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How do I mine Dogecoin?

How do I mine Dogecoin?
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you!
Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined!
So, what is Dogecoin mining?
You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you!
So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started.
A (Very) Short History of Dogecoin
In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own.
Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved.
They decided to use a popular meme as their mascot — a Shiba Inu dog.

https://preview.redd.it/rymnyyz1iil31.png?width=303&format=png&auto=webp&s=f138e3fe56eef9c6b0e7f49b84fefc41fb83e5aa
Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot!
Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome!
Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content.
Dogecoin has the 27th largest market cap of any cryptocurrency.
Note: A market cap (or market capitalization) is the total value of all coins on the market.
So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you?
Next, I want to talk about how mining works…
What is Mining?
To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank.
Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks.
Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!).
Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive.
Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”!

https://preview.redd.it/rcut2jx3iil31.png?width=598&format=png&auto=webp&s=8d78d41c764f4fe4e6386da4f40a66556a873b87
It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins!
Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered.
So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see…
What is Dogecoin Mining?
Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is!
Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section.
Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations.
The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain.
Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
  • Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
  • Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
  • Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
  • Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin…
Mining Comparison
Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them.
Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium!
Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too!
Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars!
However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin.
Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try?
Let’s see what you need to do to become a Dogecoin miner…
How to Mine Dogecoin
There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool.
Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally.
Dogecoin Mining: Solo vs Pool
When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin.
If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees.
As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about!
What You Need To Start Mining Dogecoin
Before you start Dogecoin mining, you’ll need a few basics. They are;
  • A PC with either Windows, OS X or Linux operating system.
  • An internet connection
  • A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet.
Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure.
There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core.
Now that you’ve got a wallet, you need some software and hardware.
Dogecoin Mining Hardware
You can mine Dogecoin with;
  • Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
  • A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
  • A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software
Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
  • CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
  • GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
  • Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
Recommendations
You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool.
If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option…
Dogecoin Cloud Mining
Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you.
All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee.
There are pros and cons to Dogecoin cloud mining;
The Pros
  • It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
  • As a beginner, there isn’t a lot of technical stuff to think about.
  • You get a steady supply of new currency every month.
The Cons
  • Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
  • You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
  • Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
  • It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin?
So, Is Dogecoin Mining Profitable?
The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small.
However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin!
But why? Seriously…
Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved.
Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that!
Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
submitted by alifkhalil469 to BtcNewz [link] [comments]

