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2014-03-18 Dogecoin: What's the big deal?

Slides for a talk given at Digital Currency Entrepreneurship & Startups (Bay Area) by Michi Kono, CEO of Coinposit on March 18, 2014. The focus of the discussion was around entrepreneurial opportunities for Dogecoin. Meetup can be found here: http://www.meetup.com/digital-currency/

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2014-03-18 Dogecoin: What's the big deal?

  1. 1. Dogecoin What’s the big deal? By Michi Kono March 18, 2014
  2. 2. What’s Dogecoin? What makes Dogecoin special? Dogecoin and entrepreneurs? Digital Currency Entrepreneurship & Startups What will YOU learn?
  3. 3. Digital Currency Entrepreneurship & Startups On Dec 8, 2014, this joke became serious:
  4. 4. Digital Currency Entrepreneurship & Startups Dogecoin Facts • Top 5 on volume and market cap out of 170+ crypto-currencies • Raw transaction volume second only to Bitcoin; volume in dollars is third overall • Primarily an online tipping currency on sites such as Reddit or Twitter • 1 DOGE = $0.00077 (A.K.A. 1298 DOGE = $1) • 50 billion Dogecoins have been mined; to be100 billion by 2015
  5. 5. Digital Currency Entrepreneurship & Startups Volume Raised $50,000 for the Jamaican Bobsled Team on January 19th, 2014 Newsworthy Achieved status of fastest growing sub- Reddit (several times) since launch Social Moved $68k in tips on Reddit over 3- months (http://i.imgur.com/ DgIyRgZ.jpg) Tips Exceeded trading volume of all other cryptos combined less than 1-month after launch SUCH GROWTH much potential Feb Jan Dec
  6. 6. What happened?
  7. 7. The decline of Mt. Gox caused all crypto-currency valuations to stall due to increased consumer pessimism toward the currencies. Users of Cryptsy, the largest Dogecoin exchange, begin reporting withdrawal and trading issues which have continued into March. ! http://www.dailydot.com/ news/dogecoin-cryptsy-mt-gox- bitcoin/ A major mining exploit was patched, reducing trading volume (and prices) due to less miners participating in the network. ! http:// www.cryptocoinsnews.com/ 2014/03/13/dogecoin-forks- again-to-avoid-multipool-exploit/ BTC Crashes Exchange Woes Mining Exploits Digital Currency Entrepreneurship & Startups Not all is well in Shibe-land
  8. 8. Digital Currency Entrepreneurship & Startups How is Dogecoin Different? • Huge community with massive trading volume • Very fast transaction confirmations (1-minute block time) • Infinite inflation (no coin cap)
  9. 9. Digital goods Publisher monetization Crowd funding Porn* Ideal attributes: social participation or zero-cost goods Digital Currency Entrepreneurship & Startups Best Places for Dogecoin?
  10. 10. Digital Currency Entrepreneurship & Startups Digital Goods • Low risk to early adopters due to “zero” cost products • Instant payment => Instant product transmission • Micro-transactions for micro-features or goods
  11. 11. Digital Currency Entrepreneurship & Startups Crowd Funding • Leverages the communities • Builds on organic activity • Micro-transactions (many-to-one) are expensive and risk prone with credit cards • Credit card fraud is time delayed, but crypto-funds are instant and permanent • Real life example: Raising $11,000 for water in Kenya (http:// onforb.es/1ixuLWv)
  12. 12. Digital Currency Entrepreneurship & Startups Publisher Monetization (via tipping) • Leverages the communities • Builds on organic activity • No-cost to publishers (adoption is simple) • Per article/comment/usage/feature fees possible due to low transaction cost
  13. 13. Digital Currency Entrepreneurship & Startups Porn • Fraud is a huge problem in Porn (“I don’t recognize this charge”) • Payments can be anonymous (no name or billing addresses needed) • Services can be paid in real-time through metered micro- transactions • Payments are final (just like cash) • “Tips” are part of the Dogecoin culture *http://www.foxnews.com/tech/2014/02/27/fox-on-reddit-porn-star-looks-to-accept-virtual-currency-on-website/
  14. 14. Thanks, Lab Zero (our host) Michi Kono Visit our host at http://labzero.com Visit the Meetup page at http://meetup.com/digital-currency/ Contact the author at michi.kono@coinposit.com