41 Interactions, 4 Today
It took more than three days for Neil Armstrong to hit the moon, and when he later explained his experience, he said, “One small step for [a] man, one giant leap for mankind.” Apparently, the Doge community on Earth has been discussing going “to the moon” for quite some time.
Chalking out their path on a recent podcast, author and Bitcoin advocate Andreas Antonopoulos said,
“That’s how we go to the moon man – One small shit-post from Elon, one giant shit-post for mankind and we ride this way to the moon… It has gotten to ridiculous levels.”
The price of Dogecoin has recently been dominated by the community’s one-man army – Elon Musk. In reality, the same thing happens every time Tesla CEO Elon Musk tweets about it. What’s more interesting is that the group has begun to build constructive reasons to explain how the meme-price coin’s is potentially sustainable.
A section of Dogecoin hodlers believes that Musk is a strong proponent of Universal Basic Income (UBI) and intends to help the poor. However, the problem with that is the distribution. DOGE is concentrated in the hands of a few large hodlers, yet there is one “insane whale” that keeps buying the coin in increments of 420 and 69, irrespective of the price.
Elaborating on the community’s “conspiracy theory” further, the founder of Let’s Talk Bitcoin Adam Levine questioned,
“What if he’s intending himself to literally be the bag holder and is using DOGE as a distribution mechanism to transfer wealth to people who wouldn’t have been saved by Bitcoin or Ethereum?”
Many in the group claim that their “Dogefather” is just attempting to keep the coin’s price down, despite the fact that this is the most direct and focused approach. Isn’t that a convincing argument?
Antonopoulos then said, ludicrously reflecting on why Musk may be doing so.
“So, that makes it [Dogecoin] the access token to the rockets and becomes the reserve currency of Mars!”
Another narrative being propounded by the alt’s investors states,
“Something doesn’t have to be a “scam” to be inferior to Bitcoin. It could just be inferior to Bitcoin.”
Any members of the crypto-community conclude that traditional currency would cease to function at some stage and therefore all purchases would be conducted using digital assets. In response to what would be a bigger hoax a hundred years later, Levine frivolously backed the community’s viewpoint and said,
“Looking at the inflationary path of Doge, on its merits, it might still be a superior product to the Dollar.”
To the same, Antonopoulos responded, “The memes are better!”
Introducing another point of contention, the other host, Jonathan Mohan, saw Dogecoin as a hybrid of a collectable and a currency. Under such a microscope, he suggested, DOGE would be the most liquid commoditized art project, with Mohan adding that DOGE was “booming” in the same way that collectibles and art projects were.
Levine responded to the issue of why DOGE is the “obvious” alternative for others, saying,
“While Bitcoin is long-term predictable money, with DOGE, you have like a joke. It’s a really early joke and people are now looking for jokes to invest in… and DOGE is kind of the obvious choice.”
Antonopoulos, for one, went on to admit his inclinations towards DOGE because of its meme and joke culture initially. Of late, however, it has had “negative fundamentals.” In his concluding remarks, he said,
“I would like them to change the slogan… Doge could be toilet paper to Bitcoin’s gold.”