Of Wolves and Weasels - Day 187 - Guest Post: Confessions of a Bitcoiner

Hey all! GoodShibe... on Summer Vacation!
Please enjoy this post by Guest Writer Justlite and tip them well ;D)
Note: To tip them directly:
+dogetipbot @Justlite xxx doge verify
I've been part of this Dogecoin community since early January and I have to say the people here constantly amaze me. For me Dogecoin and this community is the future of cryptocurrency and I'm speaking as a long time Bitcoiner. Over a month ago I explained in a previous post why I believe Dogecoin price will rise again and correctly predicted Bitcoin to rise substantially shortly after my post against in the face of several counter arguments late last year. My thoughts have not changed on Dogecoin but I feel it's worth giving my experience on cryptocurrencies as a Bitcoiner in the early days of 2010-13 and how that compares with Dogecoin.
I bought Bitcoin and Litecoin in the early days and I can tell you the Bitcoin community back then was hopeful, cheerful and very welcoming...forgive us right now we are at the fighting stage with the established status quo wants to knock Bitcoin down.
In the early days we were only known for CPU/GPU mining discussions and tipping one another after each comment. In fact Bitcoin was only ever used to tip and trade but not to buy anything since we didn't have anything available for Bitcoin. We were very brave I mean wiring money to a company in Japan and getting these online things called Bitcoin which doesn't buy anything?!
Back then Bitcoin fans were seen as weird and Bitcoin as a complete joke we were idealist and we still are. Many of the people that fought us then were actually the libertarian precious metals community and because gold and silver were tangible and has been money for 5000 years Bitcoin wasn't and was barely a year old. It's hard to argue with them, after all some guy that called himself Satoshi Nakamoto, the Japanese equivalent of Jack Smith, created it but left after a year and no one saw how he looks like.
We could understand their concerns, a lot of early Bitcoiners like me also have gold and silver in the belief it will protect our wealth from the next financial collapse. But Bitcoin was created for this purpose too, no more will the 1% have economic power over the 99%, "1 CPU - 1 vote" said Satoshi in his white paper. We are also in the digital era and with all the success the internet is nowadays there still was no internet currency without the excessive charges of credit card companies.
Bitcoin changed all that it wasn't just an internet currency it was hoping to be money on every platform in every country, person to person, in at least 10 minutes between any country in any amount for free! Fast forward to present day and we are starting to see that.
Of course we have had many setbacks on the way, such as exchanges being hacked, wallets stolen. We weren't so security conscious back then and we learned the hard way.
Then we grew in price and popularity and quite recently the government fought us when our dark market Silk Road was shut down by the Feds. We have had 4 price bubbles a lot of sleepless nights I've personally ploughed in tens of thousands of dollars lost a lot of Bitcoins on the way (and also lost 15000 Litecoins) and forced to read articles with declarations of "Bitcoin is dead" after each major price drop.
Sound familiar?
"History doesn't repeat it self but it does rhyme" Mark Twain
That's all part of the growing pains of a disruptive idea.
Dogecoin, by comparison, has a whole economy after just 7 months of inception! It's remarkable as I am also a big Litecoin fan and even that community isn't as productive as this. People talk about Dogecoin's PR as it being behind its popularity but I honestly believe there is no intentional PR, I mean where is the PR team?
I believe it was a combination of a friendly meme encouraging positive kind people, a internet currency that's easily explainable to anyone, a very mineable coin using your PC/laptop so everyone can get involved in and great online platform such as Reddit to connect like minded users together and everything just snowballed from there.
Now Dogecoin is one of the most productive coins out there with several client and core devs, hundreds of retailers, apps, doge specific websites, blogs and charity fundraisers. That's why I believe Dogecoin is undervalued right now.
This doesn't mean you should put your life savings into Dogecoin or other cryptocurrencies as they are still a risk and early stage technology. Just buy with what you can afford to lose!
So where is Dogecoin heading? - The analysis
As long as we still use doge for goods and services and keep the positivity going then I can only see the price of doge going higher and reaching all time highs without the need for manipulation. Over what time frame?
Like Bitcoin it won't be overnight and granted there's no supply limit so it will never reach tens or hundreds of dollars but we don't need it to. I honestly want Dogecoin to be a currency and I personally like having whole doges. Ideally I would hope that 1 or even 10 doge will buy 1 loaf of bread or 1 litre of milk at my local grocery store some day.
Supply vs Demand
As I mentioned before the supply coming to the exchanges from multipools has been immense - it is thought about 160 million doge a day is being mined and sold on exchanges just from miners. This not only exerts a lot of selling pressure but it also encourages weak hands to sell forcing the price down further it's a downward spiral which we have been seeing.
Any other coin would have collapsed long ago but doge is no ordinary coin. After the next two halvings in October time it will be down to 40 million a day and low enough to allow for natural demand to outpace the supply causing the price to increase steadily which will give momentum and may then lead to a new all time high and the second bubble.
Network Hashrate
I'm of the belief that ASICs are a necessary evolution in cryptocurrencies by making a coin secure which will attract investment/adoption and environmentally friendly. With scrypt ASICs large and small coming online the network hashrate has more than doubled in the last 2 months from 40 GH/s to 90 GH/s and while we tend to see a jump in hashrate just before a halvening I attribute this rise to small miners also buying ASICs and a lack of more profitable altcoins. Again that's great for the stability of our coin and this will provide further confidence that Dogecoin is a good crypto to buy/adopt/invest.
Deflationary Inflation
Sounds confusing so let me explain unlike Bitcoin where there will only be 21 million coins mined, Dogecoin will reach 100 billion coins mined after block 600k and then see 5.25 billion coins mined each year forever which works out as 5.25% inflation in the first year and then 4.99% in the second year and so on.
While this may seem a lot I have come to the conclusion that it may be a blessing for Dogecoin as it is thought that 5 billion coins per year would be lost permanently anyway so this will 5.25billion coins would replace the lost coins. The extra 5.25 billion coins per year would be enough to incentivise miners to continue mining doge (which would hopefully be at a high enough price after the 600k block reward) and securing our network.
Because Bitcoin has a cap it is seen as a store of value like gold whereas Dogecoin has a infinite supply but at a predictably low yearly increase in fact from 2015 to 2020 Dogecoin will have less yearly inflation than Bitcoin. This can actually encourage people to treat Dogecoin as a true currency to buy everyday items with than as a store of value. I believe that is what Satoshi envisioned Bitcoin to be.
What are the whales doing?
The top 20 dogecoin addresses which account for 40% of all mined Dogecoin out there haven't sold any of their DOGEs.
The whales with large wallets have not sold their DOGE over the course of the last 4 months but the smaller wallets have! Why? The whales are happy to see their DOGE go to zero if they thought it was dying or they have been there and done that and know that perhaps Dogecoin is heading up? I can tell you I have no intention of selling my DOGEs as I believe interesting times are ahead.
The Bitcoin Effect
Bitcoin has paved the way for a crypto to go from $0.0001 to $1000+ and brought technological development, liberty and a sense of community all in a 5 year timespan.
While only $0.00023 Dogecoin has got an ecosystem, a following, funded several charity efforts and a burgeoning economy after only 7 months thanks in part to the network effect of Bitcoin and the rest down to you.
All I can say to you all is well done to all of you for being such a positive and productive community. Keep using Dogecoin and check the links at the side bar such as dogedoor.net and suchlist.com so that you can spend, buy, tip and mine doge and spread the word.
Now let's go to the moon!
TL;DR - Bitcoin had it's ups and downs and not short of haters over the years. Dogecoin is following the same path but in a shorter time frame. After the next 2 halvings Dogecoin price should be rising and adoption will speed up again which will make it a true currency so keep buying using and tipping doge wherever you can.
It's 8:09AM EST and we've found 87.24% of our initial 100 Billion DOGEs -- only 12.76% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~76 to ~92 Gigahashes per second and our Difficulty is up from ~1196 to ~1351.
I Hope you enjoyed today's Guest Post by Justlite!
Note: To tip them directly:
+dogetipbot @Justlite xxx doge verify
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Seriously serious post that is seriously serious beyond any post that has be seriously made. Such mysterious.

