Dogecoin on Coindesk Feb Roundup (2014)
Doge’s Dinner: East London Burger Stall Accepts Dogecoin
It seems London’s dogecoiners have taken in interest. Rynkiewicz said he has had three customers pay with the dog-based digital currency and one customer settle the bill with the more conventional cryptocurrency, bitcoin. Rynkiewicz’s steamed burgers start at £5.50 for a basic cheeseburger.
Rynkiewicz said he has collected about 18,000 dogecoin from customers to date. He said he plans to keep any digital currency he receives as an investment. He was first introduced to digital currencies by his brother, a web designer. He said:
“My elder brother is really into bitcoin and dogecoin, so I was thinking, why not start accepting it? It’s good for marketing as well. I really believe in dogecoin and I think it will go to the moon.”
As CoinDesk was sampling Rynkiewicz’s wares, one bitcoin enthusiast happened to walk by, remarking on the stall’s signboard which read: Double Bit Burger, Much Meat, Very Tasty!’. The passerby, Cais Manai, couldn’t part with his digital currency for a burger because he didn’t have a mobile wallet.
“I’ve only got my bitcoins on my computer at home. I’ve got an ASIC miner. This is cool, though,” Manai said.
DIY Dogecoin ATM Demos at CoinFest Vancouver
The world’s first dogecoin ATM has been launched in Vancouver, and it looks about as serious as the dogecoin logo.
The machine consists of a Nexus 7 tablet attatched to a briefcase, along with a money validator.
Needless to say, this isn’t exactly a bona fide ATM and nor is it supposed to be. It was created to spice up the two-day CoinFest digital currency festival in Vancouver.
Using the ATM is relatively simple. Users simply need to press “Doge” on the tablet, scan a QR code containing the address, insert cash and hit “To the Moon”. A few moments later dogecoins will be transferred to the users’ digital wallet.
They even have Jackson Palmer turning down the half a mil offer!
Dogecoin Founder Turns Down $500,000 Investment Offer
Dogecoin Founder Jackson Palmer has turned down a substantial investment offer from a group of Australian venture capitalists. Palmer was apparently offered $500,000, but he told Techly he turned down the offer. When asked why, he simply said: “because f*** that”.
Although dogecoin started off as an elaborate joke, the actual model is a lot more interesting than the hair-down meme image of this altcoin. There is no artificial cap on how many coins can be mined, as the cap is increased by five million units each year.
“It’s a deflationary/inflationary model I like to jokingly call ‘dogeflation’,” Palmer said. “We’re trying to stabilise ourselves and get it to a point where it can be treated as a viable currency.”
Bitcoin types are elitists, doge is for everyone
Palmer points out that people will not be using dogecoins to buy yachts and cars – but they could use it for microtransactions based off social media. Such transactions could allow internet communities to support media outlets, artists and various content creators.
He also took a swipe at some members of the bitcoin community, describing bitcoin enthusiasts as an “elitist little group” that doesn’t like outsiders, while dogecoin is more of a grassroots thing.
“You can go to a Bitcoin meet up and meet people who are like ‘I have 100 bitcoins, I’m a multimillionaire’,” he said.“Dogecoin is the community’s currency, open to everyone, and that’s how I want to keep it.”
Even dogecoin needs regulation
Although Palmer wants to keep dogecoin open to anyone, even if he has to turn down heaps of cash to keep it independent, he is in favour of some form of regulation. Palmer explains in a rather humorous fashion:
“I’ve been approached by VCs lately who want to cash in on this Dogecoin thing and they’re offering me what in reality is ridiculous amounts of money. And I’m sitting there quietly with them saying ‘I want to throw X amount of dollars at this’ and I’m like, ‘take a step back, it’s a dog on a coin’. Has the world gone mad?”