Dogecoin A joke that someone turned into reality

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

Dogecoin (DOGE) is a total joke. Just as it should be

Dogecoin is a cryptocurrency that was born as a joke.

There’s always talk going around the crypto verse about how this or that needs to be “taken more seriously,” especially when it comes to achieving success. This cryptocurrency needs to be taken more seriously. That announcement by Mr. X needs to be taken more seriously. The crypto verse needs to take adoption more seriously. We could keep going. The thing is, this notion of taking things seriously is if you should forgive the pun, taken too seriously already.

This applies particularly well to Dogecoin (DOGE) which, it is said, needs to be taken more seriously and, yes, it’s already quite successful being the joke it is. Just look at the logo.

Dogecoin has been around for more than five years already, which means it’s among the oldest tokens in the cryptosphere. It’s one of the most active coins, and it’s very evenly distributed. And that’s been possible without any help from industry giants such as Coinbase or Binance, which keep turning away from Dogecoin.

And let’s not forget that this is a cryptocurrency that was born as a joke. No, we’re not joking (now). “Investing in Dogecoin, pretty sure it’s the next big thing.” Those were Jackson’s original Tweeter words. Then Dogecoin came into being because of the encouragement he received through laughter from many users reading that tweet.

Then Jackson met Billy online, and they thought of that “Doge” meme that was viral at the time. It was a joke. Another one. And it became the logo, created by Christine Ricks which is still Dogecoin’s flag.

Later on, when it arrived on Bitcointalk, it gathered momentum not because of its technology, or advantages, or because of the ease in mining it. It became popular just because it was a lot of fun, pure and simple.

Doge is a joke now as it was when it began. An idea conceived to mock the Bitcoin bubble. Sarcasm in practical terms. That’s how Billy and Jackson took a meme and ran with it to turn it into a fully fledged cryptocurrency network, encouraged by how much fun everybody else was having in the process.

Nobody could have foreseen the success that Dogecoin would achieve as a cryptocurrency back then. It was a joke, after all, it wasn’t supposed to stick, but it did, and it’s still around. And it’s become one of the most distinctive, charismatic, popular, and active cryptocurrencies in the crypto world.

And it remains a joke. So why should anybody worry about “taking it seriously”?

Nobody should worry about that. Moreover, nobody should ever take Doge seriously. It started as a joke. It is still a joke. And it’s good humor and good spirits behind the project that has driven it forward and made it successful.

That’s how it’s been, and that’s how it should remain.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

To ask for Dogecoin users or the crypto verse, in general, to take it seriously is a betrayal of the project’s origins and purpose. Being a joke won’t make this coin any less useful or valuable, or real. It will just take away the enjoyment and fun it’s given us over the years.

So stop asking for seriousness. Dogecoin is a joke. And that’s how it should remain.

‘It was a piss take’: the Aussie behind ‘joke’ cryptocurrency dogecoin and how it reached $2.4b

By Ben Grubb

For Australian Jackson Palmer, the joke cryptocurrency he helped create was never meant to reach a market capitalisation of $US2 billion ($2.4 billion).

But that’s exactly what happened on January 7 to the cryptocurrency the 30-year-old technology company product manager co-created just over four years ago with Billy Markus, a software developer at IBM in Portland, Oregon.

Dogecoin founder Jackson Palmer. Credit: Ben Grubb

A few weeks earlier, Fairfax Media sat down to speak with Mr Palmer in San Francisco, where he now lives, to discuss what was then a cryptocurrency worth $111 million.

“It was $400 million a few weeks ago, or around a month ago,” Palmer says.

“But that’s just the nature of cryptocurrency. It goes up and down, you know.”

Palmer co-created dogecoin when he was 26 and lived in Sydney. It all started when he fired off a jokey tweet and then decided to make it a reality by creating the new cryptocurrency.

“It was a piss take,” he says.

“My whole point of dogecoin was taking a jab at all these alt-coins that were coming on the scene — like Initial Coin Offerings are today — and, you know, basically making a cash grab.

