Why Wont Doge Die? -- This is just a joke coin, right? Why wont it go away?

Too Contants – Many Much Parts

Bak-grrr-hound

Very comants

Such boring

So poopewlar!

Wow conclushuns finaly!


Bak-grrr-hound

Introduced in early December of 2013, the new rave currency Dogecoin, vastly inferior to Devcoin of course, features a huge reward per block and unforgivably bad grammar. Was this some kind of a silly joke gone too far? Clearly based on an Internet meme, this is a coin which has performed remarkably well on the exchanges since its inception up to the time this article was written. It has experienced a major market correction, rebound, and is currently in a slight decline. Exactly what one would expect from a solid Crypto. The questions of how this started, what varied opinions have been made about it, and ultimately why it wont go away will be addressed in this article. Developments which have resulted will be discussed throughout.

By the time Dogecoin was released there was already a wealth of doge memes infecting the World Wide Web with random silliness. Trying to figure out who specifically started this meme is akin to trying to figure out who first started using the word “their” instead of “shim” as a neuter substitute for the words “he” or “she.” That having been said, it may be known how this delightfully, or dreadfully, daft doge phenomenon began.

Exactly who first intentionally misspelled the word “dog” by putting an “e” at the end may be one of those unknowables that we hear about from some philosophers. Even if the earliest case known seems to be the first instance, it does not necessarily mean that no evidence of an earlier event exists to be found. Nevertheless, Ryan Broderick of Buzzfeed believes he has found the earliest recorded usage. In his article entitled “Everything You Always Wanted To Know About Doge But Were Afraid To Ask,” Broderick submits this video as proof: http://www.youtube.com/watch?v=tLSgRzCAtXA

Ryan Broderick tells us that “doge” did not resurface into popular consciousness until 2010 with a bizarre Tumblr post depicting a role-playing game where you get to interact with a dog. For the next few years were experienced the first reoccurring doge memes on Tumblr. This somehow migrated to 4chan. 4chan is where Broderick believes someone “made history” referring to a Shiba Inu as a “doge.”

Pheonix Tso of Jezebel, claiming to have “the 'Wow So Real' Story Behind the Doge Meme” may have found the match that lit the Net on fire with viral doge speak. In her article, she mentions a well known Reddit post with a picture of a Corgi with a teacup on head titled “LMBO LOOK @ THIS FU**IN DOGE,” with certain consonants instead of asterisks. Doge broke free of its Tumblr kennel so now many are fortunate enough to have heard the grammatical garbage denoted “doge.”

It has even caught on with congressional campaigners. In this case, one is irritated, not by the use of doge-speak but by the failure of the Steve Stockman campaign to get it right. Not to be outdone, Brett Logiurato of Business Insider mistakes journalistic English for correct grammar with his comment, “it's hard to explain the doge meme… but it's definitely not supposed to include full, coherent sentences like 'support Obamacare funding.'” Full coherent sentences? Really Brett?

No explanation of the doge origins would be complete without a mention of Atsuku Sato's painfully adorable Shiba Inu named Kabosu whose adorable picture has become inseparable from the word doge. The mug that launched a thousand memes has been positively identified as coming from Sato's blog: http://kabosu112.exblog.jp/9944144/. Kyle Chayka of theverge.com interviewed Atsuku posting a heartwarming article all about it in late December of 2013 which can be seen here: http://www.theverge.com/2013/12/31/5248762/doge-meme-rescue-dog-wow. A quick web search will reveal several articles all referring back to his work. Evidently the dog(e) named Kabosu was rescued from a a closed puppy mill and was lucky to have not been put down. Apparently, where it not for one Atsuku Sato, the doge meme, at least in its current form, may never have occurred. Another Shiba commonly used with doge memes is Suki. A narrative about Suki can also be found listed on Kyle Chayka's “WOW THIS IS DOGE” article. Suki's owner, photographer, Jonathan Flemming, had someone show him a doge meme not even knowing it was Flemming's dog or that Jonathan had taken the photo himself.

