Bitcoin May Be a Bubble, But With Dogecoin at Least You Get a Cute Dog

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So this happened last night:

It turns out that this is the cryptocurrency version of asking about the latest teenage slang. I may think I’m hip to the ways of bitcoin and ethereum and tether and whatnot, but in fact I’m just an old fogey.

“Get ready to have your mind blown,” replied Jordan Weissmann. Consider me ready. The name, it turns out, comes from a viral internet meme from several years ago, and the cryptocurrency itself is…um, interesting:

Dogecoin, the alternative cryptocurrency inspired by a popular meme, has surged over the weekend and now has a market capitalization over $2 billion….Founder Jackson Palmer, who created the digital currency as a joke, said new found interest in Dogecoin is a concerning indicator of wide-spread frothiness in the cryptocurrency market.

“I have 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,” Palmer told cryptocurrency watcher CoinDesk.

….As for Dogecoin, Palmer, a group product manager at Adobe, and Billy Markus, a software engineer at IBM, created it “without much real thought,” according to reporting by Motherboard.  As Palmer told Motherboard’s Patrick McGuire, “one night after work, I sat down with a beer, I had too much time on my hands, and I bought Dogecoin.com.”

I am once again prompted to wonder just what these market cap figures are based on. Are they based on actual trades for real money like dollars or euros? Or on trades for other cryptocurrencies that are then extrapolated into values in dollars? Or what? If I had my way, the market cap for all cryptocurrencies would be expressed in bitcoin just to remind everyone that this is probably just a giant circular game that everyone is playing. For example, Dogecoin has a market cap of B136,000. That’s a lot less insane sounding, isn’t it?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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