DOGE Is Great For Cryptocurrency
DOGE has split the crypto-community completely.
Is DOGE as much of a joke as people make it out to be or is there a serious future like the supporters proclaim?
The reality is that it really does not matter. At least not from the standpoint of the cryptocurrency industry. If we step back, we have to understand that DOGE is great for cryptocurrency.
All Publicity Is Good Publicity
This is a controversial point among many. If this were a company, perhaps there might be a point. Of course, cryptocurrency is not a company nor does it operate under the same conditions.
We know there is a lot of #fud out there. Much of it is manufactured by entities who have nefarious intentions. Their is a lot at stake so we can understand where they are coming from. While they might not be at the level of desperation at the moment, they already feel the heat.
Cryptocurrency is in need of stories. For whatever reason, DOGE is compelling to many. This helps to get more publicity, which is what the industry really needs. Perhaps many do not feel that DOGE is up to the quality that we want to exhibit yet it is getting eyeballs.
And right now, that is one of the most important things.
DOGE Is A Magnet For Younger Users
It is hard to know who is buying a lot of DOGE. However, it does seem to be attracting the younger users among us. Perhaps it is their lack of sophistication when it comes to investing that is attracting them to DOGE as opposed to others who are more seasoned.
The other day I wrote an article trying to uncover what is the future of DOGE. The reality is that younger users are going to determine where the future of that token goes.
However, it is of great benefit to have those people pulled into cryptocurrency. While some might lose a lot of money, it is likely to be part of the growing process that many of us go through. Few of us are here today without taking some hits to our investing accounts early on.
This will serve as a future core for the crypto community.
DOGE Is Proving The Network Effect
This is a lesson that is vital for the #cryptocurrency community to understand. Too many are stuck in the past of how things grew, failing to understand that things are completely different in the digital world.
We have seen mega-tech companies use this to become worth trillions of dollars. A platform like Facebook is the epitome of the Network Effect. In fact, there is little else to that platform. It is something that was missed by many on Wall Street.
When analysts looked at that company, using one of Buffett's criteria, we see there is no moat. After all, Facebook as a platform (the features) could be replaced rather easily. However, we see that the network effect is near impossible to duplicate.
Cryptocurrency lives in the digital world. We are seeing platforms built which are going to provide this for the entire cryptocurrency realm. The key simply comes down to numbers.
The reality is that it matters none how people get here or really what attracts them. We need the numbers to grow exponentially to kick off the network effect. Presently, we are too scattered and disjointed to truly enjoy this. Interoperability will help to unit this.
Over a month ago, we looked at what to make of DOGE. It seems like we are no closer today to the answer. The price of the token might "moon" or it could collapse. Either way, the mania that is DOGE is great for cryptocurrency.
In the end, it matters none if DOGE reaches the success of Amazon or ends up like Compuserv, it is helping to move the industry forward. Even if it is a blip on the radar years from now, it will have served its purpose.
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