[sc:cm]

Dogecoin Down Under

First page of Aussie Sydney Morning Herald

http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html

Forget about bitcoin. The latest go-to cryptocurrency is called dogecoin, a digital denomination that began life less than two months ago as a jokey tweet made by 26-year-old Australian Jackson Palmer.

That’s true virality. [Dogecoin] grew a mind of its own

But his joke has now taken on a life of its own. The total value of the market for dogecoin (pronounced dough-je coin) has just topped $US60 million ($68 million) and it has spawned a community comprising thousands of buyers, sellers, merchants, beggars, speculators and “miners”, the people who mint the money.

Virtual economics: Jackson Palmer's jokey tweet took on a life of its own.

 

To cap off a frenetic January, the community has also chipped in chipped in 27 million dogecoins – or $US30,000 – to help send the Jamaican bobsled team to compete at the upcoming Sochi Winter Olympic Games. (Based on exchange rates at the time of writing, one dogecoin is equal to $US0.0018.)

The Carribean team, immortalised in the 1993 movie Cool Runnings, is competing at its first Winter Games since 2002, after failing to qualify in 2006 and 2010.

Viral content: An example of the doge meme.

Read more: http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html#ixzz2rHSNhv2TViral content: An example of the doge meme.

“We’re supporting the under doges,” Mr Palmer quips.

While there are still question marks about the long-term viability and security of these alternative currencies, associate professor David Glance from the University of Western Australia’s Centre for Software Practice, for one, believes they have a big future – especially if they gain the backing of the official banking system.

“Ultimately, cryptocurrencies are no more crazy than shares in terms of investments,” he says. “We can pretend that there is some logic behind valuations of shares but, in reality, most of it is just whim.”

Mr Palmer’s co-conspirator is Billy Markus, a software developer at IBM, based in Portland, Oregon. They have never met in person. But, after coming across the joke website Mr Palmer cobbled together after the tweet, he suggested adapting a prototype virtual currency he had been toying with, which was based on the bitcoin DNA.

At this stage, you may think that here are two smart alecs who have just invented and launched a virtual currency, so surely they must have helped themselves to a vault full of coins before opening for business.

Yes, they wrote the algorithms that manage the currency and set a market capitalisation limit of 100 billion.

But on December 8, 2013, when dogecoin launched, they effectively lost control. Now the dogecoin market has become a networked, self-regulating, peer-to-peer community.

These computer-generated currencies are produced through an activity known as mining where computers are used to process and solve mathematical puzzles and equations.

As the currency pool grows and heads towards its capped limit, more computational power is required putting the activity outside the reach of amateurs using standard equipment. Eventually, this activity is dominated by miners using supercomputers or banks of networked computer known as server farms.

“That’s true virality,” Mr Palmer says. “[Dogecoin] grew a mind of its own.”

But that was not an issue for the founders. Mr Palmer says he and Mr Markus never intended that dogecoin get too serious or appeal to the spivs and get-rich-quick types who have gravitated more towards the bitcoin micro-economy.

In part, this is due to the large following dogecoin enjoys among users of reddit, a popular website known for its diverse and socially active community.

This is undoubtedly because dogecoin takes both its name and mascot from one of last year’s most viral internet memes – or running jokes.

The doge meme takes its name from a reference on an episode of a popular 1990s internet cartoon series called Homestar Runner. The term “doge” was revived, mashed-up with a quirky photo of a pet Shiba Inu dog and then sprinkled with a few ungrammatical phrases written in the much-maligned comic sans font. Last year, it exploded across the internet.

Mr Palmer, who was born and raised in Gosford on the NSW central coast, believes the doge theme has helped to make this cryptocurrency market appear less menacing, more accessible and a place in which he hopes philanthropists will outnumber the profiteers.