It may be worth mentioning that the same mentality that resulted in Eric Nakagawa's Lolcats to become so popular doubtless perpetuated the doge sensation as well. Cheezeburger, apparently, has a section called “Know Your Meme” where they go into more depth about where the font used for doge-slang came from. They also discuss something they call “4chan's /r/Murica Raid” on Reddit. Anyone but English teachers and other self-respecting language users may wish to the site for details: (http://knowyourmeme.com/memes/doge) With the assumption that exposure to doge-speak has not rendered the reader permanently brain-damaged so as to be unable to continue, the namesake coin will be covered next. Detail of the launch and the Crypto itself wont be covered in detail but some inane comments from the Cryptocoin peanut galleries will be. If one is to learn anything from the coin launch, it may be to never underestimate a cute dog's ability to reduce grown men, women, and self-respecting teenagers into babbling fools. Dogecoin was launched on December 8th 2013. News of this launch was announced on Cryptocointalk.com and Bitcointalk.org. This created an immediate sensation. The excitement many experienced was, perhaps surprisingly, enthusiastic. Some: not so much.

Very comants

Below are few skeptical remarks from Cryptocointalk.com: Kind of sick of the joke or “tribute” coins, so many of them and it just kind of dilutes the community. Oh well… –cctekh

Worst “coin” ever LOL –Steam20 this coin is so lame I can feel my soul being sucked into a vortex of suckyness –okayimadethisoneup Most comments on Cryptocointalk.com were more positive: Normally, I would agree with you. But considering that the dog fan market is so large and people normally love their dogs… I think people might like this coin. Who knows. Only time will tell. –Jimmy But most of them where just incoherent: wow so coin much doge rich shibe –The_Catman new pool, very nice, much coins, so much workes –Tenchi Great coin. Such digging fun. Many haters. Much wealth aquired. Dogeillionare flying to moon!!!! –KingofHammers The number of comments regarding the Dogecoin launch that day were staggering. There are several pages of comments about the launch on that first day alone. Many people seemed quite excited for some inexplicable reason: Very Mine! Such Hash! Wow! Many Block! Bank Shibe. –Salviel

I much happiness now I have a big millionaire! Dogecoin is best very currency, you buy now –Lonestar108

Everybody Why? Much laughing? Doge very prize nobel economics –nbphuoc

Wow such profits Many amaze –miffman

I laugh, much funny dogecoin probably go high big time on strong exchange and do many peoples rich aysyr

Some were a bit skeptical:

Is this supposed to be retarded on purpose? –Savaged

Why would anyone mine this? Feels useless. –LaudaN

Individuals investigating how to mine this coin probably should have expected these sorts of comments:

How do you mine this coin? –Drexme

You using you computer special made with little CPU But needing many big heat gpu graphic card noisy You install Linux or if you have impatient the window Program on internets with scrypt Then visit mining Big Time Best Dogicoin websites!! Dogicoin is best coin, I now have a many millionaire!!!! –lonestar108

much down, so sad wow –Drexme

pool down much sadness –baocin

Such boring

For the first couple weeks after launch, some people seemed to be under the impression that Dogecoin would die quickly in the sense that it would lose popularity immediately and irrevocably after the initial release. This was perhaps based on the premise that it was really just a joke coin whose only value was a limited sense of novelty which would be quickly overtaken by the rapid increase of the monetary base. Others have pointed out that the seemingly large upper limit on total number of units could seem like an issue with long-term viability because this may not, in theory provide enough scarcity..

In other words, some thought that the currency would hyper-inflate itself into unrecoverable devaluation right away. Even though Dogecoin is still less than a couple months old, there is no shortage of individuals quite surprised it is, not just holding its value, but actually appreciating at a pretty impressive rate. Perhaps the value of a good joke is being underestimated. The second part of the argument, that valuation in the wake of rapid expansion of the monetary base was not sustainable, is based on the presumption that interest in this coin would not be able to expand quickly enough to compensate.

