Discover more from Risky Reads
Dogecoin Is For Everyone
The financial world is changing quickly.
Cryptocurrency has transformed from a niche pursuit to a technology with world-historical importance.
Crypto is already being used for a range of projects to improve collective prosperity and return power to the people. There’s no telling what the future holds.
Let’s take a look at some of the ways blockchain is shaping the world today, and why Dogeocoin could power people’s movements for years to come.
Mind the Gaps
The pandemic kickstarted a renaissance in retail investing, leading many people to buy crypto for the first time.
Millions have joined the digital economy over the last two years, but the growth has been uneven.
A gender gap remains among crypto investors. A recent survey by Robinhood found that men were more likely both to invest in crypto and to see it as the future of money.
Momentum is picking up. The same survey found a generational shift toward more open conversations about money, with Gen Z leading the way.
These disparities are a reminder of how early it is for crypto, and how far it still has to go.
As Web3 onboards more people, it user base will become increasingly diverse, and this diversity will be reflected in the variety of causes that are powered by blockchains.
There are already signs that digital money is shaking the geopolitical landscape to its core.
Here's how a few pioneers are using it to build a freer, more just world.
The Crypto-Powered Collective
One of the most promising ideas is a crypto-powered Universal Basic Income.
Andrew Yang created the Forward Party to advance UBI. Earlier this month, he started a lobbying group that will push for crypto-friendly policies.
Yang's goal is ambitious: he wants to use crypto to end poverty and has called Web3 "the biggest anti-poverty opportunity of our time."
The possibility of governments using crypto to boost individual prosperity isn't far-fetched as it first sounds.
The brilliance of Bitcoin is that it created a free global market to exchange electricity for money.
By mining Bitcoin, governments can essentially swap excess energy for Bitcoin. This has the added bonus of stabilizing electricity demand.
The idea of fighting inequality with crypto has been around for a while. For years, Isaiah Jackson has been advocating Bitcoin as a form of sovereign wealth for black communities.
Earlier this month, CoinDesk published an article about using Bitcoin as a tool for social justice. The article explained how Bitcoin offer the promise of a fair and equitable financial system for groups who've suffered from discriminatory banking practices.
Bitcoin's permissionless structure is especially important for groups across the political spectrum who face opposition from the state, and crypto is quickly becoming the quintessential tool for pushing back on state power.
Few groups in history can appreciate the consequences of government overreach like Native Americans.
Last November, news broke that the Navajo Nation has been mining Bitcoin with solar energy on tribal land.
The Freedom Convoy is another group using crypto to stand up to state power.
After its bank accounts and crypto wallets were ordered to be shut down by federal authorities, convoy organizers continued to move Bitcoin between wallets.
Crypto can also be a tool for governments to empower individuals.
Everyone is watching El Salvador to see what happens when a country makes Bitcoin legal tender. Early results have been encouraging.
This month, President Nayib Bukele tweeted that 2021 was the country's first ever year of double-digit GDP growth. It also enjoyed a 13% growth in exports and a 30% jump in tourism. Its Bitcoin bond has raised $500 million dollars so far.
As prosperity increases, the likelihood of conflict both within and between countries will decline.
Space Force Major Jason Lowery has argued that Bitcoin will make nations more peaceful by functioning as a digital surrogate for "kinetic power projection," or traditional war.
Lowery argues that, in the future, countries will compete to marshal the most energy to mine Bitcoin rather than expend that energy on costly and often pointless physical conflict.
With fighting breaking out in Ukraine and reports of China testing an invasion of Taiwan, the idea of a more peaceful world is appealing to everyone.
Both Ukraine and Russia are fast-tracking crypto legalization. De-escalation from physical confrontation to economic confrontation in cyberspace, as Lowery describes, would be a victory for the world.
The underlying theme of all these examples is that decentralized cryptocurrency can bolster any cause, regardless of where it sits on the political spectrum.
If governments use crypto as tool for increasing prosperity, it could help domesticate our worst impulses and bring about more peace.
Culture evolves in tandem with technology. Crypto could be pushing our collective evolution in a more positive direction and perhaps even raising our consciousness.
These are still early days in the story of digital money.
For crypto to make its next big leap, billions more people will have to be onboarded.
Fortunately, it has a secret weapon: Dogecoin.
Crypto by the people, for the people
Elon's Dogecoin boosterism is one of the most fascinating stories in the financial world today, and maybe ever.
Rather than use his platform to endlessly pump the coin's price, he's attempted to create a conversation around the true value and limitations of money.
Importantly, he keeps highlighting the idea that money's true value derives from creative interactions between people.
