A quick note to investors that believe the intrinsic value of bitcoin is 0 because they can't do a DCF on it: this isn't the place to argue with me about it. I suggest you read a bit more about what it actually is (hint: not a currency). I've defended its value in plenty of other posts on this sub. It's a $40+ billion market, so at least a few people agree with me. I welcome you to short the crypto of your choice if you think it's worth nothing. This is a post for folks that believe that cryptocurrencies have at least some discernible value and are considering investing in them.
If we have a strength, it is in recognizing when we are operating well within our circle of competence and when we are approaching the perimeter. – Warren Buffett
Given the tripling of the cryptocurrency market cap in the last few months and the 3- to 10-fold increases in virtually every major altcoin, cryptocurrencies like Ethereum and of course Bitcoin have been getting a stunning amount of attention in the press and on this subreddit recently. If you follow the cryptocurrency world closely, you know that there have been a huge amount of dubious ICOs (initial coin offerings) on the market recently. It's an explosive time in crypto. It's also a frustrating time for many long term bitcoiners and crypto fans, because we're faced with a barrage of questions from outsiders who see the returns and want to buy in to the "next big thing" and make a quick buck. This is a warning to those people. Everyone is a genius is a rising market. It's hard to go wrong these days in crypto. Even coins of dubious merit like Ripple, Dogecoin, Stellar, NEM were pumped 5 times without any fundamental change. Speculators/investors have thrown money at crypto indiscriminately and efficient markets have 100% broken down. The altcoin pump right now is roughly comparable to the Dot Com crisis of the early 2000s.
New tech promises to change the world
Investors jump in on hype and promises
A surge of IPOs (ICOs) occurs to capitalize on this
"Greater fool" traders pile in, thinking they can make money even if the underlying is unsound
Analysts claim "this time is different" while seasoned old hands refuse to participate
Tech is proven not to be as developed as everyone thinks, market tanks
Select few decent companies survive, all the trash is destroyed
Tech eventually fulfills expectations, 10 years later, but none of the investors from the early days make money on it
However, canny (and skeptical) investors can still make money on crypto, as cryptocurrencies are inevitable, and will continue to expand and proliferate, even when the altcoin crash comes. Something to realize first of all is that the crypto market is heterogeneous. It has straightforward cryptocurrencies (bitcoin, litecoin, dash, monero), smart-contract cryptos (ethereum, ethereum classic) and a whole bunch of crypto tokens that follow dedicated platforms (golem, augur, steem). Not mentioned are ripple and stellar because they aren't really cryptocurrencies at all. The investing theses for all of these categories is radically different. The measure of success for a currency or store of value is adoption, merchant use, low volatility, a large network, and real world acceptance as something worth owning. Bitcoin has this right now, which is why it's more than 50% of the ecosystem, and none of its competitors are even close. Monero, Zcash, and Dash are a special case in that they try and make transactions anonymous and privacy, allowing for use cases on the darknet markets, for instance. The tech underlying bitcoin is essentially sound, although it is having a scalability crisis, which you should read about. It can't right now serve as a currency which will buy you a cup of coffee - the transaction fees are too high. However if you want to send $200,000 from Mexico to Indonesia or China to the Philippines, you can do it within 20 minutes, and with fees of a few dollars. And if you want to store your wealth in a vault that is totally secure, and cannot be debased by a central bank, bitcoin is a good bet. This is highly relevant to folks in India that just had cash abolished, to Venezuelans, to Argentines, to Cypriots, to Nigerians, anywhere local currencies are weak and volatile. The potential value of a competing cryptocurrency lies in whether it can improve materially on bitcoin, whether it means incorporating off-chain scaling (segwit with litecoin), making it more private and fungible (monero), automating governance (decred), and so on. Then there are cryptoassets that incorporate smart contracts. These – ethereum and its derivatives – exploded when the SEC denied the Bitcoin ETF back in march and bitcoiners got worried and started diversifying. This is the market segment that is highly risky, even by crypto standards, in my opinion. Ethereum is a protocol that allows contracts to self-enforce. Programming power to run the contracts is paid for with ethereum. Two parties agree to a contract, and it then self-executes. It's secured by a decentralized computing network of ethereum miners, so the contracts cannot be shut down by a government or corporation. It's pretty clever. Last year, a $150+ million contract was drawn up with ethereum, which would act like a venture capital fund, picking good investments just based on the votes of the token holders. This was called a Decentralized Autonomous Organization, and it was hacked before it could do anything. Well, it was exploited based on the code and so the exploit was totally "fair" given that the contract was meant to be inevitable, once agreed to. However, the creators of Ethereum didn't like the idea of losing $50 million, so they decided to collectively agree to amend the rules of the protocol itself (violating "Code is Law"), and jump onto a new one, which they would also call Ethereum, although it was really Ethereum 2.0. Some people got upset by this, because they thought that immutability and not arbitrarily rolling back the code was more important than some investors losing money because of poorly written code. They created Ethereum Classic, which is the original Ethereum chain. This wasn't what the Ethereum 2.0 folks thought would happen, but it did happen, so there are two competing Ethereum chains now. Eventually, lots of decentralized apps were funded, via tokensales. A development team would say: "we're going to use ethereum to create a decentralized cloud computing/AI/prediction/gambling/timestamping/social media network." And then investors would buy the tokens, expecting that eventually the dev team would deliver, and the tokens would be in demand, since they would be required to use the network. It's a bit like buying in-game-currency when the game is announced, anticipating that the game would be wildly popular and you'd be able to sell it on later at a profit or acquire it cheaply to buy in-game items later on. However, many of us think that the promises are a bit extravagant, and that investors in these ICOs are probably going to lose money. The incentives aren't well aligned. Founders can just not deliver and run off with the money, and there's no regulatory body to enforce that. And for Ethereum more broadly, many people are worried that the turing-completeness of the language will mean it will face serious threats and unforeseeable hacks, like with the DAO. Finally, Ethereum has increased from around $20 to $90 in a matter of months, which raises the question of whether a) the market realized its true value or b) it was pumped on speculation. There's a huge set of unknowns with a smart contract currency, and virtually none of the promised dapps are up and running right now, and the ones that are haven't really attracted large userbases or delivered. This is because the tech is in its infancy, and the developers are still learning how to use it properly. So we won't know if these sorts of decentralized networks are even possible to create on the timelines that investors are expecting. Therefore, ethereum investors buying it on the promise of the realization of this tech in the near future are almost guaranteed to be disappointed. Additionally, ethereum is making the switch to the largely untested Proof of Stake algorithm, which will change incentives that secure the network. This brings me to my key point: Stay within your circle of competence. You can grow your circle – slowly. Cryptoassets are almost impossibly complex to grasp with just a cursory look. Investing in them requires weeks of reading and a very skeptical view. The above was an introduction to cryptocurrencies, the different ones on offer, and why investing in ethereum is not the slam dunk everyone thinks it is. This portion of the post will tell you about the kind of due diligence you need to do if you want to invest, rather than speculate, in crypto. The first thing to mention is that passive investing in crypto has historically been a terrible strategy. Just buying bitcoin almost always outperformed. This was due to the poor set of altcoins, and the size of bitcoin's almost insurmountable network effect. This sort of changed in March and April when bitcoin's dominance went from 80% to ~50%, and it remains to be seen if this will persist or not. But the point is, buying the index is usually an awful strategy in crypto, particularly because there are so many truly awful projects out there. So what does it take to invest responsibly in cryptocurrencies? It requires at least a basic understanding of three disciplines: public-private key cryptography; programming, and how open-source projects function; and economics, particularly game theory and the quantity theory of money. This is why is is so difficult to apprehend easily: because very few people actually boast a sincere understanding of these three topics. I certainly don't. You need to be able to determine whether the tech is actually going anywhere, and whether the task the developers have set themselves is possible or realistic. You need to know how open source networks are governed, and which models strike the best balance between efficiency of decision-making and fair consensus. You need to be able to measure the inflation schedule of the cryptocurrency, and see whether your coins are going to inflated away. You need to be able to make plausible guesses about the potential market for the crypto and estimate future values. Note that the payoff structure is not equity-like. It's more like early stage venture capital, or buying loss-making biotech companies. Here's my checklist of questions to answer, ordered by importance:
Does the project offer a significant improvement over its nearest competitor, or a reasonable chance of success in its stated aim? Is there a demand for this project? Does it have a concise and reasonable goal? (Narrower goal: higher likelihood of success).
Is the development team competent? Are they committed to the coin? What's their track record? Is is an active dev team? Do they have a roadmap for the future? Are they transparent about goals?
How is the development team funded? Is the currency corporate-backed? Is the funding transparent? Was the coin significantly premined? (Usually bad) Are developers paid via iterative community project crowdfunding? (Usually good).
