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The Bank of Doge
Read how We The People can use Dogecoin to bank ourselves
Earlier this month, we witnessed five banking failures in the space of a week, risking hundreds of billions in customer deposits.
Whether we’re in the clear or not, the latest crisis should be a reminder that banks have a dubious history of doing the one thing we ask of them: provide financial stability for the world.
What if there was a people’s bank that put the needs of regular folks ahead of the banksters themselves?
In fact, there is: Dogecoin is a form of money, but it also works just like a bank.
Let’s take a look at why Dogecoin is 69 times better than legacy banking system, and how the people of Earth can use it to bank themselves.
Doge is technologically advanced
One way to think about Dogecoin is as a digital bank in cyberspace.
When it comes to sending, receiving, and storing money, Dogecoin does everything Chase or Wells Fargo can, and does it better.
A big reason for this is that Dogecoin was custom built for the Internet, while traditional banking infrastructure was made in pre-Internet days and adapted to the web.
Here are some features that make Doge a technological upgrade over banks:
Legacy banks operate on strict business hours; the Doge monetary network runs 24/7/365
Dogecoin transactions take seconds, not days, to settle
Using Doge, money can be sent anywhere in the world with next-to-zero fees
Dogecoin will never stop a transaction because it doesn’t approve of the people involved
Doge is a completely streamlined banking experience, with all unnecessary elements pared away, including the bankers themselves. Like the iPhone, its beauty lies in its simplicity.
The main advantage banks have is that they boast a more robust set of safeguards protecting your money.
But with the entire banking edifice suddenly looking shaky over the last few weeks, even that’s been called into question
Doge is for the people
Like most businesses, banks claim to put their customers first.
If history is any guide, customers are more likely to be at the bottom of the list than the top.
Just take a look at the current banking crisis.
Right before Silicon Valley Bank collapsed, its executives dumped millions in stock.
SVB also issued millions in executive bonuses just hours before it was seized by the government.
At a moment when customer money was most at risk, the banksters were busy making sure they still got theirs.
Zoom out a little bit further, and there’s a good argument to be made that the entire banking system is set up to be bailed out by taxpayers when things go south, as they inevitably do.
No one should be surprised by this behavior—banks and bankers are just acting out of self-interest.
However, it should be a reminder that the financial sector is known for some of the slimiest misdeeds on the planet.
Banks spend top dollar cultivating a clean, professional appearance precisely to distract you from this reality.
Rather than reform banks from the inside—an insurmountable task given how much political influence they can buy—wouldn’t it be nice if there were an alternate system so people could simply opt out?
The Bank of Doge solves this problem because it was built from scratch with people, not bankers, in mind.
With Dogecoin, you don’t have to trust a separate institution to be in charge of your money. You are the bank.
There are no overdraft fees, service charges, or other nickel-and-dime tactics.
If you have the money, you can spend it. If not, you can’t. No one can take it away from you without your permission.
It’s so refreshingly simple that it’s a wonder anyone ever did anything different.
Doge is fun
When people think of banking, the word “fun” doesn’t often come to mind.
On the contrary, few subjects are capable of causing anxiety and unhappiness like money.
Whether by chance or design, our financial system places maximum stress on regular folks, and banks aren’t helping.
Dogecoin rebrands banking by fusing it with memes, making money fun, maybe for the first time.
The economic value of fun should not be underestimated.
The idea of a people-powered banking system only works if critical mass can be convinced to use it.
Memes draw people to Dogecoin and give the community a purpose outside of mere financial gain.
For a bunch of strangers to bootstrap a people’s bank over the Internet, it helps to have a common language and shared set of cultural references. That’s memes.
Every hilarious Doge meme doubles as an advertisement for the Bank of Doge.
Even non-Doge memes about subjects like the economy give people an outlet to express frustration with the system and support the Doge movement.
Most people think of memes as a temporary diversion, distinct from serious stuff like global finance.
In truth, they’re the connective tissue that unites the DogeArmy, and without them, Dogecoin would fall apart as just one more shady Internet crypto scheme.
Banks have floating rate mortgages, credit scores, and, sometimes, lollipops.
Dogecoin has memes.
That’s a bigger deal than most people realize.
Bank of Doge
Bankers make so much money because they’re in charge of managing risk for the global economy.
For a task as important as keeping the financial system running, you want the very best people on the job.
But the reality is that, time and again, bankers are asleep at the switch, or too busy lining their pockets to prevent calamity. When things fall apart, it’s always regular folks who take it on the chin.
Maybe people are ready to try something different.
Maybe we’ve reached a point in human civilization where we throw the old models out and start from scratch.
Maybe the answer is no people at all—just transparent software and hilarious dog memes.
The whole world might not realize it just yet, but it’s time for Bank of Doge.
Dogey Treats: News Bites
Elon hinted that SpaceX may launch Starship into orbit on 4/20.
James O’Keefe retweeted Doge Designer.
Comments by Treasury Secretary Janet Yellen on the banking crisis went viral.
Own the Doge NFT community is organizing a trip to Japan to meet Kabosu, called Meet the Doge.
Former Coinbase CTO Balaji made a million-dollar bet that Bitcoin will be worth a million dollars within ninety days. He also offered $1000 per tweet for 1000 tweets to “alert us to the stealth financial crisis,” an effort he called the Bitsignal
Elon said Twitter users now log eight billion minutes per day
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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. Always assume that the author of the article is actively trading and that the opinions expressed may be biased towards the author’s holdings. 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 $0.07 per coin.