User:CrackRabbit/Wikipedia Dogecoin

{{pp-vandalism|expiry=16 January 2014|small=yes}}
{{infobox currency
| image_1 = Dogecoin_logo.png
| image_title_1 = Dogecoin logo
| image_width_1 = 110
| image_2 = Dogecoinwallet.jpg
| image_title_2 = Dogecoin [[Qt (framework)|Qt]] client
| image_width_2 = 170
| date_of_introduction = December 6th, 2013
| date_of_introduction_source = 
| using_countries = International
| inflation_rate = Limited release, production rate before this limit re-evaluated with the production of every block (at a rate of approximately 1 block per minute) based on the difficulty with which Dogecoins are produced, eventually leading up to a final total of 100 billion.
| inflation_source_date = 
| inflation_method =
| symbol = D,Ɖ
| nickname = Doge
| subunit_ratio_1 = 0.001
| subunit_name_1 = mDOGE (millidoge)
| subunit_ratio_2 = 0.000001
| subunit_name_2 = μDOGE (microdoge)
<!-- Not official?
| subunit_ratio_3 = 0.000000001
| subunit_name_3 = nDOGE (nanodoge)
-->
| plural = DOGE, Dogecoins
| plural_subunit_1 = 
| plural_subunit_2 = 
| frequently_used_coins = 
| printer = 
| mint = 
}}

'''Dogecoin''' (code: '''DOGE''', symbol: '''Ɖ''' and '''D'''), is a [[Litecoin]]-derived<ref name="suchvalue2" /> [[cryptocurrency]] that is based on the [[Doge (meme)|'doge' Internet phenomenon]], making it the first currency to be based upon an [[Internet meme]].<ref>{{cite web | url=http://www.digitaltrends.com/social-media/wow-dogecoin-bitcoin/|title= Wow. Dogecoin is the most Internet thing to happen, ever. | author= Andrew Couts | publisher=[[Digital Trends]]|date=12 December 2013 |accessdate=December 2013 }}</ref><ref>{{cite web | url=http://www.slashgear.com/dogecoin-digital-currency-takes-on-bitcoin-with-a-bit-of-meme-flair-11308557/| title=Dogecoin digital currency takes on Bitcoin with a bit of meme flair| author=Brittany Hillen  | publisher=[[Slashgear]]|date=10 December 2013 |accessdate=December 2013 }}</ref> <ref name="Dogecoin Order Book" |accessdate=19 December 2013>{{cite web |url=https://coinedup.com/OrderBook?market=DOGE&base=BTC |title=Dogecoin Order Book |publisher=coinedup.com |accessdate=2013-12-19}}</ref><ref name="Cryptocoin Market Cap" |accessdate=19 December 2013>{{cite web |url=http://coinmarketcap.com/ |title=Cryptocoin Marketcap |publisher=coinmarketcap.com |accessdate=2013-12-19}}</ref> 9% of the 100 billion total dogecoins have been mined.<ref>http://dogechain.info/chain/Dogecoin/statistics</ref>

==Overview and history==
Dogecoin was created by programmer and former [[IBM]] engineer Billy Markus of [[Portland, Oregon]], who was trying to create his own cryptocurrency in hopes of reaching a broader demographic than the investors who made up Bitcoin's economy. At the same time, his friend Jackson Palmer, a worker for a marketing department in [[Sydney, Australia]] for [[Adobe Systems]], and the original individual who first conceived of the idea for Dogecoin, was encouraged by a student at [[Front Range Community College]] on Twitter to make the idea reality,<ref>{{cite web | url=http://www.dailytech.com/Dogecoins+and+Its+IBM+Developer+Ride+Meme+to+130M+Fortune/article33960c.htm|title= Dogecoins and Its IBM Developer Ride Meme to $130M+ Fortune| author= Jason Mick | publisher=[[DailyTech]]|date=18 December 2013 |accessdate=December 2013 }}</ref> leading Palmer to reach out to Markus.<ref name=whatisdogecoin>{{cite web | url=http://www.businessinsider.com/what-is-dogecoin-2013-12|title= What is Dogecoin?
| author= Rob Wile | publisher=[[Business Insider]]|date=19 December 2013 |accessdate=December 2013 }}</ref> After getting several mentions on [[Twitter]], Palmer bought the domain dogecoin.com, which was shown to Markus and quickly began the partnership between Markus and Palmer, launching the coin shortly after the development of Markus' Dogecoin wallet was done.<ref>{{cite web | url=http://washingtonexaminer.com/internet-gold-doge-bitcoin-dogecoin/article/2541000?custom_click=rss|title= Internet gold: Doge + Bitcoin = Dogecoin
| author= Ashe Schow | publisher=[[Washington Examiner]]|date=19 December 2013 |accessdate=December 2013 }}</ref> Within a couple of weeks of launching the currency, 6% of the total amount of 100 billion DOGE was already mined by December 17, already going over the 21 million cap placed on Bitcoin
,<ref>{{cite web | url=http://www.wired.it/economia/finanza/2013/12/17/dogecoin-valuta-digitale-meme/|title= Dogecoin, la valuta digitale nata da un meme| author= Dario Marchetti|language=italian | publisher=[[Wired Italia]]|date=19 December 2013 |accessdate=December 2013 }}</ref> and on December 19, Dogecoin had jumped more than 300 percent in value on, rising from $0.00026 to $0.00099<ref name="suchvalue">{{cite web | url=http://www.digitaltrends.com/cool-tech/dogecoin-price-value-jump-bitcoin|title= To the moon! DogeCoin fetches 300 percent jump in value in 24 hours.| author= Andrew Couts | publisher=[[Digital Trends]]|date=19 December 2013 |accessdate=December 2013 }}</ref> during a time when Bitcoin and many other cryptocurrencies were reeling from China's decision to forbid Chinese banks from investing [[Renminbi]] into the Bitcoin economy.<ref name="suchvalue2">{{cite web | url=http://www.ibtimes.co.uk/what-dogecoin-meme-that-became-hot-new-virtual-currency-1429847|title= What is Dogecoin? The Meme that Became the Hot New Virtual Currency.| author=  David Gilbert  | publisher=[[International Business Times]]|date=20 December 2013 |accessdate=December 2013 }}</ref> On the 22nd of December, Dogecoin experienced it's first major crash by dropping by 80% due to large mining pools seizing opportunity in exploiting the very little computing power required at the time to mine the coin.<ref>{{cite web | url=http://www.businessinsider.com/dogecoin-crashed-this-weekend-2013-12|title= Dogecoin Prices Crashed This Weekend| author= Rob Wile| publisher=[[Business Insider]]|date=22 December 2013 |accessdate=December 2013 }}</ref>