What is the governance structure of the currency? Who holds ultimate control over decisionmaking? How are decisions made? Are they transparent? Are mining/developer incentives aligned?
Does the asset have acceptance and use today? Does it have a functioning use case? If it doesn't, does it have a decent chance of being accepted?
Has the asset's "market cap" tripled or quintupled in the last few months? Was this based on any fundamental changes (new software releases, etc) or just speculation?
What are the transaction volumes like? (Hint: divide market cap by monthly averaged daily on-chain tx volume to find a consistent ratio) What's the ratio of on-chain transaction versus exchange speculation? Has price gone up independent of transaction volumes?
How long has the asset been around? Think of the Lindy effect. Older is usually better.
What's the community like? Is there censorship? Does it have an active subreddit? Do the developers answer questions? Are they accessible? How big is the github community? (Hint: you can divide market cap by github commits to find a comparable ratio).
Are you psychologically able to hold this coin in a 90% downturn? Is this a high conviction thesis or are you betting on being able to sell it to a greater fool?
How long did it take you to learn about investing in equities? Reading balance sheets, running DCF and DRI models, figuring out how to value a stock based on comparables? Years? How many mistakes did you make before you figured out how to be responsible? Cryptos are an asset class that is both radically different from anything that has existed before. They are also incredibly heterogeneous, as I argued above. It also leads to cultism – so bitcoiners generally take a dim view of ethereum, and vice versa. Monero fans generally don't like dash, and so on. You have to keep your mind open to understand new opportunities as they arise, and to stop yourself becoming too mentally invested in your project of choice. The vast majority of projects will fail within 5 years, so becoming overly certain of the success of one will probably devastate you. If you can stay balanced, stay honest about your crypto's chances of success and adoption, not get tunnel vision, and not take overly risky positions, you have a good chance of not losing everything. Remember the payoff structure. Heavily rightward skewed. A ton of cryptos earn no return and a select few earn an absurd (1,000-10,000x) return. None of this is necessary if you just want to invest randomly in one of the top ten cryptos. That's the strategy of 95% of investors today. Pick a coin and go. If it's not bitcoin, I can pretty much guarantee you'll lose money. The newer, the worse. I've not made an effort to convince you that cryptos have intrinsic value. If you've made it this far, you probably think they're worth something at least. However, they're probably not worth as much as the market is pricing them at right now. Especially not those in the ethereum family. I'm not going to tell you what to invest in, because that would defeat the purpose of this post. I'm telling you to do your due diligence before blindly buying a crypto. And that due diligence on ethereum is as complex and difficult as Tesla or Amazon DD. And that your skills in equity valuation are pretty much useless in this asset class. My circle of competence doesn't extend to options or lean pork futures, so I don't touch those. I suggest that until you really feel comfortable in crypto, you don't buy randomly. Summative thoughts:
Investing in crypto is hard
90% of people that invest at market peaks will lose money
You have to extremely skeptical and invest in high-conviction positions
Cryptos are exhibiting bubbly behavior right now, it's a pretty bad time to pick one out
Cryptos are nothing like equities but they do have real value
Cryptos are the future, but almost none of these coins will survive 10 years
The older the better
Governance is key
These are speculative positions, only invest what you can tolerate losing
You can make money investing in cryptos
Passively investing in cryptos doesn't work
It's a winner takes most market, there won't be 1 crypto that wins. There will be different cryptos for different use cases.
edit: deleted chart with probabilities of success because of subjectivity and oversimplification. edit2: I've been overwhelmed with PMs so bear with me. also, please forgive any spelling errors on this post. I wrote it in one frenzied sitting. edit3: I knew I would get a fair amount of resistance from ethereum investors (even though I attempted to keep my post as balanced as possible) but I was unprepared from the breathtaking volume of spam and diversity of attacks. One particular user has made 30 comments in this thread. I don't have a stake in ETC, period. The post is 3000 words long and most of it is about how to properly do your due diligence in a crypto. if ethereum fares poorly by standard due diligence metrics, then perhaps your issue is deeper than one post on /investing. final edit: there have been some broken-hearted ethereum fans very busy organizing brigades against this post, and attacking me personally, and so on. It's all very incovenient. I can tell that I struck a nerve. This post isn't really about ethereum - it's about how to do research in crypto, and why you can't expect to profit handsomely without that due diligence. I mentioned ethereum because there are 3 or 4 breathless posts on here a day about its stunning gains and whether it's worth investing in. My answer: read about it first, from a diverse set of sources. A final note: I do not own any ethereum classic, I have never owned ethereum classic. I brought it up because it is part of the ethereum story, and an example of what happens when you have a contested hard fork. I do hope that ethereum succeeds, I am just cautioning against over exuberance.
Researchers Claim That Most of Ripple’s (XRP) “Circulating Supply” Is Illiquid, Market Cap Is Overestimated by $6.9 Billion
https://preview.redd.it/818z6r6fdlc21.png?width=690&format=png&auto=webp&s=357fa0756beccb6a62b5997704b2277eb511ee5f https://cryptoiq.co/researchers-claim-that-most-of-ripples-xrp-circulating-supply-is-illiquid-market-cap-is-overestimated-by-6-9-billion/ An investigation by Messari Research has concluded that the true circulating supply of Ripple (XRP) is 21.8 billion versus the 41 billion Ripple (XRP) displayed on CoinMarketCap. If this is true, it means that Ripple (XRP) has a market cap of $6.9 billion, well behind Ethereum’s (ETH) $12.2 billion market cap. Further, if this data is accurate then the Ripple (XRP) market is even more centralized than previously thought, with 78.2 billion XRP under centralized control versus the commonly published 59 billion XRP figure. There is 52.5 billion XRP in long term escrow, and 6.5 billion XRP is available for restricted sale, which yields 59 billion XRP under centralized control by Ripple Labs. This is the commonly known figure published on sites like CoinMarketCap. It indicates a high degree of market centralization, especially when considering that the buy support for Ripple (XRP) is only $14.5 million according to CoinMarketBook, while the 59 billion XRP under centralized control is worth $18.7 billion. This makes the Ripple market extremely susceptible to centralized dumping. Essentially, Ripple Labs is suppressing the Ripple (XRP) price long term for personal gain. It gets worse, according to Messari Research. Jed McCaleb, the Co-Founder of Ripple (XRP), who left Ripple Labs and went on to become a co-founder of Stellar (XLM), has tight selling restrictions on the 6.7 billion XRP he owns. Further, Ripple (XRP) Co-Founder Chris Larsen said he would donate 5.9 billion XRP to RippleWorks, which is a charity organization, but the donation has not yet taken place. This means these 5.9 billion XRP are illiquid as well. Additionally, Ripple Works already holds 2.5 billion XRP, and these have daily selling restrictions and are relatively illiquid. Also, 4.1 billion XRP sold by Ripple Labs’s money service business XRP II is subject to selling restrictions and relatively illiquid. Adding all these relatively illiquid XRP together yields 19.2 billion XRP. There might be an additional 3.6 billion XRP held by Chris Larsen and 1 billion XRP held by Arthur Britto based on the initial allocations to the Co-Founders of Ripple (XRP), but there is no way to know how much of this was spent, and Messari research does not include these XRP in its calculations. In total, this means that at least 78.2 percent of the total Ripple (XRP) supply is relatively illiquid and not truly circulating. The 78.2 billion relatively illiquid XRP is worth $24.7 billion, versus the $6.9 billion market cap of the Ripple (XRP) in circulation. It seems illogical to invest in Ripple (XRP), since centralized dumping will be sucking money out of the market long term. It makes much more sense to invest in cryptocurrencies with decentralized supplies like Bitcoin (BTC), Litecoin (LTC), and Dogecoin (DOGE), among many others. This research also teaches an important lesson. The total crypto market cap on CoinMarketCap is likely inflated. Ripple (XRP) is currently ranked number two, yet somehow the circulating supply figures and market cap have been incorrectly displayed for years. It is possible that other cryptocurrencies have similar miscalculations. Currently the total crypto market cap on CoinMarketCap is $119.4 billion, but based on this research it is at most $113.3 billion. https://twitter.com/CharlieShrem/status/1088818662092558336
[Info] Clearing up missinformation about our inflation rate
I keep seeing posts saying that we have a crazy inflation rate of 5% annually, that Bitcoin/Litecoin have no inflation rate, that inflation rate kills currencys and all this information. I need to straighten some information out. WE DO NOT HAVE A 5% ANNUAL INFLATION RATE: We have a 5 billion coin inflation rate, and that happens to be 5% for the first year once we hit 100 billion. After a year, that 5% will not be 5%. It will be 5/105=4.7%. In the year 2019 we will be at 4%. The reason is because our 5 billion is a constant. It is NOT a compounding 5% like most fiat currencys have. This is NOT the same as compound interest where it will sky rocket out of control. This is a set amount. A constant. Remember that. BITCOIN AND LITECOIN HAVE A HIGHER INFLATION RATE THAN 5% FOR THE FOLLOWING YEARS TO COME: I am in search of the chart showing it, but there was a chart talking about the inflation of Bitcoin/Litecoin/Dogeocin. Basically, Bitcoin will have a higher then 30% inflation rate annually next year. That means that, while we are at 5% that year, Bitcoin will be MORE inflationary then Dogecoin. More supply entering the economy. Likewise, Litecoin will not reach the halvings needed to be down to 5% inflation until the year 2019. But wait? Dogecoin wont even be at 5% in that year. We will be at 4%, meaning even after 5 years we will still have a lower inflation rate then Litecoin. Deflationary currencys only become deflationary once they are mined out. Until then, those currencys are and will stay inflationary. INFLATION DOES NOT KILL A CURRENCY: People keep saying that inflation makes a currency useless. I keep seeing posts in /new claiming that having a inflationary currency encourages hoarding or people just selling since it is a useless investment. Not only will the other currencys be MORE inflationary then us come that 600,000th block(the 100 billion 'cap' that got 'changed'), but inflation actually does the opposite. The point of inflation is it makes you THINK you money will be worth less tomorrow then today, so because of that fact it is better to spend your money today to buy that good instead of tomorrow. This makes hoarding a bad idea and essentially encourages trading/buying/selling. That, in turn, strengthens the economy and raises the value of our currency due to having a stronger economy. That is the whole point of inflation - to strengthen a economy by encouraging people to use the money now instead of hoarding it. If our growth exceed 5% annually( or 4.5% ofrwhatever it is for that year), then we just beat the inflation. Why did our growth go up? Because people were not hoarding DUE TO THE INFLATION. As long as we continue to grow our economy, which inflation will help, we will raise in value and beat that inflation. A lot of people keep acting like we have 5% compound inflation instead of constant and seem to think no new Bitcoins/Litecoins are entering the economy and thus giving them inflation for the new few years. I just hope this clears up some information.
