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RE: Is Dogecoin more popular than Bitcoin Cash?

in #cryptocurrency7 years ago (edited)

The "Dogecoin is more used than Bitcoin Cash" narrative is faulty but I don't agree entirely with the logic of your rebuttal.

Exchange trade volume does not mean there is more commerce on Bitcoin Cash. It means there is more money being traded every day for the tokens, but in both cases the vast majority of that money never leaves exchanges. It doesn't represent people getting value from Bitcoin Cash (by facilitating the trade of goods and services) but people assigning value to Bitcoin Cash. However, the increased trade volume at least corroborates that there is more going on in Bitcoin Cash than Dogecoin. Yet still not always. Cardano has $5 Billion market cap and $113 million daily trade volume. Yet it is doing less than 100 transactions per day on its blockchain, so trade volume doesn't necessarily translate into anything more meaningful. Similarly Ripple has very high trade volume but pathetic numbers of transactions per day.

I would instead challenge the legitimacy of the transactions that are being done on Dogecoin. Sure, there are more transactions, but anyone can run a bot that chains transactions together over and over. It would not really be very expensive to do, on either Dogecoin or Bitcoin Cash.

If there is legitimate financial activity going on on a chain you should be able to see it in other ways. For example web traffic to Dogecoin related sites.

Dogecoin.com is dead.

The Dogecoin subreddit is dead, with a new post every few hours:

https://www.reddit.com/r/dogecoin/new/

There is far more activity on https://www.reddit.com/r/btc

Given the lack of evidence of activity within Dogecoin, I would say the burden of proof is on those making the argument that the transactions represent economic activity.

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