Hey dogecoin, Debbie Downer here.
I wish my flair was "High Anxiety Shibe", because that is how I feel most of the time.
I am maybe not your "average" shibe in that respect. I have voted for Wise about 1000 times (seriously!) in the last week, but I also miss seeing some other topics on the front page! haha
I am here to bring up the discussion of future of this coin. It has been almost a month since we have had a serious, rational, and polite debate on what the technological future of this coin will be.
To me these have been the most informative posts so far: http://www.reddit.com/dogecoin/comments/22niq9/merged_mining_amafaq/
http://www.reddit.com/dogecoin/comments/22ugyi/serious_long_my_thoughts_on_what_next_for_dogecoin/
http://www.reddit.com/dogecoin/comments/23fk2i/very_long_very_serious_development_summary_week/
After a quick read, you can weigh the pros and cons of each potential change.
Personally, I think that right after the next halving (~July 8th) we will know more about the current state of Dogecoin, and be able to make a much more informed decision.
I am "high anxiety shibe" because I constantly worry about the price and hashrate. To those that do not worry about those aspects, I envy you. Seriously. It's only because I care so much, I swear!
Any potential future scenario ends poorly with a decrease in price or hashrate, and that is my concern. ASICs have been entering the market and seem to all be pointing at Litecoin. Since our last halving, Litecoin has gained ~50GH of hashrate power while we have not gained any power at all. http://bitinfocharts.com/comparison/hashrate-ltc-doge.html
If the price does not increase after each halving, the hashrate will decrease after each halving. If ASICs aren't joining the Dogecoin network in such large numbers, what will our hashrate be at block 600,000 in January 2015?
Another concern is the young age of the coin. With time, wealth gets distributed more evenly (although still incredibly poorly). The largest holders who like to day-trade slowly lose their coins to the general Dogecoin user. 38 addressed own ~45% of all Dogecoins, where as about 1000 addresses own ~45% of Bitcoins, and ~300 own 45% of Litecoins. http://bitinfocharts.com/top-100-richest-dogecoin-addresses.html
Luckily, I believe that the ones who are mainly selling are the multipools. Maybe a few more halvings will get rid of them you say? BUT OH! That means we are unprofitable to mine, which means our price is low and our hashrate will follow. There is a balance there, where we need to be profitable to mine, but that means the price of the coin will stay low do to multipool selling. What to do? It feels like this.
Sadly we seems to be tied to Bitcoin more than we want to be. Sure when Bitcoin moves up or down, we move with it, I just wish our hashrate did the same.
In the end, we are doing more than any other altcoin at working towards mass adoption. My anxiety comes from the fact that we need to reach more people, faster than any other coin. I have complete faith that the devs will come up with solutions to any problems that arise.
I just do not want to see our potential to do good suffer at the hands of people who have no interest in what we can accomplish. If there was one community that can do it, it's this one!
What does everyone think?
This post was brought to you by FUDruckers: Taste the delicious FUD
submitted by thistime1 to dogecoin [link] [comments]