“So I made the joke and it was me taking the piss out of really scammy cryptocurrency back then. But then it quickly turned into a legitimate thing … and at that point, I was like, ‘Oh my god, now I feel responsible for this joke’. I feel responsible for this economy.”

Dogecoin (pronounced dough-je coin) takes both its name and mascot from one of 2020’s most viral internet memes. The meme takes its name from a reference on an episode of a popular 1990s internet cartoon series called Homestar Runner.

The term “doge” was revived, mashed-up with a quirky photo of a pet Shiba Inu dog and then sprinkled with a few ungrammatical phrases written in the much-maligned comic sans font. In 2020, it exploded across the internet.

Wow such meme: doge overtook the internet in 2020.

In 2020, Palmer, who was born and raised in Gosford on the NSW central coast, told Fairfax he believed that the doge theme was what helped to make his cryptocurrency market appear less menacing, more accessible and a place in which he hoped philanthropists would outnumber the profiteers.

Within two months of launching, it hit a market capitalisation of $74 million. On Thursday, dogecoin’s market cap was $983.3 million, with each Dogecoin worth 0.008709 Australian dollars.

Right now, there are 1490 cryptocurrencies in existence, with dogecoin sitting at No. 40 in terms of market cap, according to coinmarketcap.com. For comparison’s sake, the current value of the bitcoin market is $233.9 billion, while the entire cryptocurrency market is worth $679.4 billion.

Palmer says for the first six to twelve months after creating dogecoin, he tried to steer it in what he believed was the right direction to make sure that few scammers were involved and to ensure that investors were not getting “greedy” about collecting dogecoin.

“I did that and we did some charity drives and stuff like that earlier on. But eventually, capitalist greed got its hooks into it just like it has for the rest of cryptocurrency.”

The dogecoin logo.

What ended up happening, as has occurred with other crypto-currencies, is market manipulation in order to drive up the price for some people to make quick profits.

“[People in the cryptocurrency community] get a few daily emails that say, ‘Make the price go up, make the price go up’. That’s pretty much what it’s evolved into, unfortunately.”

As documented by a Business Insider investigation in November, cryptocurrency exchanges have become rife with “pump and dump” scams in recent times. Typically, these would be illegal in most regulated markets as they leave unsuspecting investors at risk of large losses.

The pump and dumps are typically coordinated using messaging app Telegram. In one week, Business Insider observed five apparent pump and dumps, which artificially inflate the price of a cryptocurrency in the hope of making a quick profit at the expense of other investors.

Surprisingly, Palmer doesn’t own any dogecoin.

“I gave away what I had,” he says.

“Back in the day, I had a few million dogecoin, which was nothing. It was like five or ten grand’s worth. And I gave it all away to charities that we were supporting early on,” he says.

“I thought … how long can it last? I was about a month into it and I thought dogecoin can last maybe a couple of months; people aren’t going to remember it anymore in a year, why would I hold onto it? So, sadly, I have no dogecoin.

“Unlike most people who have created cryptocurrencies, I’m not some baller getting around in a Ferrari. The joke is on me, firmly. That being said I feel like I’d be a bit of a hypocrite if I was like some rich crypto guy off the back of a joke that was me poking fun at crypto.”

Palmer adds that he is kind of glad he didn’t become rich off it.

“While I would like to become a multi-millionaire,” he says, “what I’ve seen happen to those who create cryptocurrencies and make a heap of money off them is they become less and less grounded. They become part of the hype cycle and say things like, ‘Blockchain is going to do everything in the future’ and, ‘Your fridge is going to be connected to a blockchain’ and all this bullshit. It’s like, they are completely detached from reality. And so in a way, I am glad that I didn’t get rich off it because I worry that I would turn into one of those people.”

Dogecoin – the history of the creation, development and prospects of cryptocurrency

Following the popularity of Bitcoin, many developers tried to create their own cryptocurrencies. Dogecoin (DOGE) developers did not look for money or fame – their coin was nothing more than a joke. They could not even dream that cryptocurrency would be universally recognized and become popular. But just such a fate was intended for a coin created on the basis of an Internet meme.

