Cryptocurrencies Are Created All The Time. Meet Dogecoin
Jackson Palmer began cryptocurrency dogecoin spil a joke. To his verrassing, it took off. That’s partly why he is not optimistic about the future of cryptocurrencies.
DAVID GREENE, HOST:
The latest volatility ter the stock market has also bot felt ter the value of cryptocurrencies like bitcoin. There are a lotsbestemming of thesis around right now – Ethereum, litecoin, ripple, just to name a few. Cardiff Garcia of NPR’s fresh podcast, The Indicator, from Planet Money has the story of one cryptocurrency that began off spil a joke.
CARDIFF GARCIA, BYLINE: Jackson Palmer is a product manager te San Francisco today, but.
JACKSON PALMER: Back ter 2013, I created dogecoin.
GARCIA: Dogecoin. That’s D-O-G-E-coin.
PALMER: There wasgoed a gold rush back then te cryptocurrency, and I noticed there wasgoed a loterijlot more of what are called altstem coins, or alternative coins, coming on the market. You know, bitcoin copycats, they take it, they switch a variable and then they, you know, release it to the world. And so I wasgoed like, this seems a little shady.
GARCIA: Also happening back ter 2013, this Internet meme called Doge. Yeah. It wasgoed a picture of a dog, a shiba inu, and it had this goofy, Comic Sans writing all around it with grammatically challenged phrases like, such wow, and, much amaze.
PALMER: I had one browser tabulator open with this article about Doge, and right next to it, I had CoinMarketCap, which is a very popular webstek for checking the valuations of cryptocurrencies. So my tabulator names kleuter of almost spelled it out for mij, te a way.
GARCIA: He chuckled about it and sent off a tweet. And then he embarked hearing from all thesis people who were like, dogecoin? Actually, excellent idea. A friend of his ter the tech industry is like, what the hell, let’s make dogecoin a real thing. It’s effortless to make a fresh cryptocurrency, and it’ll be, like, a joy project to understand how this stuff truly works. And so they created dogecoin. And then the price of dogecoin starts to take off.
PALMER: And then wij were like, oh, no. Like, this thing stands to become the joke that wij were making.
GARCIA: So Jackson and his playmate determine, let’s attempt to use dogecoin for good. On the dogecoin subreddit, they began suggesting providing dogecoins to charity. And then someone wasgoed like, hey, I heard the Jamaican bobsled team is attempting to raise money.
PALMER: Wij thought, well, that’s just spil ridiculous spil a dog on a coin. So sure, why not? And it wasgoed like, te 24 hours, wij’d raised, like, $30,000 to send the Jamaican bobsled team to the Winter Olympics.
GARCIA: They donated dogecoin to train guide dogs, to drill wells ter Kenya. Things were going superb – until they weren’t. Te 2014, someone persuaded a loterijlot of people to invest a lotsbestemming of dogecoin ter a fresh, shady cryptocurrency business. That business collapsed, and people lost their money.
PALMER: And that kleuter of just, you know, it truly ended the party, right?
GARCIA: He talent away all the dogecoin he had to charity. And then last year, along with lots of other cryptocurrencies, the price of dogecoin skyrocketed again. The total value of all the dogecoins out there reached more than a billion dollars at its peak.
PALMER: The irony is certainly not lost on mij. I think I wouldn’t switch creating it. You know, I’ve had several people that have come up to mij and said, look, dogecoin wasgoed the very first thing that got mij into cryptocurrency, and because of it, I have a reality check on the entire space. And that makes mij feel good because it talent them the setting that if this thing with a dog on it can, like, pump te price by 10x one day, they’re, like, yeah, this entire thing’s crazy, right?
GARCIA: People are still creating fresh cryptocurrencies all the time. There are now more than 1,300 of them. Cardiff Garcia, NPR News.
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GREENE: Cardiff Garcia. He is the co-host of NPR’s fresh daily podcast about economics and the news. It’s called The Indicator, from Planet Money.
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