This is Why Dogecoin is the Best Form of Money
This is Why Dogecoin is the Best Form of Money
Read how Doge combines the best qualities of cash and credit cards to form a new kind of super-money
Hey everyone,
In response to last week’s newsletter, a reader asked me: why would a business bother to take Dogecoin rather than cash or card?
This week, I break down why Dogecoin is the best monetary technology on the planet, and argue that its adoption is only a matter of time.
I also take a look at Matt Taibbi’s latest release from the Twitter Files. It’s a story that should change American journalism forever.
Let’s dive in!
Digital Cash
Last week, someone asked me to explain why a business would want to accept payment in Dogecoin rather than cash, a check, or credit card.
I appreciated this question because it cuts to the core of why Dogecoin is the superior monetary technology on planet Earth.
To understand why Doge laps the competition, it helps to start with first principles: money is a technology for storing and moving value.
In our globally connected world, that means money needs to be able to move from point A to point B quickly and reliably, with minimal degradation of value.
Doge’s secret is that it combines the best features of physical cash with the digital infrastructure of banking and credit cards, so it ends up working like digital cash.
If it were possible to stick a dollar bill into your computer and have it pop out instantly from someone else’s computer across the world, that would be Doge.
One of the best aspects of physical cash is that it is anonymous. There isn’t any record of all the cash transactions you’ve made in your lifetime.
Similarly, while Doge transactions are recorded on a digital ledger, they’re not tied to your identity.
For this reason, cash is censorship resistant. Anyone can use dollar bills to buy and sell without fear that their bank will shut off their account for having the wrong political views.
For the longest time, this seemed like an imaginary concern that would only effect a tiny, politically extreme sliver of the population, if anyone at all.
Over the last few years, though, financial censorship has turned into a very real feature of everyday life, especially on social media.
The best example of financial censorship is all of the YouTubers like (like Joe Rogan) who have been de-monetized for saying the wrong things about the pandemic, politics, or other controversial topics. If you make your living creating online content, this kind of censorship is a threat to your livelihood.
Another powerful example was 2022’s Canadian truckers protest, when the federal government froze protesters’ bank accounts while PM Trudeau accused truckers of “hate, abuse and racism” for pushing back against vaccine mandates.
It’s unlikely banks are going to try to confiscate everyone’s life savings based on political grievance, but that doesn’t mean we shouldn’t value censorship-resistant money.
Digital cash is a safeguard against encroaching financial censorship. If banks and politicians know that people can pull their money out and put it in an alternate system, they’ll be less likely to play Big Brother in the first place.
Another great feature about physical cash is that there are no transaction fees.
When you buy something with a credit card, merchants pay between 1.5%-3.5% to the card company, which eat into profits.
With cash, all of the value is preserved between buyers and seller. This is good for both parties, because it allows merchants to keep prices lower or deliver more services for the same cost.
Using Dogecoin does incur a network fee, but its fee structure blows credit cards out of the water. In one transaction last year, someone was able to move over $2M worth of Doge for half a cent.
When it comes to fees, Doge is much closer to cash than it is to credit cards.
There are some drawbacks to physical cash: it’s risky to transact with large sums of cash, and cumbersome to move over long distances. Credit cards and bank transfers are better for these kinds of purchases.
When it comes to speed and transaction size, Dogecoin preserves the best features of credit cards and banks. Doge can be moved across the globe in seconds, and it’s just as easy to transact with large sums as small.
Right now, the only place where credit cards have Dogecoin beat is fraud protection: if someone steals your credit card number, you can call customer support and usually get your money back.
Doge is more like cash in this regard. Once the money is spent, no one can reverse the transaction.
A common obstacle that prevents businesses from accepting Doge is that they’re worried about the volatile exchange rate. Most companies are waiting to dip their toes into crypto until prices stabilize.
However, technology is helping mitigate crypto’s volatility.
Payment processing services like Coinbase Commerce and BitPay allow merchants to instantly convert Doge into their currency of choice, including dollars.
When AMC theaters started accepting Dogecoin, it did so through BitPay. Tesla uses Coinbase Commerce for Doge merchandise purchases.
For businesses, the upsides of accepting crypto—even if you swap it into dollars right away—can be enormous.
