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The Doge-cial Network: Will Dogecoin Power the Next Generation of Social Media?
Last week, Elon Musk said he was contemplating starting his own social media platform.
This morning, news broke that he has purchased a 9.2% stake in Twitter, making him the single largest shareholder of the social media giant.
The decision could transform the Internet as we know it, and provide rocket fuel for Dogecoin’s moon mission.
Let’s take a look at why social media needs an overhaul, and how Doge could factor in.
A New Platform?
Over the last two weeks, Elon polled Twitter about the future of social media.
First, he asked his followers if the Twitter algorithm should be transparent.
By now, most people know that the social media companies distort public discourse by elevating some voices and suppressing others.
An open-source algorithm would allow better understanding of how much the companies' values influence the content they allow on the site.
The next day, Elon asked if Twitter adheres to free speech. Over two million people responded, with most voting "No."
In a follow-up tweet, he said the poll would have real-world consequences, leading to speculation that he might start his own platform or buy a stake in Twitter.
A day later, he leaned into the speculation, asking if there needs to be a new platform altogether.
The meme-stock account @WSBChairman suggested that he buy Twitter and make its logo a Doge.
Elon approved of the idea, sending the #DogeArmy into a frenzy.
Later that night, Dogecoin YouTube host Steven Steele said that an Elon-backed social network would likely have a Dogecoin tip jar.
Again, Elon approved.
This morning, news broke that Elon has become Twitter's largest public shareholder on March 14th with a $3 billion dollar investment. Twitter's stock soared 26% on the news.
Is Dogecoin-powered social media just around the corner?
Blockchain and social networks have been on a collision course for a while.
In part because of Jack Dorsey's Bitcoin advocacy, Twitter has embraced cryptocurrency far more than other social media companies.
Recently, Twitter has integrated Bitcoin and Ethereum tipping into its interface, leading to calls from the #DogeArmy to add Dogecoin too.
Despite an impassioned campaign by Billy earlier this year to build a Dogecoin tip jar, Twitter hasn't budged so far.
A tip jar could bring millions onto the Dogecoin network overnight, lock in Doge's use case as the world's favorite tipping crypto, and transform the emotional mood of social media itself.
Dogecoin, with its deeply embedded traditions of tipping and gifting, opens the possibility for a different model of social media, one which incentivizes generosity and abundance mindset.
If someone posts uplifting content that makes other people happy, they should have the ability to be rewarded directly.
In the current model, centralized corporations like Facebook capture almost all of that value.
A tip jar would allow users to share in that value creation, encouraging even more positive content.
While Twitter and other big tech companies have inched toward their inevitable embrace of Dogecoin, the Shibe community hasn't waited around.
The MyDoge social wallet is a hybrid social network/crypto wallet with chat functionality.
Supported by Elon's friend Bill Lee, MyDoge is proof that a Dogecoin-based social network can succeed right now.
One of the coolest features of MyDoge is that it encourages people to send money to strangers by featuring "Random Shibes" to receive tips on the app's home screen.
Where Web 2.0 platforms attempt to monetize outrage and monopolize attention, a Doge-powered social network could generate upwards spirals of gratitude by spurring users' altruistic impulses.
Doge is a community built on comedy, inclusivity, and financial success.
Any social media platform that adopts it will enjoy an increase in happiness among its users.
With proof of concept already in the books, Dog Money Twitter can't be far off.
In mid-March, he tweeted that he was working on the third stage of his Master Plan.
In 2006, he released his first Master Plan, which detailed how Tesla would build an expensive electric car and use the money to build progressively cheaper EVs, with the ultimate aim of transitioning the world from a "mine-and-burn hydrocarbon economy towards a solar electric economy."
In 2016, Master Plan, Part Deux laid out next steps for solar, battery, and autopilot technology, as well as a strategy to address most of the consumer market for vehicles.
One of his endgames is a self-governing Mars Colony, which will eventually need a million inhabitants.
In preparation for life on Mars, there will need to be an inclusive, wide-ranging discussion about governance and economy before colonists actually set foot on the red planet.
The colony will be a worldwide effort. Free speech makes sense as a founding principle so that the best ideas get a fair hearing and no groups or individuals are unfairly privileged or shut out.
Integrating Dogecoin and other cryptocurrencies could supercharge the discussion.
A Doge-integrated social network would allowing colony-supporters to efficiently allocate capital to fund research, design prototypes, recruit brainpower, and launch other Mars-themed entrepreneurial ventures.
Importantly, a social network would allow these decisions to emerge from group consensus, without requiring approval from a central authority.
A common critique of Elon's plans is that they depend too much on his genius and charisma.
Decentralized, Mars-oriented social media would make the colony effort more robust and resilient by vesting authority in the network users themselves.
Over time, it could become a vehicle for empowering people to determine the direction of the colony based on how they allocate Dogecoin, ushering in a new age of people-led governance.