There seems to be three main factors keeping Doges afloat. For starters, the coin has the support of some really good developers. If this were not the case, it can be reasonably assumed that technical issues would have bogged the currency down scaring away speculators. Also, Doge has been able to catch the attention of the media in a way few other Altcoins have been able to do. Finally, a clever tangible goods exchange platform has already made Dogecoin a viable currency. These aspects will be explored in greater details but first we will expand on this notion that too many Doges are being created too quickly as a reason to conclude it is ultimately not viable and that the lack of a hard cap necessarily will mean its eventual downfall.

Perhaps the best way to explore the notion that rapid monetary expansion and a lack of a hard cap on total units makes a currency lack viability is to compare Dogecoin, or the awesome potential that is Devcoin, to two other popular currencies. Two noteworthy currencies we can compare with are Bitcoin and fiat, specifically the US Dollar. The majestic Devcoin will be fully appreciated in a future article.

Bitcoin

Unlike Doges or Devs, Bitcoin claims to issue a much smaller and more reasonable number of units. Is this true? It may be considered self-evident that the number of Bitcoins created is already too few to meet demand except that it is divisible by eight decimal places. The speculative value of a single Bitcoin is already far in excess of what is needed to purchase many commodities such as a beer, for example. It has been well documented that the poor and homeless are already going to great lengths to come up with tiny pieces of Bitcoin so they can be exchanged for real commodities like pizza. So it can be argued that Bitcoin are actually issued in units of hundreds of millions.

While Doges and Devs are also highly divisible, there is no immediate threat that the divisibility will be relied on to insure there are adequate amounts in circulation for the units to be widely accepted. The divisibility could be thought of as being nothing more than a buffer zone in the event that, at some point, demand will overtake the issue of units. This brings into consideration the psychological impacts of which side of the decimal place one is dealing with.

Though it has been often sited as a strength that Bitcoin has a hard-cap on the total number of coins to ever be mined, this claim may be dubious. Some say that the restricted total number of Bitcoins to be created makes the coin an analogy for gold expanding the analogy to Litecoin as a sort of virtual silver. If this is a fair comparison then Doges could be like coppers or some such but there are problems with this metaphor.

Unlike Bitcoin, there is no real hard-cap on the amount of gold which can be used as currency. Even if we run out of gold to mine on the planet Earth it is assumed we can find some elsewhere such as asteroids, moons, and other planets. Furthermore, unlike gold, Bitcoin can be easily destroyed, or more accurately lost, permanently. If Bitcoin is sent to an address that does not and probably will never exist or to an address that has been lost from a hard-drive crash or death of a memorized wallet, it is so astronomically small of a chance that it will ever be recovered that chance may be thought of as being, for all intents and purposes, zero.

Also, Bitcoin is not a physical commodity like gold. Gold is extremely useful even when not widely accepted as currency. The number of uses for gold are so many and varied it would require a sizable series of textbooks to describe all of the applications discovered so far and there are likely many more uses that have not yet been conceived. Likening Bitcoin to gold because of its hard limit on number of units is a useful but highly imprecise explanation. In a world fueled by fiat with no set maximum number of units, the question of whether such a limit is even desirable is hotly debated and so far every supposed limit imposed in history has eventually been breached. This brings us to the US Dollar and how it compares.

US Dollar

One of the best examples of fiat currency, which is widely accepted today, is the US Dollar. There is no doubting the US Dollar has remained a solid medium of exchange for many years. When making an argument that Dogecoin is somehow unusable long-term, one may have to illustrate how the Crypto is somehow inferior to the US Dollar. In the interest of avoiding putting the reader into a deep comatose state, no attempt will be made to explore every possible argument. However, some marjor complaints will be addressed.

