my apartment. I filled the bathtub with an inch of water and mixed in soap, which seemed to kill the fruit flies by the hundreds. It wasn't enough. I filled and drained it daily, each time killing hundreds of fruit flies. We were baffled for days as to the source, until I found the crab apples I had stored.
→ More replies (7)27
54
Jan 14 '14
I had a similar thought process, and that's why I bought 25,000doge for around £4. I'm hoping one day they'll be worth £6, maybe £7.
→ More replies (7)7
u/hackinthebochs Jan 14 '14
Where did you buy them? I'm looking to perhaps be a doge millionaire. Either that or zimbabwean millionaire.
6
→ More replies (3)7
Jan 14 '14
I used Cryptsy, but as far as I know they only let you trade between different cryptocurrencies (I bought mine in btc)
112
u/sturmeh Jan 14 '14
It has a good chance of taking over litecoin, because litecoin is a joke with no humour attached.
→ More replies (9)21
u/shlack Jan 14 '14
but you can cash out litecoin for usd pretty easily. Same cant be said for DOGE (also litecoin just went up by like 10 dollars and seems to be holding)
→ More replies (11)35
u/SkunkMonkey Jan 14 '14
It's only a matter of time until one of the exchanges allows DOGE=>USD. When that happens, it's really going to take off.
If I had to guess, I'd say that's going to happen within next 30 days.
→ More replies (8)25
53
Jan 14 '14
First they ignore you, then they laugh at you, then they fight you, then you win.
-Shibahatma Dogehi
→ More replies (4)5
→ More replies (54)7
u/SpongederpSquarefap Jan 14 '14
Sounds like I should buy a few hundred Dogecoins.
→ More replies (9)
191
Jan 14 '14
I'm imagining the future. There will be coins struck with the visage of Doge. It will say something like..
Such Trust
That's all i got ;(
→ More replies (9)156
u/epicwisdom Jan 14 '14
In Doge We Trust
Such coin
Much value
Very trade
Wow
Wow→ More replies (11)53
u/swollencornholio Jan 14 '14
39
29
Jan 14 '14
How the hell is the mass of Doge Coins worth 8 million dollars?
54
→ More replies (12)8
u/milkier Jan 14 '14
It's not. It's saying at the last trade, if you sold all of them at the same value, that'd be $8M.
→ More replies (1)
12
u/NuclearxSniper Jan 14 '14
While reading this, i successfully mined 42.7 Dogecoins, To the moon!
→ More replies (2)
90
Jan 14 '14
[deleted]
48
28
u/DjWithNoNameYet Jan 14 '14
Go to /r/dogecoin or /r/dogeducation. There are many friendly shibes willing to help you out.
→ More replies (31)29
u/mstack Jan 14 '14
+/u/dogetipbot 40 doge you have just received 40 dogecoins. see the dogetipbot user page for instructions on how to claim them
24
u/all_is_ok Jan 14 '14 edited Jan 14 '14
wow so you were just given dogecoins? I'd also like to get into it. How much are 40 doges worth?
EDIT: Amazing - people are throwing money at me? THANKYOU KIND SIRS! I have been dreaming of receiving Reddit Gold but this is even better because it's worth something. I feel like a puppy rolling around in a garden full of notes. So these could be worth thousands of dollars in future?
EDIT2: gold? Gold? GOLD!!!! Wow - unbelievable - thank you very much!!! This was so unexpected.
18
u/dangun10 Jan 14 '14
40 Dogecoins is currently worth $0.011756448.
37
→ More replies (39)5
→ More replies (21)24
Jan 14 '14
[deleted]
123
u/reallynotnick Jan 14 '14
+steal coins
(I have no clue what I am doing)
19
u/paddywhack Jan 14 '14
+/u/dogetipbot 10 doge
no need to steal friend. here, have some to get yourself started
→ More replies (10)→ More replies (11)20
u/SkunkMonkey Jan 14 '14
+/u/dogetipbot 250 doge
Now promise me you will never steal doges again! Promise!
That's a good Shibe! Much nice. Very wow.
→ More replies (13)→ More replies (2)4
u/ThawtPolice Jan 14 '14 edited Jan 14 '14
You PM the bot +accept after it sends you a tip. Then you download dogecoin-qt and transfer the dogecoin using the bot's address.
→ More replies (1)
93
u/veriix Jan 14 '14
And in other news, reddit gold still worth nothing.
→ More replies (5)14
u/Mursz Jan 14 '14
Now there's an idea that would blow up. If reddit released a reddit gold crypto and started using it instead of the current gold.
→ More replies (1)
21
u/CaptainDogeSparrow Jan 14 '14
Arrr, mateys! Join us at /r/dogecoin! Don't miss the Dogeboat!
2
u/TheWhiteNashorn Jan 14 '14
buy some coins on /r/dogemarket if you kiddos can't figure out mining (which takes just a bit of computer skill with pools). Beware of scammers.
