We know why you need dogecoin explained
We know you want Dogecoin explained. So you may have seen this all over Twitter for the past number of weeks or months. The relatively random crypto coming out of no place, originating from a few portions of a penny all the way as much as a few cents on its way to who knows how much.
Powered by rocket emojis, Shiba eNews and Elon Musk tweets sort of random. However in the tech world, it’s been kind of remarkable to enjoy what’s been going on here. And so on this topic that I think I would usually have on my podcast on the Waveform podcast, shameless plug, I believed would make an enjoyable video to sort of unpack how I take a look at what’s been going on here.
This video is not legitimate investment advice. I’m not a professional. It’s not the kind of thing you need to probably get from YouTube or anyway. However I’m not responsible for anything you might do or decide to do after enjoying this video. So, OK, Dogecoin is a cryptocurrency.
So in order to comprehend essentially what’s happening with it, you should understand what cryptocurrency is are. Therefore I’ll simply use Bitcoin, the most popular one as my example here. So Bitcoin has actually been around considering that 2009. It’s the most prominent, largest crypto by market cap.
But to oversimplify, it’s essentially a decentralized digital currency. It’s an unregulated, extremely unstable digital currency built on blockchain. However of course, Bitcoin is not the only one. There are tons of other currencies based upon the exact same thing, but like based upon alterations of the very same guidelines. So there are alternate coins.
They’re called alt coins, and there’s a great deal of them. The thing is. Nearly anybody can make an alt coin eventually, like it’s really fairly impressive how simple it is to make. And so there are tons of them and they’re all built on like different little tweaks and variations of the exact same basics. And pretty much all of them will claim to be much better than Bitcoin in some way.
Debatable. However there’s a lot of them out there, which is the point. And you may have become aware of some of these. So there’s a theorem. There’s Litecoin Steller REPL Dash Neoh. You can literally simply open up Coinbase and sort through lots and lots of them. And this is just a small fraction.
There’s at this point I’m going to state probably countless various coins to select from and they’re all basically attempting to provide you some factor for them to catch on, some reason that they’re better than Bitcoin to buy or utilize. And after that there’s Dogecoin.
Dogecoin was actually started as a joke, as a tweet by Jackson Palmer while he was working at Adobe, sort of literally making fun of the number of alt coins there were, like, oh, what I think of there was this Shiba Inu powered dogecoin and the coin had a little picture of the meme on it and it simply kind of hooked on a lot and got traction from there.
It resembles one of those jokes that catches on a lot it becomes more than the joke it like outgrows itself and it becomes a genuine thing. So he teamed up with Billy Markus from IBM and they offered it a logo, registered it, launched it, developed the thing and now it’s real. OK, essentially, we know what Dogecoin is as an ultimate crypto, but I think the factor that it’s caught back on and stayed for as long as it has is far more intriguing to me.
See, the important things you begin to discover about cryptocurrency is they all take themselves very seriously and they ought to due to the fact that they exist in various worlds for excellent factors. I in fact really like the idea of Bitcoin. I believe having like a worldwide currency makes good sense in the age of the Internet we reside in.
Today that there are a lot of alt coins, it can feel type of overwhelming to sort through them all and find out which ones are useful, which ones are great, short-term versus long term investments, which ones you can purchase that may really make you cash.
It’s what everybody wants to know and everyone type of like stocks. Everyone wishes to discover that surprise gem of like a young, smaller sized crypto that has simply the right mix of things that it’s going to grow and develop into this massive, essential thing. And so that gets individuals buying all kinds of little, really young crypto that ultimately gets you in the murky waters of possible frauds and pump and dispose schemes and things that you most likely should not be purchasing.
So Dogecoin looks like it’s caught on because it began as a joke. And then and now individuals are taking it super seriously, but likewise type of as a joke, however also type of genuine. Does that make sense? So grim. Steffen, who understands more about financing than me, made an actually great video about Dogecoin like a day or more ago where and I do not like his video, however you should enjoy the whole thing.
However he makes a really excellent point, which is that since it started as a safe joke and because it’s apparent the creators aren’t actually doing this for the money and it’s simply such a sort of a jokey thing in its origin that in fact makes it in this world of crypto that take themselves extremely seriously.
It makes it more accessible and makes it less intimidating. It makes it more likely to succeed because of how obvious it is that they’re not trying. And so Graham brings up this example of the same thing with somebody named Will Rogers who ran for president in nineteen twenty 8 and won on a joke campaign and then ultimately resigned, could have been president. However the whole point of his project was to show how dumb it was and buffooned the entire procedure.
