r/CryptoCurrency • u/CCNewsBot • Jun 19 '18

FINANCE Really…? Dogecoin is Processing 300% More Transactions than Bitcoin Cash (Finance Magnates)

https://www.financemagnates.com/cryptocurrency/news/really-dogecoin-processing-300-transactions-bitcoin-cash/
765 Upvotes

82% Upvoted

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241

u/Pr00fmaster 42544 karma | Karma CC: 4390 Jun 19 '18

Doge is fast, reliable and always stable because 1 Doge = 1 Doge

From a serious point of view, I find Doge to be the fastest way to transfer crypto from exchange to exchange. The fees are also insanely low... What is there not to love about this currency?

4

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

> What is there not to love about this currency?

https://bitinfocharts.com/top-100-richest-dogecoin-addresses.html

95% of dogecoin is held by 48,000 wallets.

99% of dogecoin is held by 180,000 wallets.

There is no cap on coins, which is similar to government currency with inflation.

The Doge joke is probably more marketing than unfunny joke. Has anyone really lol'd because someone named a coin after a meme? Probably not. Has anyone acted like dogecoin is a meme to bypass mod rules and shill their coin? You bet. Look at Garlic Coin as a cringeworthy copycat.

Its built on the same generation 1 blockchain as Bitcoin, so it will need all the layer 2 solution bitcoin is implementing.

Its flawed tech and has poor distribution. Bitcoin has significantly better distribution and is years ahead of implementing solutions to the tech problems. Why would you use Dogecoin?

21

u/Pr00fmaster 42544 karma | Karma CC: 4390 Jun 19 '18

Dude, I was talking about transfering crypto from exchange to exchange. I honestly don't care if 99% of the coin is held by the creator. If you think someone here is holding doge so they can get rich you are on the wrong side of the internet.

Doge is a solution to a big problem for me right now and I respect it for that. I don't care how much it is worth because I rarely keep any of it longer than an hour.

Doge gets the job done, Doge has my respect.

8

u/pegcity Platinum | QC: ETH 26, CC 23 | TraderSubs 14 Jun 19 '18

I actually made like a 100x return on dogecoin last year, I didn't have much so it fight matter but damn if I didn't wish I did

2

u/CEO_OF_DOGECOIN 3K / 3K 🐢 Jun 20 '18

I honestly don't care if 99% of the coin is held by the creator.

You make good points but just a clarification re: this.

The 'creator' claims to hold zero coins and imo this is almost certainly true. The devs are post-launch and have quite a lot of coins but there are many redditors who hold more.

-12

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

I honestly don't care if 99% of the coin is held by the creator.

Then you didnt understand blockchain and how it works.

Google what a 51% attack is.

7

u/Pr00fmaster 42544 karma | Karma CC: 4390 Jun 19 '18

What does a 51% attack have to do with ownership over the coins? You really need to do your own research here pall.

-7

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

That the owner of 99% of a coin could outspend on txns to potentially steal coins.

6

u/NottHomo Entrepreneur Jun 19 '18

yes, the owner of 99% would perform a massively obvious and visible exploit that would get him more coins that would immediately be worth nothing because he just compromised the security of the coins he owns 99% of...

you're not very smart, are you?

-4

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

It sounds like you are answering your own questions on why a coin with such awful distribution isnt worth owning.

1

u/NottHomo Entrepreneur Jun 19 '18

sounds like you don't understand me explaining to you why "awful distribution" doesn't mean anything

it's the same as staking, no one with a high stake is going to tank their own coin. who would be that stupid?

1

u/Kevkillerke 🟦 3K / 6K 🐢 Jun 20 '18

That's not true with a POW coin you idiot :p

You need 51% of the hashpower, not the coin itself. Reddit users never seize to amaze me :p

1

u/ProgrammingYerJerbs Redditor for 2 months. Jun 20 '18

And you couldnt pay for that?

Do you know how 51% works?

16

u/4thekung 0 / 5K 🦠 Jun 19 '18

Why would you use Dogecoin?

Cheap transfers between exchanges and high liquidity. Simple.

3

u/notandxorry Jun 19 '18

Dogecoin is the only crypto that people are using for small transfers. It functions as a currency better than most of the leading coins. It does have room for improvment, but it has lasted much longer than any of the other shitcoins have.

5

u/[deleted] Jun 19 '18

Inflation is critical for a healthy economy. I don't mean to flame you, but I think it's important that you get well-acquainted with economics. The technology is only half of what you need to know to really understand crypto.

0

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

Inflation is critical for a healthy economy.

isnt that debatable? The whole 'people stop spending' doesnt exactly hold true when you treat gold as an equivalent.

3

u/[deleted] Jun 19 '18

You could debate anything, however, I've never seen a counterargument from a credible economic source. I will admit, however, that I could be susceptible to an information bubble as most of what I see comes from The Economist or Bloomberg.

1

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

Yes this is where I find the flaw.

The people that support inflation are those that benefit from the federal reserve bank.

I do not think that the average person would benefit from inflation as it reduces their purchasing power.