As a side note, it might be worth mentioning at this point that, if one really thinks about it, the name Dollar may not seem any more serious than the name Doge. Dol-lar: dol and lar. How dull and numbing are these syllables? Both parts of the word Dollar just drool off the tongue tongue like a thick gob of tasteless glop. How exactly so many people have been convinced to use a unit of value with such a slug-like and unexciting label may be a mystery. Even contemplating the etymology of the dol-lar or dull-er is enough to create a sullen sand depressed state of consciousness.

Like the Doge, the Dollar (USD) is created in mass quantities on a regular basis. Unlike the Dogecoin, it has no hard limit. The Dollar sometimes pretends to have a maximum amount, being tied as it is to the so-called Debt Ceiling, but as we have seen this is not real limit. There is no physical limit nor even a consensus required to increase the Debt Ceiling. The Devcoin, on the other hand, does not even pretend to have a hard-cap. Why should it? Why would one wish to put a limit on pure awesome?

If there is such a thing as creating too many monetary units, which the historic Weimar Republic and other examples tend to illustrate, then how does the rate of money-supply increase of the Doge compare with the US Dollar? This gets a little complicated because its difficult to verify exactly how many Dollars are being brought into creation because they are created out of debt in the form of loans, not just at the Federal Reserve Bank, but at every single bank and credit union in every part of the system every time they make a loan!

At the time this article was written there were approximately four billion US Dollars being created each and every day. That means around four billion dollars in debt is created each day to be paid back with interest. It is commonly known that Dollars are divisible by one hundred units called cents. What is less well known is that it is divisible by even smaller units called mills which are sometimes used in accounting. So, for accounting purposes, it could be stated that approximately four trillion fiat units of debt are produced by the Federal Reserve system every day. If this last bit sounds like a cheap shot at the Dollar, it could be because the author may, quite possibly, view debt-based fiat with loathing and utter contempt.

There are approximately seven hundred million Doges create each day. Devcoins are produced at, approximately, a relatively tame, seven hundred thousand daily. Though Dogecoin has the unfortunate weakness of a maximum limit in number, it is not designed to ever produce such a ridiculous number of units a day currently being produced in the case of the dollar. This is a recipe for scarcity so possible long-term collect-ability. Devcoin, though currently quite affordable, will doubtless become quite valuable despite (or perhaps because of) the lack of a hard cap simply because it does not produce as many units on a regular basis.

If the Dollar is any indication, the lack of an upper limit may provide a currency like Devcoin greater longevity than the Doge. Unlike the dollar, creationg of Cryptos do not create debt. What happens if no limit on maximum total units also means no limit on the amount of debt created in the process?

Creating too much cheap debt has a tendency to overheat an economy. Because fiat money is in the form of a loan, new businesses have to be extremely aggressive or go bankrupt. The nature of debt based currency, particularly with the application of interest, is that bankruptcy is built into the system. That sounds legit, right? The last time there was a sustained overheat of the economy in the United States, the Federal Reserve started “printing” less “money” which resulted in a deflationary depression. After the overheated economy of the roaring twenties nearly drove the Dollar into hyper-inflation, the Fed began raising interest rates and creating less and less money. This created a deflationary depression.

Anyone who trades currencies or other commodities should be familiar with bubbles. The longer a bubble inflates without popping, which is to say going without a market correction, the more extreme the market correction will be when it does happen. It can be assumed that this is exactly what is happening in the United States and other fiat driven countries world-wide. It is like a game of thermonuclear hot-potato. No sane intelligent Fed Chairperson, Congress or President want to be the one in charge when the the grenade goes off. Whomever starts deflating the currency could be hated by the masses because they will be financially crushed. Conversely, if they keep passing the thing around eventually it will blow up in someone's hands in the form of a hyper-inflationary depression.

I suppose it should be no surprise regulators seem more interested in controlling and competing with the new currencies rather than banning them outright. If they can stem help stem economic bleeding it may save some reputations. Why some foreign banks with similar issues have not caught on may be a bigger mystery and worthy of investigation.