By calling Doge "the people's cryptocurrency," Elon is encouraging us to imagine what it would mean to have a form of money that is controlled by the world's population rather than centralized institutions or elites.
One of the most pernicious aspects of the current system is that new money is issued with a few keystrokes by unelected central bankers.
The only people that benefit from this arrangement are the already-powerful and rich, while regular folks watch their savings be devalued by inflation.
A downstream effect of fiat devaluation is that it encourages people to constantly consume rather than produce out of fear that the money they hold today will be worth less tomorrow. In this way, fiat blunts the creative spirit.
A true people-powered economy would encourage people to make things for each other, rather than frenetically buying mass produced junk.
More than any other crypto, Dogecoin encourages creative acts between individuals.
Barriers for entry are intentionally low. Anyone join the Dogecoin creative collective by making low-effort memes.
Dogecoin is about positivity and inclusiveness. Everyone is welcome in the #DogeArmy, a community bound by love of memes and dogs.
At a dynamic moment in history, with the world changing every day, having a bedrock community grounded in an optimistic vision of the future counts for a lot.
As powerful forces attempt to push us toward a more conflicted world, it's up to regular people to resist division and create the conditions for unity ourselves.
Crypto is a tool for resisting top-down manipulation by increasing individuals' prosperity, freedom, and control over their money.
Dogecoin stands out among cryptocurrencies for its radical inclusivity and creative economy.
A true people's currency, Dogecoin puts artificial divisions into perspective, unifying us into an unstoppable #teamhumanity.
Dogecoin is for everyone.
Dogey Treats: News Bites
Elon said he was "greatly encouraged" to see the DOJ investigating short sellers. He added, "This is something the SEC should've done, but, curiously, did not." He added, "Too often, sophisticated hedge funds have used short selling and complex derivatives to take advantage of small investors. They will short a company, conduct a negative publicity campaign to drive the stock price down temporarily and cash out, then do it all over again many times. The term for this, as you may be aware, is ‘short & distort.’ ”
When asked on Twitter if he'd been building a case against SEC corruption, Elon replied, "Building a case is exactly what I've been doing" and "I didn't start the fight, but I will finish it."
The battle with the SEC escalated on Thursday when the SEC announced a probe into Elon and his brother Kimbal for selling Tesla stock.
In a video from Kanye's Donda 2 event, Elon was recorded saying "don't bet the farm on crypto" while wearing a shirt that said "Crypto."
Ukraine has received over 156 Bitcoin after soliciting crypto donations on Twitter.
Will US financial sanctions against Russia erode the stability of the dollar-denominated global financial system?
A Canadian financial regulator flagged tweets from Coinbase and Kraken CEOs advocating non-custodial wallets.
Is Canada's financial censorship the beginning of social credit systems in the West?
Elon reaffirmed his belief that the collapsing birth rate is the "single biggest threat to future of civilization. When someone asked him about bringing children into a world with climate change, he said "they will be fine."
Tesla will accept Dogecoin at its Santa Monica charging station.
Adam Aron tweeted that AMC will accept Dogecoin through BitPay by March 19.
The UK law firm Gunnercooke now accepts Dogecoin.
The Russian Finance ministry submitted a proposal to regulate Bitcoin
A restaurant called Doge Burger opened in Dubai where customers can pay in Dogecoin.
After reports that the Biden administration was hesitant to invite Elon to the White House out of fear he would embarrass the President, said he would behave and "do the right thing." In a letter to CNBC, Elon said Biden "has pointedly ignored Tesla" when talking about about electric vehicles.
Drake gifted Kodak Black 6.6 Bitcoin worth over $250k.
The world's largest music label hired a Web3 Chief Product Officer.
Thanks for reading! Consider sending a tip or Super Following on Twitter to help keep the newsletter going!
Memes of the week
It's ALL Risky!
Thank you, kind reader, for reading and subscribing to this newsletter. I really appreciate it!
If you haven’t already, please sign up to this email newsletter for more weekly articles like this one. Also, please share it with a friend or on twitter if you enjoyed this article.
What do you think? Will Dogecoin power people's movements across the globe? Let me know!
Remember, Dogecoin is risky. But then again, it’s all risky!
Follow me on twitter at @itsALLrisky
Email me at itsALLrisky@gmail.com
Send a Doge tip: DHA5831Aoh2CVhBdX8rAv74kEGzqDg9BUx
This article was written in collaboration with @CryptoDogDivine, give them a follow!
Don't forget to subscribe to this newsletter!
Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
At the time of publication, Dogecoin is around $0.12 per coin.