Dogecoin Is Meant to be a Joke

In the summertime of 2014, I met dogecoin co-founder Jackson Palmer in San Francisco throughout a tech convention.

Jackson was immediately likeable, and we occurred to know a number of the similar folks on the convention. We frolicked that evening, and he gave me some perception into the venture. I used to be already a fan of the coin. I even tweeted about it again in late 2014. 

What drew me to dogecoin was the jokes and lightheartedness of all of it. It had a really totally different vibe than bitcoin (BTC), which appeared stuffy by comparability. 

However even again then, none of us took dogecoin critically. Jackson didn’t even personal any.

So it was unusual to see Jackson featured in a Wall Avenue Journal piece in February 2021 titled “Dogecoin’s Founder Bewildered at Cryptocurrency’s Sudden Recognition.” 

When that article was printed, dogecoin was solely buying and selling at round $.08. Right now it’s buying and selling for greater than $0.45, giving it a ridiculous market cap of $68 billion.

This Is Getting Ridiculous

I truthfully couldn’t consider my eyes after I noticed what Elon Musk tweeted yesterday: “Working with Doge devs to enhance system transaction effectivity. Probably promising.”

I believe Elon is manner out of his league right here. He apparently didn’t even know the way bitcoin labored till every week in the past. Now he desires to make dogecoin extra scalable than BTC?

What a preposterous concept. Dogecoin isn’t an actual cryptocurrency. It’s a bitcoin clone that’s not often up to date and has recognized safety vulnerabilities. It has no infrastructure and no superior liquidity techniques. Making an attempt to make it aggressive with bitcoin is a joke.

Adam Again — a bitcoin pioneer and the co-founder of influential bitcoin agency Blockstream — replied to Elon Musk and stated as a lot. 

So look, I like dogecoin. I believe it was a very enjoyable venture. But it surely’s not an actual bitcoin competitor in any respect.

Bitcoin has an unbelievable quantity of infrastructure constructed up round it. Bitcoin has hundreds of teams mining it and processing transactions all over the world. It’s a community that’s decentralized and reliable. It has layer 2 scaling options like Liquid, which make it doable for such an unbelievable quantity of transactions to happen. Bitcoin has tons of, if not hundreds, of builders and node operators that assist keep its safety. It has unmatched liquidity all over the world and may be traded for fiat money virtually wherever.

Dogecoin doesn’t have any of that. Elon Musk is excessive on his personal energy to maneuver markets and is performing increasingly more erratically. I don’t suppose this dogecoin nonsense will finish properly for most individuals. And albeit, it’s making crypto look unhealthy. 

Watch out on the market people. It is a harmful market.