So that resembled the dogecoin of political leaders, however also have an example of like the equal however opposite situation. In my own inbox, I got an e-mail about sponsor potential sponsorship combination and I say no to ninety nine point nine percent of the e-mails that I get about things like this.
But I constantly like to hear them out in case there’s capacity in this offer. Let’s figure out what it is. So I get this e-mail. So this one. So they simply wanted to tweet and that they currently have participation from Lindsay Lohan, Amanda Sarnie Neoh, loyalty and more. I’m I’m all right. That’s a fascinating group.
It’s an interesting e-mail, so, OK, what is the campaign for? And it ended up it’s for trun a cryptocurrency that they’re, I think, paying people to tweet about. And plainly they care a lot about individuals appreciating it. If they want Lindsay Lohan to promote it, I guess I indicate, I don’t I don’t know who gets their monetary recommendations from now, however the more I read into this e-mail, the more questionable it is.
They discuss they’re frequently referred to as the Ethereum killer, whatever you say, and after that they need to make it appear like it’s not a sponsored tweet. And after that they link three example tweets, one from Lindsay Lohan, Neoh and Liati, which I clicked on, none of which were even marked as an advertisement, by the way, like, I hate I don’t I’m not trying to call individuals out on this, however that is pretty cringe behavior.
However the point of me bringing this up is this is this is like the opposite end of the Dogecoin technique where they plainly take themselves way too seriously, where they have people with stakes in it, paying individuals to speak about it, to hopefully get it more attention and to enhance volume and to improve costs.
And a method like that comes off as so insincere and so try hard that like I simply look at the comments, everyone individuals are already switched off by it. Really, individuals sort of hate it. And so Dogecoin, on the other hand, is being increased actually by individuals, meaning online and the owners, because I think they recognize that it’s never been meant to be taken that seriously, have simply been utilizing that press and utilizing cash they get from it from for truthfully the very best causes possible. They have actually used the press to their benefit and have actually contributed gains to meaningful causes like they have actually donated fifty thousand dollars to raise awareness of Kenya’s water crisis.
And Graham Stefán explained twenty 5 thousand dollars to get the Jamaican bobsled team to the Olympics. That is a Cool Runnings movie reference. Extraordinary movie, amusing motion picture. If you haven’t seen it, you must simply ensure everybody captured that. However the point is it felt like it’s seemed like the crypto for the people, like the more accessible, less challenging version for individuals, the smaller sized cost made it perfect for things like micro tipping on social media. Sites like Reddit would let you just tip in Dogecoin if you wished to.
And then recently, of course, Elon Musk appears to be truly enjoying it. I imply, he’s always been particularly into, like, teaming on Twitter for a long time anyhow. However obviously he’s he’s all in like if you take a look at his Twitter over the past month or two, it’s just been all dogecoin. And after that if you enjoy the cost and volume of dogecoin increase, the more he tweets about it and then it’ll sort of simmer down and die off after a while.
And after that he’ll tweet about it once again and it’ll it’ll kick up. I bet if you drew of a volume chart of how many times people trade and talk about it, it would be right. Lockstep in line with Ilan’s tweets. That’s just the method it is. However hey, in this world of uncontrolled, decentralized crypto currencies, that’s fair game. So at least now we understand the names about Dogecoin going all the way as much as a dollar.
I think it’s at like 5 and a half cents today, something like that. Do I believe it’ll ever get up to a dollar? Most likely not, however again, this isn’t financial recommendations, but anyway, in summary, Dogecoin has actually caught on as an alt coin, but also as a meme, not just because people appear to be rallying versus Wall Street and versus that’s the whole huge banks that’s type of had its method permanently.
However also because of the name and like the Doge himself, I feel like this meme has a longer shelf life than the majority of. It feels like the currency of Web attention. Now, as far as if you must invest or not, this video is still not monetary suggestions. So, once again, I’m not responsible for anything you might do or think about doing after viewing what I say.
But I think it is actually an enjoyable, harmless cryptocurrency to at least get going with and start to mess around with to understand the inner functions of how it works, how the trading works, what apps you like to use, things like that. I would not invest any money that you’re uncomfortable with relying on no dollars since it could.
But I believe as soon as you’re done messing with that, then you can take those knowings and apply it to other future financial investments due to the fact that it’s always a great idea to have a varied set of financial investments. That’s financial one on one. But in the meantime, it is good to be in on the joke now. Feels good to understand it. Individuals are going to ride this either to the moon or till it passes away, because that’s what the Internet does with every joke. Thanks for viewing. Capture you guys the night from.