Crypto communities are acutely aware of which companies are helping adoption. Taking crypto can be a great way to build loyalty with new customers.
From the consumer side, simply asking if a business takes Doge helps increase adoption.
Most people have heard of Dogecoin, but they’re not aware that a growing community treats it as real money.
Having customers ask “Can I pay with Doge?” solidifies the idea that Dogecoin is money in their minds.
The point was driven home last week when McDonald’s returned to Twitter after a two-month absence.
A year ago, Elon offered to eat a Happy Meal on TV if McDonald’s accepted Dogecoin.
McDonald’s response was disappointing: it said it would take Doge if Tesla accepted the nonexistent Grimacecoin (Grimace is a spherical purple giant that inhabits the Mickey D’s universe).
On Thursday, Elon said the original Doge deal is still on the table.
Elon eating a happy meal on TV to promote Dogecoin would break the Internet and go down as one of the greatest marketing stunts of all time. What does McDonald’s have to lose?
No matter how Dogecoin adoption happens, nothing changes the fact that it is the most advanced form of money in existence today.
Superior technology has a way of winning in the end. When the world realizes Dogecoin is the top dog, it will go viral across the globe.
Digital dog dollars are inevitable.
Twitter Files
On Friday, Matt Taibbi dropped the latest installment of the Twitter Files, and it was a big one.
The story pulls back the curtain on Hamilton 68, an “Internet dashboard” that tracked Russian social media operations during the Trump presidency. Ham68 was used as a source for hundreds of media stories about “Russian disinformation.”
The only problem was that Hamilton 68 was a fraud.
Taibbi’s investigation is worth reading. Below, I summarize the story in CliffsNotes form. Here is the thread and his write-up as an article:
Taibbi first introduced Hamilton 68 in Twitter Files #14. The dashboard tracked ~600 Twitter accounts it claimed were part of a Russian disinformation campaign.
According to Taibbi, Hamilton 68 “was the source of hundreds if not thousands of mainstream print and TV news stories in the Trump years” about Russian bots who allegedly used social media to attack American democracy.
The bombshell in Taibbi’s report is that, according to Twitter’s internal data, most of the Russian bot accounts turned out to be regular citizens with conservative-leaning opinions from the US, Canada, and Britain.
The revelation that the media ran thousands of stories fear-mongering about Russian bots who were really flesh-and-blood western citizens should cause the outlets to retract the stories.
Inside Twitter, the scheme was so obvious that former content moderator Yoel Roth, known for his left-leaning politics, said Ham68 “falsely accuses a bunch of legitimate right-leaning accounts of being Russian bots” in order to “assert that any right-leaning content is propagated by Russian bots.”
When Twitter employees pushed executives to confront media over the fake stories, they were shut down for what appear to be political reasons.
In retrospect, Hamilton 68 served a clear purpose: it allowed intelligence agencies and the political establishment to weaponize the media against any opinion it didn’t like by smearing it as “Russian.”
Taibbi listed some of the discussions media outlets falsely accused of being manipulated by Russian bots:
the Brett Kavanaugh hearings, Tulsi Gabbard’s campaign, the #ReleaseTheMemo affair, the Parkland shooting, Donald Trump’s election, the #WalkAway and #IStandWithLaura hashtags, U.S. missile strikes in Syria, the Bernie Sanders campaign, the “Blexit” movement to peel black voters away from Democrats, calls to fire National Security Advisor H.R. McMaster, “attacks” on the Mueller investigation, and countless other issues.
Hamilton 68 was not an insignificant operation. It had the backing some of the biggest political names in Washington.
It was founded by advisors to Florida Senator Marco Rubio and Hillary Clinton
It received funding from a neoliberal think tank called the Alliance for Securing Democracy, whose advisory council includes political power-brokers like Bill Kristol and John Podesta
Its spokesman was former FBI agent and “disinformation expert” Clint Watts
Neither Podesta nor Kristol commented on the story when asked. (In a strange twist, Elon met with Podesta immediately before Taibbi’s story broke to discuss how the White House could accelerate electric vehicle production).
While the establishment maintained its silence, Elon and Taibbi took the media to task for its dishonesty.
