Re:Bitcoin is fiat money, too
by wavefunction on Friday September 22, 2017 @08:53PM
(#15317349)
Dogecoin is for fun. Much block-chain. Wow.
It died off because _some people_ tried to turn it into a real thing for micro transactions, etc.
I think dogecoin failed to go anywhere at least partly because it was a literal memecoin.
Certainly made it hard for me to take it seriously as a semi-layman at the time.
Re:Bitcoin is fiat money, too
by stanleydrew on Friday September 22, 2017 @08:51PM
(#15317340)
Interestingly that would seem to further the author's point a bit. You didn't think dogecoin was legitimate because it was named after a meme. So that made you less likely to trust the code/governance?
> […] it was named after a meme.
> So that made you less likely to trust the code/governance?
Well... yeah! What's your point? That projects deserve trust based on their branding? I'm not convinced until there's peer approval, especially not if it's piggybacking on something "trendy".
I do agree though it's a shame it got subverted from the ultra low value p2p tipping platform it was becoming. Feels like it's just litecoin left as credible alternative in that area.
My bet is that it hasn't caught on as a medium of exchange simply because that's not really a major pain point. Cryptocurrency's competition as payment isn't $USD; it's Visa, Mastercard, Discover, Stripe, Square, and other payment processors. People bitch about these companies, but they usually bitch about them from a concentration-of-power-and-fees standpoint (which Bitcoin doesn't actually solve, once you consider the costs of the commercial Bitcoin exchanges), not a convenience one. When it comes to convenience, whipping out a wallet-sized piece of plastic or your cell phone is a lot better than waiting 12 minutes for a transaction to settle on the blockchain.