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is it safe to base LTBcoin on doge?

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shawn_j

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I think it's a great idea to have _____party, and to build crypto-asset frameworks on top of more currencies than just bitcoin. doge has had a great run, made the news, and spurred lots of fractured english. but is it safe to build something on top of it, betting on its long-term success? if doge falls, the dogeparty ends. currently it can be 51'd by ANY large scrypt miner if they choose.

Posted on July 22, 2014 at 11:21 PM

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• PTheD

  

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  @shawnj and spurred lots of fractured english.

  There has probably not been a more prominent pet peeve in my life over the last six months than the pronunciation of "doge"!

  Posted on July 23, 2014 at 1:38 AM
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• cyrusfx

  

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  So long as you're not using it to run a serious business I think its a grand idea.

  You have to admit, Dogeparty does sound like a lot more fun than Counterparty.

  Posted on July 23, 2014 at 3:55 AM
  Last Edited: July 23, 2014 at 3:58 AM
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• shawn_j

  

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  @cyrusfx You have to admit, Dogeparty does sound like a lot more fun than Counterparty.

  a few more good ones:

  liteparty, darkparty, anonparty, BBQparty, potparty, titparty, and... er.. kanyeparty.

  Posted on July 23, 2014 at 10:53 AM
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• jguske

  

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  Party changed its meaning. CounterParty implies a 3rd party holding an asset. DogeParty implies -- well -- a party with balloons and cake.

  Posted on July 23, 2014 at 11:26 AM
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• adam

  

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  @jguske Party changed its meaning. CounterParty implies a 3rd party holding an asset. DogeParty implies -- well -- a party with balloons and cake.

  The other name we considered was Counterdoge but thought it sounded a bit miltaristic.

  Posted on July 23, 2014 at 11:37 AM
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• davidareallen

  

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  My gut tells me anything but BITCOIN is a mistake. Originally I had trouble with LTBCOIN as a name, but here we are and I am participating, probably because I see a connection with LetsTalkBITCOINCOIN. I expect most people will not want to play with the doge, whatever kind of party it is.

  Posted on July 23, 2014 at 11:50 AM
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• unwrittenjamaican

  

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  @adam

  @jguske Party changed its meaning. CounterParty implies a 3rd party holding an asset. DogeParty implies -- well -- a party with balloons and cake.

  The other name we considered was Counterdoge but thought it sounded a bit miltaristic.

  I actually like Counterdoge a lot better but I can see where you are coming from with "militaristic".

  Posted on July 23, 2014 at 11:51 AM
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• Johnnatan Swift

  

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  It is not safe now, but hopefully will be.

  Posted on July 23, 2014 at 12:14 PM
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• CheesyCharlie33

  

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  I don't really think* doge holds much promise.

  Posted on July 23, 2014 at 1:04 PM
  Last Edited: July 23, 2014 at 1:08 PM
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• IvanB

  

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  @davidareallen My gut tells me anything but BITCOIN is a mistake. Originally I had trouble with LTBCOIN as a name, but here we are and I am participating, probably because I see a connection with LetsTalkBITCOINCOIN. I expect most people will not want to play with the doge, whatever kind of party it is.

  I agree with this. While nothing is guaranteed, a few years from now I fully expect Bitcoin mining to continue to have a strong hashrate. I cannot say that I have the same confidence for Dogecoin. I have no problem with Doge, but I don't believe it has the staying power that a 'layer 2' protocol like CounterParty needs to provide confidence.

  The absolute worst case would be that LTBc or another user created asset has real value but sits on top of DogeParty/Dogecoin which ultimately loses value dramatically. At that point not only is a 51% attack easily feasible, but it's also in a miner's best interest because they can do a quick attack, perform a double spend with the user created asset and then move on to another coin that they prefer to support.

  Posted on July 25, 2014 at 12:11 PM
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