What Dogecoin “is”:

January 8, 2014 at 10:28 pm | Posted in Uncategorized | Leave a comment

Someone on reddit (solar-ice) put it in a very good way:

Dogecoin’s users don’t tend to think it’s actually worth anything, in reality. That’s the beauty of it. Because they don’t think it’s worth anything, it skips the whole “everyone’s using it as an investment” thing that Bitcoin has going on, and people actually move it around very quickly (as they don’t see themselves as losing anything), which creates a community around it.

I think that’s likely the goal, and if not, it’s definitely how it’s worked out. It’s not a currency in the way the USD or the rupee is, because nobody thinks it’s worth anything. It’s almost precisely the opposite of Bitcoin in that respect.

It’s about moving around worthless values, much like Reddit to some people is about increasing worthless numbers. And it’s a great demo of the ability of cryptocurrencies.

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