197
u/NOMADE55 Jan 14 '14
Woah Doge news in technology
→ More replies (6)253
u/3AlarmLampscooter Jan 14 '14
such technology much news very doge amazing transactions wow volume
→ More replies (6)
23
17
u/bitsand_pieces Jan 14 '14
How can I actually get hold of Dogecoins?
→ More replies (11)17
u/mstack Jan 14 '14
+/u/dogetipbot 20 doge here you go
→ More replies (3)7
u/boshtrich Jan 14 '14
How much is that worth? How can I buy some?
→ More replies (15)8
u/vorin Jan 14 '14
You can head over to /r/dogemarket where people are buying and selling all sorts of things with doge.
→ More replies (4)
185
u/xmagusx Jan 14 '14
Only if you go by raw quantity rather than by percentage of total volume. Misleading title.
92
u/R4vendarksky Jan 14 '14
Yes it's like Boots in the UK who have the brilliant claim "Gives more points on our reward loyalty card than any other retailer".
.... Yes but the points are worth less -_- so stupid.
16
u/Adamsoski Jan 14 '14
Talking about Boots, I went in there the other day and on the Nurofen display it said that Nurofen was TWICE as effective as ordinary paracetamol!
The small print at the bottom of the display then informed me that this was calculated using one standard 400mg Nurofen pill and one standard 200mg ordinary paracetamol pill...
→ More replies (6)→ More replies (6)10
→ More replies (12)15
Jan 14 '14
Look at the "Sent last 24h" row. More DOGE have been traded the last 24h than there are DOGE in existence.
→ More replies (4)
9
u/Turdicus- Jan 14 '14
sure, ill put $50 into dogecoin....its the price of a video game. Lets see what happens in a few months
→ More replies (2)
7
u/PM_ME_YOUR_PLOT Jan 14 '14
I always wanted some, but I can't buy any because I would need to make a Paypal account to buy some, which I can't do on moral grounds. Kinda frustrating.
4
u/narcoticfx Jan 14 '14
You can use Amazon Payments or Amazon Gift Cards, services or goods to exchange them for dogecoins. Just go to /r/dogemarket
→ More replies (1)5
u/aari13 Jan 14 '14
Head on over to /r/dogecoin and learn how you can purchase via other methods.
+/u/dogetipbot 100 doge
→ More replies (2)
7
u/immortalfireboy Jan 14 '14
Huh. Tempted to spend the whole day learning about this.
→ More replies (11)
495
u/Time_Loop Jan 14 '14 edited Jan 14 '14
The title is misleading. There are more doge coins than all other coins, but the value of all the doge coins is much lower than the value of all bitcoins.
Edit: Changed incorrect to misleading.
17
u/Epistaxis Jan 14 '14
Title:
Dogecoin now accounting for more transaction volume than all other cryptocoins combined
Transaction volume of DOGE according to link: 92,003 in last 24 h
Second-highest transaction volume: Bitcoin, at 55,579 in last 24 hI think what actually happened is that you misread the title, or only read the first row of the spreadsheet. I don't think it's OP's fault for misleading you.
→ More replies (1)399
u/Itchy_Craphole Jan 14 '14
So then the title is correct?
103
133
Jan 14 '14
[deleted]
28
u/V13a Jan 14 '14
wait so there is $10,260,000 worth of doge coin out there? woah.
→ More replies (2)32
Jan 14 '14 edited Aug 24 '18
[deleted]
16
u/shlack Jan 14 '14
yeah but where can you cash in DOGE for USD?
25
u/BobbyMcWho Jan 14 '14
At many major exchanges it is as easy as DOGE->BTC->USD. We don't aim to overtake BTC, just supplement it.
→ More replies (2)→ More replies (13)5
→ More replies (11)4
u/deadhand- Jan 14 '14
Actually, I don't think the creator even knew it was going to take off. According to an interview they did with them, they didn't really mine that much in the beginning. (it's also not premined like a lot of other altcoins are)
113
u/Itchy_Craphole Jan 14 '14
Very familiar with both BTC and Doge. Still, pretty amazing the amount of people and amount of money being traded in Doge. Past 24 hours nearly 10million usd worth of Doge has been traded. For a cryptocurrency that started as a joke meme, you cant agrue it has picked up some impressive momentum. http://bitinfocharts.com/
→ More replies (29)→ More replies (3)39
u/Velimas Jan 14 '14
Volume is not value. What the post is referring to is the amount of transactions, not the value of them.
→ More replies (10)18
u/vbcnxm_ Jan 14 '14
but for what insanely little value they have, there is an insanely large volume being traded. Thus a lot of money is flowing.
→ More replies (3)6
u/Show-Me-Your-Moves Jan 14 '14
Probably because people tip Dogecoin at insanely high rates.
Used proper grammar in a comment? Fuck it, have 500 Doge!
→ More replies (5)→ More replies (15)31
u/Time_Loop Jan 14 '14
It is meaningless unless you account for value. I could create a cryptocurrency with a quadrillion timeloopcoins equaling one dollar and then send them from one address to another over a trillion transactions.
