Dogecoin Community Raises Money For Victims Of Christmas Hack

[Steven Bogos]

Dogecoin Community Raises Money For Victims Of Christmas Hack

Much friendship. Such community. Wow.

Users of the not-really-a-joke-but-not-quite-serious digital currency Dogecoin have banded together to "save Dogemas," raising money for victims of the currency's Christmas heist [http://www.escapistmagazine.com/news/view/130842-Dogecoins-Dogewallet-Hacked-on-Christmas]. On Christmas, hackers broke into Dogewallet and Instadoge and made off with over 30 million coins, worth around $12,000.

"Shibes", the community's term for Dogecoin users, are attempting to raise back the 30 million coins that the hackers stole, compensating those who were affected by the hack.

In order to reach the moon we have to take care of each other and keep the spirit of community and faith in each other and the services that help spread the love of dogecoin," writes Ben Doernberg, one of Dogecoin's founding members. "Thus, we are launching an effort to reimburse as many shibes as possible who lost their savings in the hacks."

So far, the community has raised 4,037,877 dogecoins, worth about $1,823. Users of the currency can make a donation at Savedogemas [http://savedogemas.com/], donating as little or as much dogecoin as they want. The goal is to raise the money in just 12 days

Doernberg and the rest of the Dogecoin founders say they are working on a system where victims can register claims for reimbursement.

Dogecoin is a new kind of crypto-currency based on Litecoin [http://en.wikipedia.org/wiki/Litecoin], which is a derivative of the much more popular Bitcoin. One Dogecoin is only worth about $0.00059, although the currency, which is based on the Doge meme, has only been around for a few weeks.

Source: The Verge [http://www.theverge.com/2013/12/28/5251588/the-dogecoin-community-is-raising-money-for-victims-of-christmas-hack]

Permalink

 

[Spector29]

On the one hand, good on them for doing this kind of stuff. Nice to know there are still good people in the public eye.

EA.

On the other hand, I'm not exactly sure this is...worthwhile. I'd support the hell out of Dogecoin if it ever takes off, but it seems like a pipe dream to me.

 

[Smooth Operator]

So let me get this straight, any moronic meme people follow is now becoming it's own currency?

The stupidity of that fact can not even be described.

 

[weirdee]

I don't really quite get how much this is actually being taken seriously. Like, isn't it still basically coins with doge on them? Did people really invest their savings in play money?

 

[MeChaNiZ3D]

Now I've been past the stage where I like memes and think they're funny. I've been past it for a while. No straight application amuses me any more. But for some reason I like doge. Probably because of the dog.

But that aside, it's almost heartwarming to see the dogecoin community band together like this. Who would steal dogecoins. Those bastards.

 

[Me55enger]

It's own currency in a few weeks?

It'll be filing with the UN for thier own independence by March and declaring war on Luxembourg by May.

 

[Psychobabble]

So let me get this straight, any moronic meme people follow is now becoming it's own currency?

The stupidity of that fact can not even be described.

Hey I'll put some money down on the Miley Cyrus "Twerkingball" bitcoin when it happens if that's the case.

 

[Barbas]

Excellent. This news pleases me.

 

[Lono Shrugged]

Fair play to them I guess. They obviously have money to waste.

 

[Hero in a half shell]

So someone's created an artificial currency based on Doge?

Kinda just cements how bizarre Bitcoins actually are, and any currency for that matter. It's all a bit mad isn't it?

It's own currency in a few weeks?

It'll be filing with the UN for thier own independence by March and declaring war on Luxembourg by May.

Apparently France have already surrendered.

 

[JoJo]

So let me get this straight, any moronic meme people follow is now becoming it's own currency?

The stupidity of that fact can not even be described.

Stupid? More like stupidly awesome. That there's an actual currency based on Doge... I love the world sometimes :-D

That said, I don't love some of the people who inhabit it. Seriously, hacking people's wallets on Christmas? That takes a special kind of douchebag, hope the law catches up on them soon enough, if my henchmen don't first.

 

[Pink Gregory]

This is me abandoning all hope of understanding the internet.

 

[Kuala BangoDango]

While I'm glad their community is banding together to help the victims out, and it reflects favorably on that community, I kinda get the feeling that anyone who can afford to put $12,000 into a virtual, unstable, limited-use currency is probably rich enough to not really be hurt by the loss. I mean I seriously doubt it's people sinking their life savings or kids' college funds into these virtual currencies.

 

[Redlin5_v1legacy]

These online currencies must horrify traditional bankers...

[sub][sub]Keep going. Muhahahaha![/sub][/sub]

 

[JoJo]

While I'm glad their community is banding together to help the victims out, and it reflects favorably on that community, I kinda get the feeling that anyone who can afford to put $12,000 into a virtual, unstable, limited-use currency is probably rich enough to not really be hurt by the loss. I mean I seriously doubt it's people sinking their life savings or kids' college funds into these virtual currencies.

To be fair, the $12000 is the total amount stolen, supposedly from multiple customers rather than one person. We have no idea how that breaks down, it could be three victims with $4000 invested each... or more likely, a great many people with only a little invested each.

 

[dochmbi]

So funny when people call these "virtual" or "artificial" currencies. It's just like the term fake religion.
You think fiat currency (dollars, euros, etc) is based on anything? The banks create money out of thin air every time someone takes a loan.

 

[Strazdas]

So funny when people call these "virtual" or "artificial" currencies. It's just like the term fake religion.
You think fiat currency (dollars, euros, etc) is based on anything? The banks create money out of thin air every time someone takes a loan.

not true. Banks do not create money out of thin air when somone takes a loan, only when they themselves take loans from central bank.

 

[Tastum]

So funny when people call these "virtual" or "artificial" currencies. It's just like the term fake religion.
You think fiat currency (dollars, euros, etc) is based on anything? The banks create money out of thin air every time someone takes a loan.

not true. Banks do not create money out of thin air when somone takes a loan, only when they themselves take loans from central bank.

That depends on how you look at it. When a bank makes a loan, by and large they are using money that they gained either as interest from other loans or from depositors. If I deposit $1000, and the bank uses $500 of it to make a loan to someone else, I supposedly still have $1000... but if there were to be a run on the bank I wouldn't. Because of the existence of leverage ratios, it could be argued that banks temporarily create money in this way.

 

[Strazdas]

So funny when people call these "virtual" or "artificial" currencies. It's just like the term fake religion.
You think fiat currency (dollars, euros, etc) is based on anything? The banks create money out of thin air every time someone takes a loan.

not true. Banks do not create money out of thin air when somone takes a loan, only when they themselves take loans from central bank.

That depends on how you look at it. When a bank makes a loan, by and large they are using money that they gained either as interest from other loans or from depositors. If I deposit $1000, and the bank uses $500 of it to make a loan to someone else, I supposedly still have $1000... but if there were to be a run on the bank I wouldn't. Because of the existence of leverage ratios, it could be argued that banks temporarily create money in this way.

using money you gained as interest is not creating money from nothing, its money given to you by others.
whne you deposit money you do not "Have" the money. bank has them. what you have is banks promise to be able to take and use said money at your wish, meanwhile bank can also use said money at a whim.
However the way accounting is set up, it indeed multiplies money. In fact, the process is called monetary multiplicator and is accounted for in monetary policy. It is a very pwoerful tool to control money supply, controlled by central bank, since he sets the mandatory reserves and insurances banks have to follow.

Money do not get created, just their circulation is increased.