Relax, DOGE is here to stay. [Warning: Mega-long, a post for the bored and worried]

I finished this post and looking back at it... man, this is long. If you only want to skim it I don't blame you. All I wanted to say, as someone who has been spreading FUD and fear by accident into the community lately and trying to get people fighting their hardest against the multipools, this is not a life or death struggle. As long as we keep doing what we're on the path of doing already, we will be fine.
If you're bored and/or afraid, maybe this will be a good read for you.
I've seen calls and even made calls myself to get the fight going against multipools. The fight is ongoing but it's a fight we can't win outright. We're waiting around now for the inevitable solution: the next halvening (The Quarterening? ...doesn't have a nice ring to it).
There's been discussions of changing the coin. Rest assured, this the most dangerous route. Some shibes are working to see if this is even feasible as a solution. Even if it is, it assuredly could not be enacted in less than the 30 days to the next halvening. This is not going to save us within 30 days time, although maybe, if and only if it's feasible and makes sense, we could implement this then the effects would only be seen after the multipools already have loosened their grip somewhat. This is entirely hypothetical and not an invitation to start rallying for a certain idea in the comments. Check out the dogecoin development subreddit and get in touch with shibes who have a plan regarding this route if you want to be part of this. Else start your own such group (though only if you know what you are doing) and keep advertisement for your new idea and experiment relatively quiet enough that you can gain volunteers without spreading panic among the community.
The other idea I've seen (and I've even been guilty of it myself, I will admit,) is trying to rally people to mine more, as though we could fight them off with more mining power. They just have way too much power unfortunately. As a small group of 3 month old shibes we just don't hold a candle to their hashrates. All of the DOGE pools are hurting from the swarm of multipools sapping our lifeblood. At the very least they're smart enough not to kill us. They know, after experience, you can sheer a sheep many times but only kill it once. Why kill the goose that lays the golden eggs?
A 51% attack will not happen. The multipools are purely profit driven and they won't kill us. It would take a group of bad actors to coordination multipool hash power or an incredible attack on the multipools to hijack enough power. Even after such an absurd, unlikely, and (hashpower-wise) unprecedented event what would happen? There's no way they could keep multipool miners digging an unprofitable coin for long, even if all other matters weren't considered. It's a pointless endeavor. They deal a nasty blow to us and kill their own profit along with it. We take a dive in value for a little while as the bad actors double-spend, stop transactions, and prevent other miners from receiving coins before the attack stops. There's no way they would be able to keep it up for long, period, even in this most outlandish (and trust me, it is about as outlandish as it gets) of scenarios. And then we would rebuild, getting everything set up all over again just because of one reason that existed way before we even had a consensus that DOGE was money:
We want DOGE to be a thing. Of some sort, anything. A topic of discussion, to talk about the nature of money and make a comparison against bitcoin. A laugh, as the early adopters tossed around millions of it at one another for fun and absurdity's sake. To show support for the DOGE meme and have a way for it to never die (admit it, some of you just want to keep perpetuating the doge picture ad infinitum and this was your excuse). A symbol of our community when we banded together and decided, yes, DOGE is actually worth something.
Sorry shibes, we can't beat the multipools within the timespan of about 30 days but we can absolutely outlast them. The next Halvening is going to get to us soon and that will get most of the multipools to back off. After that I think we're going to be a lot safer until we get profitable again and by then this may or may not be an issue and we may or may not have a solution for it when it rears its head again. Otherwise, we're just going to wait it out again like we're doing until another Halvening comes. The next time I think we will be okay since the multipool output will be halved and we are only going to see more and more demand. They may not be enough to hold us at a price ceiling as they are now, if they are even able to see profit mining us.
For all shibes who are worrying now, relax:
Keep the price up...
...keep holding, and...
...do not sell out your ticket to the moon (whatever your moon is for you) by dumping all of your DOGE into fiat, no matter what, simply out of fear.
This is probably the only time I've seen such a wide open, relatively obvious opportunity for people to make tons of money with crypto. DOGE is by far way more popular than Litecoin is right now and yet our marketcap is ten times lower. Once the multipools are gone we are going to skyrocket back upwards until we hit another ceiling. All of the cheap DOGE you can see? Scramble. It may seem unimaginable but it's going to go fast soon. And when it hits that ceiling? Don't cash out either. After another halvening it's going to happen again, in leaps, until the halvenings stop and we hit something that finally approximates our true value, which I think is at least that we reach litecoin's marketcap. Considering how much DOGE gets produced daily I would say that if DOGE proves itself then we will almost assuredly see a 5x increase in price (10x if dogecoin reached litecoin's marketcap /today/ but we keep inflating so I think 5x eventually is fair). By all means, any investor reading this should know that this is a gamble but it's a gamble that's very heavily tilted in your favor. Don't invest with money you can't lose but please know that this is still an incredible opportunity to make money.
Any shibe who has wanted or maybe now wants to get DOGE fast:
1) Buy BTC from Coinbase or another established BTC seller.
2) Put it immediately in a secure encrypted BTC wallet. You may want to start setting up your wallet ASAP so you don't have to catch up on the BTC blockchain.
3) Trade it for DOGE on an exchange that does not have issues. If you don't know which exchanges are good then look up testimonials. I actually prefer Kraken. moolah's Predlude exchange can probably use service too. He always seems accessible on this subreddit or else his support team.
4) Put it back into your personal DOGE wallet ASAP. Is that encrypted too? Good.
If you use this route because of Coinbase being an issue, or else for any other reason then hopefully you have a friend who can help you with the process. Otherwise, please ask for help in the comments and maybe some shibes who are experienced can answer you, I hope.
Last word: I can not see the future and everything I said is not a promise. It's just what I think is going to happen. I'm also thinking of buying in again for a million DOGEs if I can move my assets fast enough to buy at this price and have the financial flex (I'm pretty sure I do but I want to be careful as should anyone else buying into any investment). Do not buy in just because I am. I only say this to show that I'm not suggesting an idea I only expect other people to do
If you read all of this, gosh I'm flattered. Have a WOW, on me.
submitted by FoxShibe to dogecoin [link] [comments]