“What I’d really like to see is for dogecoin to become the default tipping currency of the internet.”

reddit discussion

http://www.reddit.com/r/dogecoin/comments/1vzxyo/so_i_got_us_shibes_on_the_front_page_of_the/

[–]boyterpoor shibe 75 points ago

For those who don’t know Sydney Morning Herald (known as SMH) is one of the biggest newspaper/news site in Australia. This will ripple out all over Australia.

To the Moon!

IBT

http://www.ibtimes.co.uk/how-dogecoin-proved-its-worth-kindness-generosity-1433561

How Dogecoin Proved its Worth with Kindness and Generosity

By | January 23, 2014 16:34 PM GMT

 

Satoshi Nakamoto, the pseudonymous person or persons behind the bitcoin protocol, published his white paper on the subject just six years ago, and while the idea that a crypto-currency based on the inner monologue of a Shiba Inus dog would have sounded like the ravings of a madman at the time, I bet he/they would have been smiling this week to see Dogecoin rise to prominence and make a real difference not just online but in the real world.

In case you missed it, this week the Dogecoin community came together to raise more than $30,000 to help the Jamaican bobsled team reach the Winter Olympics in Sochi next month.

The huge sum of money was raised in the space of just 48 hours despite one dogecoin being equal to less than £0.01.

Missed the point

But what most people missed was the essential difference in the two currencies, a difference which was made all the clearer this week with the bobsled campaign.

As Palmer said last year: “It’s not taking itself as seriously, it’s not being used by people worrying about whether they’ll become rich.”

Dogecoin Fan Art

Dogecoin fan art

Dogecoin is all about community, generosity, kindness. It is the giving crypto-currency. Go onto the dogecoin thread on Reddit and you will shines as dogecoin devotes brand themselves freely giving of their hard-mined dogecoins.

Within a week of the currency launching, it became the second most-tipped currency online.

To the moon

Bitcoin is held up as the model of a crypto-currency, but this is just one interpretation of what a crypto-currency could be.

Re-reading Satoshi Nakamoto’s original white paper on bitcoin, it says the objective was to create “a purely peer-to-peer version of electronic cash [that] would allow online payments to be sent directly from one party to another without going through a financial institution….a system for electronic transactions without relying on trust.”

And that in a nutshell is what dogecoin is. It has shown this week that crypto-currencies don’t have to take themselves seriously in order to be effective.

It remains unclear if dogecoin will go all the way “to the moon” but there is no doubt the community around it will have fun trying.

Android phone mining?

http://www.intomobile.com/2014/01/23/mine-dogecoin-your-android-device-coin-miner-pro/

The Week The Idea Factory

http://theweek.com/article/index/255322/why-dogecoin-could-go-to-the-moon

Why Dogecoin could go to the moon
Wow. Such coin. Many Doge. How currency.
L

ast month I bought some Dogecoins, the new cryptographic currency based on Doge, 2013’s meme of the year. The only thing I have used them for is giving them away to my followers on Twitter.

But while Dogecoin began as a joke, I and others — such as Business Insider’s Joe Weisenthal — took it pretty seriously from the start. And since its launch on Dec. 8th, it has showed how a new online currency can quickly take on qualities of money and become a medium of exchange.

Dogecoin is built on the original open-source Bitcoin software, which means it is a fast, secure, and inexpensive way of sending money anywhere in the world. People are already using it to buy and sell goods and services on online forums such as Reddit’s Dogemarket, and to tip other Reddit users’ comments.

But more than that, I was impressed by Dogecoin’s rapidly growing community and powerful identity. Dogecoin, unlike the hundreds of other cryptocurrencies that have sprung up, had an immediately recognizable personality and a strength of character that the market leaders — Bitcoin and Litecoin — seemed to lack. It was, for lack of a better word, fun.

Typically, countries put the faces of political leaders or other national luminaries on their currency. But cryptocurrencies are not tied to any state. They are an internet payment system. Why not make a Shiba Inu that has made millions of people around the world laugh the face of internet money?

