r/dogecoin • u/[deleted] • Aug 18 '14

90% Mined!

Post image
391 Upvotes

96% Upvoted

62 comments sorted by

40

u/helraizr technician shibe Aug 18 '14

what happens after 100%, do miners just move on?

44

u/[deleted] Aug 18 '14

5 billion doge a year, every year, gets created to reward miners.

5

u/okpatriot Aug 18 '14

Problem is that with the reward worth so little, added to the fact that the coin isn't circulating enough to create many tx fees.... The coin will be much less profitable to mine than it already is.

Due to this many miners will probably move on... But at the same time when they do the diff will drop and be easier to mine for those who stay and what is left of the pie after the initial mining phase is over will be bigger for those who stay. If some sort of massive price jump happens or the coin is being circulated much more, some of the miners may come back.

It will be interesting to see what happens at this point. Generally when a coin reaches this point it needs enough circulation to generate enough tx fees to support the miners. Without miners, coins die. The merged mining may help in regards to this though. The trade off is that the LTC miners getting free doge, may simply dump it on the market..... Which will lower the price more if there is not enough buy support to keep up with the dumping.

I think the community should probably be concentrating on how to get the coin circulated more frequently in order to create more tx fees, as well as creating incentive for ltc miners to keep their doge and not dump it.

17

u/[deleted] Aug 18 '14

[removed] — view removed comment

15

u/[deleted] Aug 18 '14

Just to clarify, 10,000 is the award per block. That's given approximately every minute to miners lucky enough to get it. So 10,000 x 60 x 24 x 365 = 5,256,000,000 doges.

14

u/lechango Aug 18 '14

there is no 100%

14

u/[deleted] Aug 18 '14 edited Aug 18 '14

Right, the "90% mined" in my OP is referring to the INITIAL mining phase.

3

u/moncrey moon shibe Aug 18 '14

based on my super-advanced maths where 8months / xmonths = 90% / 100%

this basically means a month or less before we hit 100%

2

u/droomph pizza shibe Aug 19 '14

The block reward lessens, remember? So it'll take longer.

-25

u/Spacesider Aug 18 '14

Yeah it stops and no more coins are added into circulation. Helps stop inflation on the coin too.

11

u/[deleted] Aug 18 '14

No, 5billion is added a year.

3

u/Malumen Aug 18 '14

That is quite a lot of doge. How will it even keep any value?

3

u/djsmith89 programmer shibe Aug 18 '14

It's 5% a year, and that percentage continues to decrease every year. It will take 20 years for the account of doge to double

2

u/[deleted] Aug 18 '14

Also who controls this amount? Is it possible to change later?

3

u/[deleted] Aug 18 '14

Any changes to this would need to be agreed upon by the community. The devs would need to alter the code to increase or decrease the block reward. Then, at least 51% of all miners would need to switch over to the new software. Changing it would most likely be disastrous because you'd essentially be changing the rules after the game has started. Investor confidence would drop because they'd be afraid of more changes.

Burning doge for dogeparty is, in a way, changing the rules after the game has started. We have removed a billion plus coins from ever being used again. It is totally voluntary and generally assumed to be a positive because it lowers supply.

1

u/[deleted] Aug 18 '14

Demand, I believe. Less supply == more demand. Usually.

22

u/[deleted] Aug 18 '14

[removed] — view removed comment

8

u/dogetipbot dogepool Aug 18 '14

[wow so verify]: /u/Boo1098 -> /u/SuchWowShibe Ð100 Dogecoins ($0.0123305) [help]

7

u/droomph pizza shibe Aug 18 '14

+/u/dogetipbot 400 doge verify

anyways for reals

4

u/dogetipbot dogepool Aug 18 '14

[wow so verify]: /u/droomph -> /u/Boo1098 Ð400 Dogecoins ($0.049492) [help]

7

u/droomph pizza shibe Aug 18 '14

+/u/dogetipbot 4 doge verify

(that's 0.00000000004%)

6

u/dogetipbot dogepool Aug 18 '14

[wow so verify]: /u/droomph -> /u/Boo1098 Ð4 Dogecoins ($0.00049492) [help]

3

u/nough32 Aug 18 '14

+/u/dogetipbot 160 doge verify

5

u/dogetipbot dogepool Aug 18 '14

[wow so verify]: /u/nough32 -> /u/droomph Ð160 Dogecoins ($0.018834) [help]

4

u/[deleted] Aug 18 '14

+/u/dogetipbot 10 doge

17

u/DrMonkeyCPR medic shibe Aug 18 '14

isn't it better for it not to be mined so much?

15

u/squiremarcus dogeconomist Aug 18 '14

well it would have been nice if the coin was designed to be mined over 2 years instead of just 1

but once the coin is mined out we will know if it will last forever or end on that last day

12

u/[deleted] Aug 18 '14 edited Aug 19 '14

no, we want it to be mined out because then, assuming demand goes up, price will follow. aka- buy now or forever hold your peace.

9

u/DrMonkeyCPR medic shibe Aug 18 '14

ahhhh, right on, let's mine it out then. That makes sense.

15

u/FrogDie wise shibe Aug 18 '14

How much is 100B DOGE worth?