Markus based Dogecoin on the existing currency Litecoin,<ref name="suchvalue2" /> which also uses [[scrypt]] technology in its proof-of-work algorithm, meaning that miners cannot take advantage of specialized Bitcoin-mining equipment to mine at higher speeds. However, the Dogecoin network will produce 100 billion dogecoins, significantly more than the 84 million limit imposed on the Litecoin network or the 21 million on the Bitcoin network.<ref>{{cite web | url=http://www.heavy.com/tech/2013/12/dogecoin-what-is-shibe-cryptocurrenc/|title= Dogecoin: 5 Fast Facts You Need to Know.
| author= Danny Vega | publisher=[[Heavy.com]]|date=9 December 2013 |accessdate=December 2013 }}</ref><ref>{{cite web | url=http://www.dailydot.com/business/shibe-meme-dogecoin-currency/ | title=With its own cryptocurrency, Doge has officially conquered 2013| author=Miles Klee  | publisher=[[The Daily Dot]]|date=10 December 2013 |accessdate=December 2013 }}</ref> Despite Dogecoin's original purpose as a proof-of-concept and a play on the internet meme of the same name, there are communities dedicated to it and several minor exchanges that trade it for other established cryptocurrencies like Litecoin or Bitcoin. The currency's popularity and value are rapidly growing;<ref>{{cite web | url=http://www.coindesk.com/patent-nonsense-coinbase-futures/|title= Patent Nonsense, Coinbase Futures, and Who’s a Good Doggie? You Are!| author= John Law | publisher=CoinDesk|date=13 December 2013 |accessdate=December 2013 }}</ref> as of December 22, 2013, the baseline price was approximately 3,130 DOGE to 1 [[United States dollar]]. On December 18, the popular cryptocurrency exchange Cryptsy began accepting Dogecoin for exchange with other currencies.

==Use and exchanges==
There are several online exchanges that handle DOGE/BTC and DOGE/LTC trading. The price is highly volatile due to the relatively short lifespan of the currency. As of Dec 19th 2013, the price for one DOGE was $0.00095,<ref name="suchvalue" /> although this hasn't been a deterrent for exchange since people are trading real-world items in exchange for DOGE on major online communities such as [[Reddit]].<ref>{{cite web | url=http://www.theverge.com/2013/12/16/5216862/bitcoin-is-so-2013-dogecoin-is-new-crypto-currency-on-the-block|title= Bitcoin is so 2013: Dogecoin is the new cryptocurrency on the block| author= Nathan Ingraham  | publisher=[[The Verge]]|date=16 December 2013 |accessdate=December 2013 }}</ref><ref>{{cite web | url=http://www.complex.com/tech/2013/12/dogecoin-on-reddit|title= Move Over Bitcoin: Dogecoin is Here| author= J. Duaine Hahn  | publisher=Complex Tech|date=16 December 2013 |accessdate=December 2013 }}</ref>

==References==
{{reflist|2}}

==External links==
* {{Official website|dogecoin.com}}
* [http://dogecoin.org/ Official Community Site]
* [http://doges.org/ Official Forum]
* [http://mydogecoin.com/ Official Blog]
* [http://dogecoins.pl/ Polish Portal]

{{Cryptocurrencies}}

[[Category:Alternative currencies]]
[[Category:Alternative Internet DNS services]]
[[Category:Application layer protocols]]
[[Category:Cryptography]]
[[Category:Distributed data storage]]
[[Category:Domain name system]]
[[Category:E-commerce]]
[[Category:Electronic currencies]]
[[Category:Memes]]