Pocket dogecoin
Hello Steemit Friends Dogecoin, the alt based on a meme, is the bratty toddler of the crypto world. Initially charming, Dogecoiners fast become irritating to the point that DOGE price crashes are met with a certain schadenfreude. Yet despite its hyped-up, saccharine shenanigans, Doge has lessons to teach the greater cryptocurrency community.
Dogecoin proves the importance of virality. Although it offers zero technical benefit over other cryptocurrencies, its appeal is all in its sticky memetics which evoke friendly and upbeat emotions.
But hard-core coders and merchants are disinclined to touch it; the code is rehashed Litecoin and the long term value of a meme is dubious. According to one of the Bitcoin developers, Dogecode also has potential pitfalls for miners. For now, popular appeal and a reputed million dollar backing prevail to keep Dogecoin in the first division of the cryptocurrency market cap rankings. Demographically, cryptocurrency is predominantly tech-pro adult males. Doge forsakes technical depth to speak to a broader audience.
To further the network effect, crypto must both expand horizontally into new countries and vertically into new demographics. I suggest they invest some of it into innovation if they want Dogecoin to survive. This anticipates a looming media controversy: Geeky dads might want to introduce their children to the future of money, but hesitate when the first stories about Little Johnny and Girls Gone Bitcoin start hitting the media.
Dogecoin can carve itself a niche here. A password-locked wallet mode which only allows payments to other identified children or community-screened list of merchants is the way to go.
Mike Hearn could test out red-listing nannification in Doge, without anyone crying foul. Either Dogecoin evolves into this space or a new alt will claim it in time. I am a robot. I just upvoted you! I found similar content that readers might be interested in: Authors get paid when people like you upvote their post.