"To act wisely when the time for action comes, to wait patiently when it is time for repose, put man in accord with the tides. Ignorance of this law results in periods of unreasoning enthusiasm on the one hand, and depression on the other." - Helena Petrovna Blavatsky
How many tractors is it worth? A topic that gets discussed a lot is the Doge/BTC conversion rate. Whenever there's a move you can't get through a page without at least a few posts about how we've beaten xxx satoshi and all debt everywhere is about to disappear! Or we've dropped a few satoshi and it clearly needs to be interpreted as the arrival of the fourth horseman of the apocalypse. So let's have a look at what it actually means. That measure of value is how many hundred millionths of one bitcoin that one doge is worth. Ok... so what does the movement of that number mean for dogecoin? Not much... sorry. It doesn't necessarily mean dogecoin has gone up or down in value, it could just mean that bitcoin has risen or dropped and dogecoin is worth a little more or less bitcoin. It could mean that people are trying to manipulate the price by buying or selling huge amounts to incite panic. Valuing dogecoin based on a different cryptocurrency that has its own fluctuations, its own successes and failures, is a bad way to view success for doge. Also, knowing how many bitcoin we can buy with it is useless because, if you have dogecoin why would anyone want to buy bitcoin with it?? Take the current rate for example, at the time of writing this dogecoin is sitting around 280-290 satoshi, the highest rate it has achieved steadily. The last time it was near that high in late Jan though, bitcoin was worth about $200 more per coin, therefore 230 satoshi at that time meant doge was about the same value in USD that it is now at 280. So am I suggesting that we measure it against USD instead? No. USD also rises and falls constantly, as does every currency, as does the value of every thing that can be purchased. What I'm saying is that this is not a thing worth obsessing over. If you looked at charts of USD against other currencies and saw it going down for a few days, would you suddenly panic, take all of your money out of the bank and exchange it for Indian Rupees because someone on the internet told you that the whole US economy is about to disappear? Dogecoin's value is reliant on what you believe it to be. People have faith in fiat currency, so it has a value. You don't need to look at how many bitcoin your doges can buy, all you need to do is believe in the Ð.
Waves and Meditation Any time you're worried about the price of doge, do yourself a favour and look at the doge/BTC chart on cryptsy, click on the 1M button above it to see the last month, then in another tab play this. Then you will see, all the movements are just waves. Sometimes big, small, high or low, but don't let them stress you. They're natural, perfectly normal. There will always be peaks, and always be drops, that's the way it will always be. You can't fight the waves, so why spend all your time focussing on them and stressing about them? Remember shibes, the tides are caused by the moon. As we get closer to moon, tides rise, with the moon pulling its beloved dogecoins and shibes closer to where they belong. The moon is further away on some days than others, but please don't ever let that make us lose sight of our destination.
But JakeTheDoge, I had the charts surgically implanted into my retinas so I could watch them 24 hours a day! What will I do now?! Well, oddly technological shibe, why don't you try spending a little less time obsessing over meaningless temporary changes and instead spend it looking into what new developments are being made in dogecoin! Or finding new things for us to support and telling the dogecoin foundation about them, or thinking of your own way that you can help spread the love to new shibes! That is what dogecoin truly needs from its shibes, and every little bit you can do to help makes you a part of the revolution of internet currency. So tell your friends, petition your favourite websites, put stickers on anything that won't get you arrested, anything! Do you want to tell your children that you once had thousands or millions of doge but you panic sold them when they were worth a fraction of a cent and that's why dinner will be spam again tonight? Or will you take them shopping for whatever they want, tapping your wrist against the register with your digital doge wallet implanted under your skin (probably... apparently people already have screens on their retinas, subcutaneous doge wallets can't be far off) while telling them for the 400th time that you were there, right at the beginning you were there, and you helped make a revolution.
Tl;dr Worried about doge/satoshi rates? Stop looking at charts, go lay on a beach and listen to the waves, then your moon ride is gonna be silky smooth. Just relax man, the Ðoge abides. 1 doge = 1 doge = love Love, JakeTheDoge – moonship technician
P.S. As I mentioned here I am doing this not for profit. So if anyone is interested and tips in my bloge posts, half of that will go to the dogecoin foundation and the other half will be used for giveaway threads, most likely done once a week if it goes well. Thanks shibes!
Daily Market Analysis: Mini Bitcoin (BTC) Rally Stomped Out; Litecoin (LTC) and Tron (TRX) Rally
https://preview.redd.it/gohftiv3bb921.png?width=690&format=png&auto=webp&s=cc49be4e296ca272c29e6fd58b7dac6122ce8edf https://cryptoiq.co/daily-market-analysis-mini-bitcoin-btc-rally-stomped-out-litecoin-ltc-and-tron-trx-rally/ Things got a tad exciting today during the morning hours, Eastern time, with the price of Bitcoin (BTC) steadily surging from $3,975 to $4,112 on Bitstamp, which is the highest Bitcoin price of 2019 so far. It seemed like perhaps Bitcoin was finally leaving that key resistance level of $3,900 in the dust, but the mild euphoria did not last for long. Bitcoin came back down to Earth, and is oscillating close to the $4,000 level as of this writing at 6 p.m. EST. It looks like Bitcoin cannot escape the gravity of the $3,900 level, which is possibly the level where Chicago Mercantile Exchange (CME) Bitcoin futures traders placed their short bets. That’s because $3,900 was the price of Bitcoin after the December 2018 contract expired. Certainly the $3,900 level is a key point of interest this month. If Bitcoin crosses back below $3,900 a more significant drop could follow. If Bitcoin persists above $3,900 and rallies beyond $4,000, then perhaps this month could be a rally after all. The total cryptocurrency market cap surged from $134.5 billion to $138.5 billion during today’s mini rally and currently sits near $136 billion. Therefore, today is a slight up day for the crypto market. Litecoin (LTC) and Tron (TRX) lead the way with 4 percent and 12 percent increases, respectively. EOS is the only other major cryptocurrency that is up today with a one percent increase. In the past month, Litecoin has rallied from $23 to $40 (74 percent), and Tron (TRX) has rallied from 1.27 cents to 2.65 cents (109 percent). During the same period of time, Bitcoin (BTC) has rallied from $3,120 to $4,000 (28 percent). Major cryptocurrencies that have declined today include Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), and Ripple (XRP) with losses of less than one percent. Bitcoin SV (BSV), IOTA, and Dash are down two percent. Ethereum Classic (ETC) declined 10 percent yesterday on the news that a 51 percent attack occurred. Despite more information today revealing that 15 separate attacks happened, and $1.1 million of double spends have occurred, Ethereum Classic (ETC) has been quite stable. The Ethereum Classic (ETC) debacle may be dragging down Ethereum (ETH) slightly as well since the 51 percent attacks have sparked debates in both communities over whether ASIC miners should be banned. Overall, today was a bit underwhelming and perhaps depressing since the attempt at a Bitcoin (BTC) rally ended up getting squashed. The Dow Jones Industrial Average (DJIA) going up 1,000 points in the past 4 days is possibly making it harder for Bitcoin (BTC) to rally. If the stock market continues to show signs of strength, stock traders will not use Bitcoin (BTC) as a safe haven asset. The DJIA is 2,000 points above lows set on Christmas Eve, overriding many economic parameters and defying analysis that perhaps suggested a big stock crash was imminent.
