BTC-e Putting a Muzzle On Dogecoin Discussion

Apparently not everybody is a dogecoin fan these days.  You can call dogecoin many things, personally I refer to it

Apparently not everybody is a dogecoin fan these days. 

You can call dogecoin many things, personally I refer to it as the ‘world’s first crowdsourced currency’ with this moniker being displayed as it became the center of attention of the Jamaican Bobsled Team’s crowdfunding campaign to raise money to reach the Olympics.  As a crowdsourced internet sensation, it has allowed dogecoin’s popularity and exposure (at least temporally) to reach heights seen only by bitcoin. With an expected total circulation of 100 billion dogecoins versus 21 million bitcoins, prices aren’t likely to ever rival those of bitcoin.  However, with such a large current circulation of just below 40 billion, even as a value of less than a quarter of a cent, daily volumes of dogecoins traded are in the millions of dollars, leading the digital currency to be among the top three active coins.

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The popularity though has also led to dogecoin being the center of skeptism as many digital currency owners question its long term staying power and whether it is just a passing fad.  As a result of the divisiveness towards its future, it has spawn debate about dogecoin within various online digital currency chat and forums.  Among the most active chat centers is operated by leading bitcoin exchange, BTC-e.  Unlike other chat rooms, at BTC-e, messages are limited to funded account holders; thus ensuring users that are providing their trading opinions are also stakeholders.  In addition, BTC-e also moderates the forum and will periodically ban users who are placing spam links or inciting other users.

Recently, users are also getting banned for discussing dogecoin on the chat.  Banned users aren’t limited to those adding ‘pump and dump’ messages, but also general conversation about the current state of affairs for dogecoin. Some examples of comments that have led to users being banned include “dogecoin going through the roof”, “how much BTC should I put into coins like DOGE, MOON, and Lotto?” and “hold 70mil in doge”.

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What’s driving the bans?

Dogecoin makes for good discussion, and personally I’ve been telling the story of the Jamaican Bobsled Team to anybody who will listen.  But, there is always the wonder if it will last and become a sustainable digital currency.  However, in BTC-e’s case, the bans may have little to do with dogecoin and more to do with the exchange’s economics.

As a provider of trading of major digital currencies like bitcoin and litecoin, as well as lesser valued namecoin, novacoin, peercoin, primecoin, terracoin, feathercoin and peercoin, BTC-e has an inherent interest in driving away trading conversations away from products it doesn’t offer.  The anti-dogecoin sentiment though may drive away users of the exchange in the event that BTC-e does ever launch doge/btc trading.  But, it appears to be their policy, as in addition to dogecoin comments leading to chat users being banned, similar actions have been placed on discussion of other digital currencies such as quarkcoin, zetacoin, and more recently mooncoin, such as this message that led to a ban “So guys… how about that Mooncoin?”  However, due to smaller followings, those bans are overshadowed by the sheer number of dogecoin related bans.

Let us know what you think in the comments about BTC-e’s policies or add opinions on our new charts and chat page.

Image source Flickr, courtesy of Living in Monrovia

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