If this article seems a bit out of place on my website please forgive me, I’m tired and it has been a long couple of days/weeks weather-wise living up here in New Hampshire – aka Siberia of the West. But late last week I came across a headline on Facebook’s top trending news section of all places, describing how the once parody crypto-currency known as “Dogecoin” has now reached an estimated net worth of 1 billion dollars.
However, what amused me more than anything else was all of the comments and reactions to this news, revealing just how clueless people in society are about this sort of thing.
Who(m) is Doge?
It is hard to know where to begin, but all you really need to know about Doge is that he is/was a real person. To be more exact, he is actually a very famous hacker and internationally renown Bitcoin miner operating out of Romania. Despite his technological brilliance however, he is also known to be a bit “eccentric.” For example, if you ever had the chance to speak with him online or in any type of Internet Relay Chat, he literally claims to be the embodiment of the Doge Meme itself and portrays himself as a real life dog – often entering a chat room saying something like “ruff, ruff I’m a Doge” – lol.
While this was indubitably all just an act, as you might imagine, it does take someone a bit crazy to commit to a bit like that over time – and such was Doge. However, what made him unique also made him successful. While he may or may not have been crazy, Doge is a self made millionaire – and he made his millions as a Bitcoin miner. It is a general fact that at one point in time Doge was perhaps the worlds most accomplished individual Bitcoin miner, reaching such prominence that internet peoples from all over the world were willing to purchase Bitcoin mining how-to’s and tutorials produced by him.
It is important to note that Doge the hacker/Bitcoin miner and the crypto-currency known as Dogecoin are merely “incidental,” and there is no evidence indicating that one of the public founders of Dogecoin was Doge himself. In fact, one of Dogecoins founders, Jackson Palmer, has explicitly said the digital currency was created as nothing more than a joke.
In an interview with CoinDesk, Palmer said that last weeks news surrounding Doegoin shows a “new found interest in Dogecoin is a concerning indicator of wide-spread frothiness in the cryptocurrency market.” Adding that he has “a lot of faith in the Dogecoin Core development team to keep the software stable and secure, but I think it says a lot about the state of the cryptocurrency space in general that a currency with a dog on it which hasn’t released a software update in over 2 years has a $1B+ market cap.”
With that said, despite Dogecoins unprecedented growth, I would not exactly be advising anyone to invest in it in the future. In other news, over the course of the last week both Microsoft and Visa have also stopped accepting all Bitcoin payments, calling the crypto-currency unstable and untrustworthy. There is also the fear of fringe crypto-currencies up and disappearing overnight…
#ICO #cryptocurrency #fraud from news wires: Cryptocurrency start-up Confido disappears with $375,000 from an ICO. Investors beware! Earlier I tweeted about hacking at a crypto wallet losing $30+ million of investor money. The whole crypto world is cryptic and surreal.
— Rakesh Mital (@Rakesh_Mital) November 21, 2017
— PYMNTS (@pymnts) November 21, 2017
Categories: Tech Stuff