In regard to inflation, bubbles, recessions, money creation, there are many details which will not be discussed at this time. That having been said, it is worth restating that unlike the Dollar or other fiat, Dogecoin and Devcoin do not require debt for their creation so they do not ever have to be paid back to a bank or government let alone with the application of interest. In addition, if there is ever not enough shiny sparkling Devcoin to go around, then Dogecoin, or some other even more inferior currency can fill in the gaps.

Remember all of that Dollar debt which was created out of thin air? The debt does not go away just because the money-printing goes down. This begs the question, between the Dollar and the Doge, which is the bigger joke currency? What is the punchline? Who is laughing? It may be dawning on the reader at whose expense this joke is being made.

So poopewlar!

Moving on to the next section, the three factors identified earlier will finally be addressed. As promised the competence of the developers will be looked at, the media phenomenon associated with it will be examined, and we will get a feel for what can be done with Doges even at this early stage.

Developers

The most obvious indicator of developer competence and enthusiasm as well as the competence and enthusiasm of exchanges dealing with Dogecoin can be seen in the way which blockchain and exchange issues have been dealt with in a timely manner. Another aspect of this is the incredible wealth of information updated by the creators regarding updates, pools, exchanges, and more. The developers of Dogecoin have been active and quick to resolve issues.

An author of Cryptolife.net going by the username “Hazard,” had a rather different take on this. He states, “DogeCoin reeks of developer incompetence as well. Not even 2 weeks after release, and it is already on version 1.2, with 33 commits on github. How is it even possible to screw up so many things in a simple litecoin clone?” But with so many upgrades in so little time along with so many timely responses to concerns there may be a different, probably much more accurate, way of looking at this. The issues expected with any Crypto were being resolved and it was being done in a timely manner. Where this not the case, it could be reasonable to assume, many investors would have lost interest in this coin rather quickly.

As we can see here, https://bitcointalk.org/index.php?topic=361813.0 , the wealth of updated information regarding Dogecon is fairly impressive compared to a myriad of other Altcoins. A possible downside is that sometimes one may have to decipher snippets of the semi-foreign language known as Dogespeak but to some the brevity may actually be an upside and make mining and usage of this coin seem more fun and less clinical than what some other coins have to offer.

As for the origination of this coin, the primary creators are, evidently a marketer known to work for Adobe by the name of Jackson Palmer and an IBM software developer by the name Billy Markus. This can be gleaned from reading Jenny Noyes' article on Junkee.com and Patrick McGuire's article on Motherboard.vice.com. The Dogecoin concept was originally a joke tweeted by Palmer. Apparently, some of his friends encouraged him to make the silly fantasy a reality. This caught the attention of Markus so we can assign credit, or blame, for the creation of this Crypto directly on Palmer and Markus.

Media Attention

No other Cryptocoin, certainly not Bitcoin, has ever made such an immediate and tremendous news media sensation as Dogecoin. Right out of the gate Doges received attention from both corporate owned and alternative media due to the absurdity of the concept. Just when one might have thought Dogecoin would have lost some momentum a fund-raiser for the Jamaican bobsled team garnered even more attention.

Yes, the Jamaican bobsled team. Of course you have heard that Jamaica has a bobsled team. There was a whole movie about it and how appropriate that Doge and the Jamaican team paired off in this way. Two underdogs defying all odds to make the laughable doable, or barking mad doo-dooable, if one prefers, paints a charmingly melodramatic picture. It is only about a couple months into Doge's run and the Jamaicans have not had their shot at the gold yet but the distracting duo have already won the attention of many columnists.

Recently, a new fund-raiser to send Indian athletes to the Olympics at Sochi in Russia has brought even more attention from news sources. Add to that an unprecedented mass donation “rescue effort” to help people recover Dogecoin lost in a notorious heist (which also grabbed some publicity) and even more news attention is received. Just when it seems like the fire is cooling there is a new blaze. A simple search on the Internet reveals that the coin has shown up in articles from news media outlets including the New York Times, Business Insider, International Business Times UK, Digital Trends, Aljazeera, Times of India, NBC News, Wired.co.uk, NPR, the Voice of Russia, the Hindu, and much more.

Not all of the press has been particularly positive but, sometimes, there is no such thing as bad publicity. Certainly this coin is being talked about within Cryptocoin communities. Some people groan and pretend to want nothing to do with Doges while others start babbling like they are talking to their own puppy-dog. Even the nasty fowl-mouthed peanut gallery inhabiting the troll box at the small but impressive MCXNOW Crypto exchange has had some positive thing to say about the coin. Some MCXGoblins are even recommending it be added to the exchange. The addition of this coin to any exchange, and it is already listed on several, can facilitate the exchange of Doges, if indirectly, for Devcoin. Certainly, the obnoxious troller writing this article wouldn't mind seeing it added so long as it doesn't distract RealSolid from getting Devcoin trading resumed immediately.

Real Goods and Services

One problem which plagues many Altcoins is that nobody has bothered to create a way for individuals to exchange their Cryptos for real tangible goods and services. This is not as big of an issue for Doges. Not only is this a common way for Reddit users to tip each other for various reasons, there are at least two sites which allow users to buy or sell goods and services using Dogecoin as a medium of exchange.

A rather attractive site called Shibemart (http://shibemart.com/) already has a over a dozen adds listed. The products offered at the time of this writing include everything from a year of Skype service to an offer to have one's name written in Hindi. It is not Amazon.com but considering how new and silly this Dogecoin is, it cannot help but to impress if only a little bit.

Another site, which is brilliant in the simplicity of the concept, is Stuffcoins (www.stuffcoins.com/doge/). This site is like an on-line flea-market (ha ha) or mass garage sale. At Stuffcoin you can “get rid of old stuff” to get Dogecoin. There is also an option to but or sell things for Bitcoin. It appears that the site currently only hosts markets for Doge or Bitcoin users but there is already an impressive selection of software and miscellaneous tangible items listed.

It can be clearly seen that Dogecoin is a currency one can actually spend if only in a few ways. Like all Cryptocoins, Doge does not guarantee it has any value except what users assign to it based on their belief of what it is worth. However, that does not seem to be stopping people from giving it as tips or receiving it for goods an services.

Since the subject has been broached,

So acceptance Such please

No Comic Sans Many sorry

Much Shibe donate: DErZvf5eEj3YyiT8KGoDSryKfqzWf6kF77

Too thanx! So wagging tail!

That last little bit is known as begging. Dogecoin communities must be the only places were begging is not only tolerated but considered a socially acceptable way of getting coin. It is even encouraged by the community to beg for coin as can be seen on the official website: http://dogecoin.com/ Presumably, beggin is supposed to conjure up an image of a cute little Shiba Inu doggie in one's mind. Apparently, the conjuring up of this image in another's mind is considered in and of itself a service.

Wow conclushuns finaly!

It has been shown that the Dogecoin sensation began with a bizarre Internet meme featuring an adorable Shibu Inu dog. While some jumped on it enthusiastically some would groan and speculate that it would not last even as long as it has so far. It has been illustrated that the currency is sound by virtue of competent enthusiastic developers, a system which generates and adequate monetary base, and some opportunity to exchange for real goods and services.

Doges are still new. Only given enough time will we see if the Crypto proves to be viable long term. It could be predicted that, even if this coin does go into an unrecoverable decline, it wont ever completely go away. It may be nothing more than a trend but it is a trend that may be pretty stubborn.

There is still groaning and skepticism but, the Shiba Inu featured on the logo has a look that can melt the iciest of hearts. One may say all of the nasties of negative comments that can be made. One can throw all the dirt one wants at the idea. However, when one sees those puppy dog eyes and the way even the gristly and testosterone laden biker-types get reduced to baby talk, how could one ever actually want such a thing to disappear forever?

It may be that Dogecoin wont ever go away, not completely, because, whether one is willing to admit it or not, maybe nobody really wants Doge to ever die.


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