Dogecoin

[Xilef]

I dunno about the rest of the world, but the value of a US Dollar hasn't been tied to any physical material since midway through the last century. Tho, if you see a US Silver Certificate (i.e. dollars that WERE tied to metals), they're actually worth a hell of a lot more than the value printed on them.

Are you sure about that? I understand that a lot of the US measurements (Particularly the Imperial system) are tied to the value of European counter-parts that are physically measured, I wouldn't be surprised if the value of the US dollar is tied to the value of currency trade which is tied to a physical rarity value, much like how the entire Imperial measurement system is now based on the value of the Parisian metric weights (Although that's about to change with the introduction of the perfect silicon sphere).

EDIT:

So I'll buy $100.00 for £61.12, what is £61.12 determined by? Well probably by how much the Euro is worth to the pound, how much is the Euro worth? I believe that one is based on internal European trade values, which includes physical mediums, so if the value of the trade of gold changes in Europe, the value of the pound changes, now when the US trades in currency, the Dollar is worth a different amount, a varying amount of money is taken out of US soil in the trade, the money becomes rarer within the US, the value of the money has gone up within the country and everything becomes more expensive, all because some countries that were trading with each other traded away too much gold.

Something like that, I am not an expert at all, this is literally the limits of my trading knowledge

 

[Glitchfinder]

I dunno about the rest of the world, but the value of a US Dollar hasn't been tied to any physical material since midway through the last century. Tho, if you see a US Silver Certificate (i.e. dollars that WERE tied to metals), they're actually worth a hell of a lot more than the value printed on them.

Are you sure about that? I understand that a lot of the US measurements (Particularly the Imperial system) are tied to the value of European counter-parts that are physically measured, I wouldn't be surprised if the value of the US dollar is tied to the value of currency trade which is tied to a physical rarity value, much like how the entire Imperial measurement system is now based on the value of the Parisian metric weights (Although that's about to change with the introduction of the perfect silicon sphere).

EDIT:

So I'll buy $100.00 for £61.12, what is £61.12 determined by? Well probably by how much the Euro is worth to the pound, how much is the Euro worth? I believe that one is based on internal European trade values, which includes physical mediums, so if the value of the trade of gold changes in Europe, the value of the pound changes, now when the US trades in currency, the Dollar is worth a different amount, a varying amount of money is taken out of US soil in the trade, the money becomes rarer within the US, the value of the money has gone up within the country and everything becomes more expensive, all because some countries that were trading with each other traded away too much gold.

Something like that, I am not an expert at all, this is literally the limits of my trading knowledge

The imperial system is weird and not worth bothering with. Currencies, however, are another bag of cats entirely. The majority of currencies are now tied to a perceived value, rather than a physical value. Thus, things like the Zimbabwe dollar, where a government makes too much money and the value goes down so far that you might as well just use toilet paper instead. There are entire careers based around this, and I can't do it justice, but in short: it's based on how much people think the money is worth, rather than how much gold/silver the money represents. That is heavily affected by things like economies, marketing, national debts (or lack thereof), and there is definitely a way to make a profit on it. It's just a lot like profiting from the stock market.

As for the Imperial system, it's just a really old system of measurement. I don't remember the basis for most of the stuff, but it's certainly not directly tied to other systems of measurement. Especially when you realize that some parts of it have regional variants. (The most apparent is noted by someone who has been to a bar or pub in both the US and the UK, and ordered a pint in both. They're not the same unit, despite the same name.)

 

[Xilef]

As for the Imperial system, it's just a really old system of measurement. I don't remember the basis for most of the stuff, but it's certainly not directly tied to other systems of measurement. Especially when you realize that some parts of it have regional variants. (The most apparent is noted by someone who has been to a bar or pub in both the US and the UK, and ordered a pint in both. They're not the same unit, despite the same name.)

The old imperial system was based on nothing, these days it is defined as fractions against the metric system

 

[united washcloth express]

It does help that we allegedly have most of the world's gold locked up in a bank.

I say allegedly because we apparently keep misplacing it, but on paper, each country has an amount of gold bars set on a pallet that represent a country's economic worth. These gold bars are shifted daily accordingly.

 

[Venetia]

kldfbsdbgjbsdfg if my new computer was here I'd be riching it up with Ven.

TBF we have 5-6 high-end computers with specially chosen video cards, mining for 12-24 hours per day.

And we lost 16 bitcoins and ~20 litecoins while starting out, through pools getting hacked .

