Tis the silly season, but as silly as the question might appear, could it actually happen?
We ask because dogecoin is apparently now transferring nearly half a billion dollars worth of doge in the past 24 hours. That’s just about 10% of bitcoin, but more than ethereum.
Bitcoin, of course, dominates and quite considerably. It is the oldest crypto, with the widest infrastructure, describable succinctly as the “normies” crypto because it is best known by far.
Ripple, of course, is not even a blockchain so we can’t see anything except that they’re handling less transactions than even ETC in the past 24 hours.
ETH used to move billions too, but its value has fallen considerably. Meaning that the plain data can be deceiving because it may well be that a certain number of coins keep moving regardless of the price.
The data can also of course be gamed. Only about 3% of eth’s market cap is on the move. For bitcoin, it’s 7%. Bitcoin Cash has been an outlier for a few weeks now. Perhaps something to do with the need to split coins there following the chain-split fork.
Litecoin is at a reasonable 5%, while ETC’s $17 million translates to just 3%. For doge, it is close to 200%! Silly shibes.
You take a walk with doge and you’re left with no choice but to enjoy the laughter. Making them bitcoin’s silly little brother, or eth’s cousin who simply absolutely loves the mere fact he/she is alive.
It’s fun, but it is also money. The design is basically bitcoin. One can download doge’s 32GB node, and by magic you become the keeper of the people’s money.
Created by Jackson Palmer – who is now far better known for his highly educating crypto videos – on the 8th of December 2013, doge was meant to be a joke, but it became a phenomena.
Few who were present can forget the utter joy on IRC around April 2014 while Josh Wise’s NASCAR was racing around with doge splashed all over it.
Tens of thousands of doge were constantly flying, given away for free, like Robin Hood to the needy. There was no greater party in 2014.
In 2017, doge was almost forgot. All these serious coins had crowded out poor shibe, languishing on his own on the second or even third page of coinmarketcap.
Yet crypto isn’t crypto without doge, without the fun and pure pleasure of that electric community that for many was their first crypto love. The young so burning university computers to mine little shibes, not bitcoin, which had gone off to the serious business of needing an entire power generator for the piles of asics.
Could this meme coin permeate better the stiff upper lip merchants? Dem young cool kids making the shopkeeper bow down with lafter to the shibe.
Perhaps. The joke is considered a joke because doge has stupendously high inflation. But that’s not the real joke. The joke is someone tipping you say 50,000 doge, and you go wow, omg, maaaaan. And then you find out its worth one cent.
You can take it as a different sort of joke, a play on the dollar inflation or other fiat muneh hyperinflation, but that’s too serious.
Just as is the title’s question. Unlike the dollar, where Powell can hyperinflate it or deflate it or maestro as he pleases to the accountability of none, doge’s hyperinflation is fixed.
Let’s do some very simple maths that hopefully wont scare even babies. We have 10, lets double this to 20. Inflation up 100%. Now lets make this 20 be 30. Inflation up 75%. Now 40. Up 50%.
Someone might correct the numbers, but that’s not the point. The point is that inflation, even in the stupendously hyperinflationary doge, will by design eventually go to 0.0000 whatever.
That’s because while there is still new supply, that new supply becomes a smaller and smaller portion of the total supply. That means the first 10 is a lot of inflation, but the second one is less and so on.
The 10, however, remains a 10. It doesn’t reduce. Its percentage compared to total supply does, but the actual amount doesn’t.
That makes doge a very unique thing, within this space and in the entire world. It may in fact be the very first such design where algorithmically there is a fixed amount of new money within a fixed period and goes on thus effectively indefinitely.
What would that mean? – is perhaps a question no economist has asked. What would happen if the economy was running on this design? Is this inflation – cus new supply? Or deflation – cus by percentage it is lets say close to zero?
Not our position to provide such answers. The problems with doge for real use are plenty as you can imagine. Yet this joke is being used. Doge has 65,000 active addresses Bitinfo says. That’s far more than Bitcoin Cash or ETC and a bit more than Litecoin.
It is quite a bit less than eth’s 324,000, but eth is a world computer. It is just a bit more than 10% of bitcoin’s 533,655, but bitcoin is just gold.
Bitcoin Cash is the one that wants to be digital cash, and there, dogecoin’s active addresses are 4x more than BCH’s.
How on earth did that happen? It happened because fun beats reeee presumably. BCH remains troubled. Doge is just happy it even exists.
We do not have a dream of all them doge faces in shop doors, but in a snowy night, that yellow smile would bring comfort.
Long live doge for it is life and it is love.
The present writer has no doge whatever, the coin is just fun. Copyrights Trustnodes.com