Today is New Moon, time for an Moonpledge update! 601 shibes promised to fuel the Dogecoin rocket with almost $120,000 a year! [Sorry for long post!]
Dear shibes all over the world!
How are you all doing? I hope I can lift your spirit with a little Moonpledge update! If you look at coinmarketcap list and you see Dogecoin is somewhere on the 13th place at you might get the impression that Dogecoin is not doing well or getting behind on it'S way to the moon. Many shibes have the opinion that Dogecoin is not worth saving because the expansion/inflation of 10,000 Dogecoin every Minute. And of course the opinion is out there that Dogecoin was only created out of fun and should be treated as such. All true and not true! It depends on how you look at it. Let me explain!
The fun part
Yes Dogecoin was created out of fun! And that doesn't mean that Dogecoin is a joke! It does not mean that Dogeoin is not worth anything or will not be around for the years to come. If you think a little about it you will realize that the best things started with fun. In fact all life started with fun! It's no disadvantage that something started with fun! It's no shame that something started out of fun! No matter how others think about us! The important thing is that we do what we love and it feels great to play with Dogecoin!
The features of the Dogecoin network
It's 10 times faster than Bitcoin and the network is running flawless since more than two and a half years. The network fee is the lowest there is (1 DOGE) and you can buy a lot of stuff with Dogecoin. But the most fun is to tip and donate with Dogecoin and if you look at the statistics you can see that Dogetipbot and the Dogecoin network has more than 10k transactions every day. The best part of Dogecoin is still you: the shibes. Without you Dogecoin is just another Crypto Coin without soul. With you Dogecoin is fun, exiting and it puts a smile on your face. Every time I tell someone new about Crypto Coins I tell him/her to start with Dogecoin! because Doge is love, Doge is life! And the shibes are truly one the friendliest online communities ever ;-)
The endless reward of 10k DOGE per Minute is here to make shure that Dogecoin will be mined. Today 10k Doge is traded for about about $2.33 that. That means we would need about $3,397.65 today to beat the inflation today! That may sound a lot to you, but please keep in mind that DASH needs $17,802.25, Litecoin $55,058.98, Ethereum $390,234.46 and Bitcoin more than a Million USD to beat the expansion of new coins today. You see! No worry there! If we look at the expansion per year we can see that Bitcoin has the lowest expansion of 4.1496% per year, right after that is Dogecoin with 4.970% and than DASh 8.417%, Litecoin 11.104% and Etherum 13.970%. This will stay this way in the next few years and on the long run Dogecoins expansion will stay in the TOP 5, depending on what new coins the future brings.
How to invest in fun without getting burned!
We all invest time, work, effort, love and money in something every day! Some shibes like to play, others invest in their relationship, some help freinds achieve something or invest time in their career. Whe I fell in love with Dogecoin (believe it or not: it's the first online community I'm enganged in) I asked myself hwo could I give back to the community and support the great potential of Dogecoin. I wanted (and still want) to invest love, time, work and money without ruining my self if it fails. I would love to buy one day my ticket to the moon with Dogecoin ;-) I have some free time, I work every work with the computer and it's no Problem for me to invest one EUR every day. If my dream fails, it wont ruin me! So I started to talk with you shibes about this idea and after a few moons the Moonpledge idea took shape. It's quite briliant, because there is no central organization, no third party to trust, no control or pressure. It's just you and your promise! The fun of investing constantly small sums you can afford to loose makes you feel relaxed and it's most fun to see how your fun investment get's bigger day by day. This also works with other coins and by the way: If you had started to moonpledge Bitcoin on the day the bitcoin price was it's peak today you would have a profit of about 50%. The Moonplege is basically low risk and much fun to do!
The Moonpledge status
The Moonplege started on new moon 16th June 2015 just before Dogecoin reached 100 Billion! And today I am happy to announce that 601 Shibes made a promise to fuel the Dogecoin rocket with almost $ 110k a year! That's something, isn't it? Still have 90% to go to beat the expansion and lift Dogecoin to the moon! We can see that the yearly average price of the of Dogecoin is going up sine January 2016 after a two year downward trend and today the price is about 13% above the yearly average price. That's good news and we are heading up towards the moon!
Don't be shy and brag about your Moonpledge
Since you shibes are shy and don't post much about your Moonpledge let me to do the honor: My Moonpledge address is DBXu2kgc3xtvCUWFcxFE3r9hEYgmuaaCyD I started my Moonpledge on 2015-05-18 and moonpledged 2,853,525.04 Dogecoin so far! I Moonpledge every day for 1€, hold it for a moon year and give min. 15% donation. The Dogeprice on 2015-05-18 was about $1.14for 10k Doge. The Dogeprice today is $2.32 for 10k Doge. If I decided to quit and sell all my Doge at once, I would make profit of 21.99% (15% Donation included in the calculation) I invested about $543.07 so far and if I sold all today I would get about $662.46. I also do the 1 EUR = 1 DOGE Moonpledge very Moonday jsut for pre fun that I can later say: I was the first to do this ;-) I met great shibes and engaged in many activities, gave a lot of donations and tips and still do so.
A Truly Valuable Coin with a Long History After learning the ropes of crypto in /dogecoin, a lot of Shibes want to expand their horizons and “graduate” to other interesting coins. People pass through /dogecoin from time-to-time promoting the latest greatest “S%#tcoin”. Some Shibes buy into the hype and get burned. The wonder coin disappears in a few weeks. The only people who make money are the promoters. A smart Shibe like you understands that scarcity, good distribution, proven demand, liquidity and a great community is what adds value to a crypto currency. Ladies and Gentleshibes… I give you Unobtanium. We call it “Uno”. I’m really gonna give you some. We want to share our great community and the solid proven economics of Unobtanium to all of the shibes. Go get your wallet here: http://unobtanium.uno so I can make it rain on you! NO HYPE: JUST HISTORY It is difficult to acquire. It is rare. It is OLD in crypto-time. (Launched in October 2013). We have a great and active community over at BTC Talk: https://bitcointalk.org/index.php?topic=527500.0 We also have a Reddit sub at /unobtanium. Join us! Uno was 0% pre-mined, not even a single block. Launch was pre-announced on Bitcointalk and COMPLETELY FAIR. There is no POS to erode your UNO holdings over time. If one UNO is lost, then there will be one less UNO, forever. Our lead developer is the famous Bryce Weiner—not some anonymous pump and dumper. Nobody made a huge profit on the back of the community when Uno was born. There are more than 10,000 Unobtainium wallets in existence after 15 months. Uno is rare and fair. Those are our founding principles. • It's rare: we are at 194k coins and it will take a long time to get to 195k. It will take 300 years for the last UNO to be mined. • High mining rate from day one distributed to 100s of miners. • It's secure. UNO is running Top 5 strongest networks on the planet. In a few weeks, we will begin merge mining with Bitcoin itself! • It stores value and rises steadily, Look at the all-time chart in USD: http://bravenewcoin.com/unobtanium/. Current value of 1 UNO is $3.14 EACH. That's 19,912 Doge. LEARN about Uno from some recent press: http://cointelegraph.com/news/112717/the-alt-cracks-altcoin-stories-that-fell-through-the-cracks https://www.cryptocoinsnews.com/unobtanium/ http://www.newsbtc.com/2015/03/08/unobtanium-can-consider-stable-cryptocurrency/ It's raining Unobtanium. 1 Uno = 1 kilogram. 1000 grams in a Kilo. In .01 units (one 100th of a Uno, 10 grams, equal to 199 Dogecoins) to anyone who posts a Uno wallet address in this thread for the remainder of this week. Get your wallet at www.unobtanium.uno Some lucky Shibes who comment and use one of the 11 “Secret Uno Words” in their comment will get 10 TIMES the Uno! .1 Uno, or 100 grams (worth 1999 Doge) to the FIRST Shibe who uses each of one of the magic Uno-related words! It’s time to rain UNO. Post your wallet and tell me why you want to own and HODL Uno for the long run! I will check in every few hours for the next 5 days and rain on unique wallets. I'll be keeping track of the wallet addresses and usernames. A hard rain's a gonna fall! Thanks to everyone who came and got UNO! This Giveaway is COMPLETE!
Here's why I predict Dogecoin will increase 20x in the next 2-3 weeks...
It's an arbitrary number, but I believe Dogecoin will increase substantially in value over the next couple of weeks. It's meaningless, but I predict Doge will go up to USD 0.025 per coin in the next 2-3 weeks. Reason 1: The number of transactions the last 24 hours for Dogecoin: 5,471. The number of transactions for Bitcoin: 2,538. This is very surprising, especially considering many are hoarding Dogecoins, expecting the value to go up. I am assuming that a greater % are hoarding Dogecoins than Bitcoins. Reason 2: Now take a look at the following chart (select "3 months" on the right) and let me know if that doesn't get you excited: http://bitinfocharts.com/comparison/sentinusd-btc-doge.html People are sending nearly as much DOGE as Bitcoin! As of this writing, in the past 24 hours people have send USD $194,478,411 worth of Dogecoin and USD $420,470,695 worth of Bitcoin. That's nearly 50% as much. But Bitcoin has a market cap of 16,200% more than Dogecoin. Reason 3: As of Jan 30, people can now purchase Dogecoins with USD or CAD without having to buy Bitcoin first. VaultofSatoshi was the first to offer it but more exchanges should be allowing it soon. The big question is how many of the above Bitcoin transactions were people wanting to purchase Dogecoins? Reason 5: As more people want to participate in Bitcoin they will discover Doge. Bitcoin is seen as "expensive" whereas Dogecoin is seen as very cheap. For USD $1 you can pick up hundreds of Dogecoins. Reason 6: As more merchants use Bitcoin they will look to alternatives where the confirmation time isn't as much. (Bitcoin's confirmation time is 600% longer than Dogecoin) Reason 7: Dogecoin will have 3,000x more coins than Bitcoin. But Bitcoin is 550,000x more expensive than Dogecoin, per coin. That's still a multiple of about 180x if there were just as many coins. This is not a market analysis by any means, and I'm sure some of my math is off but I think you get the idea. [edited 3k to 3kx]
The Strange Birth & History of Monero, Part III: Decentralized team
You can read here part I (by americanpegaus). This is the post that motivated me to make the part II. Now i'm doing a third part, and there'll be a final 4th part. This is probably too much but i wasn't able to make it shorter. Some will be interested in going through all them, and maybe someone is even willing to make a summary of the whole serie :D. Monero - an anonymous coin based on CryptoNote technology https://bitcointalk.org/index.php?topic=582080.0 Comentarios de interés: -4: "No change, this is just a renaming. In the future, the binaries will have to be changed, as well as some URL, but that's all. By the way, this very account (monero) is shared by several user and is meant to make it easier to change the OP in case of vacancy of the OP. This idea of a shared OP comes from Karmacoin. Some more things to come:
A website (URL will be monero.cc)
A GUI wallet
" (https://bitcointalk.org/index.php?topic=582080.msg6362672#msg6362672) -5: “Before this thread is too big, I would like to state that a bug has been identified in the emission curve and we are currently in the process of fixing it (me, TFT, and smooth). Currently coins are emitted at double the rate that was intended. We will correct this in the future, likely by bitshifting values of outputs before a certain height, and then correcting 1 min blocks to 2 min blocks. The changes proposed will be published to a Monero Improvement Protocol on github.” (https://bitcointalk.org/index.php?topic=582080.msg6363016#msg6363016) [tacotime make public the bug in the emission curve: token creation is currently 2 times what was intended to be, see this chart BTC vs the actual XMR curve, as it was and it is now, vs the curve that was initially planned in yellow see chart] -14: “Moving discussion to more relevant thread, previous found here: https://bitcointalk.org/index.php?topic=578192.msg6364026#msg6364026 I have to say that I am surprised that such an idea [halving current balances and then changing block target to 2 min with same block reward to solve the emission curve issue] is even being countenanced - there are several obvious arguments against it. Perception - what kind of uproar would happen if this was tried on a more established coin? How can users be expected to trust a coin where it is perceived that the devs are able and willing to "dip" into people's wallets to solve problems? Technically - people are trying to suggest that this will make no difference since it applies to reward and supply, which might be fair enough if the cap was halved also, but it isn't. People's holdings in the coin are being halved, however it is dressed up. Market price - How can introducing uncertainty in the contents of people's wallets possibly help market price? I may well be making a fool of myself here, but I have never heard of such a fix before, unless you had savings in a Cypriot bank - has this ever been done for another coin?” (https://bitcointalk.org/index.php?topic=582080.msg6364174#msg6364174) -15: “You make good points but unfortunately conflicting statements were made and it isn't possible to stick to them all. It was said that this coin had a mining reward schedule similar to bitcoin. In fact it is twice as fast as intended, even even a bit more than twice as fast as bitcoin. If you acquired your coins on the basis of the advertised reward schedule, you would be disappointed, and rightfully so, as more coins come to into existence more quickly than you were led to believe. To simply ignore that aspect of the bug is highly problematic. Every solution may be highly problematic, but the one being proposed was agreed as being the least bad by most of the major stakeholders. Maybe it will still not work, this coin will collapse, and there will need to be a relaunch, in which case all your coins will likely be worthless. I hope that doesn't happen.” (https://bitcointalk.org/index.php?topic=582080.msg6364242#msg6364242) [smooth tries to justify his proposal to solve the emission curve issue: halve every current balance and change block target to 2 min with same block reward] -16: “This coin wasn't working as advertised. It was supposed to be mined slowly like BTC but under the current emission schedule, 39% would be mined by the first year and 86% by the fourth year. Those targets have been moved out by a factor of 2, i.e. 86% mined by year 8, which is more like BTC's 75% by year 8. So the cap has been moved out much further into the future, constraining present and near-term supply, which is what determines the price.” (https://bitcointalk.org/index.php?topic=582080.msg6364257#msg6364257) [eizh supports smooth’s plan] -20: “So long as the process is fair and transparent it makes no difference what the number is... n or n/2 is the same relative value so long as the /2 is applied to everyone. Correcting this now will avoid people accusing the coin of a favourable premine for people who mined in the first week.” (https://bitcointalk.org/index.php?topic=582080.msg6364338#msg6364338) [random user supporting smooth’s idea] -21: “Why not a reduction in block reward of slightly more than half to bring it into line with the proposed graph? That would avoid all sorts of perceptual problems, would not upset present coin holders and be barely noticeable to future miners since less than one percent of coins have been mined so far, the alteration would be very small?” (https://bitcointalk.org/index.php?topic=582080.msg6364348#msg6364348) -22: “Because that still turns into a pre-mine or instamine where a few people got twice as many coins as everyone else in the first week. This was always a bug, and should be treated as such.” (https://bitcointalk.org/index.php?topic=582080.msg6364370#msg6364370) [smooth wants to be sure they can’t be stigmatized as “premine”] -23: “No, not true [answering to "it makes no difference what the number is... n or n/2 is the same relative value so long as the /2 is applied to everyone"]. Your share of the 18,000,000 coins is being halved - rightly or wrongly.” (https://bitcointalk.org/index.php?topic=582080.msg6364382#msg6364382) [good point made by a user that is battling “hard” with smooth and his proposal] -28: “+1 for halving all coins in circulation. Would they completely disappear? What would the process be?” -31: “I will wait for the next coin based on CryptoNote. Many people, including myself, avoided BMR because TFT released without accepting input from anyone (afaik). I pm'ed TFT 8 days before launch to help and didn't get response until after launch. Based on posting within the thread, I bet there were other people. Now the broken code gets "fixed" by taking away coins.” (https://bitcointalk.org/index.php?topic=582080.msg6364531#msg6364531) -32: “What you say is true, and I can't blame anyone from simply dropping this coin and wanting a complete fresh start instead. On the other hand, this coin is still gaining in popularity and is already getting close to bytecoin in hash rate, while avoiding its ninja premine. There is a lot done right here, and definitely a few mistakes.” (https://bitcointalk.org/index.php?topic=582080.msg6364574#msg6364574) [smooth stands for the project legitimacy despite the bugs] -37: “Since everything is scaled and retroactive, the only person to be affected is... me. Tongue Because I bought BMR with BTC, priced it with incorrect information, and my share relative to the eventual maximum has been halved. Oh well. The rest merely mined coins that never should have been mined. The "taking away coins" isn't a symptom of the fix: it's the fundamental thing that needed fixing. The result is more egalitarian and follows the original intention. Software is always a work-in-progress. Waiting for something ideal at launch is pretty hopeless. edit: Let me point out that most top cryptocurrencies today were released before KGW and other new difficulty retargeting algorithms became widespread. Consequently they had massive instamines on the first day, even favorites in good standing like LTC. Here the early miners are voluntarily reducing their eventual stake for the sake of fairness. How cool is that?” (https://bitcointalk.org/index.php?topic=582080.msg6364886#msg6364886) [this is eizh supporting the