What does DogeCoin teach us

Another day, another hypecoin

With bitcoin price starting to become wobbly again in the beginning of December 2013, it was time for the umpteenth altcoin to rise from the ashes. DogeCoin saw the light of day and was immediately picked up by the crypto community and beyond. In its first few days, it got a whole lot of attention and a price that went up like a rocket.

Some articles about DogeCoin:

So what is so special about DogeCoin?

Looking at DogeCoins specs, there is nothing exciting going on.

The offical specifications

  • Algorithm: Scrypt
  • Max Coins: 100,000,000,000 DOGE
  • Block Time: 60 Seconds
  • Difficulty Retarget Time: 4 hours
  • Premine: None

Nothing special and about the same as most altcoins created this year. But still, DogeCoin is not quite the same.

  • the logo with the cute loco dog
  • the language used (very scrypt … such random … much profit … wow … many coin)
  • generally: the total awareness that nothing about this coin is serious

And the last bullet may just be the very reason this coin is picked up by the masses and gets lifted up sky high in the air. So much DOGE, many fun, much profit. Yeah, this coin is also making me smile just by participating in it. Nothing serious, all about fun.

So what does this coin teach us?

I think DogeCoin learns us an important lesson. Any coin, literally any coin can become currency and function as currency just because we, the people, wish to. There is no better example to illustrate that there is no need for a centrally controlled currency anymore. The rise of emergent networks makes static and centrally governed institutions more and more obsolete.

DogeCoin has just proved this.

E-Currency | Cryptocurrency

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