Cryptocurrencies

Dogecoin Scam – Level Elon Musk

The doge coin is a joke

However, it is difficult to go wrong by observing the logo of the cryptocurrency: a Shiba dog … But as Gustave Le Bon said:


The gregarious mentality of the crowds will always allow the leaders to impose any doctrine. The most absurd beliefs never lacked followers.

Dogecoin is an altcoin. That is to say yet another bitcoin pastiche as there are thousands of them. If some bring a little more, 99% are only pale imitations, degraded plagiarism, fanciful scams, decayed counterfeits, deficient doubles and other caricatured transfers.

Those with interesting specificities are generally differentiated by total anonymity. Monero and Zcash are the best known and the latter was dubbed by Edward Snowden himself.

Nonetheless, the overwhelming majority of Altcoins rely on false good ideas attempting to resolve the scalability trileme. It was Vitalik Buterin, the creator of ethereum (a pre-mined cryptocurrency …), who spoke first about this trilemma. You have to explain it to understand where these thousands of shitcoins come from and why they will all end up worth 0.

Scalability trileme

This trileme is simple. It highlights the fact that blockchain cannot be secure, decentralized and fast at the same time. One of these three dimensions is necessarily sacrificed (sacrificed in the sense that it will not be optimal).

scalability trilemma

Satoshi Nakamoto favored security and decentralization because the most important thing for a currency is to be solid. A currency that is easily attacked or controlled is actually not worth much …

Just as gold derives its value from its scarcity and stainless nature, a cryptocurrency without Proof of Work is doomed to the same fate as fiat currency. Brrr… As Voltaire said, “a paper currency, based on the sole trust in the government which prints it, always ends up returning to its intrinsic value, i.e. zero“, And the parallel can be drawn with cryptocurrencies without Proof of Work.

However, the PoW of dogecoin is 500,000 times lower than that of bitcoin. In other words, no one can guarantee that a mafia will not create more dogecoins than initially expected. This is what happened …

Remember that the doge coin is a fork of the luckycoin. And that luckycoin is a fork of litecoin, itself being a fork of bitcoin. Initially endowed with a fixed money supply of 100 billion units, everything degenerated in February 2014 when its founder, Jackson palmer, removed this cap. He was able to do this because dogecoin, with its ridiculous hashrate, is not decentralized.

Now, and like the fiat currency, the money supply of dogecoin is infinite… There are already more than 130 billion doge coins and 10,000 more are being created every minute. Brrr …

Big Block vs Small Block

Let’s put dogecoin aside for a moment to come back to the great debate on the scalability of bitcoin which is at the heart of the trileme that all Altcoins seek to resolve.

The issue was settled in 2017 with the bitcoin cash (BCH) fork. At the time, a faction believed it could ignore the trileme. According to them, it was enough to increase the size of the blocks (currently 1 MB, or 276 transactions / min) to increase the bitcoin transaction rate.

Unfortunately, adopting blocks without a cap is like reducing transaction fees to 0. This is a problem because it then becomes possible to drown bitcoin under millions of bogus transactions. The goal is to increase the size of the blockchain to make storage by nodes of the entire blockchain very expensive (which is a direct threat to the decentralization of bitcoin).

Likewise, increasing the size of the blocks gradually (to avoid attacks) would have favored the emergence of a group in regular contact to decide to increase the size of the blocks. New blasphemy in the face of the dogma of decentralization.

It should be understood that the survival of bitcoin depends in large part on the visceral inability of humans to get along. The Battle of Egos ensures that only absolutely brilliant upgrades will achieve consensus.

We could also have talked about more technical parameters that justify the slowness (small block size) of bitcoin. The bandwidth and isolation of nodes around the world, the speed of the node processors, the size of the UTXO, etc. But let’s move on.

All this to say that the creators of Altcoins always claim to have struck the right balance in the trileme when they are only creating fragile currencies. The ” Proof of Stake », That is to say a system giving power to those who have more money, is the perfect illustration of this. It only reproduces a pyramid banking system.

We can cite the dash coin and soon ethereum. Since “sharding” is a decoy, there is a good chance that ETH will eventually adopt PoS. Brrrr …

The wise bitcoin developers preferred to create the Lightning Network (“Second layer”) to guarantee the speed of transactions. And it works…

Enter Elon Musk, CEO of Doge coin…

train ceo of dogecoin

Since that day, Elon musk has not ceased to swing tweets maintaining the ambiguity, taking full advantage of the principle of the Arab telephone which has made some people say thatElon musk is Satoshi Nakamoto… In a recent interview on the Clubhouse app, Musk even revealed that he has his own “memes dealers” that he uses to fuel the masses. The Teslas seller also echoed the original intentions of Jackson palmer : “DOccasionally, I make jokes about Dogecoin, but they’re really only meant to be jokes ”, he said before adding that “Fate loves irony … […] It would be ironic for Dogecoin to become the currency of the world “.

It didn’t take much for his fans and hordes of speculators to pounce on the Doge coin. They are the ones who find themselves today with the “bag” since Elon probably took his profits this weekend …

Indeed, a few hours after having tweeted “invest with caution“, The CEO of Space X took to NBC in the show” Saturday Night Live “and said there that the doge coin was a” scam “(” a husle “). Her mother, who was also present, said she hoped “Do not receive dogecoin for Mother’s Day“.

The effect was not long in coming… Several users of Robinhood found themselves unable to sell during the big short which saw the cryptocurrency lose up to 50% of its value on some platforms, sweeping the stop losses of Marsian wannabes …

Monetary hegemony is a fight to the death

Dogecoin has never been a “joke”. It’s a scam orchestrated from the start, and probably made a lot of money for Elon musk, in one way or another…

Truth be told, he wouldn’t do it any other way if his intention was to manipulate cryptocurrencies in order to create division and serve the cause of central bankers. It only costs a few tweets, in exchange for which the bankers leave the course of You’re here quiet. Who knows…

In short, let’s finish by returning to the heart of the problem: the current monetary system offers a handful of central bankers the power to enrich a caste of billionaires through the devaluation of the fruit of our labor. Bitcoin puts an end to this system of inflation slavery by offering every human an indestructible store of value.

And let’s face it, no centralized shitcoin with infinite money supply will be able to go the distance with bitcoin. We’ve all been hoping to find the next bitcoin, THE nugget that will make us rich. It’s human… But it’s a mirage. And Elon musk knows it very well. This little merry-go-round – in which just climbed Big zuckerberg – probably aims to keep things under control …

zuckerberg bitcoin
He should have called them Tyler and Cameron Winklevoss

The dark designs of the tech giants are at odds with the ideals of bitcoin. He’s the silver bullet that will ruin their AI-doped surveillance capitalism leading straight to Chinese-style social credit.

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