project too] -43: “I'm baffled that people are arguing about us making the emission schedule more fair. I'm an early adopter. This halves my money, and it's what I want to do. There's another change that needs to be talked about too: we don't believe that microscopic levels of inflation achieved at 9 or 10 years will secure a proof-of-work network. In fact, there's a vast amount of evidence from DogeCoin and InfiniteCoin that it will not. So, we'd like to fix reward when it goes between 0.25 - 1.00 coins. To do so, we need to further bitshift values to decrease the supply under 264-1 atomic units to accommodate this. Again, this hurts early adopters (like me), but is designed to ensure the correct operation of the chain in the long run. It's less than a week old, and if we're going to hardfork in economic changes that make sense we should do it now. We're real devs turning monero into the coin it should have been, and our active commitment should be nothing but good news. Fuck the pump and dumps, we're here to create something with value that people can use.” (https://bitcointalk.org/index.php?topic=582080.msg6366134#msg6366134) [tacotime brings to the public for first time the tail emission proposal and writes what is my favourite sentence of the whole monero history: “Fuck the pump and dumps, we're here to create something with value that people can use”] -51: “I think this is the right attitude. Like you I stand to "lose" from this decision in having my early mining halved, but I welcome it. Given how scammy the average coin launch is, I think maximizing fairness for everyone is the right move. Combining a fair distribution with the innovation of Cryptonote tech could be what differentiates Monero from other coins.” (https://bitcointalk.org/index.php?topic=582080.msg6366346#msg6366346) -59: “Hello! It is very good that you've created this thread. I'm ok about renaming. But I can't agree with any protocol changes based only on decisions made by bitcointalk.org people. This is because not all miners are continiously reading forum. Any decision about protocol changes are to be made by hashpower-based voting. From my side I will agree on such a decision only if more than 50% of miners will agree. Without even such a simple majority from miners such changes are meaningless. In case of hardfork that isn't supported by majority of miners the network will split into two nets with low-power fork and high-power not-forking branches. I don't think that this will be good for anybody. Such a voting is easy to be implemented by setting minor_version of blocks to a specific value and counting decisions made after 1000 of blocks. Do you agree with such a procedure?” (https://bitcointalk.org/index.php?topic=582080.msg6368478#msg6368478) [TFT appears after a couple days of inactivity] -63: “In few days I will publish a code with merged mining support. This code will be turned ON only by voting process from miners. What does it mean:
miners supporting merged mining are to update their nodes and miners. New miners will issue blocks with modified minor_version field indicating they are ready to accept AuxPoW blocks. But no AuxPoW blocks will be issued before 75% of last 1000 blocks will have a positive vote (a changed minor_version).
miners not supporting will not update but will still be able to mine and accept blocks. In case of successful voting they will have to switch to new code. In case of voting failed they can stay on old version.
The same procedure is suitable for all other protocol changes.” (https://bitcointalk.org/index.php?topic=582080.msg6368720#msg6368720) [And now he is back, TFT is all about merged mining] -67: “We don't agree that a reverse split amounts to "taking" coins. I also wouldn't agree that a regular forward split would be "giving" coins. It's an exchange of old coins with new coins, with very nearly the exact same value. There is a very slight difference in value due to the way the reward schedule is capped, but that won't be relevant for years or decades. Such a change is entirely reasonable to fix an error in a in coin that has only existed for a week.” (https://bitcointalk.org/index.php?topic=582080.msg6368861#msg6368861) -68: “There were no error made in this coin but now there is an initiative to make some changes. Changes are always bad and changes destroy participant confidence even in case these changes are looking as useful. We have to be very careful before making any changes in coins” (https://bitcointalk.org/index.php?topic=582080.msg6368939#msg6368939) [TFT does not accept the unexpected emission curve as a bug] -72: “You are wrong TFT. The original announcement described the coin as having a reward curve "close to Bitcoin's original curve" (those are your exact words). The code as implemented has a reward curve that is nothing like bitcoin. It will be 86% mined in 4 years. It will be 98% mined in 8 years. Bitcoin is 50% mined in 4 years, and 75% in 8 years. With respect TFT, you did the original fork, and you deserve credit for that. But this coin has now gone beyond your initial vision. It isn't just a question of whether miners are on bitcointalk or not. There is a great team of people who are working hard to make this coin a success, and this team is collaborating regularly through forum posts, IRC, PM and email. And beyond that a community of users who by and large have been very supportive of the efforts we've taken to move this forward. Also, miners aren't the only stakeholders, and while a miner voting process is great, it isn't the answer to every question. Though I do agree that miners need to be on board with any hard fork to avoid a harmful split.” (https://bitcointalk.org/index.php?topic=582080.msg6369137#msg6369137) [smooth breaks out publicily for first time against TFT] -75: “I suppose that merged mining as a possible option is a good idea as soon as nobody is forced to use it. MM is a possibility to accept PoW calculated for some other network. It helps to increase a security of both networks and makes it possible for miners not to choose between two networks if they want both:
BCN only miners will continue to mine BCN
BMMRO only miners will continue to mine BMMRO
merge miners will mine both at the same time (now some of them mine BCN only and other - BMR only)
Important things to know about MM:
MM doesn't imply that BMR is smaller or has a less hashpower. In case BMR will has more mining power than BCN it will simply accept less BCN blocks.
MM doesn't force BMR users to have BCN chain on their HDD - BCN chain isn't neede to verify blocks
MM doesn't require any specific parent chain. Miner decides himself which parent chain to use: BCN or any other chain supporting the same PoW method.
Actually the only change that goes with MM is that we are able to accept PoW from some other net with same hash-function. Each miner can decide his own other net he will merge mine BMR with. And this is still very secure. This way I don't see any disadvantage in merged mining. What disadvantages do you see in MM?” (https://bitcointalk.org/index.php?topic=582080.msg6369255#msg6369255) [TFT stands for merged mining] -77: “Merged mining essentially forces people to merge both coins because that is the only economically rational decision. I do not want to support the ninja-premined coin with our hash rate. Merged mining makes perfect sense for a coin with a very low hash rate, otherwise unable to secure itself effectively. That is the case with coins that merge mine with bitcoin. This coin already has 60% of the hash rate of bytecoin, and has no need to attach itself to another coin and encourage sharing of hash rate between the two. It stands well on its own and will likely eclipse bytecoin very soon. I want people to make a clear choice between the fair launched coin and the ninja-premine that was already 80% mined before it was made public. Given such a choice I believe most will just choose this coin. Letting them choose both allows bytecoin to free ride on what we are doing here. Let the ninja-preminers go their own way.” (https://bitcointalk.org/index.php?topic=582080.msg6369386#msg6369386) [smooth again] -85: “One of you is saying that there was no mistake in the emission formula, while the other is. I'm not asking which I should believe . . I'm asking for a way to verify this” (https://bitcointalk.org/index.php?topic=582080.msg6369874#msg6369874) [those that have not been paying attention to the soap opera since the beginning do not understand anything at all] -86: “The quote I posted "close to Bitcoin's original curve" is from the original announcement here: https://bitcointalk.org/index.php?topic=563821.0 I think there was also some discussion on the thread about it being desirable to do that. At one point in that discussion, I suggested increasing the denominator by a factor of 4, which is what ended up being done, but I also suggested retaining the block target at 2 minutes, which was not done. The effect of making one change without the other is to double the emission rate from something close to bitcoin to something much faster (see chart a few pages back on this thread).” (https://bitcointalk.org/index.php?topic=582080.msg6369935#msg6369935) [smooth answers just a few minutes later] -92: “I'm happy the Bitmonero attracts so much interest. I'm not happy that some people want to destroy it. Here is a simple a clear statement about plans: https://bitcointalk.org/index.php?topic=582670 We have two kind of stakeholders we have respect: miders and coin owners. Before any protocol changes we will ask miners for agreement. No changes without explicit agreement of miners is possible. We will never take away or discount any coins that are already emitted. This is the way we respect coin owners. All other issues can be discussed, proposed and voted for. I understand that there are other opinions. All decisions that aren't supported in this coin can be introduced in any new coin. It's ok to start a new fork. It's not ok to try to destroy an existsing network.” (https://bitcointalk.org/index.php?topic=582080.msg6370324#msg6370324) [TFT is kinda upset – he can see how the community is “somehow” taking over] -94: “Sounds like there's probably going to be another fork then. Sigh. I guess it will take a few tries to get this coin right. The problem with