Dogecoin – cryptocurrency and meme

In 2020, Bitcoin has not yet gained widespread popularity, but course jumps drew attention to it. First of all, programmers appreciated the advantages of cryptocurrencies, some of them tried to do something similar themselves. One of these developers became Billy Marcus and Jackson Palmer. They decided to add a bit of humor to the serious world of cryptocurrencies, and the Internet meme, popular at that time, helped them in this. The developers used the image of a dog of the Shiba Inu breed as the logo of their cryptocurrency

Surprisingly, the image of the same dog from the meme attracted a lot of attention. Someone began to buy it for fun, someone believed in its prospect – the coin gained popularity. Interestingly, Dogecoin did not have any technical bells and whistles, it was just a fork of Litecoin. The developers wanted to distance their coin from the cue ball, since it was more often associated with drugs and money laundering. Dogecoin was technically reminiscent of Litecoin and was perceived to a greater extent as a frivolous coin.

Особенности криптовалюты Dogecoin (DOGE) :

  • Due to its similarity to Laikoin, the coin is easy to use.
  • The system has very low fees. Regardless of the amount of the transfer, the user pays 1 DOGE, which at the current rate is $ 0.002.
  • Dogecoin has simple mining and 120 billion coins have already been generated.
  • Transactions in the system are instant and completely anonymous.
  • There is no scalability problem for Dogecoin cryptocurrency.
  • A “comic” coin is gladly accepted for listing on the exchange; it can be found on many popular venues such as Bittrex, Poloniex, Exmo, Binance
  • Dogecoin is one of the most noble cryptocurrencies, because donations are most often made in it. There is even a special Dogecoin Foundation.
  • Initially, the issue of coins was to be limited to an amount of 100 billion. Later it became known that the issue of coins would be unlimited.

From the first days of the existence of cryptocurrency, a system was hacked. As a result of this, hackers stole $ 12,000 coins. Such embarrassment from the start of the project could lead to its end, but the developers found a way out. They launched a fundraiser called SaveDogemas, and donations saved the cryptocurrency. So much money was collected that the losses on users’ wallets were fully covered.

The Dogecoin phenomenon is explained by the fact that the coin appeared at a very good moment. It arose in the hype war, as it combined the popular blockchain technology and everyone’s favorite meme. Thanks to this, the dummy coin was able to overtake many cryptocurrencies with more interesting technical solutions in terms of capitalization.

Dogecoin (DOGE): coin rate

Earning on the Dogecoin course was already a lot of opportunities. Despite the fact that the project is not technically remarkable, the coin managed to please the jumps of the course. A few days after the start, she managed to rise in price by 300%! Although the coin lingered at the mark for a short time, it was possible to earn lightly for several days. Another growth of the coin occurred already in 2020, and the maximum price was noted in 2020. Then the course jumped to a record $ 0.015 for 1 Dogecoin (DOGE).

As for the lowest price for a coin, it was celebrated in August 2020. One DOGE was quoted at $ 0.000110. Today, cryptocurrency, like the entire market, is not in the best position. 1 DOGE at the time of writing is available for $ 0.0027. At the same time, the cryptocurrency capitalization reaches $ 328 million, which allows it to enter the TOP-30 of the largest digital currencies.

What are the prospects for Dogecoin (DOGE)?

Cryptocurrency, created as a joke, recently seems more and more promising. The coin has long been predicted to end and oblivion, but in practice this did not happen. The coin has existed for 6 years and does not think to disappear anywhere, moreover, it is set for development. Ethereum is actively collaborating with Dogecoin in the development of the ambitious Dogethereum project. Investors have high hopes for this event and expect that the coin may well reach the price of 1 dollar.

On the other hand, there are pessimists who are confident that DOGE has no prospects for great growth. After all, even despite the technologies that will be implemented in the future, not many people take a coin seriously. Dogecoin has a reputation for being a “comic” coin; not everyone prefers it to other cryptocurrencies. One can only expect how DOGE will affect cooperation with such a serious coin as Ethereum. It is possible that Dogecoin and ETN will help each other and give a new impetus to development.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

Like this post? Please share to your friends:
How To Do Binary Options Trading?
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: