Is Dogecoin the new bitcoin?

Discussion in 'Cryptocurrencies' started by peilthetraveler, Jan 30, 2014.

  1. Dogecoin is just under 2 months old but is quickly gaining speed as one of the top crypto currencies. Price has gone up about 500% in the last 2 weeks mostly due to positive media attention with reddit dogecoin users donating millions of dogecoins to send the Jamaican bobsled team and an indian luger to Sochi.

    The speed at which the community is growing is like bitcoin on steroids. Already Dogecoin has nearly 50,000 users which is about half of what bitcoin has, but keep in mind...bitcoin has been around for years. Here are the reddit metrics http://redditmetrics.com/r/dogecoin as you can see, dogecoin is the number 454th highest subreddit vs 202 for bitcoin.

    Just at the beginning of January, Dogecoin had a market cap of about $8m. Today its $61 million. In another 2 weeks or so, the reward for mining will halve and we can expect to see more of a rise in price.

    Because there are about 5,000 times as many coins as bitcoins, logic suggests that with as much support for dogecoin as bitcoin (and its about halfway there) we should see dogecoin hit 1/5000th the price of bitcoin. So at $800 per btc, that should put dogecoin at .16 each. Currently the price is about .0016, so from here, there is a good amount of statistical probability that dogecoin is going to go up another 10,000% before it finds its parity with bitcoin.

    Keep watching http://redditmetrics.com/r/dogecoin everyday to see how fast the community is growing. If you missed the bitcoin boat, this looks like its going to be the last ship.
     
  2. If by "another bitcoin" you mean another pump and dump scheme, then yes, it is absolutely the next bitcoin.
     
  3. i dont think so. to buy dogecoin you must first buy bitcoin. plus if dogecoin gets popular china will ban dogecoin too. The reason dogecoin rose 500% just like the reason bitcoin rose 200% is China.
     
  4. My wife works at a dog daycare...I told her they should accept doge coins and they would get national exposure and probably written up in various articles hahaha.

    Dogecoin has been one of the more profitable crypto currencies to mine then flip for bitcoins.

    So I've been mining and selling doge coins for bitcoins.

    There are huge mining pools out there doing the same thing so yeah we'll see if spec demand can keep up against us hedgers.
     
  5. Butterball

    Butterball

    Weren't you that idiot on this forum who was pumping silver when it was $40, running your mouth how it's going to $150 because it should be 1:10 to the price of gold? Seems you haven't learned your lesson.
     
  6. smart thinking. dont try to beat the pyramid, try to make money of it. a hype is to be profited from.:cool:

    these open source pyramids are great. you used to need lots and lots of promotion and know how to persuade others and sell the dream, what a drag. I would hate to be a herbalife distributor. now all you need is a computer and some wits.
     
  7. https://www.vaultofsatoshi.com/

    Just opened yesterday or the day before. No longer does dogecoin have to go through bitcoin. You can buy it straight with USD or CAD now.

    And I also believe you can buy Doge with CNY on bter.com.
     
  8. Pekelo

    Pekelo

    Dogecoin for the Jamaican sledteam forever!!!

    "Dogecoin is sending yet another team to the moon the 2014 Winter Olympic Games.

    A week after raising more than $30,000 to help fund the Jamaican bobsled team’s trip to Sochi, the Dogecoin community has stepped up with nearly $7,000 in donations of the meme-themed virtual currency to help send three athletes from India to the 2014 Games."


    http://www.digitaltrends.com/cool-t...van-2014-winter-olympics-sochi/#ixzz2rzcCczab
     
  9. So how many Dogecoins do you have?
     
    #10     Jan 31, 2014