With Elon predicting the first humans walking on Mars in 2029, there's no time to waste.
If the colony is truly going to be a combined effort from all of humanity, it's time to start planning—and allocating Dogecoin to the best plans—now.
Will Doge-cial media be the glue that binds civilization on Mars?
The Doge-cial Network
Elon has taken note of the decline of free speech on the Internet, and has become the largest public shareholder of Twitter.
It seems like only a matter of time before Twitter integrates Dogecoin, whose spirit of positivity and gratitude would benefit any platform.
Elon has unerringly supported Dogecoin for more than a year. If anyone has the power to bring Doge to mainstream culture, it's him. Crypto-powered social media is the perfect vehicle for doing so.
Doge could very well fit into the third part of his Master Plan, and even play a role in the Mars Colony.
Dogecoin is quickly becoming a leveraged bet on Elon in all his ventures.
Bet against him at your own peril, and Don't Doubt Doge!
Dogey Treats: News Bites
On April 1st, Elon once again tweeted a link to an instructional video called 'Ð is for Ðogecoin,' telling the Director of Research for ARK Investments that it "explains everything" about crypto.
Tesla released stunning fly-through drone footage of Giga Berlin.
The Dogecoin community is attempting to maintain a "Ð" logo in the new Reddit r/place online canvas.
The Dogecoin community is seeking to educate Doge-holders about the potential dangers of tokenized Doge like BSC-Doge, which allows exchanges to manipulate price.
Geometric Energy Corporation's Samuel Reid clarified the schedule for two Doge-related space missions. A cubesat miniature satellite with a display screen expected to show Doge-themed content will launch on October 1st, 2022, while the Doge-1 Moon Mission "is to be announced when it will happen."
After Russia's Central Bank pegged the Ruble to gold--5000 Rubles will equal 1 gram for the next there months. The Ruble rallied to its pre-invasion value versus the dollar. A clip of circulated on social media of Putin predicting that other countries would start converting their "paper and electronic assets" into "real reserves of raw materials." The comments were reminiscent of a March 13 Elon tweet in which he said, "it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high." On April 1st, Russia began demanding payment in Rubles from "unfriendly countries" for gas contracts, requiring those countries to open accounts with Russian banks. The European Union urged companies to defy the demand and pay in Euros or dollars, while Russia's deputy PM said oil prices could reach $300 a barrel if Western countries boycott Russian oil.
On Tuesday, trading of meme stocks GameStop and AMC were halted at the same time. Moments before the halt, investor Dave Lauer observed several orders for GME at meme prices, including $420.69 and $69,420.
Does Bitcoin disincentivize war? Bitcoin Magazine says Bitcoin is peace for 9/11 generation.
The graphic designer for MyDoge wallet posted a mock-up of a Doge-themed free speech social network.
Crypto exchange Bybit will set up their global headquarters in Dubai, while Crypto.com will use Dubai for its regional headquarters.
SpaceX's falcon team is on pace for 60 launches this year. Billy asked when there'd be 69 launches. Elon responded "Haha that's next year," before reconsidering and saying that "Maybe this year isn't out of the question."
In "The Case for Quantum Change," Three Rivers Hedge Fund CIO Eric Peters argues that we are in the early stages of a major technological transition powered by blockchain.
Starlink is expecting to have 4200 satellites in operation within the next 18 months, Elon said.
Robinhood tweeted, "we love the [Doge] community."
Snickers tweeted at the #DogeArmy to vote in a poll.
Financial influencer Meet Kevin tweeted a photo commemorating his son's first Dogecoin.
Vietnam's Prime Minster ordered its central bank to create a legal framework for Bitcoin and crypto.
Rumors are swirling that Apple will integrate Bitcoin into ApplePay.
After nickel prices have spiked in recent weeks, it was revealed that Tesla put in place a deal to lock in its nickel supply.
Elon tweeted "True" in response to a tweet saying that civilization's goal shouldn't be to reduce energy use, but to replace fossil fuels with clean energy and then increase energy use to improve people's lives. In a separate tweet, he said "Sustainable energy generation from sun & wind is making great progress!" He also suggested that Spain build a giant solar array which could power all of Europe.
In a filing to a Manhattan federal court, Elon's lawyer quoted Eminem lyrics to emphasize the SEC's attempt to curtail his freedom of speech.
Elon was active on Twitter over the last week. On Saturday, he posted an announcement for Giga Texas's Cyber Rodeo. On Sunday, he tweeted to "Seize the memes of production!" In response to a tweet to "wake up from the deep dream," he said, "I just did. Now what?" On Monday, he posted a gender commentary meme and a meme about the Will Smith/Chris Rock incident. On Thursday, he tweeted a meme about trying to stick two magnets together.
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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 $0.14 per coin.