A very popular meme, a Doge, is the Shiba Inu dog. It's, a Japanese breed of dog that was all over the internet as a meat. You know what it looks like. We'll posted on there and he basically combined those two things together and he posted a tweet saying: hey, I'm buying dogecoin, you know, put the photo of the dog out there on the coin and it became viral, and so It started as literally a joke.
It's, funny to see something that was a joke and still to some extent. Many consider is to see how that has grown and developed over time. Right now, I think you'll, get from this episode. It's, not quote-unquote a joke anymore.
It's, one of the tipping cryptocurrencies with a very high transaction volume, but the corollary to that is there's, many of companies that were very serious that had they're serious idea and plan that in practice became A joke - and I think this boy most new businesses just to keep that in the back here head but as promised Blake tell us nope dogecoin the cryptocurrency.
What are its features right now? So when you look at those claim, the key thing to remember is that it is not based on Bitcoin. So actually it was based on an existing cryptocurrency called lucky coin.
Key things to note with that. So, whereas Bitcoin has a set block, reward dogecoin is random. So when someone mines a block, they'll get. You know, random reward that was changed later on, so they did go down like a set reward system, but that's, not super super important.
What is important is that this coin is inflationary, which means that the total number of coins constantly keeps growing, so it means it's got some really really interesting economics. So back when dogecoin originally came onto the scene, they set the amount of coins to a hundred billion that would ever come into existence, but then in 2014 Jackson Palmer, who you mentioned from my neck of the woods right now in Sydney he said you know we're gonna remove that, and there's gonna be no cap, which means that the it makes some interesting numbers, because it just means that your total total supply it's totally growing so right now.
I think you know when I, when I check this out like yesterday, the circulating supply was a hundred and seventeen billion humour is viral. It's, an effective way to grow a business. There are many examples of this, but when I say business dogecoin is not a business, it's.
If, and last year, Jackson Palmer. He talked about the founder, the guy created dogecoin. He's, not really part of the community anymore, and he says quote started as a joke and I hope it stays that way as a way to come up to an indicator for cryptocurrencies in general.
If dogecoin goes up so much, then wow. That's, just showing that this joke coin is worth two billion dollars that the markets in a sense of mania, but the current dogecoin foundation and members of the community.
Some of them have not taken kindly to jackson because for them it's, you know hey, this is a legitimate cryptocurrency, but it just proves that they are protocols and not companies, meaning that the founder can leave and talk about it, and it continues On it's, a very interesting point, i think, in this space right now there's, a big push to make everything.
You know very professional and gonna, and rightly so. In a lot of cases you know there needs to be some kind of confidence in these products and these services, but there is also room for something like a dogecoin where it is.
It has a bit of humor and i think as well what you see the roots of where cryptocurrency and bitcoin came from. There always was a bit of humor, so i think that you know is kind of good to still have that in this space and i think it's.