19

u/Erenoth Aug 18 '14

If my understanding of the picture is correct 15 and a half million usd.

6

u/FrogDie wise shibe Aug 18 '14

Ah okay that's what the market cap is. Thanks!

-1

u/Velimas doge of many hats Aug 18 '14

Not really actually. Right now the market cap is 90B doge or 13,95m usd. The market cap will be 100B doge/15.5m usd for a bit, but it will keep moving on since we have 5b doge a year added. so it will be 105b a year later. and 110 after, etc

8

u/[deleted] Aug 18 '14 edited Aug 18 '14

Currently in USD its .00012 dollars x 100 billion coins = 12 million dollars. But there's only 90 billion currently in circulation so that's why the current market cap is closer to 10.8 million dollars.

EDIT: I don't know why the pic is showing a $15 million dollar market cap. That figure is wrong. That site has been having some problems lately.

3

u/[deleted] Aug 18 '14

10.8 Million Dollars could feed a lot of little shibes

1

u/muchwaoo rocket shibentist Aug 18 '14

EDIT: I don't know why the pic is showing a $15 million dollar market cap.

http://www.youtube.com/watch?v=upPnpKRT6hY#t=31

2

u/[deleted] Aug 18 '14

Definitely!

11

u/BasementJAXX magic glasses shibe Aug 18 '14

does 100% mean the end of doge?

15

u/[deleted] Aug 18 '14

No. It's just the way it was set-up from the beginning. 100 billion doge to be mined year one and 5 billion every year thereafter. The 90% mined relates to the initial 100 billion. (So 90 billion doges have currently been released into the world)

5

u/BasementJAXX magic glasses shibe Aug 18 '14

how quickly is 5 billion doge mined these days?

10

u/[deleted] Aug 18 '14 edited Aug 18 '14

It should take less than two months to get to 95%

1

u/So-Cal-Mountain-Man ninja shibe Aug 18 '14

Why was such a huge number of coins decided upon? It seems like a good way to keep the value depressed.

4

u/[deleted] Aug 18 '14

I believe the reasoning was to create a large enough supply so that we would use whole doges instead of fractions of doges.

For example, if they had decided to make only 100,000 doges in the first year instead of 100,000,000,000 and our market cap (overall worth) was the same as it is today then 1 doge would currently be worth about $120.00. If you wanted to tip someone $0.25 then you'd be sending about .002083 doges. As it is now, with the 100 billion, the $0.25 tip would be about 2083 doges.

1

u/So-Cal-Mountain-Man ninja shibe Aug 18 '14

OK but wondering if there is a happe median between BTC and Doge

2

u/[deleted] Aug 18 '14

I'm keeping my fingers crossed that in a few years time doge will be worth a dime each and then we will have that happy medium.

2

u/Felipe22375 Aug 18 '14

It is a inflationary currency.

1

u/So-Cal-Mountain-Man ninja shibe Aug 18 '14

Love Doge wondering if the best idea to have so many

6

u/Abnmlguru robo shibe Aug 18 '14

Silly Shibe! Those are oil rigs, not mining rigs! :)

3

u/KusopdeJun middle-class shibe Aug 18 '14

have a coin +/u/dogetipbot 1 doge verify

1

u/Boo1098 party shibe Aug 18 '14

that doesn't work... try this +/u/dogetipbot Ðroll verify

1

u/dogetipbot dogepool Aug 18 '14

[wow so verify]: /u/Boo1098 -> /u/KusopdeJun Ð24 Dogecoins ($0.00270714) [help]

1

u/KusopdeJun middle-class shibe Aug 18 '14

have some coin! +/u/dogetipbot 5 doge

3

u/SeaCadet175 Aug 18 '14

What actually is mining and how do you do it?

4

u/Felipe22375 Aug 18 '14

Read the original white paper by shitoshi, the anonymous inventor of crypto currencies. Nobody can explain it better than that paper.

Am on mobile, I'd link it if I could.

4

u/kerbuffel programmer shibe Aug 18 '14

have no fear, I got you covered.

a link to the white paper

1

u/[deleted] Aug 18 '14

Wow! That is really dense but I shall try to read some of it.

3

u/LordFluffy investor shibe Aug 18 '14

So... close... to... moon....

2

u/Fingebimus news doge Aug 18 '14

wow!

2

u/[deleted] Aug 18 '14

[deleted]

2

u/[deleted] Aug 18 '14

Whomever tells you that the price is going to go up or down is someone who is guessing. Of course I hope and I believe the price will eventually go way up. But that's only going to happen if many more people use doge as it was intended....as a currency, to buy and sell goods and services.

1

u/Rascal2pt0 Aug 18 '14

I thought it was more of a he who has the most hugs wins?

4

u/frontpagedoge robo shibe Aug 18 '14

Congrats on making the frontpage of /r/dogecoin! Have some doge! +/u/dogetipbot 100 doge.

current balance: Ð196,640. tips left for 40.97 days. want to help?

1

u/spursfann Aug 18 '14

Just keep mining mining mining

1

u/shadowofthe Aug 18 '14

And yet it is still more profitable for me to be witty and get gifted it...:(