Thailand bans meme coin and NFT: “no clear objective or substance or underlying”

Re:Thailand bans meme coin and NFT: “no clear objective or s... by mym1990 on Monday June 14, 2021 @02:38PM (#27506448)

Based on my light understanding of crypto related things, I think Bitcoin very obviously has a purpose and a mission while Dogecoin was literally created as a joke and happened to take off...that would be understanding of their “objectives” as referenced in the article.

[ Parent | on HN ]

Re:Thailand bans meme coin and NFT: “no clear objective or s... by kube-system on Monday June 14, 2021 @02:47PM (#27506583)

I personally think dogecoin is dumb, but I also don't think originalism is very useful to judge most creations. Plenty of creations take on a life that is nothing like the originator intended.

[ Parent | on HN ]

Re:Thailand bans meme coin and NFT: “no clear objective or s... by mym1990 on Monday June 14, 2021 @03:19PM (#27506984)

Maybe, but it’s not like Bitcoin had a mission and it’s now completely different, it still pursues a more decentralized world view. In similar light, it’s not like Dogecoin is now any less of a joke than it was when it was created, it’s just speculated upon more.

[ Parent | on HN ]

Re:Thailand bans meme coin and NFT: “no clear objective or s... by lawn on Monday June 14, 2021 @03:52PM (#27507425)

A thing doesn't derive it's value or purpose from the intent of their creator, but how it's used going forward.

Bitcoin for example was created to be electronic cash, but today most people treat is as a "digital gold" and a store of value, but not as something to be used in regular day-to-day transactions.

And Dogecoin was indeed created as a joke, but it doesn't stop it from being used to buy things (3% of all BitPay purchases[1]), and in contrast to Bitcoin the community wants to keep it affordable. So in a way, you can argue that Dogecoin follows Satoshi's vision more than even Bitcoin does.

[1]: https://bitpay.com/stats/

[ Parent | on HN ]

Re:Thailand bans meme coin and NFT: “no clear objective or s... by NicoJuicy on Monday June 14, 2021 @04:07PM (#27507612)

68,774 average transactions processed per month.

~2000 for dogecoin.

Most of the purchases are gift cards ( a method for money laundering)

That kinda sums up how useful it is to add crypto to your e-commerce.

There are less than 10 x amount of purchases through crypto than amount of different crypto.

[ Parent | on HN ]

Re:Thailand bans meme coin and NFT: “no clear objective or s... by bko on Tuesday June 15, 2021 @08:14AM (#27514141)

Dogecoin is also based off an ancient fork of Litecoin. My understanding is its no longer actively maintained and very insecure and concentrated compared to Bitcoin or Ethereum

[ Parent | on HN ]

Re:Thailand bans meme coin and NFT: “no clear objective or s... by lvs on Monday June 14, 2021 @03:40PM (#27507275)

The developers who made the joke are no longer associated with any ongoing development. And just because something is unserious does not mean it lacks value or objectives.

[ Parent | on HN ]