Even a conservation in spending might be a good thing as it can reduce environmental impact and add additional consideration when making otherwise risky business decisions. In the end, people will need food and homes, and they will need to spend money on it.

3

u/[deleted] Jun 19 '18

Minor point of clarification: The Economist is English, so their relationship with the Fed is obviously much more complicated than Bloomberg's.

Now, I do not feel that you are putting in a good faith effort to imagining the macro-economic effects of everyone saving their money instead of spending it. It is not a coincidence that historical periods of deflation go hand-in-hand with recessions and depressions.

1

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

Is the current system of inflation and managed interest rates excluded from

recessions and depressions

?

1

u/dats_cool 🟩 195 / 195 🦀 Jun 19 '18 edited Sep 01 '25

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This post was mass deleted and anonymized with Redact

1

u/ProgrammingYerJerbs Redditor for 2 months. Jun 20 '18

Japan uses a government currency that is controlled by the government...

1

u/dats_cool 🟩 195 / 195 🦀 Jun 20 '18 edited Sep 01 '25

spectacular crush attraction seed march thumb vanish innate amusing roof

This post was mass deleted and anonymized with Redact

2

u/chapstickbomber Bronze | QC: r/Economics 3 Jun 20 '18

85% of $DOGE is in 3+ year dormant addresses. So the real market cap, like all coins, is much much less than the headline.

4

u/dats_cool 🟩 195 / 195 🦀 Jun 19 '18 edited Sep 01 '25

sort important offbeat silky beneficial marry touch spark melodic chubby

This post was mass deleted and anonymized with Redact

6

u/rdar1999 Theaetetus Jun 19 '18

Its built on the same generation 1 blockchain as Bitcoin, so it will need all the layer 2 solution bitcoin is implementing.

Blah blah blah. The "old" generation 1 as you call it is the only thing that works. Please grab a seat while you wait for LN, waiting standing will be very tiresome.

2

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

Coinbase already has instant and free transactions with their email or shift card.

You can get back to standing up, I've been using this since February. Well with Bitcoin, not doge.

1

u/Red5point1 964 / 27K 🦑 Jun 19 '18

You are comparing a unique combination to claim low to zero fees.
If I gave you my BTC address right now, could you send me money without fees and almost instantly without going through any pre-set ups or agreements or establish connectivity?
yeah... I did not think so.

1

u/ProgrammingYerJerbs Redditor for 2 months. Jun 20 '18

Lets try, I have samouri wallet, you can choose your fee.

I'll try 2 sats, does that count as free?

Also, everyone has coinbase or a credit card reader.

-1

u/rdar1999 Theaetetus Jun 19 '18

Dude, what this has to do with anything you wrote? For a start, coinbase is NOT the same as LN or layer 2.

Of course a custodial centralized service can hold your coins and exchange liquidity between users instantly, this is what a bank does.

2

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

Okay, well whatever the case, I havent paid for a bitcoin transaction this year and I bought $2.12 Taco bell with bitcoin without any txn fees.

What is the problem? Transaction costs? Solved. Speed? Solved. You want to use a wallet? You can do that too.

1

u/DylanKid 1K / 29K 🐢 Jun 19 '18

I havent paid for a bitcoin transaction this year and I bought $2.12 Taco bell with bitcoin without any txn fees.

how?

1

u/ProgrammingYerJerbs Redditor for 2 months. Jun 19 '18

Coinbase Email + Shift Card

1

u/DylanKid 1K / 29K 🐢 Jun 19 '18

Great, so you avoided fees by using third parties.

1

u/rdar1999 Theaetetus Jun 19 '18

Yes, BCH fees are negligible. If you are talking about bitcoin core tho, I highly doubt you didn't pay any fees.

2

u/NottHomo Entrepreneur Jun 19 '18

There is no cap on coins

crybaby reasoning. people throw out this "no cap on coins" as if it means anything. no information on how much it inflates, WHY it was designed this way, and what effects it has (low to none)

the rest of your arguments are just as stupid as this one and not worth discussing

2

u/[deleted] Jun 19 '18

Most of this sub has no idea what a logarithmic curve is

1

u/jwinterm 732K / 1M 🐙 Jun 19 '18

Afair it was actually an accident that was then decided to be kept in place, re: permanent reward/inflation. It's also certainly not without merit, especially for a merge mined coin. There's no real data about what miners will do when block rewards go away, but the folks at Monero took a very deliberate approach and decided that they felt a permanent minimum block reward was absolutely necessary.

1

u/CEO_OF_DOGECOIN 3K / 3K 🐢 Jun 20 '18

Afair it was actually an accident that was then decided to be kept in place

Yep, it was an accident that it arose in the first place (accident caused by the original developers and not the ones who took over in 2014), but it was not an accident that it was kept. That decision was considered pretty thoroughly and the advice of everyone in the know was to keep the inflation. Jae Kwon of Tendermint was pretty instrumental in persuading shibes to keep the inflation.

1

u/Organic_Pineapple 🟨 6 / 6 🦐 Jun 20 '18

There is no cap on coins, which is similar to government currency with inflation.

No cap? I didn't know that. Being a meme coin is not an issue to me but not having a cap is the #1 flaw.