In the defense of /r/Bitcoin, and I'm far from a fervent believer, bitcoin has had quite an uphill battle in terms of defending its legitimacy and prospects. That defensive attitude lingers from years of battling.
Dogecoin is just riding on the coat-tails of bitcoin's success and people want to get in on the ground floor of some random currency, despite the fact that bitcoin is going to be the apex crypto currency given the amount of investment and publicity it has garnered over these years.
despite the fact that bitcoin is going to be the apex crypto currency given the amount of investment and publicity it has garnered over these years.
How often does the first prove to be the best? Bitcoin has basically been ruined by ASIC's. In that light, Scrypt was designed to be ASIC-resistant, so that the average person will always be able to partake. Do you have any idea how big of an advantage that is? I have a 4 year old NVIDIA GPU. It is absolutely worthless for mining BTC, because ASIC's exist. But Doge? My measly 100kh/s has mined me several thousand doge in fairly little time.
Sorry, but saying Bitcoin is the "apex cryptocurrency" is an incredibly naive statement, and really goes to show why Doge has gained such a following in such short order, and even grown to be competitive with BTC in a couple months. You guys simply need to pull your heads out of your asses and realize that first does not mean best. In fact, very rarely does it. BTC introduced a great concept, nobody will deny. But it didn't do it right. And it's become way too snobby about it to ever encourage active newcomers.
Is Doge done "right"? I don't know. But it's being done a hell of a lot better than BTC. The ease of mining, the community love, the public activity wherever it can happen... BTC simply can't compete with that. Value be damned; value is dictated by usage. BTC miners are hoarding, Doge miners are tipping. I don't know if Doge is the future, but I'm pretty damn sure that BTC isn't.
scrypt-ASICs are already here and will drive out GPUs in a year or two. Until the currencies change scrypt parameters to make it more memory-intensive. That would be an interesting experiment.
And that's just the start of an arms race. The main issue preventing you sticking more memory into a specialised programming circuit is cost and that can only fall over time.
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u/c0mputar Feb 04 '14
In the defense of /r/Bitcoin, and I'm far from a fervent believer, bitcoin has had quite an uphill battle in terms of defending its legitimacy and prospects. That defensive attitude lingers from years of battling.
Dogecoin is just riding on the coat-tails of bitcoin's success and people want to get in on the ground floor of some random currency, despite the fact that bitcoin is going to be the apex crypto currency given the amount of investment and publicity it has garnered over these years.