On Greed


I’m posting this before our big announcement this weekend because it’s important for me to point this out. Here goes:

The date is December 8th, 2013, and the price of Bitcoin has been skyrocketing for some time now. Altcoin mining profitibility is on the rise as Scrypt-based coins like Litecoin and Feathercoin can still be mined via GPU. It’s a digital gold rush. Scammers are everywhere on bitcointalk, as people rush to create and to promote their latest and greatest coins both there and on IRC, hoping to cause a pump and dump for a quick buck (sound familiar?) It’s actually fairly easy, as a sucker is born every minute. 😦

Then Dogecoin shows up. It’s quite obviously a parody of all these stupid coins that keep popping up (almost hourly at this point) meant to make a quick buck. It’s fucking hilarious in my mind (such coin, wow), so I point my rigs to the first pool I could find and mine a few million in an hour. I post the link to the wallet to a few friends on Facebook, have a good laugh, and send few hundred thousand Dogecoins to them. Then I go back to my normal LTC/FTC pools.

At this point, Dogecoin is still a joke. It’s a breath of fresh air in the shitty cryptocurrency world, full of pump and dump scammers, stupid “this will make bitcoin obselete” claims, etc. It’s a stupid coin, with the doge meme on it… It’s fucking awesome. I subscribe to /r/dogecoin/ because it exists.

Apparently the people there were just as absurd as I was. Then, I started this silly bot called dogetipbot, since folks there were asking for it.

I could just leave it as “The rest, the say, is history” — but there’s more to it than that. Apparently, we turned it into a tipping phenomenon. I spent Christmas keeping the bot alive, and we amassed more users than /u/bitcointip did in a year in less than three months. We in the /r/dogecoin community were just having fun –and the price blew up.

Then this happened:

…and that doesn’t even include the multitude of sub-$10,000k fundraisers that have been done, including my own. Unfortunately, there’s a dark side.

If you’re expecting me to write about the scams and thefts, sorry.

To me, the dark side is the folks who sit around trying to treat Dogecoin like an asset that should be pumped and dumped again, especially when they want it to increase in value. They’re missing the point. Dogecoin isn’t just a cryptocurrency, it’s an anomaly.

If you buy $100k USD in Dogecoin hoping the price will go up, you’re expecting it to go up to $150k or more, right? But do you think about the folks that buy at that price? Sucks to be them.

While speculators gonna speculate, the rest of us in the /r/dogecoin world are throwing change at each other for awesome comments, posts, and images.

With that said…

We can’t let /r/dogecoin have all the fun. There’s a whole big world out there… Hence our new product (we’ve been working on for 6 months) — we’re bringing the awesomeness that is dogetipbot to the entire financial world. HoneyLedger launches on Monday on Twitch.

It involves actual money. And yes, we’re going to destroy every fee we see. 😀

NOFX – Dinosaurs Will Die

–mohland & the entire Wow Such Business crew (/u/xtiba, /u/dvorwak, /u/liquinox, /u/mohland)


2 thoughts on “On Greed

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