SBC Weekly Review Jan 7th

Some actual news !
Beta testers needed for the SBC anonymous coin-mixing feature. Shows that the devs are still working towards making SBC useful as opposed to fun or unique. All Bitcoins are somewhat traceable and this will give SBC something else to stand on. Want to avoid paying tax on your mined coins? Use SBC. Not legal advise use at your own discretion. That being said, I guarantee governments will come after your coins for tax revenue at some point. Until coin-mixing is fully integrated SBC will remain on the back-burner.
Mining and Multipools:
Over the last 2 weeks I have been mining middlecoin with very good results but have switched back to SBC for the time being. Even picked up some cheap coins at .0008. Middlecoin is too big, takes too large a cut(3-4%) and basically it mines only DOGE and LTC which I can mine directly with the discount. SBC has about the same profit as DOGE. It seems most of the large pools are still completely ignoring SBC which is good as it would crash the price and increase the difficulty. IF you feel that SBC is not netting you enough, mine to a multipool and use the BTC to buy SBC when its low. You will make way more !
SBC vs DOGE/alts :
I have to admit DOGE is huge in terms of hash power and generating interest but with the big multipools mining it like crazy and instantly selling, I have to consider who the greater fool is. While buying at low levels and even mining your can make good money, I don't think DOGE is viable in a buy and hold strategy. Its very big and without some big investors it will stay in a very narrow trading range. SBC on the other hand is still very small in comparison, and very little volume can send SBC skyward. SBC is very profitable at its current level, on par or better then DOGE.
Trading SBC:
Floor on SBC trading seems to be .00008 BTC on Cryptsy. Currently at .00099. Mining and converting directly to BTC will net you a fair amount, still much more then LTC. Very little coins are being sold at these low levels. It can take less then 10000 SBC to double the price.
Low Volume on Cryptsy is an issue and while there is definite interest in SBC to hold coins, there is little interest in actually buying SBC. Until more people take notice of SBC the volume will continue to stay low. I recommend any rise above .00012 should be sold into with the expectation to buy back in at sub .0001 levels without release of further news.
Disclaimer : Mine and trade at your own risk. If something is too good to be true it normally is. Follow the money and don't put all your eggs in one basket.
submitted by ComputerMuffins to StableCoin [link] [comments]

MAD Doge - Don't Mine DogeCoins! - 6/9/2014

Edit: I know I've said this before, but it needed some updating and explaining.