But essentially we have a minor additional surplus income while doing almost nothing, and investing very little outside of power bills (the computers we already own and used before mining began; the video cards were a small additional one-time investment after buying em secondhand from other parties).

So our situation is rather unlike the average person's for mining.

 

[Venetia]

It does help that we allegedly have most of the world's gold locked up in a bank.

I say allegedly because we apparently keep misplacing it, but on paper, each country has an amount of gold bars set on a pallet that represent a country's economic worth. These gold bars are shifted daily accordingly.

Gold standards are no longer used, actually. In any country.

Some of them still use gold reserves as a, like, additional reassurance.

But money value is based on a country's "credit rating" and a myriad of other societal factors. It does not necessarily represent actual material goods anymore. Edit: Though material goods are considered when estimating a country's ability to back debts and possibly in the worth of their money in comparison to other countries'. There just isn't enough gold in the world now to valuate the worth of all of a country's combined goods, services, and potential future or harvestable/developable assets.

 

[united washcloth express]

I like it when we have hot economic action on the forums :soph:

 

[Daxis]

Bought a coin during the crash yesterday, for giggles. If I sell now I officially make 50-100 dollars profit already.

 

[WeebamNa]

I've read a ton about bitcoin and cryptocurrencies in general over the past month or so and think that the idea is brilliant and some big stuff will happen in the next year or two regarding them.

Dogecoin... is such a strange thing though. It's a fully functional cryptocurrency like the serious ones, but it's also surging in popularity lately due to it's meme status. Yesterday for a 24hr span most all types of cryptocoins were down around 30% with DOGE up 80%, and it keeps climbing. You can see it's growth relative to other coins here: http://coinmarketcap.com

I don't see it becoming too big, because bigger companies that would consider coins like bitcoin or litecoin won't take it seriously, but it's definitely going kind of viral so I'm really interested in watching it.

 

[Ellie]

Call me an idiot but... how does one buy dogecoins?

 

[Xilef]

Find someone who has lots of them and wants to sell them to you

 

[WeebamNa]

Pretty much. There are online exchanges for other coins but dogecoin's under two weeks old and it's not listed on any big ones yet, AFAIK. I've seen people selling them on ebay.

 

[DJ]

So i got interested and got my miner working, But i don't really know how am i getting those coins. So complicated >_<

 

[Erichermit]

This is a very simple description, so you'll probably want to go find a more in depth one later.

Basically the way a cryptocurrency work (such as a Dogecoin) is that there is a large set of problems for a computer to solve. There are a limited number of answers to these problems (the number of total possible coins) and these answers get harder to find when other solutions have already been found. This makes it so that you start mining less coins as time goes on.

When you get a "Coin" you actually have gotten a unique solution to the problem. Your coin is totally unique in that it is the only example of that solution to the problem. The coin is also created with your identity on it. When you trade the coin, it remembers that you used to own it. In fact, the coin will forever remember every person who has ever owned it.

The coin doesn't have to exist as a physical object, because it is a unique digital object as the only example of that answer.

Everybody in the coin network also has knowledge of where every other coin is. It's impossible to just go print yourself a bunch of free coins, even though they aren't physically real, because the act of doing so requires the solving of the problems.

I'm sure in the use of my analogy I messed up somewhere in describing it, so anyone feel free to correct me, but I hope that description helps.

 

[Jason]

... Dafuq o.O

So you're saying, if I ran a computer repair store, and used this dogecoin miner thing on the broken computers, I'd make a lot of money? o.O

 

[Erichermit]

Only assuming the computers can actually run the program. Also, I'm not sure you'll even make that much even in that case. Those broken computers aren't going to very good. You want to have a coalition of souped up rigs, or a supercomputer, to make any real gains I think.

 

[DJ]

... Dafuq o.O

So you're saying, if I ran a computer repair store, and used this dogecoin miner thing on the broken computers, I'd make a lot of money? o.O

Erichermit said quite of things, But to make more explanation mining requires quite a lot of processing power
So it does best on high-end desktop PCs with nice CPU and GPUs. ( Like I7 Haswell CPU + Geforce Titan x 2)
Or, Buy a dedicated mining machine that costs around $4000, which has the fastest speed on mining.
( Mining machine is a block-shaped machine which is filled with multiple processors, Optimized for mining. )

I tried mining on laptop, But i actually end giving up because it's very slow on mining and it doesn't seem to be nice
to laptop's lifespan since fan was spinning like a mad cow.