{"id":198794,"date":"2021-09-12T09:00:52","date_gmt":"2021-09-12T08:00:52","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=198794"},"modified":"2021-10-16T02:39:06","modified_gmt":"2021-10-16T01:39:06","slug":"sorry-pleb-elon-musk-is-really-your-dogefather","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/sorry-pleb-elon-musk-is-really-your-dogefather\/","title":{"rendered":"Sorry pleb, Elon Musk is really your &#8216;Dogefather&#8217;"},"content":{"rendered":"<p class=\"guest-title\"><em>The following is a guest post by Justin O'Connell from GoldSilverBitcoin.com.<\/em><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019re wrong. Elon Musk isn\u2019t joking when it comes to <a href=\"https:\/\/cryptoslate.com\/coins\/dogecoin\/'\">Dogecoin<\/a>. This misconception is perpetuated on social media, in the mainstream press, and even in Telegram chats. As <a href=\"https:\/\/www.forbes.com\/sites\/billybambrough\/2021\/07\/25\/dogecoin-is-money-elon-musk-shares-bullish-doge-theory-amid-200-billion-bitcoin-and-crypto-price-rally\/\">Billy Bambrough stated<\/a> (emphasis mine):\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">A long-time supporter of dogecoin, Musk has this year fully embraced the somewhat satirical cryptocurrency that was created in 2013 <\/span><\/i><b><i>as a &#8220;joke,&#8221; <\/i><\/b><i><span style=\"font-weight: 400;\">issuing calls for upgrades and promising his rocket company SpaceX will put a &#8220;literal dogecoin on the literal moon.<\/span><\/i><span style=\"font-weight: 400;\">&#8220;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s not only a joke! Elon Musk\u2019s Dogecoin strategy is to become the Dogefather. His Dogecoin tweets are not mere mischief. He tweeted about adopting a Shiba Inu, because he is going to soon be known as earth\u2019s Dogefather, if not the galaxy\u2019s or even the universe\u2019s.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I\u2019m looking for a shiba pup!<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1390550521077977089?ref_src=twsrc%5Etfw\">May 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Musk is ready to be a dogefather&#8230;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I\u2019m getting a Shiba Inu <a href=\"https:\/\/twitter.com\/hashtag\/resistanceisfutile?src=hash&ref_src=twsrc%5Etfw\">#resistanceisfutile<\/a><\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1370946514974031872?ref_src=twsrc%5Etfw\">March 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin has Satoshi. Ethereum, Vitalik. Dogecoin had nobody. Now it has Elon Musk, who recognized a clear power vacuum in the dogecoin community and began floating himself out there on social media as \u2018the dogefather.\u2019<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This shouldn\u2019t come as a surprise to you. He has openly stated his master plan to become a dogefather, and your resistance is futile. He has tweeted dozens, if not hundreds, of times about it. Don\u2019t shoot the messenger. Meme for yourself:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;I'm trying to tell you dogecoin is money,&#8221; the meme Musk tweeted, reads; a twist on a popular Matrix movie quote that asks whether dogecoin could make someone &#8220;a lot of money.&#8221;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">And finally <a href=\"https:\/\/t.co\/TcgwMSyjAy\">pic.twitter.com\/TcgwMSyjAy<\/a><\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1419151233739378689?ref_src=twsrc%5Etfw\">July 25, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The billionaire\u2019s affections for dogecoin are no secret to anyone in the cryptocurrency community, and the mainstream public probably has sense of it too by now. He has called Doge \u201cmy fav cryptocurrency\u201d, \u201cpretty cool\u201d, \u201cunderestimated\u201d, \u201cthe people\u2019s crypto\u201d, and \u201cthe most fun crypto.\u201d He\u2019s even GIFTING DOGE to his family\u2014sometimes to their chagrin.\u00a0\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bought some Dogecoin for lil X, so he can be a toddler hodler<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1359519541219500033?ref_src=twsrc%5Etfw\">February 10, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">As Elon heralded Dogecoin as a potential international internet currency, he criticized Bitcoin, calling it \u201calmost as bs as fiat money\u201d, \u201cancient crypto\u201d, and \u201carguably deflationary to a fault.\u201d <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This did not win him any fans amongst Bitcoin maximalists or any of crypto\u2019s true believers for that matter. Neither did Tesla\u2019s suspension of Bitcoin payments, which the electric vehicle company did whilst citing environmental concerns. Musk, nonetheless, has held conference calls with Bitcoin miners and seems to remain interested in the world\u2019s first cryptocurrency.