Will Twitter Adopt a Dogecoin Standard?
Will Twitter Adopt a Dogecoin Standard?
Read how Twitter is the world's first digital nation-state, and why its economy should run on Doge
Hey everyone,
Last week, several Twitter employees dropped hints that Twitter is on the verge of a major transformation.
Most interesting of all was a fascinating article arguing that Twitter is the world’s premier digital nation-state deserving of its own currency.
Let’s see how Twitter is becoming the world’s most influential country, and why its economy should run on the Dogecoin Standard.
Something is cooking at Twitter.
At the start of June, several Twitter employees made mysterious posts with the letter X.
Since buying Twitter, Elon has talked about turning it into X, the Everything App. In April, Twitter Inc was moved under the umbrella of a company called X Corp.
Saturday, Elon dropped another hint that Twitter was entering a new phase in its development.
It’s still somewhat of a mystery how X will be different from Twitter.
Last week, a Twitter employee named Mada Aflak provided some answers answers with a fascinating article titled “Twitter as a Country.”
The article proposes that Twitter is becoming like a digital nation made up of its users across the globe.
Like other countries, Twitter Nation has both its own economy and form of government.
In the Twitterverse, creators are the representatives who legislate through tweets, memes, videos, and other content.
Readers are citizens who vote with views, likes, retweets, and comments.
In the Twitter economy, the best content rises to the top as a democratic function of where people put their attention most. The very top content inevitably finds its way out into the wider world.
In this way, Twitter acts like an incubator for the global conversation. Just as cities like NYC and San Francisco have an outsize impact on American culture, Twitter is arguably already the most influential country when it comes to shaping global consciousness.
Because Twitter is such a powerful engine for political and cultural change, it was inevitable that nefarious forces would attempt to co-opt it.
Today, the biggest source of rot in Twitter’s body politic is known as fake engagement: bad actors distort the creator’s economy by gaming the algorithm. Ideas that are threatening to the political establishment are relentlessly attacked and suppressed, while non-threatening ideas are amplified to appear as if they enjoy broad public support.
To solve this problem, the article proposes that Twitter develop its own currency, Twitter Coin.
Twitter Coin would fix fake engagement by allowing readers to support creators in a financially meaningful way.
In the new arrangement, bad actors who want to distort public discourse will have to pay to do so.
Meanwhile, genuinely popular creators will receive compensation that allows them to amplify their voices. They can either bank their coins, or use them to buy advertising on the platform and expand their reach further.
Over time, the Twitter algorithm would learn to prioritize Twitter Coin tips as the most meaningful form of user engagement because, unlike retweets and likes, tips carry real monetary value.
A native currency for Twitter is not just an idea.
For months, a trickle of information has suggested that a project called Twitter Coin is actually in the works.
This newsletter has long speculated about the meaning of Twitter Coin. The most entertaining outcome would be if Twitter Coin is code for Dogecoin.
However, not everyone is comfortable handling their own crypto, for the same reason that most folks would rather use bank notes than worry about handling gold coins.
Folks might decide they’re willing to trust Twitter Coins as an IOU for Dogecoin.
An intriguing variation would be for Twitter to issue a standalone Twitter Coin, and back it 1-to-1 with Dogecoin.
In this arrangement, Twitter could manage custody of coins and onboard new-to-crypto folks to digital currency in a low-risk arena. Just as banks notes once functioned as IOUs for actual gold held in a bank vault, Twitter Coin could signify actual Dogecoin stored in Twitter’s digital vaults.
When people want to cash out their Twitter Coins, they could redeem for an equal number of Dogecoins. Creators who want USD could use a Twitter-integrated crypto exchange to instantly swap for dollars.
Twitter adopting a Dogecoin Standard would instantly change the game for Doge by
Increasing Dogecoin adoption
Tying the quality of discussion on Twitter’s public forum to the value of Doge
Causing every content creator on Twitter to root for Dogecoin
When Elon first started X.com in 1999, one of the ways he enticed people to use the service was to give out a free $20 cash balance when they signed up.
Twitter has the option to do something similar for its Blue Verification. A percentage of the $8/month cost for Blue could go to purchasing Dogecoins, which would then be distributed to paid users as an allowance.
If Twitter spent $4 of user fees to buy Doge at the current price of seven cents per coin, it could give every user roughly 60 Dogecoins as a monthly UBI to spend on the creator’s economy.
Of course, all of this is just speculation, and definitely not financial advice. If history is a guide, Elon has a few wild cards up his sleeve that no one can predict.
But still, we do know that Twitter is kicking into high gear. There’ve been more changes in the last six months than the previous six years, and Elon keeps promoting his vision for X.
So what do you think—is Twitter a model for a new kind of digital network state?
Is creative content akin to grassroots citizen legislation?
And is Dogecoin the secret sauce that ties it all together?
Dogey Treats: News Bites
Linda Yaccarino and her top lieutenant, Joe Benarroch, start today at Twitter.
Tesla Model Y became the best-selling car worldwide
Large amounts of Dogecoin have been moving off Robinhood’s main wallet.
Another lawsuit was filed against Elon for his support of Dogecoin.
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.
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