not adjusting existing coins is that it make this a premine/instamine. If the emission schedule is changed but not as a bug fix, then earlier miners got an unfair advantage over everyone else. Certainly there are coins with premines and instamines, but there's a huge stigma and such a coin will never achieve the level of success we see for this coin. This was carefully discussed during the team meeting, which was announced a day ahead of time, and everyone with any visible involvement with the coin, you included, was invited. It is unfortunate you couldn't make it to that meeting TFT.” (https://bitcointalk.org/index.php?topic=582080.msg6370411#msg6370411) [smooth is desperate due to TFT lack of interest in collaboration, and he publicly speaks about an scission for first time] -115: “Very rough website online, monero.cc (in case you asked, the domain name was voted on IRC, like the crypto name and its code). Webdesigner, webmaster, writers... wanted.” (https://bitcointalk.org/index.php?topic=582080.msg6374702#msg6374702) [Even though the lack of consensus and the obvious chaos, the community keeps going on: Monero already has his own site] -152: “Here's one idea on fixing the emissions without adjusting coin balances. We temporarily reduce the emission rate to half of the new target for as long as it takes for the total emission from 0 to match the new curve. Thus there will be a temporary period when mining is very slow, and during that period there was a premine. But once that period is compete, from the perspective of new adopters, there was no premine -- the total amount of coins emitted is exactly what the slow curve says it should be (and the average rate since genesis is almost the same as the rate at which they are mining, for the first year or so at least). This means the mining rewards will be very low for a while (if done now then roughly two weeks), and may not attract many new miners. However, I think there enough of us early adopters (and even some new adopters who are willing to make a temporary sacrifice) who want to see this coin succeed to carry it through this period. The sooner this is done the shorter the catch up period needs to be.” (https://bitcointalk.org/index.php?topic=582080.msg6378032#msg6378032) [smooth makes a proposal to solve the “emission curve bug” without changing users balances and without favoring the early miners] -182: “We have added a poll in the freenode IRC room "Poll #2: "Emission future of Monero, please vote!!" started by stickh3ad. Options: #1: "Keep emission like now"; #2: "Keep emission but change blocktime and final reward"; #3: "Keep emission but change blocktime"; #4: "Keep emission but change final reward"; #5: "Change emission"; #6: "Change emission and block time"; #7: "Change emission and block time and final reward" Right now everyone is voting for #4, including me.” (https://bitcointalk.org/index.php?topic=582080.msg6379518#msg6379518) [tacotime announces an ongoing votation on IRC] -184: “ change emission: need to bitshift old values on the network or double values after a certain block. controversial. not sure if necessary. can be difficult to implement. keep emission: straightforward, we don't keep change emission or block time. change final reward is simple. if (blockSubsidy < finalSubsidy) return finalSubsidy; else return blockSubsidy;” (https://bitcointalk.org/index.php?topic=582080.msg6379562#msg6379562) -188: “Yeah, well. We need to change the front page to reflect this if we can all agree on it. We should post the emissions curve and the height and value that subsidy will be locked in to. In my opinion this is the least disruptive thing we can do at the moment, and should ensure that the fork continues to be mineable and secure in about 8 years time without relying on fees to secure it (which I think you agree is a bad idea).” (https://bitcointalk.org/index.php?topic=582080.msg6379871#msg6379871) [tacotime] -190: “I don't think the proposed reward curve is bad by any means. I do think it is bad to change the overall intent of a coin's structure and being close to bitcoins reward curve was a bit part of the intent of this coin. It was launched in response to the observation that bytecoin was 80% mined in less than two years (too fast) and also that it was ninja premined, with a stated goal that the new coin have a reward curve close to bitcoin. At this point I'm pretty much willing to throw in the towel on this launch:
No web site
Botched reward curve (at least botched relative to stated intent)
No pool (and people who are enthusiastically trying to mine having trouble getting any blocks; some of them have probably given up and moved on).
No effective team behind it at launch
No Mac binaries (I don't think this is all that big a deal, but its another nail)
I thought this could be fixed but with all the confusion and lack of clear direction or any consistent vision, now I'm not so sure. I also believe that merged mining is basically a disaster for this coin, and is probably being quietly promoted by the ninjas holding 80% of bytecoin, because they know it keeps their coin from being left behind, and by virtue of first mover advantage, probably relegates any successors to effective irrelevance (like namecoin, etc.). We can do better. It's probably time to just do better.” (https://bitcointalk.org/index.php?topic=582080.msg6380065#msg6380065) [smooth is disappointed] -191: “The website does exist now, it's just not particularly informative yet. :) But, I agree that thankful_for_today has severely mislead everyone by stating the emission was "close to Bitcoin's" (if he's denying that /2 rather than /4 emission schedule was unintentional, as he seems to be). I'm also against BCN merge mining. It works against the goal of overtaking BCN and if that's not a goal, I don't know what we're even doing here. I'll dedicate my meagre mining to voting against that. That said, you yourself have previously outlined why relaunches and further clones fail. I'd rather stick with this one and fix it.” (https://bitcointalk.org/index.php?topic=582080.msg6380235#msg6380235) [eizh tries to keep smooth on board] -196: “BCN is still growing as well. It is up to 1.2 million now. If merged mining happens, (almost) everyone will just mine both. The difficulty on this coin will jump up to match BCN (in fact both will likely go higher since the hash rate will be combined) and again it is an instamine situation. (Those here the first week get the benefit of easy non-merged mining, everyone else does not.) Comments were made on this thread about this not being yet another pump-and-dump alt. I think that could have been the case, but sadly, I don't really believe that it is.” (https://bitcointalk.org/index.php?topic=582080.msg6380778#msg6380778) -198: “There's no point in fragmenting talent. If you don't think merge mining is a good idea, I'd prefer we just not add it to the code. Bitcoin had no web site or GUI either initially. Bitcoin-QT was the third Bitcoin client. If people want a pool, they can make one. There's no point in centralizing the network when it's just began, though. Surely you must feel this way.” (https://bitcointalk.org/index.php?topic=582080.msg6381866#msg6381866) [tacotime also wants smooth on board] -201: “My personal opinion is that I will abandon the fork if merge mining is added. And then we can discuss a new fork. Until then I don't think Monero will be taken over by another fork.” (https://bitcointalk.org/index.php?topic=582080.msg6381970#msg6381970) [tacotime opens the season: if merged mining is implemented, he will leave the ship] -203: “Ditto on this. If the intention wasn't to provide a clearweb launched alternative to BCN, then I don't see a reason for this fork to exist. BCN is competition and miners should make a choice.” (https://bitcointalk.org/index.php?topic=582080.msg6382097#msg6382097) [eizh supports tacotime] -204: “+1 Even at the expense of how much I already "invested" in this coin.” (https://bitcointalk.org/index.php?topic=582080.msg6382177#msg6382177) [NoodleDoodle is also against merged mining] This is basically everything worth reading in this thread. This thread was created in the wrong category, and its short life of about 2 days was pretty interesting. Merged mining was rejected and it ended up with the inactivity of TFT for +7 days and the creation of a new github repo the 30th of April. It is only 12 days since launch and a decentralized team is being built. Basically the community had forked (but not the chain) and it was evolving and moving forward to its still unclear future. These are the main takeaways of this thread:
The legitimacy of the "leaders" of the community is proven when they proposed and supported the idea of halving the balances for the greater good to solve the emission curve issue without any possible instamine accusation. Also their long-term goals and values rejecting merged-mining with a "primined scam"
It is decided that, as for now, it is “too late” to change the emission curve, and finally monero will mint 50% of its coin in ~1.3 years (bitcoin did it after 3.66 years) and 86% of its coins in 4 years (bitcoin does it in ~11 years) (was also voted here) (see also this chart)
It is decided that a “minimum subsidy” or “tail emission” to incentivize miners “forever” and avoid scaling fees will be added (it will be finally added to the code march 2015)
Merged mining is plainly rejected by the future “core team” and soon rejected by "everyone". This will trigger TFT inactivity.
The future “core team” is somehow being formed in a decentralized way: tacotime, eizh, NoodleDoodle, smooth and many others
And the most important. All this (and what is coming soon) is a proof of the decentralization of Monero. Probably comparable to Bitcoin first days. This is not a company building a for-profit project (even if on the paper it is not for-profit), this a group of disconnected individuals sharing a goal and working together to reach it. Soon will be following a final part where i'll collect the bitcointalk logs in the current official announcement threads. There you'll be able to follow the decentralized first steps of develoment (open source pool, miner optimizations and exchanges, all surrounded by fud trolls, lots of excitmen and a rapidly growing collaborative community.
