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Dogecoin

How thanks to the most fashionable crypto-currency in the world appeared

Rob Vile of  Business Insider on the wave of popularity bitcoin was inspired by the sudden growth of the dogoine crypto currency, based on a meme with the Shiba Inu dog, and found out the story of his appearance. 

All this is entirely in the spirit of 2013.The Australian brand manager and marketing specialist and programmer from Portland, Oregon, who have never even met, managed to successfully connect the two brightest phenomena of this year: bitcoin and doge . And here is the result: the new currency is dogoin. And people really use it.

If you have not seen a meme with a mastiff, it will not be easy to explain – it’s really necessary to see with your own eyes. In general, someone began to post images of the ineffably cute dog Shiba-inu, surrounded by clouds with thoughts written in Comic Sans and with a bizarre syntax.

This is a complete nonsense, just a gizmo from the Internet. But people like it ( hereyou can see “good” options).

In November, Jackson Palmer, an employee of Adobe’s marketing department in Sydney, who tracked the development of the world’s crypto currency, wrote without a twinge: “I invest in dogoin, I’m sure this will be the next big hit.”

He received several replies, and this stimulated the development of the idea, and a week later he bought the domain dogecoin.com. Of course, the topic was picked up on reddit, in the  focus of dog activity .

At the same time, in Portland, Billy Marcus was working on creating his own crypto currency, which would have a wider demographic coverage than bitcoin, which is full of speculators. But the project came to naught. And then he came across  dogecoin.com – at that time, the site existed only a day or two.

“My first thought was:” It’s fucking funny. ” And then I said to myself: “This currency I must do.”

He wrote to Palmer tweet that he wants to participate in this matter, and before Palmer could respond, Marcus began to redo the Bitcoin source code, which is in the public domain: to convert all the elements that the user sees into a meme with a mastiff.

In the end, Palmer responded, and a partnership started. A week later, after Palmer’s joke on Twitter, Dogkoin was already running.

About him again they started talking on reddit, and the explosive growth began. He is already seventh in the list of the largest crypto-currencies, according to  Coinmarketcap , with a market value of $ 8 million (the total value of existing dogoins at a price of 0.00086 US dollars). And he has a full ecosystem: in addition to the website, he has his own  blog and  forum , and, of course,  the reddit section .

How did they do it? Mainly due to what is called “tip”.

If you are a geek who “does a good deed” on the Internet, it has become customary to give you “tips” in the chosen crypto currency. For example: the guy who held the poster with the QR code of his bitcoin purse during the broadcast of the College Gameday show on ESPN received  $ 22,000 such “tips” from the Bitcoin community for such a brilliant version of partisan marketing.

But giving “tips” to the bitcoins became expensive, and people switched to dogoins. Already a week after launch, Dogkoin took second place among the crypto-currencies used for “tips”, the founders say. They hope that Facebook will accept the widget on which they worked: it will allow friends to exchange “tips” in dogoins.

So what’s so steep in dogoin?

Speaking of the technical part, it’s rather a variation on the lightcode theme, which works through the cryptographic function scrypt. As for lightcain, there is much less time to translate dogoins than for bitcoins. In addition, there will be much more dogoids released than bitcoins: 100 billion against 21 million.

But first of all, it is the cultural environment that formed around dogoin that stimulates its development. Palmer says that thanks to it, people interested in crypto currency, get a chance to use it: after all, bitcoin could scare away their high cost and  dubious cultural environment .

“Dogkoin does not take himself seriously, and they are not used by people who need to get rich at any cost,” says Palmer. “It was created to be exchanged as gratitude or praise.”

Marcus says that his wife, who did not share his interest in bitcoin, has now begun to mine the dogos themselves, because it can be done with a simple computer, unlike the bitcoins, which requires processors of industrial power.

Both founders assure that they do not intend to compete with bitcoin, and both still believe in its potential and the ability to change online banking.

“This is a revolutionary technology, absolutely revolutionary,” says Marcus. “And it works as a means of saving, because it is subject to deflation, and the number of created bitcoins will be limited. So far, there’s a lot of speculation, and so it’s hard to use, spend, and distribute. ”

Is it possible to say that the dogoin phenomenon is no longer a joke? Bitcoin and most other currencies showed an increase of 20%. And what about Dogkoin? 250% and still growing. Wow.

Suddenly falling popularity played a bad joke with Dogkoin: two days after the article was published on Business Insider, dogoin fell from 0.002 dollars to 0.0003 dollars (by about 80%), but then began to grow again. At the moment his rate is 0.0006 dollars. Remember that crypto-currencies have an unstable course.

This material is a translation of the original article by Rob Vail, ” DOGECOIN: How A Thinking That Started As A Joke Became The Hottest Digital Currency In The World ” on Business Insider.

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