On Thursday, the day before his thread dropped, Taibbi fired a warning shot, calling out various actors behind Ham68 for pretending like they had no idea what was going on.
After the story went live, Taibbi called out Rachel Maddow for “giving this horseshit so much oxygen.” Elon wrote back, “She is blinded by hatred.”
Elon tweeted at Mother Jones to ask if it was going to retract stories based on Hamilton 68 misinformation. Mother Jones, who did over a dozen stories using Ham68, responded, “We’ll look into this.”
Elon also tweeted at PolitiFact and Snopes: “Please correct your bs @PolitiFact & @snopes.” Both organizations used Ham68 as a source for fact-checks.
Up to this point, the Twitter Files has nibbled around the edges of a political conspiracy to control the narrative and silence dissent.
However, Twitter Files #15 represents a radical escalation in the story: it is a thermonuclear bomb dropped on the mainstream media.
In one swoop, TF15 should cause the retraction of hundreds of news stories from the past several years. It’s tough to think of a bigger journalistic bombshell in recent memory.
Tabbi wrote that “Virtually every major news organization in America is implicated, including NBC, CBS, ABC, PBS, CNN, MSNBC, The New York Times and the Washington Post.”
So far, there have been no substantial attempts by the outlets in question to refute Taibbi’s reporting, only silence.
This silence should be interpreted as evidence that the media outlets view the Twitter Files as an existential threat. They are hoping it goes away on its own due to public ignorance.
If you’re expecting confirmation that the Twitter Files is a big deal from TV, newspapers, or Facebook, there’s a good chance you’ll be waiting for a while longer.
In any event, it should now be clear why there was such resistance to Elon’s purchase of Twitter last year, and why the Twitter/Elon attack stories have been unceasing since he took over. Legacy media is fighting for its credibility, and its life.
For more on the Twitter Files, independent journalist Johnna Crider has compiled an archive of past threads and articles. It’s great for getting up to speed on one of the most important stories of our time.
Stay tuned.
Fundamentally Better
Dogecoin and Twitter are pointed in the same direction.
Doge is the most advanced form of money on the planet, and Twitter is the most accurate source of news.
This is not about politics, but engineering: by design, Doge combines the best features of existing forms of payment, while Twitter draws from the collective intelligence of hundreds of millions of people to crowdsource the truth.
Resistance to both will be strong, because the old guard has a lot to lose, but superior technology has a way of winning in the end.
Dogecoin to the moon! And Twitter for front page of the Internet.
Dogey Treats: News Bites
Today, the Financial Times reported that Twitter is pushing forward with its payments platform by seeking state-level licenses to transmit money. The article cited two anonymous sources that Elon “wants the system to be fiat, first and foremost, but built so that crypto functionality could potentially be added at a later date.”
Elon posted a screenshot of his Twitter home page to show off a new “lists” feature that allows users to custom-design their feeds. His home page included a list called “Cute Dogs.”
A lawyer cross-examining Elon in a case against the SEC accidentally called him “Mr. Tweet.” Elon said, "That's probably an accurate description" and later changed his display name on Twitter to “Mr. Tweet” before noting that Twitter wouldn’t let him change it back.
Dave Rubin posted a thread about shadowbanning at Twitter, which Elon called “accurate.” Elon addressed a concern from Bret Weinstein that Twitter may be shadowbanning again, saying he “Will investigate.” King Charles filed a lawsuit against Twitter for missed rent payments. Elon said, “corpo media shills have their marching orders to write hit pieces on me these days” and denied a report that he was looking to raise $3B to pay off Twitter debt.
Meta will reinstate Donald Trump to Facebook and Instagram in the coming weeks. Elon wrote, “Twitter is the PvP of social media”. Louis CK tweeted, “Remember when twitter was going to crash a few weeks ago? And now it’s making a profit? Elon is an alien and I don’t want to talk about it.” Missouri Senator Josh Hawley plans to introduce a bill to ban TikTok in the US—will Twitter move in on TikTok’s market by restarting Vine? Twitter employee Esther Crawford is reportedly helping lead plans add to peer-to-peer transactions and ecommerce payments to Twitter.
MrBeast changed his profile to “Twitter Super Official CEO.” Elon posted two tweets with bee emojis. He also posted a meme about being addicted to Twitter.