It's been great to see XMR start to inch it's way back up to it's previous high's in the past few dayts. In fact, I happily picked up some more XMR around $12, and then even more recently around $15. I know how undervalued XMR is, (quite possibly the most undervalued crypto of them all), so I'm happy to see it doing well amidst this bitcoin surge. The only thing that pushes my buttons... and I mean REALLY pushes my buttons, is that RIPPLE Gained 2X XMR's entire marketcap in just 24-48 hours. Ripple was around $200m for a whilleeeeee, then all of a sudden it started to ratchet up as soon as the DAO started to catch up to it in 4th place. It's almost as if someone is just keeping Ripple in 4th place on the charts, as to not let is lose its "luster" as one of the top charting cryptos. Despite this, lets all admit that any and every crypto fanatic has known for ages that Ripple is nothing worth investing in. It's trash. It's actually worse than trash, because at least you can recycle trash; you can't recycle shitty Ripple. So my question for the XMR community is, why do you think money is being poured into dead-end projects like Ripple, Dogecoin, Btc, while the groundbreaking privacy-centric currency XMR is left to wallow with $15m marketcap? Do people simply not KNOW what XMR brings to the table? It's not like there's tons of cryptos out there that have built-in obfuscation, or really privacy of any kind. (Sure, there's Dash, but I'm invested in that too because I see it's privacy features as unique and worth betting on). This is annoying, we should have seen XMR hit Dash's place on the charts weeks and weeks ago. What's goin on?
24 Moons of Moonpledge - such fail, but much moon! 5 Minutes read, nostalgia attached - come forward, don't be shy! Today is new moon and it's ok to brag about your Moonpledge! - Call for action: Let's build the Dogecoin killer app together!
Greetings my fellow shibes all over the world!
It's been 24 Moons since the Moonpledge officially started! WOW time flies! Much congrats to the Moonshibes that made the same promise as I did 24 moons ago!
Let me brag a little about my Moonpledge! Feels so good ;)
donated regularly once a week 15% of My moonpledged coins - 254480.52 so far and counting!
Still sitting on 13,678 to donate - drop me a line if you need donations for your Doge charity or Doge project
buying power of my Moonpledged Dogecoin went up by about 800% right now!
average buying power growth ofer the last 24 Moons about 53%
invested about $740 - cashed out 1.5 Million Doge and got about $4900 = profit of about 4160$
if I sold all my my Doge today I would have made a total of about $11k! WOW
such fun! Much thanks for the great /dogecoin cumminty - you are the best crypto community around!
learned a lot of stuff, much thanks to all the shibe commenting and caring about Dogecoin!
much experience, such WOW! Open Source is the king!
started a foundation in Germany to teach about open source and every member automatically saves Dogecoin worth 25 cent (EUR) a day and more is coming in the next moons...
Such great feeling to be a part of the Dogecoin community!
It seems to me that I am the only one donating my moonpledgeg Doges. I have really not seen amy Moonpledge Shibes coming forward on /dogecoin and braging about their Moonpledge or donations! Don't be shy today is the day you can do it! SUCH FAIL! What the... But wait a minute is there not one thing that went good
Where did the Moonpledge succeed?
The Moonpledge made every Moonpledge Shibe such moon profit!
Between 200% (if you started your Moonpledge a moon ago) and 1400% if you started 24 moons ago or even more if you started your Moonpledge during the test weeks in May 2015!
I just want to say something: The fact that Dogecoin has a $13 million market cap is absurd. That's the cost of a few restaurants in a small city... Not a top global currency alternative.
I was looking over the market caps for various coins, and reflecting on how crazy it is that bitcoin's market 'cap' is only about $3 billion. I've stated before that multiple businesses on Wall Street are total failures and are valued at near those levels. Bitcoin has so much going for it, as does crypto in general, and for bitcoins to only be $200 each at the moment is a gross mispricing that I believe will soon be rectified by market forces (which is why I'm buying as hard as I can now). Then I looked over Dogecoin's cap..... THIRTEEN Million Dollars? Are you freaking kidding me? That's NOTHING! That's one rich kid's play money for a weekend. That's the cost of a few good franchise restaurants. That's.... Nothing! And we are talking about what is the third or fourth (soon to be second place) global currency alternative... And it's valued at 13 million dollars. It would be like me having a working Portal gun and offering to sell it to you for 13 million dollars. You'd be like, "Wait, so this is a real, working portal gun?" And I'm like, "Well, yeah, but it doesn't shoot red and blue portals, only green and yellow ones. The red/blue one is being sold for a few billion, but people prefer that one more, so mine only goes for a few million." And you'd say, "No, I mean it works? It really changes the world as we know it?" And I'd say, "Oh yeah, totally. It does. It's just not very popular right now. So I'm selling it, because following the crowd is the most important thing to do when you are investing." :D :D :D Guys, the fact that Dogecoin is so cheap makes me smile. Someone already said it: "Bubbles don't come back." Well let me tell you, Dogecoin hasn't bounced back hard against the $USD yet, but look at the satoshi chart: It's already bounced against that, and I think it will again. At the end of the day, not many Scrypt coins can survive, and Dogecoin will be the king. It has a lot of core specifications that compliment bitcoin nicely, and I really think that any market cap of less than 50 to 100 million is ridiculous for this coin. Hell, at this point it's a brand name. Even the value of the Brand is worth more than that. Anyway, I feel like I just watched Doctor Evil make a ridiculous demand or something to the UN and had to rant. Thanks for hearing me out. Dogecoin has been sleeping for a while, but it's time to walk. I think that 2015 is going to surprise us all by the end.
GAME OF NYANCAT, Episode 4... Thousands of Nyancoins to win this weekend, for free! Choose your kingdom, choose your job, and claim your share of the treasure: Let's make this the biggest game yet! (28 points, 274 comments)
I want to extend a huge thanks to Phecalfeliac who has successfully given us our very own tip bot! (nyantip) Please post in this topic so we can all tip you our thanks (with your own bot). (23 points, 80 comments)
We are going to 500 subscribers this weekend: I guarantee it. Nyancoin has exploded, and I just want you to look at how far you've come in just 7 days. (23 points, 34 comments)
Prepare to play... GAME OF NYANCAT. The Kingdom that wins will split a 1000 Nyancoin bounty, and all players are eligible for random tips. (22 points, 63 comments)
GAME OF NYANCAT, Episode 2 (1/27/14)... Play NOW for free and win free Nyancoins! Every player will get tipped coins, and the Kingdom that wins will split up to a 1,000 NYAN treasure! Let the quest begin! (21 points, 73 comments)
GAME OF NYANCAT, Episode 3 (1/28/14)... Play NOW for free and win free Nyancoins! Every player will get tipped coins, and the Kingdom that wins will split up to a 1,000 NYAN treasure! Let the quest begin! (20 points, 60 comments)
A generous Nekonaut just donated almost 1 BTC to Cryptsy Votes,that made us be the 7th place there.Our community must do something to help our little nyancoin added on Cryptsy,we deserve that!!If 1/5 of Nekonauts(nearly 200) donate 0.01BTC each to Cryptsy will let us achieve this goal! (18 points, 22 comments)
GAME OF NYANCAT, Episode 4... Thousands of Nyancoins to win this weekend, for free! Choose your kingdom, choose your job, and claim your share of the treasure: Let's make this the biggest game yet! by americanpegasus (28 points, 274 comments)
Nyancoin V 1.2 Out Now! Kimoto Gravity Well Implemented! MANDATORY UPDATE by nyancoin (28 points, 28 comments)
more » dogecoin. comments; Want to join? Log in or sign up in seconds. English; limit my search to r/dogecoin. use the following search parameters to narrow your results: subreddit:subreddit find submissions in "subreddit" author:username find submissions by "username" site:example.com find submissions from "example.com" url:text search for "text" in url selftext:text search for "text" in ... A lot of people think bitcoin is the currency of the future. Those people are all wrong, and here's why: Reason #1: Such Doge. DogeCoin's are... Get live charts for Dogecoin in Bitcoin. Convert Dogecoin (DOGE) to Bitcoin (BTC). ... More than 130 cryptocurrencies to trade, 33 different fiat currencies to facilitate your transactions. 7*24 services stand by for you. KuCoin Futures – Join NOW to Get $5 Get $5 trial funds by depositing $100 (first 1000 users) into KuCoin Futures, a secure & trusted platform to trade BTC & Alts with up to ... The dogecoin crypto-currency increased in value by more than 900% in a week which saw bitcoin tumble 50%. Created in early December, dogecoin is one of a growing number of crypto-currencies which ... DOGE to BTC Price Details Dogecoin to Bitcoin Exchange Rates . When you convert 1 DOGE to BTC, you will get 0.00000021 BTC, which is the exact amount of BTC that gets transferred in your wallet, once you convert. In the last 24 hours, the maximum DOGE to BTC exchange value stands at 0.00000022, while the lowest recorded exchange value is 0.00000020. ...
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