EasyDNS is now accepting Dogecoin for payments | Hacker News Reader

EasyDNS is now accepting Dogecoin for payments

easydns.com

105 pointsStuntPope82 comments

They should! Fees are tiny and transactions/confirmations are fast -- unlike the nonsense that's currently going on with Ethereum and Bitcoin.

Mainly because it isn't seeing much use so far. It would face the same problem if it ever becomes more popular for payments.

With the ability for cryptos to perform hard forks as we have seen with ETH, it seems like technical problems are more or less irrelevant to the worth of a given coin - if there is enough demand then some developers will step up and give the coin the features people want, and then after the hard fork people will have the same amount of coin with much more capability.

This is somewhat ironically a pretty depressing comment, because it implies that the overall community genuinely wants Bitcoin to have the technological characteristics it currently has.

Generally the Bitcoin community wants it to be the least risky coin

Not the community so much as that Bitcoin has mathematicians and competent cryptographers working on mission critical software. What you see with moving fast and breaking things and numerous forks in other coins is not bright.

> Not the community

Yes the community. What nexuist is claiming is that the community will move to whatever coins support the features they want, because anyone can fork Bitcoin and get the exact same core technology that all of those experts built, along with whatever extra features they want.

So if what nexuist is saying is true, then that means that the majority of the Bitcoin community is happy with the features Bitcoin has, which is depressing because the technology behind it has been generally outclassed by multiple other coins at this point. Bitcoin isn't really leading the pack right now on transaction fees, transaction time, or (especially) privacy.

But the community hasn't wholesale moved to coins like ZCash, Monero, or Mobilecoin, which (if nexuist is right) implies that they're OK with Bitcoin's current privacy guarantees, which are frankly pretty bad.

This does not imply that they are okay with Bitcoin's privacy guarantees because my post also does not imply that people are using Bitcoin as a currency. I think any discussion on crypto has to be conscientious of the fact that quite a large portion of the market cap is filled by speculative investors who are using the coin's price as a financial instrument, rather than as a payment provider.

This is even more obvious with Dogecoin which is accepted at maybe a handful of physical locations around the entire world - far less than Bitcoin, which is itself still pitiful in terms of commerce adoption rate.

The point of my original post was to say, in the event that the coin does start being used as an actual currency, and people do start having complaints about its technical limitations, that does not mean that it will automatically flop back down to worthlessness, because the procedure of hard forking would enable a development community to "fix" the coin and solve whatever problems arise. Bitcoin has been very useful this way as its blockchain was the first to reach an unmanageable size, leading to lots of innovative solutions to increase speed while decreasing disk space. Other coins, obviously wanting to compete with BTC, are incentivized to produce these solutions which can then be adopted by all other coins, improving the entire space at once. The open source nature (requirement, really) of crypto clients also means that nobody can hide their improvements behind an opaque backend - the code has to be visible to everyone, and everyone has to be able to fork it, meaning that everyone gets to use it.

It’s strange to hear that a cryptocurrency designed as a joke has better characteristics as a useful cryptocurrency than than the standard ones.

Dogecoin has the same design flaw of a hardcoded block size as bitcoin, and would hit the same limitation if it became popular (although, dogecoin mines a block every 1 minute as opposed to bitcoin's 10, so it could support 10x more tps before hitting said limit).

By “hard coded” you mean “a variable” though.

EDIT: wow, sorry Dogecoin fans, I double-checked my notes and you’re right, it’s actually some kind of universal constant that can’t be changed

If the variable doesn’t change, it isn’t variable, is it?

It's constant

There is one speaker who Talks about refractorating, sorry I forgot his name, who always leads with this: [if we changed this constant the function could also do this and we can save a lot of code.] "And what do we call a constant that changes? A variable!" And than he uses it as a parameter. Reminded me of him.

It's a great crypto: to copy paste from an earlier comment, DOGE has the same UI as BTC as it is based on the same software (so just as secure and easy to add if you already support BTC payments), but with more digits (no need for satoshis as the smaller unit), lowest prices (people do not want to own fractional number of a coin like 1/100 of a BTC, they want integers), widely available on most exchange due to having existed for a long time...

There is a strong usecase, at least as strong as LTC. I see it as a strong contender for the 3rd crypto, as a medium of exchange.

Also, the community has refused before to reduce the emission rate (which would advantage holders), meaning they remain open minded.

Given that and their past involvement with various charities DOGE has all my support: when it started increasing 2 months ago due to the WSB crowd, I deployed a few full nodes to give a hand as people were complaining how long it took to sync the full chain.

Really? Whats the total number of doge that’s going to exist in circulation?

For Bitcoin that’s 21,000,000 - lost coins.

it doesn't have a cap, it's essentially designed to be a penny stock.

