History of DogeCoin from a redditer


April 15, 2021, 2:09 a.m.


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I found this story about doge interesting and i decided to repost it here. The original post is from a person on the reddit forum called -

toben88 dogeconomist

BACK in the days he sold his video console for +1 million doge coins. Here goes his post:

Linking to the transaction below.

I listed it for 750,000 dogecoin but the price of doge was falling so fast at the time that we finally closed it for 1.15 million doge. https://www.reddit.com/r/dogemarket/comments/27wrsr/sg_xbox_one_new_in_box_for_only_750000_doge_with/

A few months later the value of dogecoin had plummeted and I was left with about 1/3 the value of an xbox. I posted it here and you can read in the comments that people were sad at my bad luck at the time. Note it was sold for 1.15M doge but I had another 50K from mining so I accidently wrote 1.2M

https://www.reddit.com/r/dogecoin/comments/2t8mmp/when_i_sold_my_xbox_one_for_12_million_doge/

If anyone is interested I can show the actual transactions of the doge going through the blockchain. I had thought it was 1.2 or 1.3 million but when I went to my wallet I saw it was actually 1,150,000. I had also mined some and traded some BTC for some.

After this doge continued to fall and I lost over 85% of the value. I traded around a bit and even lost a lot due to some bad trades. https://www.reddit.com/r/dogecoin/comments/7xrxmg/dogecoin_trading_fail_turned_12m_dogecoin_into_7m/

After this the price continued to fall and I traded back into it and ended up with the full 1.15 million plus some. I then got locked out of my account for a few years and just got back in going into the 2021 runup.

I am still looking for the old wallet address so I can prove this. However I did post about this later that same year which was 6 years ago.

OK so this is getting a lot of attention so I will put some FAQs up here.

  1. If you want to buy dogecoin with dollars I recommend the robinhood app. Don't invest more than you can afford to lose. Other people like coinbase but I have not used them.

  2. If you want to trade dogecoin for bitcoin or other crypto I recommend bittrex or kraken. Binance is the largest doge site but I have not used it much. These are websites not apps. Try to think of dogecoin in terms of bitcoin and satoshi instead of dollars when trading.

  3. If you want to sell stuff for dogecoin goto r/dogemarket

  4. You can still mine doge on your computer but sadly this is not as efficient and you may need to buy an ASIC. See r/dogemining I no longer mine dogecoin but I am still mining ethereum

  5. Dogecoin is not losing value - it skyrocketed up over 45,000% since my trade but it is very volatile. It was worth about 1/3 a few months after I bought it. Don't mortgage your house and buy dogecoin. The supply of dogecoin is 127 Billion coins but most of this was distributed in the first year and a lot of it has been lost forever. This year the supply will increase by about 4% but I would guess 4% or more will be lost this year in misplaced wallets. The increase in supply is decreasing so in future years it will only produce 3 then 2 then 1% and less each year.

  6. The dogecoin community held a video contest to promote dogecoin in 2014 and this was the winner. https://www.youtube.com/watch?v=000al7ru3ms

  7. Dogecoin is unique among all crytocurrencies for many reasons including:

    1. It was the first coin to not cap the supply. About 5 billion new coins are made every year. In 10 years time this will be less than 2.9% new coins every year so supply will not outpace inflation. Instead there is continue reasons to keep mining and new supply means people do not have to hoard.

    2. They were so easy to come by in the early years and worth so little that people were giving them away thousands at a time. This led to people actually using dogecoin instead of hoarding it like bitcoin. There is documented proof of one person giving away 14 million dogecoin to fund the building of water wells.

    3. The block time is 1 minute so transaction on dogecoin are way faster than most other coins. It can some times take ten times longer and cost $40 or more to move coins other cryptocurrencies.

    4. In the early years dogecoin was used as a vehicle to do good like fund the jamaican bobsled team in the Sochi olympics, the dogecoin nascar team, and to fund building water wells in africa. Proof as no one believes me?

      1. Jamaican bobsled team https://www.npr.org/sections/thetwo-way/2014/01/22/265060754/wow-dogecoin-other-donors-send-jamaican-bobsled-team-to-sochi

      2. Dogecoin Nascar https://www.cnn.com/2014/04/24/tech/web/nascar-dogecoin-talladega/index.html

      3. Dogecoin wells in Kenya https://www.coindesk.com/dogecoin-foundation-raise-50k-kenya-water-crisis

  8. Dogecoin rose 300% on launch day then fell 80% immediatly afterwards. During this time miners were rewarded with 1 to 1 million dogecoin for solving the block rewards every minute.

  9. You can see the price history of dogecoin here: https://coinmarketcap.com/currencies/dogecoin/Take a look at the price in 2014.

  10. The early dogecoin community got very mad when wolong proved he had the ability to manipulate the price of dogecoin by buying and selling millions of coins at a time to himself. There are many old posts on reddit talking about how wolong ruined dogecoin and the coin was dead forever. Many thought the community was ruined but wolong disapeared and the community went on without him.

Now people think I am making up these stories so here is proof:

Jamaican bobsled team: https://www.npr.org/sections/thetwo-way/2014/01/22/265060754/wow-dogecoin-other-donors-send-jamaican-bobsled-team-to-sochi

Dogecoin Nascar https://www.cnn.com/2014/04/24/tech/web/nascar-dogecoin-talladega/index.html


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