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Will Mars have a Dogecoin Standard?
This week, podcaster Lex Fridman released a wide-ranging interview with Elon.
Lex is a computer scientist, AI researcher, and student of Dogecoin.
Dogecoin, he’s said, “presents to the world a question of whether memes, whether humor, whether narrative will go a long way in the future.”
Lex asked Elon several incisive questions the future of the Mars colony, and Dogecoin’s role in it. Here’s what was revealed.
A person on Mars in 2026?
The interview's first bombshell dropped when Elon told Lex that SpaceX could put a person on Mars in the next five to ten years.
As SpaceX gets closer to Mars, so does Dogecoin.
Last year, SpaceX took payment in Doge from Geometric Energy Corporation to launch a lunar satellite. A press release said the deal "solidified DOGE as a unit of account for lunar business in the space sector."
Doge could soon become the first meme in space, assuming it hasn't been there already.
Once Doge lands on the moon, Mars is the next logical step.
As the Mars colony expands, it'll need a currency.
Could it be Dogecoin?
When Lex brought up speculation that Mars could use Doge as its official currency, Elon said that Mars would probably use crypto, but it would have to be "localized."
Dogecoin's block time is one minute. Mars and Earth are between four and twenty light minutes away, so nodes trying to run Dogecoin on Mars will have difficulty synching with nodes on Earth for everyday transactions.
Mars colonists are expected to establish "self-governing principles" rather than following the laws of Earth, so in the end it'll be up to the people to decide what currencies to use.
While Mars colonists won't be able to use the Dogecoin blockchain directly, Doge could still figure in the Mars economy in a big way: a Dogecoin Standard.
A bridge to Mars
As human life expands out into the solar system, people will need a way to convert monetary value across planets.
One way for separate blockchains to interact is through a bridge. A good example is the upcoming Doge-Ethereum bridge.
The D-E bridge will allow Dogecoin holders to swap their coins for DogeTokens, which can then be used to buy NFTs and other digital property on Ethereum. When issuing DogeTokens, the bridge operator keeps the original Dogecoins locked so they can be redeemed later.
DogeTokens are pegged to the value of Dogecoin. When someone gets paid with Dogetokens, he can either keep them or redeem them with the bridge operator for the original Dogecoins, just as governments once allowed paper currency to be redeemed for gold.
Using such a mechanism, Mars denizens might decide to go on the Dogecoin Standard by instituting a local currency backed by Dogecoins.
In this scenario, Dogecoin holders could send coins to a Mars-based bridge, which issues MarsDogecoins that can be used to transact on a local chain run by nodes on Mars.
When it's time to return to Earth, the holder of MarsDogecoins can use the same bridge to swap them out for Dogecoins.
A bridge could operate something like an interplanetary wire transfer, with slower transaction times being a tradeoff that enables people to securely move value through outer space.
If Doge becomes a unit of account on Mars, what's to stop it from doing so on Earth too?
In time, all currencies may come to measure themselves in Doge.
An interplanetary Dogecoin Standard might not be far off!
The Dogecoin Standard...on Mars
During the interview, Fridman noted how "there's something about imagining an actual civilization on Mars that really gives people hope."
At this pivotal moment for humanity, the Mars colony gives an incredible opportunity to rethink civilization from the ground up, including its money.
Through memes, humor, and technology, Dogecoin creates a sense of possibility around money that's been lacking for decades.
In another part of the interview, Elon told Lex that, as a form of money, Dogecoin is “fundamentally better than anything else I’ve seen, just by accident.”
With the fiat system struggling lately, the Dogecoin Standard deserves a shot.
If it doesn't happen on Earth first, Doge may have its day on Mars.
Dogey Treats: News Bites
Tesla produced and delivered over 300,000 vehicles in Q4 of 2021. For the year, Tesla delivered over 936,000 vehicles.
Mr Beast's #TeamSeas fundraiser removed thirty million pounds of trash from the ocean. The Dogecoin community donated 163,428 Doge to the effort.
Melvin capital, which bet heavily against meme stocks, was rated by Bloomberg as "The Worst Performing" hedge fund of 2021 after reporting a 41% loss for the year.
CoinDesk ran an opinion piece called "The Psychology of Meme Coins."
Eminem purchased a Bored Ape NFT bearing his likeness for nearly half a million dollars.
Crypto was the #1 topic on Reddit in 2021, and Dogecoin had the most active subreddit among cryptos.
Elon tweeted a "thinking" emoji to the suggestion that he develop a parent company called "X" to house SpaceX, Tesla, Neuralink, and Boring. He also posted a spicy meme about Covid and tweeted "Let's make the roaring 20's happen!"
Cathie Wood tweeted a thread about the economic situation in the US, predicting that "fears of inflation will give way to confusion and fears of recession during the next three to six months" but also that "truly innovative companies...should be rewarded handsomely." Elon said he suspected the next recession will be "around spring or summer 2022, but not later than 2023."
Is Bitcoin the path through The Great Filter?
Nancy Pelosi and her husband Paul bought millions of dollars of call options for Google, Disney, and Roblox stocks.
Someone moved $69 million worth of Dogecoin for $4.
Kraken will launch an NFT platform with token-backed loans.
Yahoo! Finance published an article titled "The Year of the Doge? 2021, crypto's wildest year yet," making it the second publication this year to ask that question.
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 $0.17 per coin.