10000 new doge are mined every minute

Because that number is fixed, that does mean that inflation slowly tends to zero as time increases.

Could you expand on how a fixed rate of monetary issue would drive inflation to zero? Aren't there other factors (e.g. velocity of money) at play? I'm struggling to understand why.

Adding 10k coins to a supply of 10k: 50% value decrease.

Adding 10k coins to a supply of 10M: 0.1% value decrease.

Etc., meaning inflation is positive, monotonously decreasing, and tending to zero.

It is nowhere even remotely near as secure as Bitcoin. Scrypt mining is massively insecure verification when compared to the SHA256 verification provided by Bitcoin. It's as secure as Litecoin, and Litecoin is many magnitudes less secure of a chain than Bitcoin.

This is not a technological issue, but network effects: using SHA256 right now would make DOGE vulnerable to double spend attack.

If it reaches the top 3, it can switch to SHA256. For now, an usual algorithm is the best bet.

It doesn't. It's still a joke.

This is just a lack of knowledge about the ecosystem. Merchants who are setting up Lightning Network channels or Liquid Network payments on Bitcoin can utilize instant transactions for 1 penny, or as little as one satoshi fee.

Solving the issues of decentralization by adding in centralization with off-chain transactions. Love to see it

I hear this statement repeated often, but it's really not true. Even if lightning network channels ended up pooling to larger liquidity providers for efficiency reasons (less channels of larger size), you still are not ever giving up custody of your Bitcoin by using a lightning channel. And in terms of node operators having "control" because a lot of volume flows through them - they really don't - all they can do is try block you from making transactions through them, but if they do that, many others will pop up to route around them to earn fees.

I don't give up custody of my money by keeping it at a bank.

I'm not sure how that's relevant?

As crypto matures it becomes less and less decentralized and more like our "legacy" world of finance. It gets to the point where the main benefit you can give is that you are still in control of your bitcoin. My response was that with traditional banks I feel just as in control of my money. Granted I live in the US and that might not be the case everywhere.

There's Bitcoin Cash, but point taken.

easyDNS used to take BCH but dropped it. https://easydns.com/blog/2019/01/29/bitcoin-cash-is-out-lite...

Dropped at the same time they added LTC.

Market caps according to CoinMarketCap: LTC $21,459,619,181, BCH $21,143,204,898, DOGE $36,149,070,463

The funny thing is.. they really aren't tiny right now [0]. Average fees are currently > $1 for Dogecoin.

[0] https://bitinfocharts.com/comparison/dogecoin-transactionfee...

wait, this number means nothing without the txn value. its the ratio that matters

edit: here's that with avg txn and avg fee. trying to find a table. at second glance fees don't seem that high.

https://bitinfocharts.com/comparison/transactionvalue-transa...

Maybe coming from traditional finance. In cryptocurrency you usually pay per byte or roughly per operation

That also describes Bitcoin Cash, except BCH has a still-actively-maintained reference codebase. (And isn't a pump-and-dump coin, which Doge probably is.)

AND Bitcoin Cash fees are (and always will be) sub 1c.

The only way you can garuntee those kind of fees on an L1 is to not have sufficient demand to fill up blocks

Yeah, because nobody will ever use it.

How many transactions occur on the BCH network each day?

308,583 in the last 24h.

https://bitinfocharts.com/bitcoin%20cash/

Interest. I am bit put off by what Bitcoin has become. Lightning network isn't a solution.

Fees remain small until blocks start filling up.

This is nothing new, Bitcoin and ethereum have high fees because people are actually using them.

Bitcoin will likely continue to have high fees because they are uninterested in scaling L1.

This persists exactly to the point where people actually start using it for anything serious. Fees are already >$1.

Doge is an unmaintained fork of bitcoind. They chained a few constants, that's it.

> They should!

Lol. I hope they share their numbers of which crypto had some influence versus usd/eur revenue ( if it even makes any difference)

We walked this road before. It's a nice marketing trick for now.

Bitcoin has thrown up it's hands and fully embraced the store of value story largely giving up on medium of exchange.

Ethereum is working on reducing gas fees and there's tons of L2 systems with zkrollups there.

Saying doge is better because it's lower fees is like saying you should do all your driving in montana because there's less traffic there.

"It's the best performing asset class in the last decade, way outperforming Bitcoin, best performing asset class this year, mass adoption imminent. Insitutionals coming! Why wait, put it on your books! Peaked today at #6 by market cap. Low fees. Can't lose! Have fun staying poor if you don't."

"Can't help but feel a lot of folks in this thread are coping that they didn't get in on Doge sooner."

Now where have I heard this narrative before.

Good marketing trick, curious if this will be still be the case after Doge crashes.

Then it will be the great arbitrage if they don’t adjust prices quickly

They quote the price in USD, so it's likely just charged through some gateway which does conversion at current price.

