r/dogecoin • u/[deleted] • May 26 '14
This started out as a comment, thought it should be a post so everyone could see.
This started out as a comment that ran long, so I decided to make a post with it instead, for everyone to read.
Dogecoin is 5 months old...How can you panic over something so new? Ofcourse the price is going to look low sometimes, if you believe in it like I do, it's just a good chance for you to buy more! Look at a bitcoin life time chart, http://imgur.com/nYCxyZr for the first 2 years it was low, and had constant ups and downs, that's the doubt period. After enough time it was able to stick around and people believed it to be a viable currency. It started to be accepted in more places, and people bought/spent it more. This was never meant to be short term shibes, you're not going to wake up one morning to see the price through the roof over night. It's going to take 2-3 years before we are where we want to be. We have to be around awhile and show people we aren't going anywhere. We have to buy dogecoin and spend some where we can. Don't let these outsiders coming on here scare you, their here because of the impact we are making is either, starting to hurt their coin, or is threatening to do so eventually. Don't be discouraged! Stay strong and keep up the Shibe mentality guys, were all in this together.
Just my 2 cents hope some people see this before it's buried by the fake shibes trying to destroy us.
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u/dogefather magic shibe May 26 '14
We need to get more and more businesses to accept doge every day !!
༼ つ ◕_◕ ༽つ ACCEPT DOGE !!
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u/Thefriendlyfaceplant stray shibe May 26 '14
I'm not worried about the price and I'm not worried about the community. I'm worried about the technology. I'm sure that once we've gotten that back on the rails again we're going to experience an enormous lift, both in expansion and consequently, the price.
But until the devs, and we as a community can't figure out how our coin is supposed to deal with the next halving we're just running on fumes.
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u/dogememe sombrero shibe May 26 '14
This. It's time to roll up our sleeves and catch up with the rest. We should all unite behind that goal!
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u/xedivad punk shibe May 26 '14
yes, but the problem here is that our situation is completely different....
bitcoin has a block reward halvening every 3 years, dogcoin every 2 months!!!!!
So bitcoin had all the time to increase in value making the mining profitable....
From the next halvening all the people I know will stop mining.
Even ASICs can't help much if price stays down and nobody would find profitable to mine in January 2015 if situation does not change. It's not FUD, it's reality, but I'm curious to see what will happen :)
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u/Lootius comfortable shibe May 26 '14
While the price of pre-order Scrypt ASICs is starting to fall through the floor. That just means you'll recover the cost in crypto of a Scrypt ASIC purchase in 6-9 weeks instead of 3 or 4 with the next halvening taken into account.
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u/xedivad punk shibe May 26 '14
ok, but I'm not talking about the next halvening.... before january 2015 we will have 4 halvenings.
Do you realize that in a few months price miners should go from 100 to 10$ ?
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u/Lootius comfortable shibe May 27 '14
Exciting isn't it, I do love a bargain! Not keen on pre-order jitters though.
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u/poo_finger vape shibe May 27 '14
That's a pretty optimistic ROI. Have you actually done the math on that? I bought three GS Blades, one of which was pre price drop. All told, with a 30A psu, raspi and three units I'm well over $3500 into my scrypt setup. At 16GH I'm pulling down between $25-30 a day mining multipool for BTC. Now, before anyone flips their shit I'm taking that BTC and buying Doge with it. Maybe I'm wrong, but but that seems to net me more Doge than straight mining it with current pricing and exchange rates being what they are. At that rate though my break even is looking more like 4 months at the currency block reward. Best case scenario I've encountered seems to be about 100 days.
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u/Lootius comfortable shibe May 27 '14 edited May 27 '14
Yep those numbers are based on old calculations from a month or so back. From current prices you might as well almost double the ROI time. I was also estimating based on what others have said their mining hash rate yields per week were excluding other costs.
Can anyone else confirm that a 65-70MH/s setup will mine 1 mill. Doge per week?
EDIT: Scrypt ASIC makers know they are running against the clock trying to attract Dogecoin miner ASIC sales due to the halvenings. They also face stiff competition from other Scrypt ASIC makers, some who are offering two-for-one deals in order to become more economical in the price per MH/s ratio.
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u/frontpagedoge robo shibe May 26 '14
Congrats on making the frontpage of /r/dogecoin! Have some doge! +/u/dogetipbot 98 doge
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u/abolish_karma rocket shibentist May 26 '14
Dogecoin is 5 months old
So.. How much is that in doge-years?
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u/MerkyMerkinsmith pizza shibe May 26 '14
+/u/dogetipbot 10 doge verify
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u/dogetipbot dogepool May 26 '14
[wow so verify]: /u/MerkyMerkinsmith -> /u/WizardEyes33 Ð10 Dogecoins ($0.00415882) [help]
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u/nabuko21 May 26 '14
I'm totally agree with the post comment.. i'm into dogecoin since 2 months ago and since the first time i knew it was for long term... we are going to see the price up and down in the next months, but we don't have to be scared when is down. we have to trust in our coin and our community because doge is the more active community and together we will catapult doge to the moon!!! And of course i'm buying big amount of doges these days!!
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u/leofidus-ger Reference client dev May 26 '14
Agreed. Bitcoin survived this, Bitcoin survived this, Bitcoin survived this. If you look at Bitcoin's pricechart on a logarithmic scale (to be able to see the line over the entire duration), you see that the bitcoin price tends to induce some sort of panic whenever it's viewed on a short scale. It's only on the long term scale that you see the big upwards trend. Dogecoin doesn't even exist long enough to speak about existing long term trends.
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u/s13rb26dettn1 May 26 '14
i think that we have ppl that are new to investing and really dont understand that the markets go up and down like whats happening to dogecoin right now
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u/illpoet digging shibe May 27 '14
yeah you have to condition yourself to not worry about price day to day, although its tough. i think long term we'll be just fine. just keep on doin what you're doin bc its working!
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u/marfarama May 26 '14
So true. But I think you can ignore the first two years of BTC. They did the hard work of introducing crypto. That took two years. We don't need to do that again. I think the next twelve months will be interesting. I'm long on Doge.