Tesla/SpaceX/TBC
On Tesla’s 2022 Q4 Earnings call, Elon said, “long term, I’m convinced that, Tesla will be the most valuable company on Earth.” Tesla still holding both Bitcoin and Dogecoin on its balance sheet.
Starship did a wet dress rehearsal for Starship. Elon posted a photo of Starhip loaded with cryogenic propellant. SpaceX is going to launch Tom Cruise to the ISS as part of a movie. A NASA satellite took a picture of Mars which showed a landform some are interpreting to be shaped like a Doge.
Tesla is investing $3.6B in upgrading its Nevada Gigafactory, including a battery facility and a high-volume facility for making Tesla Semi trucks. Tesla’s Giga Berlin factory has already hired 9,000 people and is the largest employer in the region.
Elon responded to a concern from San Diego District Supervisor about the city’s transportation plan with a suggestion to check out The Boring Company.
During Tesla earnings Elon said “I got 127 M followers. That suggests I am reasonably popular. I am the most interacted account on social media, maybe in the world. Twitter is an incredibly powerful tool for driving demand for Tesla. I encourage companies to make more use of Twitter."
Crypto
MyDoge is working on a web wallet called MyDogeMask, which will begin beta testing this week. Real Shibes podcast sat down with Dogecoin developer Patrick Lodder. Shib and Doge are reportedly gaining popularity in India.
The White House released a statement calling for more crypto regulation which said, “It would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system.” Podcaster Adam Curry hypothesized that Elon would be behind the introduction of a CBDC. Major US banks are reportedly developing a digital wallet to compete with Apple Pay and PayPal. A Goldman Sachs report said Bitcoin was its best performing asset in 2023 YTD.
Coinbase CEO Brian Armstrong said Brazil and Argentina should consider moving to Bitcoin as a currency after reports they were preparing to create a common currency.
CZ alleged that FTX paid news outlets $43 million to fund Binance FUD. Court filings revealed that FTX owes money to Apple, Netflix, Binance, Coinbase, and Southwest Airlines. Accidentally leaks BlockFi financials show a $1.2B relationship with FTX. Federal prosecutors accused FTX of trying to influence witnesses and sought a communications ban.
Global Financial System
Saudi Arabia’s central bank announced a CBDC experiment. China accused Washington of sabotaging other countries’ attempts to resolve their debt problems and criticized attempts to raise the debt ceiling. Is BRICS moving to flip the world order?
Elon said International Shareholder Services and Glass Lewis effectively control stock market because passive investment vehicles and index funds outsource shareholder voting decisions to the two companies. The next day, Missouri Attorney General Andrew Bailey posted a letter signed by 21 state Attorneys General challenging ISS and Glass Lewis for their support of ESG policies.
Several stocks traded on the NYSE were halted for a technical reason on Tuesday morning.
Meme Stonks
Ryan Cohen tweeted, “You know you’ve made it when you buy a turtleneck.” Bed, Bath & Beyond, rumored to be an acquisition target of Cohen’s, reportedly defaulted on a credit line from JP Morgan.
Tesla investor Ross Gerber tweeted, “The stock market is rigged by Citadel […] The stock market should not be Ken’s Market. He sees all and trades around it. Biggest front running operation in history.” Citadel was fined $9.6M for manipulating stock prices through high frequency trading in South Korea.
Russia-Ukraine
A dozen Ukrainian officials across five provinces were dismissed amid corruption allegations. Joe Biden announced that the US will send 31 tanks to Ukraine. Trump criticized the decision and called for an end to the war. Elon took note of a Biden speech in which he said, "...all to help counter Ukraine's brutal aggression that's happening because of Russia".
Elon called for peace in the Russia-Ukraine war. He appeared to agree with the sentiment that the left and media want WW3.
US Politics
An FBI agent who led the Trump-Russia probe was arrested for his ties to a Russian oligarch. Classified documents were found in former VP Mike Pence’s home. Trump appeared to defend Pence.
Ghislaine Maxwell claimed Jeffrey Epstein was murdered. Tucker Carlson called for answers about Epstein’s death.