$1 Doge is a very strong psychological target for the retail fan crowd. Musk keeps tweeting. EasyDNS just added to the momentum pile. They'll probably triple the value of any current holdings by early next year, minimum. This play makes sense in a lot of ways. If you can play technicals (obvious Elliott Wave-end situation likely capping off this weekend for example) you can probably even exit prior to the price exhaustion and buy back at lows.

> $1 Doge is a very strong psychological target for the retail fan crowd

Yes. Mark my words: the WSB crowd will make the USD/DOGE parity happen.

I've said that before (maybe not here except in https://news.ycombinator.com/item?id=25969948 ), and I stick with my prediction: after they found how GME was game, their next logical step was going to be crypto.

The only true question is where DOGE will stabilize: below $2 or above.

WSB rabidly suppresses discussion of cryptocurrencies.

There is a community, and a zeitgest. A large part attends WSB.

When these redditors will want to keep talking about their new fun project that is making the headlines, either the WSB mods will make exceptions again, or a new sub will be created.

There's plenty of other subs, including r/satoshistreetbets where you can go if that's what you're into.

I don't personally care. What I say is the audience will find a place to gather - if not on WSB, elsewhere.

That changed as of yesterday. :)

They changed it back after Bloomberg's article [1].

1: https://www.reddit.com/r/wallstreetbets/comments/mreeny/re_o...

This crypto run feels a bit different than the last few, the last couple bubbles didn't have a year of lockdown and political despair behind them. There's a strong sentiment of resentment towards banks, political parties, and institutions in this one. I'm old enough to remember OWS and the "great recession" and even then most people who were not affected could afford to ignore it. This time people who would've otherwise gone about their daily lives without paying much attention to the news have had nothing to do but become dejected iconoclasts.

100% agree, I think a lot of people became disillusioned about the state of things and many have lost quite a bit of faith in their governments and elected officials. That said, I wonder if people will just forget it all once things return back to normal, whatever that normal is.

WSB doesn't permit crypto conversations, penny stocks, or any other form of pump and dump.

Hyperbole, and no "truth" about it. The next few months will see Doge back at 10 cents and well below, and nowhere near $1-2.

At 1$, Doge's market cap would be worth 129B$, that would be very interesting to see. At 10$, which a lot of people in their subreddit seem to think is within reach, it would be worth more than 1T$. It's like infinite supply.

It’s already at $0.38. It’s clearly worth nothing, so no reason an irrational $50 billion can’t become an irrational much bigger number.

It totally depends on how much foolish capital there is that it's willing to sink into doge.

Down nearly 40% in the past 24 hours, trade volume is down over 40%, and the $1 fee shows those in the know that it's barely being used on-chain and this was a big pump off washed volumes. 7-10 days and Doge is likely back around 10-13 cents.

Sounds like cope to me ;) don't worry, the insitutionals will jump right in to prop it up.

Doge inflation is very high by design (because remember it was a joke), at 1$ more than 14 millions $ have to be poured by day just to maintain the price.

I wish they chose something that uses proof-of-stake, but something is better than nothing.

Now in a few years we can complain about having paid $1m+ per month for our EasyDNS subscriptions

2017 - 2018 want your unrealised gains back.

Can someone point me in the direction if I want to accept doge as the payment for my product what should I do?

BitPay lets you accept multiple types of crypto coins (doge is one) https://bitpay.com

As a payer I have been happy with vendors that use BitPay. I've never operated a shop, but when I looked at BitPay from a merchant POV it did have some benefits. Namely a small fee (something like 1 or 2%, compared to what stripe or similar would charge) and settlement to USD, Euros, or Mexican pesos (IIRC).

Don't use Bitpay, they use some proprietary method that makes it impossible to use from most crypto wallets and I think they just settle into fiat so you can't HODL (could be wrong on the latter point, but not the former).

BTCPayserver.org is an open source stack that any reasonably technical team can use.

1. The invoice system is not proprietary and it has good client support. I have had no issues with it.

2. Settling into fiat is the best option for businesses that pay their expenses and/or taxes in fiat.

Also simplifies accounting a lot. For the same reason you normally get the card processor to receive the local currency, not separate one for every customer's country.

download the dogecoin software and run it in the backend. use it to generate unique addresses for checkout and to verify transactions.

Dogecoin is the ddate of cryptocurrencies.

Not surprising given that Mark Jeftovic, the CEO/founder of EasyDNS, has run for the Libertarian party. Managed to get 610 votes in 2015:

* https://en.wikipedia.org/wiki/Parkdale—High_Park#Election_re...

* https://en.wikipedia.org/wiki/Libertarian_Party_of_Canada_ca...

I see Mark doesn't waste time.

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