Let's get this party started

Problems With Mining DogeCoins

Alternatives

  1. For Miners:
  2. For those with Fiat
  3. For Those who have neither
    • Post a funny meme to /dogecoin, comment on hot /dogecoin topics. Remember to keep it positive and somebody might tip you. I estimate that after 10 post replies and maybe a meme posting, you'll definitely get some DogeCoins.
    • Do what you're good at, if your'e a good painter, paint a DOGE and post it, you'll get tipped for sure.
    • Make a small game and accept tips for downloads, like Cliffhorse :P

Why is this better?

Edit: The scary sayings

As far as DogeCoin pricing in comparison to BitCoin, it's looking like we're going to climb a few satoshi, BitCoin is a bit stagnant and Cliffhorse is making some serious news. If you're clever, you'll be able to make a few Doge, but remember not to keep away from it for too long.
At the moment, I'm away from all forms of tea, so I have no new tea to chuck out there this week, I hope you enjoy the suggestions though, make yourself some MAD Doge!
submitted by DRKMSTR to MADDOGE [link] [comments]

Proposed Fix To The Inflation Issue

So right now many people are upset because Multipools are dumping Vertcoins, and crashing the price. This fix is intended not only to combat this, but also to Improve Vertcoin as a stable currency in the long term.
The proposal is to use a similar block reward Schedule to that of Dogecoin(rapidly halving block rewards). Have most of the coins mined within 2-3 years. After that, have the block reward be adjusted annually to result in a 1% rate of annual inflation.
Here's the reasoning for it:
-Lower block rewards due to rapidly halving block rewards means less coins to dump
We're seeing an insane amount of Vertcoins hit the market daily by miners. This would help limit that.
-Lower block rewards makes fees more important to miners, thus more TPS support and lower fees.
This means they will include more transactions in a block. Bitcoin has this problem, which is resulting in extremely high fees once 0.10 hits, as well as limited space for transactions. The larger your block, the higher risk of it orphaning, which is why many miners cap their blocks at 50 KB instead of 1 MB.. Vertcoin can combat it by rapidly halving the reward so that fees are comparable to block rewards. If this change was made, Vertcoin could easily support thousands of transactions per second assuming we raise maxblocksize if it ever became necessary.
-Maintains low fees permanently.
By subsidizing miners with block rewards(instead of them all being mined eventually), it will help maintain low fees. If there was no block reward, miners could try to monopolize by temporarily cutting mintxfee to 0 kick out competition, then charge absurd fees after everyone is gone. A 1% annual rate of inflation is not bad. To put things into comparison, Bitcoin is at like a 6% rate of inflation, and so is Litecoin. Vertcoin is growing by like 15-20% per month currently.
I understand inflation is frowned upon in the crypto world. But I feel like its needed to maintain low fees forever. It also would be negligible especially when considering lost coins. Also, this design would make Vertcoin unique to the non-miner. I feel like once Bitcoin starts to get expensive to transfer due to its incoming high fees, people will look to move to altcoins- and Vertcoin could be the one that supports thousands of transactions for cheap.
submitted by skilliard4 to vertcoin [link] [comments]

Bitcoin & Cryptocurrency Mining Pools Explained  Best ... Crypto Mining 101 - Multi Pool PT2 Awesome Miner Profit Switching Best Mining Pool Litecoin 10 Best and Biggest Bitcoin Mining Pools 2018 (Comparison ... How to connect to the DigiByte mining multipool watch

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What is a mining pool and why is it best to mine Bitcoin and other cryptocurrencies on mining pools? Here is our review and explanation of mining pools, how ... MultiMiner for ALL cryptocurrencies! LATEST VERSION: 3.0.1 ----- Bitcointalk: https://bitcointalk.org/index.... D3 ,A5 Dash x11 Mining is it worth it PLEASE WATCH THIS VIDEO BEFORE INVESTING IN ASIC MINING HARDWARE FOR DASH X11 EW MINER FOR DASH ANTMINER D3 bitcoin bitcoin wallet bitcoin mining crypto ... Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. While mining pools are desirable to the average miner as they smo... How to connect to DigiByte mining pool and start mining your desired coin, learn more by going to the Coin Chasers group Groestlcoin Grs facts show that this coin has been created for no other use ...

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