\u00a0<\/span><\/p>\n<h2><strong>When Dogecoin went to SNL<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Musk took his act from Twitter to Saturday Night Live. Dogecoin naturally came up. During the news show parody \u201cWeekend Update\u201d, Musk, who was introduced as a cryptocurrency expert named \u201cLloyd Ostertag,\u201d explained cryptocurrency. Hosts Michael Che and Colin Jost confusedly and repeatedly asked him, \u201cWhat is Dogecoin?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, a light bulb went off in one of the host\u2019s heads. \u201cSo it\u2019s a hustle,\u201d Che astutely said after Musk noted that Dogecoin began as a joke, but is still going to the moon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I am here to tell you that Elon\u2019s precious attention is not on Dogecoin only for fun. His hustle is to become the Dogefather, and he has told you as much, but it went over your head. Object now or forever hold your peace, humans! Musk is making moves. In the episode\u2019s final sketch, Musk quipped about creating a currency based on \u201cwhatever I say.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Voila! And just like that Musk has brilliantly solved one of the most difficult hurdles to starting a cryptocurrency: network effect. The most difficult part about establishing a new token is creating a community that grows and adopts the currency or token for a use other than the network effect. Ask Steve Wozniak, whose WOZX token is no Dogecoin pre-Musk\u2014let alone after\u2014despite Woz\u2019s profile.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dogecoin\u2019s enthusiastic community has seemingly taken well to the self-anointed leader. Musk has had at least one conference call with the Dogecoin developers, who have not made statements distancing themselves from the billionaire. Let\u2019s assume, then, a good rapport. Therefore, Musk is<\/span><i><span style=\"font-weight: 400;\"> already<\/span><\/i><span style=\"font-weight: 400;\"> our Dogefather.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what\u2019s he going to do? It\u2019s obvious. He is going to create a smartDOGE. He is even already talking about it publicly. During the Crypto Council for Innovation\u2019s \u20bf Word event, Musk expounded upon ideas that had previously been floated to upgrade Dogecoin via Ethereum to &#8220;max transaction rates and lower transaction costs.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Musk adds:\u00a0 <\/span><\/p>\n<blockquote><p><strong>&#8220;There may be some merit in combining something like Ethereum and Dogecoin.\u201d\u00a0<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">What must be forthcoming is a Musk-led Ethereum-inspired Dogecoin: smartDOGE. &#8220;Bitcoin by itself simply cannot scale to become the monetary system for the world at base layer,&#8221; Musk said. Bitcoin won\u2019t become peer-to-peer cash without the help of a second layer network, he reasoned.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;There's some merit in considering something that has higher max transaction rate and lower transaction cost and seeing how far you can take a single-layer network with exchanges acting as a de facto second layer,&#8221; Musk said. &#8220;I think you could take that further than people realize and as bandwidth increases over time latency decreases.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I can almost imagine Elon mouthing the words to himself while he sets up a Dogecoin rig with his children: \u201cWorld, I am your Dogefather.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I just set up some little Doge mining rigs with my kids. It was fun.<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1363046350900785156?ref_src=twsrc%5Etfw\">February 20, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Ah, the magic of thinking big&#8230;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The following is a guest post by Justin O&#8217;Connell from GoldSilverBitcoin.com. You\u2019re wrong. Elon Musk isn\u2019t joking when it comes to Dogecoin. This misconception is perpetuated on social media, in the mainstream press, and even in Telegram chats. As Billy Bambrough stated (emphasis mine):\u00a0 A long-time supporter of dogecoin, Musk has this year fully embraced [&hellip;]<\/p>\n","protected":false},"author":775,"featured_media":193887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,25891,77032,29],"tags":[74035],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sorry pleb, Elon Musk is really your &#039;Dogefather&#039;<\/title>\n<meta name=\"description\" content=\"You\u2019re wrong. Elon Musk isn\u2019t joking when it comes to Dogecoin. 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Elon Musk isn\u2019t joking when it comes to Dogecoin. 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