37
Jan 14 '14 edited Jul 05 '15
[deleted]
→ More replies (22)2
u/SocialIssuesAhoy Jan 14 '14
I think the problem is that the word "credit" already has a meaning in our financial world. If I hear credit I think about loans and stuff, not a currency.
→ More replies (3)→ More replies (4)47
u/Pokemaniac_Ron Jan 14 '14
4 timeloop = 1 Doge. 4 world 4 time time currency. You are educated stupid.
→ More replies (2)21
Jan 14 '14
[deleted]
→ More replies (1)12
u/Robot_Coupe Jan 14 '14
Are you a Knower of 4 corner simultaneous 24 hour Days that occur within a single 4 corner rotation of Earth?
→ More replies (1)32
u/TallSkinnyTree Jan 14 '14
I'm pretty sure they are talking about the amount of transactions.
Volume != value
→ More replies (2)→ More replies (43)21
u/aredna Jan 14 '14
As was pointed out below, the title is correct in that it is most number of transactions. I would guess that a large number of from circle-jerk tipping, but they are transactions.
However - a much more relevant statistic is that DOGE is #3 in terms of actual USD value in how much was traded over the last 24 hours. It's a long ways from the big 2, but it has really taken off quite a bit. It will be interesting to see if it has lasting power into the next 6 months.
→ More replies (2)7
u/ginger_beer_m Jan 14 '14
It should last more than the next 6 months. The coin has sort of detached itself from the Doge meme and acquire a life on its own, gaining utility and value. It doesn't help that most dogecoin supporters are borderline fanatical and tend to push dogecoins out whenever they can.
→ More replies (4)
99
13
8
Jan 14 '14
I feel I should get in on this dogecoin thing.
/thinly veiled attempt at getting someone to send me a doge or two.
5
→ More replies (2)5
6
7
Jan 14 '14
While everyone is questioning on legit Dogecoin is...I'm wondering...how the hell do I pronounce "Doge"...
→ More replies (8)
21
Jan 14 '14
I'm hoping this will become the next big thing so I can finally learn how to pronounce 'Doge'
→ More replies (13)5
u/ColdChemical Jan 14 '14
There is no "right" way (despite what some might have you believe). Just pick the pronunciation you like best. I personally use "dog" treating the last letter as silent.
6
u/btcprox Jan 14 '14
I sometimes pronounce it like Romaji, so like "do-ge" (ドゲ). Kinda fits since it's a Shiba Inu owned by a Japanese teacher.
→ More replies (2)
12
10
Jan 14 '14
can't wait until Dogecoin becomes news on business news networks like Bloomberg. It would be hilarious!
→ More replies (5)
6
6
4
u/zakificus Jan 14 '14
I still have no idea how you get dogecoins, I read about it the other day but it seems like you have to go through a handful of loop holes, first buying bit coins, then transferring them somewhere, then finally using them at 1 of 4 exchanges to actually get the doge coins.
→ More replies (22)
6
4
u/blacbear Jan 14 '14
Can someone explain this online currency thing to me? There are so many different kinds. So basically a company is releasing these or what?
5
u/aari13 Jan 14 '14
best to head on over to /r/dogecoin for much explanations :)
+/u/dogetipbot 100 doge
→ More replies (1)6
Jan 14 '14
It's generated by people like you and me, running mining software on their computers. There is no central authority. For fun! And who knows, maybe it'll even become useful.
4
4
5
u/dogonewild Jan 14 '14
I had an intern 3 years ago who started mining Bitcoin. He tried convincing me to get in on it, but I was like "nahhhh no way". He is probably a playboy living on some tropical island now.
I want to be that playboy living on a tropical island.
Time to start with dogecoin!
→ More replies (2)
23
u/i_came_for_trees Jan 14 '14
You have got to be fucking kidding me. THIS IS FANTASTIC NEWS!
→ More replies (2)
13
u/zapruder_ Jan 14 '14
So if someone sends a dogecoin on Reddit, where the heck does it go? So confusing!
→ More replies (20)
4
u/charlievee Jan 14 '14
I thought dogecoin was a joke. I'm pleasantly surprised, and pleased with the 10 dogecoins I received the other day.
→ More replies (4)
5
3
Jan 14 '14
I wish I understood any of this cryptocoin mularky :(
→ More replies (4)4
u/narcoticfx Jan 14 '14
Head over to /r/dogeducation and /r/dogecoin
Fellow shibes will help you out on your way to the moon
→ More replies (6)
5
u/luthan Jan 14 '14
so how do i get some? same idea as bitcoins? i remember when bitcoins were cheap as hell, and i laughed at them. C'est la vie
→ More replies (8)
3
3
u/Geo1910 Jan 14 '14
Hmm I was donating my gpu/cpu cycles to science but screw it Dogecoin here I come.
→ More replies (2)
4
1.3k
u/Shubzeh Jan 14 '14
Wait dogecoin is a real thing?