This week, Dogecoin’s Reddit community — in the spirit of the Disney classic Cool Runningsraised $40,000 to send the cash-strapped Jamaican bobsled team to the Winter Olympics in Sochi, Russia. This great act of charity will not only allow some people to achieve their dream of competing at the Olympics, but also showed the potential for Dogecoin as a medium for large-scale giving.

Furthermore, it succeeded in raising the profile of Dogecoin. Dogecoin is already the second most-traded cryptocurrency in the world by volume, with $14,830,106 traded in the last 24 hours, behind only Bitcoin with $20,499,372. That’s some pretty impressive growth for a coin less than two months old.

Of course, the internet is fickle and technology is ever-evolving. Dogecoin and its siblings may be superseded by new competitors offering technological improvements. Or it could be damaged by legal restrictions. But by having a strong identity rooted in internet culture, and by drumming up some lighthearted publicity, Dogecoin has succeeded in becoming part of the language of social media — which is integral to the success of any crypto-currency.

Dogecoin becomes Forestgnome Umbrella on a Rainy Day as Emergency Funds

http://www.reddit.com/r/dogecoin/comments/1vzvd6/dogecoin_has_pretty_much_been_saving_my_life_for/

Dogecoin has pretty much been saving my life for the past month (self.dogecoin)

submitted ago by ForestGnome4Helpdesk Shibe

So i’ve had a few people ask my why I’ve dedicated so much time to helping out newcomers and whatnot, well this is why.

I’ve been on work in San Francisco for a few months now, and it turns out my card was caught up in the whole Target breach last month and was duplicated and sold to some bloke in canada to buy . Long story short, I have mountains of paperwork and completely frozen assets in my bank account. This has been the entire 2014 year so far.

But I’ve also had dogecoins (and a tiny bit of LTC)… Sweet, sweet dogecoin (seriously the LTC has nothing on XDG). Without it, I would have been destroyed, no food, no way to keep electricity, no way to get to work. With it, I’ve at least been able to trade for cash on paypal, that I have been able to use to buy basic things like FOOD, as well as transfer cash to another emergency bank account (thank god I thought of having one). It sucks that I’ve had to spend my investment, but how often does an internet meme actually turn into the most viable and responsive safety net you’ve ever had?

Thank you dogecoin, saver of asses.

Edit: I should say by investment, I mean my small mining stockpiles (so small) that I have been hoarding, I’ve never actually “invested” USD. Also not to be confused with my tipping account that DOES contain $5USD, and apparently just exploded thanks to you guys 0_0

There’s a dogecoin steam group

http://steamcommunity.com/groups/dogecoin

Coindesk: Satoshi square attracts dogecoin traders

http://www.coindesk.com/third-la-satoshi-square-altcoin-trading/

Embracing altcoins

A potential contributor to the rise in attendance was the fact that this Satoshi Square was open to all those who wanted to trade altcoins for the first time. Kolb indicated that her group had shied away from inviting altcoin users in the past because the event’s app did not support altcoin trades.

This time, however, organizers chose to forego the official Satoshi Square app developed by Josh Rossi and invite other cryptocurrency supporters.

la satoshi square, bitcoinThe result was that this Satoshi Square was frequented by altcoin miners and dogecoin users, and featured “a lot of discussion about altcoin”, Kolb said.

Kolb suggested uncertainty over whether other Satoshi Squares were highlighting altcoin also held back this decision.

Attendance rises, trading falls

Kolb noted that because of the rise in first-time attendees, trading was down at the event compared to previous meetings. Instead of using the app, organizers adopted a less high-tech way for traders to signal each other, using physical flags to alert attendees when someone was looking to buy or sell.

NyanDoge has been created

http://imgur.com/A91ypOi

http://www.reddit.com/r/dogecoin/comments/1vzsyr/i_just_spent_an_hour_and_a_half_making_this_doge/

Imaginary Markets

(Forums here are still in alpha testing but dogecoins are fine too!)

[sc:prepost]