$10 DOGE/USD: How Dogecoin will effectuate the largest wealth transfer in history
Listen up shibes. This is our moment. The recent events in our financial markets have awakened us all to the world’s most closely-guarded secret: We the people have tremendous power. We have, and have always had, the means to bring about transformative change. But we’ve been kept in a collective slumber by long-standing institutions that fear our disruptive potential. They’ve pacified us with distractions, entertainment, and their paltry “generosity.” But we’re waking up, and we’re taking control.
The time for change has come. And here’s why Dogecoin is the perfect conduit for the incoming transformation.
Backed by the full faith and credit of The People
One of the most common criticisms of Dogecoin is that it has no intrinsic value. As we all know, fiat money also holds zero intrinsic value. Its worth is solely derived from the power of its issuing government.
The U.S. Dollar, for example, is backed by the “full faith and credit of the United States Government.” Yet, at the end of 2020, the U.S. national debt stood at an unsustainably high $27 trillion. How did we get there? Trillions were spent fighting wars against the will of the people. Trillions more were spent bailing out corporations against the will of the people. And just a minuscule fraction was spent providing support for the benefit of the people. Remember, it took several months of negotiations just to send us a meager $600 to keep us afloat during the COVID pandemic. For many of us, that isn’t even enough to pay a single month’s rent.
Dogecoin is the people’s coin. It was born of the Internet as a fully democratized and decentralized currency. Unlike many of the world’s currencies, Dogecoin has never been used to fight a war or enrich the elite at the expense of the people. On the contrary, the Dogecoin community is marked by its generosity. In 2014, generous shibes banded together to donate 14 million Dogecoins to provide clean water to the people of Kenya. They also donated more than 26 million coins to help the Jamaican bobsled team reach the Winter Olympics.
It’s our obligation to continue that generosity and show the world the power of a coin backed by The People.
Dogecoin’s inflationary supply is actually its secret sauce
Another common criticism of Dogecoin is its ever-increasing supply. Unlike Bitcoin, which is a deflationary asset with a fixed supply of 21 million coins, Dogecoin has the ability to inflate its supply at the rate of 5 billion new coins per year. To the uninitiated, that spells disaster for Dogecoin. But in reality, this strategic differentiator is what can unlock Dogecoin’s transformative potential as a true successor to fiat money.
Flashback to 2009 to the early days of cryptocurrency: The vision was to replace fiat with a decentralized digital coin. Bitcoin pioneered this space, and it was largely considered the primary contender to realize this vision. The drawback was that its fixed-supply incentivized people to hold rather than spend Bitcoin, rendering its value as a currency obsolete. As a result, Bitcoin shifted its value proposition from “the future of money” to “digital gold.” And now it’s being touted by the large institutions that it was initially created to disrupt.
But the dream of replacing fiat with a democratized currency is still alive, and it’s needed now more than ever. Dogecoin’s inflationary supply uniquely positions it as the perfect candidate to succeed fiat money. Initially, the demand for Dogecoin will cause a surge in its value, far outpacing the current inflation rate of 3.9%. But in time, the coin will stabilize and people will begin to use it as it’s intended to be used — as a global currency that transcends borders and returns power to the people.
What started as a joke will catch the institutions by surprise
Lastly, Dogecoin naysayers love to criticize its humble beginnings as a joke. Few take Dogecoin seriously, leaving it largely ignored by institutional investors. Ironically, this surprise underdoge factor is what makes Dogecoin the perfect tool to initiate the largest wealth transfer in human history. Even with last week’s meteoric rise, Dogecoin is only trending among internet communities. Dogecoin is too small and too silly to be taken seriously by those who command the most wealth in this world — and that form of thinking will be their undoing.
A worldwide effort
To effectively bring about this transformation, we must stay true to Dogecoin’s nature as a friendly, fun and warm-hearted cryptocurrency. And we must spread this message to the world. Let’s continue the generosity we’ve shown in the past and pledge to use Dogecoin for the good of humanity. As the value of Dogecoin continues to rise, so too should our efforts to bring about the positive changes we’ve desired to see in the world for so long.
Let’s use this opportunity to share how each of us would use our Dogecoin for the good of the world.
This is not financial advice, just one shibe’s take on Dogecoin’s role in the future and its capacity for positive transformation across the globe.
