I know that a lot of people in this sub have a negative opinion of Dogecoin after Elon Musk’s antics last year, but my opinion is that Dogecoin has actually had a positive impact on the space and that it’s success is a good thing.
The first thing I will mention is that it actually is a good long-term investment. Coinbase has Dogecoin up almost 74,000% since 2013, and this is after it declined over 80% from it’s new all-time high.
But that isn’t the main point I am trying to make. Whenever people hear that Dogecoin was made as a joke, I think that most think of it as a lighthearted joke similar to how we say things like “buy high and sell low” or make jokes about all of the money that we lost from cryptocurrency, but that isn’t true at all.
Dogecoin has two creators: Billy Markus and Jack Palmer, Palmer is a raging buttercoiner who absolutely hates cryptocurrency and wants it to fail.
Jack Palmer has been quoted saying things like:
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”
“I honestly thought that [crypto] would implode a bit more quickly and people would learn their lesson,”
“I wish it was the end of crypto, but it’s not,” and that “increasingly people are doing nothing but making money off doing nothing.”
Billy Markus is less anti-cryptocurrency but has said things like:
“(Dogecoin) was an intentionally stupid joke”
“Crypto’s rise is not something that I can comprehend.”
The thing is that Dogecoin was created to mock Bitcoin and to prove that Bitcoin and cryptocurrency would eventually fail. The fact that Dogecoin has not only survived but actually thrived for almost a decade now despite it literally being designed to fail is a testament to Bitcoin’s design and evidence in my opinion that decentralized cryptocurrencies have strong fundamentals and a good financial model.