Dogecoin emerged in 2013 as a joke. It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it was birthed as a joke, it actually led to some practicality as it’s large supply and low price facilitated efficient micro-tipping content on social media. It is a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm. Dogecoin has 1 minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate infinitely.
It's also kind of interesting because it goes completely against the whole "Deflationary asset!" selling point of many coins. This one keeps inflating forever, yet it never dies. It survives due being accepted for what it is (i.e., the meme, but it goes to show how adoption and consensus is the ultimate arbiter).
Well I for one subscribe to the many doge interpretation which states everything is governed by the universal doge function and each possible price of dogecoin exists with a timeline for each but when you observe the meme reality gets split.
Inflation and deflation are just symptoms tho. Simply put it has market value, just like every cryptocurrency. Most of the coins do in fact have inflation as new coins are generated by mining. The difference is that inflation happens according to a predictable set of rules, for Bitcoin that would be 6.25 new BTC every 10 minute, in 4 years it'll go down to 3.125BTC and so on.
Inflation simply occurs when the demand is lower than the supply, while deflation happens when demand is bigger than the supply.
In debt based currencies on the other hand, new money is created via loans, and only those the bank finds worthy (typically rich and elite) are allowed to take out a loan, with interest. There's no top limit on how much loans can be issued, and banks make money on every single loan. The value is simply taken from devaluation, i.e stolen directly from everyone who has some money.
This is why cryptocurrencies are often called digital gold. Because it's digital and secured by cryptography, "created" using mining (proof of work), and most importantly, has a market value. Maybe dogecoin is even more gold like than bitcoin or monero, because theoretically there's gold in space too and it can be mined if someone finds a way to do it.
Dogecoin emerged in 2013 as a joke. It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it was birthed as a joke, it actually led to some practicality as it’s large supply and low price facilitated efficient micro-tipping content on social media. It is a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm. Dogecoin has 1 minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate infinitely.
It's also kind of interesting because it goes completely against the whole "Deflationary asset!" selling point of many coins. This one keeps inflating forever, yet it never dies. It survives due being accepted for what it is (i.e., the meme, but it goes to show how adoption and consensus is the ultimate arbiter).
You mean the value can deflate infinitely.
Schrodinger's currency: worthless and having infinite value at the same time
Well I for one subscribe to the many doge interpretation which states everything is governed by the universal doge function and each possible price of dogecoin exists with a timeline for each but when you observe the meme reality gets split.
If we observe the meme twice and reality quarters... do we get free play at the arcade?
Inflation and deflation are just symptoms tho. Simply put it has market value, just like every cryptocurrency. Most of the coins do in fact have inflation as new coins are generated by mining. The difference is that inflation happens according to a predictable set of rules, for Bitcoin that would be 6.25 new BTC every 10 minute, in 4 years it'll go down to 3.125BTC and so on.
Inflation simply occurs when the demand is lower than the supply, while deflation happens when demand is bigger than the supply.
In debt based currencies on the other hand, new money is created via loans, and only those the bank finds worthy (typically rich and elite) are allowed to take out a loan, with interest. There's no top limit on how much loans can be issued, and banks make money on every single loan. The value is simply taken from devaluation, i.e stolen directly from everyone who has some money.
This is why cryptocurrencies are often called digital gold. Because it's digital and secured by cryptography, "created" using mining (proof of work), and most importantly, has a market value. Maybe dogecoin is even more gold like than bitcoin or monero, because theoretically there's gold in space too and it can be mined if someone finds a way to do it.
Also still more gold in the ground than has been mined
It needs to inflate to $1 at least. I'm losing my butt on it right now 😩
Same. FOMO is a bitch.