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Dogecoin is the first cryptocurrency backed by a meme. The Dogecoin is based by the Dogememe. This represents a new breed of cryptocurrency and an entirely new class of cryptocurrency which pays those who mine it with an appreciation of the Dogecoin stock if they successfully spread the Doge meme. This represents a new form of guerilla marketing where Dogecoin acts as a DAC which spreads the Doge meme.

This is probably only the first of this breed of cryptocurrency and we should expect to see many more like it now that the Dogecoin has shown it is a success. Just as Litecoin was the first alt coin we will now see coins which turn any meme into a currency allowing the spread of the meme and spread of the currency to be in parallel.

Memetics

Dogecoin is only the beginning of the wave of meme backed cryptocurrencies

Dogecoin is probably just the beginning. The potential market which could exist once corporations figure out that they can market their products using a coin could lead to a future where we see a Pepsicoin, a Cokecoin, a McDonaldsCoin. We could also have a future where popular upcoming movies are virually marketed through a coin.

If anyone can remember how Trueblood was launched it was launched as an alternate reality game where they used that alterate reality to virally market the Trueblood series prior to the first episode. By the time the first episode had released there were fake websites, with paid actors, videos giving extra details behind the characters, even Trueblood drinks which could be bought. The use of alternate reality games to market TV shows was considered novel at the time but does not come close to comparing to the possibilities that are presented by commercial meme backed coins.

Commercial coins and commercialized memes

Commercialized memes will be memes which are built by professional marketing and psychology experts working or corporations. This will probably branch off into a new form of advertising where the memes will sell the idea without anyone knowing exactly where the idea came from. The fact that the idea came from a corporation will not be released to the general public.

Religious coins and spiritually backed memes

We may someday even see coins which are backed by religion. Owning shares in these cryptocurrencies would be like owning shares in a church or in a religious ideology. Instead of people donating to the church they would buy these coins and use them as a way of both passing on their beliefs to others and as a way of generating tax free income to the church. This is a very interesting concept because while commercial organizations have to pay taxes a church or religious organization is typically tax exempt. For this reason we could expect that a lot of meme backed coins will be created by churches rather than corporations.

Dogecoin is a remarkable success which will be copied, are we ready?

The main question to ask when thinking about the success of Dogecoin is to ask are we ready for it? The cryptocurrency and Bitcoin community generally has not seen anything similar to this. This new technology would give the cryptocurrency community the power to take anything viral. It will be one of the more profitable industries as well because anyone who mines or who holds these coins will make millions of dollars and the amount of memes which could be spread is nearly infinite. It will represent a completely new marketing paradigm and possibly result in a new communicaton paradigm as well where you tip someone as a form of expression rather than just to give them money.

The result of this is that the cryptocurrency concept could go mainstream far beyond the rate that Bitcoin goes mainstream. Bitcoin is considered to be serious, is associated with Silk Road and Wikileaks, is considered to be a replacement for banks. Dogecoin is considered to be a joke, a lasting joke, but a joke with a purpose. The purpose of the Dogecoin joke is to offer a proof of concept example that a meme can be spread as a cryptocurrency.

We need more proof of concept cryptocurrencies like this. While a lot of the alt coins are shit coins and should not be praised we should praise Dogecoin for doing something completely innovative in the same vein that we praise Namecoin. Namecoin had a specific utility and purpose of attempting to decentralize the domain name system. The domain name system decentralized offers the possibility of a completely censorship resistant Internet for all.

Dogecoin | Memetics


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