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This Is Why Dogecoin is the People's Crypto
An important debate surfaced last week on Twitter.
On one side are the people, who are seeking a financial system that can’t be manipulated by powerful interests.
On the other are moneyed elites who use crypto to wring profits from retail investors and gild their bottom lines.
In this battle between the elites and the masses, the little guy has a new weapon: powerful blockchain technology tethered to even more powerful dog memes.
Let’s take a look at how Dogecoin could tilt the financial playing field in favor of the people.
Jack Dorsey built Twitter into the best public forum in the world for talking about crypto.
While he was Twitter's CEO, Jack was characteristically muted in sharing his opinions, as is the norm for leaders of publicly traded companies (except for Elon).
Since stepping down, however, he's thrown himself into the digital agora with a series of candid tweets about the future of money.
Most recently, he became an active participant in a debate around Web3.
Web3 vs. BTC
Optimistically, Web3 refers to a new version of the Internet, run on Ethereum and similar blockchains, which restores privacy to users and more fairly rewards creators.
Jack has identified a concerning trend of Web3 enterprises mirroring the corporate structure of Web 2.0, with a few powerful institutions harvesting most of the value created.
For Bitcoiners like Jack, crypto is liberation technology because it can bring financial freedom to the masses.
The Bitcoin meme "fix the money, fix the world" captures the idealistic belief that sound digital money can remedy social ills caused by the legacy system.
Earlier this year, Elon voiced a similar perspective, saying that crypto is good because it can "increase the power of the individual relative to government."
In a recent interview with the Babylon Bee, he offered his own skepticism about Web3, observing that it currently appears to be "more marketing than reality."
Not everyone agrees that the highest priority of crypto is human rights.
Increasingly, corporations have a financial imperative to become crypto-literate or get left behind.
Tech titans like Amazon and Google aren't the only companies being forced to adapt.
Even Ford is tweeting Doge memes to advertise electric vehicles.
With multinational corporations, governments, and other big players arriving to crypto in full force, regular folks will need a tool for pushing back on the establishment.
They'll need Dogecoin.
The people's crypto
For most of the last decade, Bitcoin has singlehandedly taken up the mantle as the serious "human rights" cryptocurrency.
With corporate money threatening to dominate the digital economy, Bitcoiners can't afford to push away allies in the fight to upgrade civilization's monetary technology.
Many of the same qualities that make Bitcoin a form of sound money are also present in Dogecoin.
Like Bitcoin, Doge is a decentralized blockchain with a fixed schedule of issuance.
The original Dogecoin code is a fork of Litecoin, itself a fork of Bitcoin. Doge's creator has called it "Bitcoin with a dog on it."
Dogecoin has some advantages over Bitcoin too: its dog memes, cheap price, and fun-loving ethos make it less intimidating for crypto first-timers.
Lately, Elon has been talking up Bitcoin as a store of value and Doge as a transactional currency.
From a practical perspective, it makes sense to have two separate technologies: one optimized for saving and one for spending.
Together, they could form of the basis of a people-owned financial system that protects regular folks from inflation, censorship, and other currency manipulation.
In another exchange with Jack, Elon said he is "pro Doge" because it represents a meaningful break from the corporate establishment.
Jack shared the sentiment but didn't mention Dogecoin by name.
His hesitance isn't surprising. For years, he has been one of Bitcoin's most serious and respected advocates.
In July, he said he hoped Bitcoin would bring about world peace and that it was the most important thing to work on in his lifetime.
At the beginning of December, Jack said his payments processing company, Block, would focus exclusively on Bitcoin.
Any gesture toward Doge would draw massive scrutiny, especially from the Bitcoin community.
Still, the world might be better off with Bitcoin and Dogecoin working together as the foundation of a new financial system.
When will Jack take the Dogely plunge?
Doge ex machina
Institutional money is flooding into crypto.
At the same time, there's growing call to use crypto to protect people from institutions who are trying to push them around.
Over the last decade, Bitcoin has been the most effective way to protect against monetary manipulation.
Now, reinforcements are arriving in the form of the DogeArmy.
Together, Bitcoin and Dogecoin could become the core of an anti-establishment financial movement that brings freedom to the masses.
Power to the Doges!
Dogey Treats: News Bites
Elon tweeted a picture of his Shiba pup Floki wearing a Santa outfit with a Dogecoin medallion on his collar.
Donald Trump said crypto is dangerous to the dollar and warned of “an explosion someday” that will “make the big tech explosion look like baby stuff.” Glenn Greenwald took note of Hillary and Trump agreeing on crypto.
On 12/21/21, El Salvador bought 21 Bitcoins.
Andrew Yang said he supported the creation of a regulatory agency focused exclusively on crypto.
In the face of runaway inflation, Turkey is expediting pro-crypto legislation.
Elon was named as a finalist for Texan of the Year by the Dallas Morning News for his neighborliness and generosity.
Robinhood acquired crypto trading platform Cove Markets.
NFTs generated over $23 billion in trading volume in 2021.
Dogecoin creator Billy Markus tweeted a petition to make crypto go up. It appeared to work.
Last Monday was the one-year anniversary of the famous tweet "One word: Doge."
Former fake CEO of Dogecoin greg was offered the position of general manager by the team behind $gm
Memes of the week
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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. 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 $0.19 per coin.