US House Speaker Kevin McCarthy appointed members to a new committee on the weaponization of the Federal Government and another committee to investigation the origins of the Coronavirus. McCarthy also rejected appointments of Eric Swalwell and Adam Schiff to the House Intelligence Committee.
The Pelosi family sold $3 million in Google stock weeks before the DOJ filed an anti-trust lawsuit against Google. Senator Josh Hawley introduced the PELOSI Act to stop insider trading in Congress by barring them from trading individual stocks. Police bodycam footage from Paul Pelosi situation was released on Friday.
Elon met with House leaders McCarthy and Jeffries to ensure Twitter remains fair to both parties. Judicial Watch sued the FBI and demanded all records between the FBI and Big Tech over the handling of the Hunter Biden laptop.
Democrats proposed legislation to eliminate the debt ceiling.
Is illegal immigration actually decreasing, or it is just a counting trick?
Health
Jordan Peterson posited that government promotion of carbohydrates through the food pyramid was behind skyrocketing obesity rates. Candace Owens did a segment asking, Is Fluoride in Our Water Poisoning Us?
COVID
A Director of Research at Pfizer was taped by Project Veritas talking about how the pharmaceutical giant partook in “directed evolution” of coronavirus. The video was viewed twenty million times within three days of being posted and became Veritas’s most-viewed video ever. A follow-up video showed the Pfizer employee having a meltdown after being confronted. The story was blacked out by the media, with the exception of Tucker Carlson. YouTube pulled down the video and gave Veritas a strike for posting medical misinformation. Pfizer issued a response statement on Friday which simultaneously denied it was intentionally modifying the virus while also confirming doing so.
The FDA proposed yearly Covid vaccinations. A Wall Street Journal editorial called out “deceptive” advertising by vaccine makers for booster shots and accused federal agencies of "the unprecedented step of ordering vaccine makers to produce them and recommending them without data supporting their safety or efficacy." RFK Jr said “Unvaccinated people are much healthier” and is working on a book called Vax-Unvax: Let the Science Speak, set to be released in April 2023.
Damar Hamlin’s mysterious appearance at the Bills-Bengals playoff game drew scrutiny, leading a body-double conspiracy to trend on Twitter. Hamlin responded to the theory by posting a photo of himself with the word “Clone.” Dr. Jay Battacharya addressed theories that Hamlin collapsed because of the vaccine. Hamlin posted a video to his fans on Twitter and Instagram.
Bari Weiss’s The Free Press ran an in-depth article on recent claims that vaccination is causing people to collapse: “The Epidemic of #DiedSuddenly: Why is the public turning to a single, ominous explanation for tragedies like Damar Hamlin’s collapse?” Excess death has been rising in Britain, prompting calls for an investigation by the NHS by MPs. A team of researchers found a gene they claim rewinds the heart’s age by ten biological years.
New peer-reviewed research on Ivermectin found 92% reduction in mortality for prophylactic use for Covid. The documentary The Truth About Ivermectin, banned from Twitter until recently, details suppression of the drug.
Scott Adams wrote, “I’m just finding out today, thanks to dozens of people informing me, that the COVID shots do not stop transmission. Did the rest of you already know that?” Elon responded, “Yes, but this was not disclosed to the public for a long time after the government and vaccine makers knew. Not cool.” Adams also wrote, “If the biggest critics of the COVID shots are right, it’s the end of civilization.” Two doctors published an article about a “working paper” by the German government documenting a “synchronised decline” in modern birth rates and mRNA vaccinations.
Misc
David Sachs tweeted, “Little that our government does should still be classified after 6 years. And nothing after 60 years”, an evident reference to the JFK Assassination files. Elon liked the tweet
Andrew and Tristan Tate were perp-walked in front of media. Tate told reporters, “everybody knows I’m innocent.”
A study claimed earth’s core may be reversing direction.
Jeff Bezos is reportedly trying to sell the Washington Post to buy Washington Commanders.
Elon asked reporters for their thoughts on his trial against the SEC. He called out The Guardian for inaccurate reporting on electric vehicles.
Jason Calacanis called the WEF “a huge grift.” The All-In Pod discussed Pfizer CEO Albert Bourla running away from an interview during Davos.
MrBeast cured 1000 people from blindness in a new video.
Thank You!
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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 $0.08 per coin.