Jamaican Bobsledders Ride Dogecoin Into Olympics
bloomberg.com
bloomberg.com
From the article comments:
"They're also digging wells in Africa and training companion dogs. It's a real party over at /r/dogecoin. Someone gave me thirty bucks for telling a joke."
There are two problems:
1. The protocol limits the maximum block size to 1MB (https://github.com/dogecoin/dogecoin/blob/master-1.5/src/mai...) which puts Dogecoin's maximum transactions per second at 70, without a forking protocol change.
2. Dogecoin targets one minute between blocks, which is 10 times faster than Bitcoin's 10 minutes per block. That number wasn't chosen arbitrarily. There needs to be plenty of time for new blocks to flood the network, otherwise forks will become more common as miners work on outdated information. This leads to reduction in effective hashrate and increased centralization of miners. Increasing the maximum block size significantly will be at odds with Dogecoin's faster confirmations.
In many ways, Dogecoin is 'worse is better.'
There was a problem, and now it's not a problem. Seems like a success to me.
> The developers have no idea what they're doing.
Luckily, that doesn't actually matter. Frankly, if they knew what they were doing, Dogecoin probably wouldn't even exist in the first place.
> Doge will not be able to scale up to real economic activity unless they get a real dev team.
Last I checked, DOGE had a higher total transaction volume than all other cryptocurrencies put together, sooooooooo
They copied the code to Litecoin. At least get your facts straight.
Dogecoin uses scrypt like litecoin, but this proof of work was first used by Tenebrix. It also employs the random block reward (vs fixed for litecoin) pioneered by LotteryTickets (which includes the ongoing 10k block reward feature). I'm not exactly sure which repo it was started from, but the wallet client, namely the 1.5 release inherits all Litecoin updates since 0.6.*.
I'd argue that the Dogecoin creators are actually quite brilliant, because they manage to exploit several known cognitive biases in humans to drive adoption. Design for the world as it actually is, not for how you would like it to be.
Presumably there would be a lot of such miners, which would increase competition for those more profitable blocks, which would essentially dampen out the expected value of the rewards. I wonder how the math works out.
The reason they argue that the changes are genius is because they either have been fooled by someone with a stake in dogecoin, or have a stake in dogecoin themselves.
That said, I agree Dogecoin's dev team talent is non-existent compared to Bitcoin's, but to some extent they can just copy everything Bitcoin/Litecoin does, for now.
Charles Lee and Sunny King, two very talented developers, both made similar mistakes when they started their coins. In Charles Lee's case, be had to scrap his first coin (Fairbrix) and start over with Litecoin.
[PayPal] handles around 4 million transactions per day for an average of 46 tps or a probably peak rate of 100 tps. "
https://en.bitcoin.it/wiki/Scalability
When Dogecoin approaches Paypal's transactions per second an engineering solution will have to be found.
In the event you decide to give it a shot, a few pointers:
1. Block rewards will be halved in 8 days, so giddy up.
2. Obviously, use a GPU-based miner if you have a decent GPU.
3. Sign up for a pool other than dogehouse, which has a highly disproportionate number of of the mining horsepower.
last but not least
4. Enjoy the community, and throw doge around like a high roller. The community is the best part of the whole experience.
It does, however, pay out in Bitcoin only. So, if you're wanting to mine Doge and hold them, it's not the right choice. I have a Multipool miner running and I keep some of the proceeds in the coins that result; though I mostly sell the also-ran coins (anything that has nothing significant to differentiate it from Bitcoin) and trade them in for Bitcoin or Peercoin. I keep some Doge, however.
Heck, even if you don't care about the underlying coins, it's simply not as profitable (because you decrease the value of the coins you mine before you even have a chance to sell them).
This is a problem of mis-aligned incentives that hurts everybody, not just particular coins.
Also, what's the recommended client for CPU mining on Linux at this point?
Sensible or not, that depends on what you expect. It's definitely not profitable if you're paying for electricity or hardware.
CPU mining is not profitable. But absolutely reasonable to do if you just want to mine a small amount of dogecoin to see how it all works. My only caveat is I'd strongly discourage anyone from mining on a laptop for an extended period of time if they care about the laptop's lifespan.
I go for pooler's cpuminer.
CPU mining isn't really profitable unless you don't have to pay for electricity. I just do it because it's more fun than using a space heater for warmth.
That, of course, is assuming that they have equal value, which clearly they don't.
Also, as it's still a new coin with less take-up than Doge you may be able to 'get in on the ground floor', so to speak, but it's less likely to soar in price in my opinion.
Why not Doge House? Any problems with them? Or is it specifically because you want to encourage people to spread out between pools more?
At some points last week, dogehouse was bordering 50% so there were warnings in the community to switch to other pools. Not that dogehouse has any problem, it works fine.
https://www.crowdtilt.com/campaigns/help-the-jamaican-bobsle...
for micro transactions the dogecoin is a better crypto currency but i don't see it as one or the other think about it as american express vs (mastercard or visa)
More relevant is that Myspace had an image problem, whereas Facebook got mass appeal.
A currency that is social will win the internet.
http://www.ibtimes.com/dogecoin-raises-7000-send-indian-luge...