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"Big banks have such a stranglehold on commerce with their 3% per transaction fees. They need some competition and digital currencies are best suited to provide it." 
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Josh Wise, the car’s driver, qualified for the Aaron’s 499 race in Talladega but needed the money for the sponsorship. The Dogecoin community reached out to Wise and raised more than $55,000 to pay for the doge-wrapped car. Like many people, Wise had never heard of the cryptocurrency — instead, the Doge community found him.
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There is a whole new world beyond skies and Bitcoins. Like an expanding universe, the number of cryptocurrencies are also growing exponentially. For instance, there were once only a handful of virtual currencies in existence. But currently, there are over 100 twisted versions of Bitcoin in circulation, and only a few among them have been able to amplify their market presence among investors.
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Love of money can cause people to do unwise things—like stealing time on your university's resident supercomputer to mine crypto-coins. The Harvard Crimson is carrying the story of someonewho did exactly that: an unnamed individual who was discovered using Harvard's Odyssey supercomputing cluster to generate dogecoins.
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Doge may be a joke, but Dogecoin is very real. It's a friendly parody of Bitcoin, the pioneering digital currency that was valued at $25 a year ago, $848 a month ago, $808 a week ago and $663 today. Both currencies—and the dozens of other digital monies that have been created in recent months—rely on an innovation in cryptography called block chain technology that allows online transactions to be verified without a middleman, essentially cutting out the banks or payment services that have traditionally made sure online money goes where it's supposed to.
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Bitcoin is incredibly risky because it’s not endorsed by any government, commodity market or recognised as an asset. It has no genuine value in and of itself. Though Bitcoin has revolutionary potential, but will always be risky because it is an off- base technology whose creators are largely unknown. No matter how much acceptance it gets amongst businesses, it will operate under unknown regulatory environment until a global authority takes control of it. If IMF or the World Bank forms a body to secure this currency against some tangible and exchangeable asset then I might think about it.
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Dogecoin-mania continues unabated. The following short article, reposted from Ihavebitcoins.com, argues that it could lead to a surge in the gift economy. Read on…
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In a recent blog post on CoinDesk, Brett Scott introduced the idea that cryptocurrencies could have a major impact on the rise of a gift based economy. At the fore of this gifting culture is the unlikely aspirational hero that is Dogecoin, the meme based Shiba Inus dog touting cryptocurrency. The Shibe community on Reddit recently raised $33,000 to send the Jamaican bobsled team to the Sochi Olympics. This tremendous feat is a testament to the power of people coming together to give whatever small amount they can to make a difference. And it’s just one example of shibes showing their support for the underdog.
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Excerpted from ars technica, by Lee Hutchinson. A meme-based cryptocurrency that came and went almost unnoticed, seems pretty frivolous. But how much more insubstantial is it than making “regular” money out of thin air? Plus, this particular (and popular) meme lends itself well, graphically, to the “coin” icon.
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Jackson Palmer, co-founder of Dogecoin, a cryptocurrency that uses the Shiba Inu dog character from the 'Doge' Internet meme as its mascot.
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