Dogecoin Briefly Becomes Most Valuable Cryptocurrency: 5 Fast Facts

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Jackson Palmer started cryptocurrency dogecoin as a joke. To his surprise, it took off. That's partly why he is not optimistic about the future of cryptocurrencies.

The recent volatility in the stock market has also been felt in the value 1 dogecoin value graphics cryptocurrencies like bitcoin. There are a lot of these around right now - Ethereum, litecoin, ripple, just to name a few.

There was a gold rush back then in cryptocurrency, and I noticed there was a lot more of what are called alt coins, or alternative coins, coming on the market. You know, bitcoin copycats, they take it, they change a variable and then they, you know, release it to the world. And so I was like, this seems a little shady. Also happening back inthis Internet meme called Doge. It was 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.

1 dogecoin value graphics had one browser tab open with this article about Doge, and right next to it, I had CoinMarketCap, which is a very popular website for checking the valuations of cryptocurrencies.

So my tab names kind of almost spelled it out for me, in 1 dogecoin value graphics way. He chuckled about it and sent off a tweet. And then he started hearing from all these people who were like, dogecoin? A friend of his in the tech industry is like, what the hell, let's make dogecoin a real thing. It's easy to make a new cryptocurrency, and it'll be, like, a fun project to understand how this stuff really works.

And so they created dogecoin. And then the price of dogecoin starts to take off. And then we were like, oh, no. 1 dogecoin value graphics, this thing stands to become the joke that we were making. So Jackson 1 dogecoin value graphics his partner decide, let's try to use dogecoin for good. On the dogecoin subreddit, they started suggesting giving dogecoins to charity. And then someone was like, hey, I heard the Jamaican bobsled team is trying to raise money.

We 1 dogecoin value graphics, well, that's just as ridiculous as a dog on a coin. So sure, why not? They donated dogecoin to train guide dogs, to drill wells in Kenya. 1 dogecoin value graphics were going great - until they weren't.

Insomeone convinced a lot of people to invest a lot of dogecoin in a new, shady cryptocurrency business. That business collapsed, and people lost their money. He gave 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.

The irony is definitely not lost on me. I think I wouldn't change creating it. You know, I've had several people that have come up to me and said, look, dogecoin was the first thing that got me into cryptocurrency, and because of it, I have a reality check on the whole space. And that makes me feel good because it gave them the context that if this thing with a dog on it can, like, pump in price by 10x one day, they're, like, 1 dogecoin value graphics, this whole thing's crazy, right?

People are still creating new cryptocurrencies all the time. There are now more than 1, of them. He is the co-host of NPR's new daily podcast about economics and the news. It's called The Indicator, from Planet Money. Visit our website terms of use and permissions 1 dogecoin value graphics at www.

NPR transcripts are created on a rush deadline by Verb8tm, Inc. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. Accessibility links Skip 1 dogecoin value graphics main content Keyboard shortcuts for audio player.

Meet Dogecoin Jackson Palmer started cryptocurrency dogecoin as a joke. Facebook Twitter Flipboard Email. February 8, 5: Heard on Morning Edition. Jackson Palmer is a product manager in San Francisco today, but Back inI created dogecoin.

And that kind of just, you know, it really ended the party, right?

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DogeCoin is a cryptocurrency. Take out a banknote. How can you tell if the note is real or a forgery? Well, they guys who made it have some criteria you can use to check. A magnetic stripe, maybe. Or, take it to the bank and try to deposit it. If they accept it, it was real. Cryptocurrencies are also made of bits and bytes.

These calculations are based on cyptography, hence bitcoins — and dogecoins — are called cryptocurrencies. The most popular is Bitcoin. Dogecoin is one of the newest. Dogecoin owners who call themselves Shibes hold and mine the currency in the hope that, like Bitcoin, it will be worth a lot one day. In this article, I want to lay out a few things shibes must do to make their dreams come true. What kind of fuel do the laws of economics provide, for shibes on their way to the moon?

Suppose you want to sell me a banana. Of course, you want to make some money, but does that mean you can charge the moon? Suppose, now, I want some Dogecoin. I could buy some at the market price, or I could mine some. Since Dogecoin is new, mining is cheap — a simple PC can net me a few hundred a week.

If I had a good graphics card, I could get a lot more. Hence, Dogecoin is cheap. Before Dogecoin can go to the moon, the cost of mining must go up. This will happen naturally over time, but it shows the first thing shibes must do to get their currency to the moon. As the supply of mineable Dogecoins goes down, the cost of mining will increase. If I set up my own cryptocurrency tomorrow, and mined it all so that I held every one, nobody would be interested.

Its value would be zero. For example, people use dollars to buy and sell real things. I sell my services as a mathematician, I can use the money to buy, say, chocolates. Dollars US and otherwise are an established medium of exchange.

This confidence arises not so much because of a government promise, but because I observe that most businesses already accept dollars as payment. Since dollars are so popular as a medium of exchange, most people count their money in dollars. Most societies have a default unit of currency that they count their money in.

They judge their wealth or poverty based on the number of these currency units they have or owe. And this works for one main reason. They can be sure that their dollars today can still buy about the same amount of stuff next month or next year. Prices in dollars are stable.

Hence, I can also use dollars as a store of value — I can safely earn dollars this year, and keep the money to spend next year.

If Dogecoin is to become a viable store of value, it must first become a widely used medium of exchnage, and perhaps a unit of account. Only then can Dogecoin owners be confident that the Dogecoins in their pocket will still have value next year. The cost of mining places an upper bound on the price of Dogecoin that must be lifted. Its wide acceptance as a payment method places a lower bound that can be raised. For Dogecoin to reach the moon, both pieces must all into place.

What, then, gives a currency value? People use currencies for three things. No Comments Posted in Economics. Leave a Reply Click here to cancel reply.