At the time of writing, Bitcoin has fallen from its $1000-plus value, but it’s still sitting high at just $100, or so, less. Because of the ruthless competition involved in Bitcoin mining, intrepid internet entrepreneurs have been moving over to the cheaper, though less competitive alternative, Litecoin. If the trend continues, Litecoin will soon mimic the cutthroat community of Bitcoin, losing its practicality. Furthermore, if you find all of the cryptocurrency rhetoric and serious-business economics articles sucking all of the fun and joy out of trying to make a digital buck, then the internet’s most beloved Shiba Inu is here to save the day.
It appears Dogecoin is a real (insofar as any digital currency — or currency, for that matter — is whatever “real” means) digital currency for which you can mine using a computer. In this case, though, you’re digging using a doge house, because there’s still humor left in the world.
Like Litecoin, Dogecoin uses a type of encryption — Scrypt — that means it cannot be efficiently mined using ASICs. It also seems that the Shiba Inu currency’s wallet is based on Luckycoin, a virtual currency that has a chance to add a multiplier to the reward for solving a block when mining.
Though the Dogecoin community appears to be using the canine currency mostly as a way to satirize the popular cryptocurrency scene, a few exchanges and offers have recently been made, setting the price of one Dogecoin at around 1/100 of a cent, or 10,000 Dogecoins per dollar. Technically, if a virtual currency is obtainable and people are willing to make exchanges for it, then that can lead to a more viable exchange rate, which in turn can lead to the scene growing in popularity.
Currently, the only thing Dogecoin really has going for it is humor, but levity can go a long way. If enough people mine and exchange Dogecoins as a joke, then people are still using it as a currency, and that could lead to it becoming viable for more than just a laugh.
Until then, plz dig for much coins.
Phi Beta Iota: What is happening here is the wholesale flight of entire publics away from corrupt governments that cannot be trusted to collect — or spend — public revenue with intelligence or integrity. We estimate that governments today are collecting less than 20% of what they could be collecting in taxes, because of the following:
01 The 1% do not pay taxes of any sort, and they particularly do not pay estate taxes, or taxes on currency and stock transactions.
02 Organized crime, now made to look sane and sensible by the high crimes of the 1%, has never paid taxes except as part of a money laundering conversation.
03 System D or off the books trading, does not pay taxes.
04 Barter and localized resilience, about to take off hugely across the USA, does not pay taxes.
05 Digiral peer to peer current (Bitcoin, Litecoin, others) does not pay taxes and will soon be totally invisible to governments — the transactions will simply not “exist.”
We realize corrupt governments are not capable of thinking this through but here is out simple equation: transparency enables the creation and sharing of truth, and truth enables trust, which is “root” for any large scale distributed network to be effective. What governments have been sacrificing these past few decades has been all three: no transparency, no truth, no trust. This is why governments in their present form will be abolished. The public is learning how to say “no.”
THE OPEN SOURCE EVERYTHING MANIFESTO: Transparency, Truth, & Trust (North Atlantic Books, Evolver Editions, 2012)