Category Archives: Dogecoin

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Hilarious Lemoncoin Video Reveals Bitter Truths About the Crypto Space

A hilarious new cryptocurrency themed video has surfaced on YouTube. It starts with a man walking through the desert and being lucky enough to stumble upon a lemonade stand. He says “Perfect, I am dying out here, how much?”, and the man running the Lemonade stand responds “1 dollar worth of Lemoncoin, which is approximately 1,000 Lemoncoins”.

The man pulls out a US dollar bill, and the Lemonade stand operator aggressively responds “Get that centralized currency out of my face, this is 2018, I only accept cryptocurrency here, preferably Lemoncoin.” The man responds “I do not have whatever a Lemoncoin is.” The Lemonade stand operator explains “Lemoncoin is my utility token, it does not have a lot of utility yet, but we are working on it. One day it might go to a dollar.”

Although this video is certainly comedy oriented, it speaks the truth. Many dApps on the Ethereum network and other blockchain platforms force users to buy the native token of the platform. This is done in order to increase demand for the token and raise its price, with the tradeoff being a worse user experience. Further, initial coin offerings (ICOs) often make false promises of a cryptocurrency’s future price in order to get people to buy.

Another important point is that, while blockchain technology is highly useful and futuristic, it is not healthy to integrate blockchain technology into everything. Many platforms integrate blockchain technology into goods or services and try to hype it up, even if there is no benefit of using blockchain technology for that good or service.

The man trying to buy Lemonade says “Cool. I do not have Lemoncoin.” The man running the Lemonade stand says “Fine, I also take Bitcoin or Dogecoin.” The man tries to trade his Shiba Inu for a glass of lemonade at this point, but is refuted since the man running the Lemonade stand says it costs at least 200 Doge. This Siba Inu is obviously the man’s beloved pet, but clearly, he is so thirsty, due to being in the middle of the desert, that he needs the lemonade more than his pet.

The man who is now frustrated and desperate says “Ok fine, how do I get Lemoncoin, why is this so difficult?” The man running the Lemonade stand says “Think about it, it is the future of business, a trustless system without third parties. So to get Lemoncoin, I just need you to create an account on this third party exchange.”

A sketchy man in expensive furs then walks up and asks for bank information, passport, social security number, and a selfie. The man trying to buy lemonade says “I thought you said this was a trustless system.” This is the reality in the cryptocurrency space, converting from fiat to cryptocurrency is essential to enter the space, but exchanges and companies usually collect a full spectrum of know your customer (KYC) information before selling cryptocurrency due to government regulations. This is in drastic contrast to Satoshi Nakamoto’s vision of an anonymous and trustless form of money.

The man surrenders to this breach of privacy since he is so desperate for a cool drink, but then is informed it will take 3-5 days to process his application. This means the man, who is desperate for a drink, will not be able to get any lemonade when he actually needs it, even though it is sitting right in front of him and he has the cash to pay for it. He says “This is ridiculous, you are telling me if anyone wants to buy lemonade they have to go through this process?” The lemonade stand operator responds “This is the future of business, I already got like a dozen customers” when in fact there is no one else around and this frustrated customer is the only one there at the time.

That last part of the video really solidifies the point the video is making. Even if someone has money and desperately wants to buy a good or service with cryptocurrency, they have to wait days to get their cryptocurrency when using an exchange, making the process much more difficult than using regular cash. Cryptocurrency is designed to be secure and instant, but many of the centralized exchanges that exist are defeating that purpose.

Overall, although this video is hilarious, within 2 minutes it brings forth some bitter truths about why blockchain platforms will have a hard time gaining mainstream adoption. Indeed, many Ethereum dApps that have received tens of millions of USD of investment have far less than 1,000 users and a constantly declining user base.

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Dogecoin Founder Develops Script to Combat ETH Giveaway Scams

Dogecoin founder Jackson Palmer has developed a script which helps combat the ETH giveaway scams plaguing Twitter users. Palmer delivered this script directly to Elon Musk, the founder of SpaceX and Tesla, one of many famous Twitter users been targeted by scammers.

The Twitter Ether giveaway scam is done by creating an account with the same profile picture and name as a Twitter user with a large following. The scammer uses the fake account to reply to tweets of the real Twitter account, with an offer of something like ETH 1-3 for every ETH 0.01 sent to a certain address.

The only difference visible between a scammer’s account and the authentic Twitter account is difference in the actual username. Most users spot this difference and don’t fall for the scam. However, many others do fall for the scam, since they don’t see the difference in the username, mistake it for the actual popular Twitter user. The result has been over ETH 8,000 worth more than USD 4 million scammed from Twitter users as of June 2018, and these numbers have probably grown since then.

This scam damages the reputation of Twitter itself, the celebrities that are being targeted, and financially hurts users that fall for it. The Twitter team itself has done little to stop the Ether giveaway scam, and Elon Musk is one of many who is constantly seeing this scam in replies to his tweets, so he reached out to Palmer to fix the problem.

@ummjackson if you can help get rid of the annoying scam spammers, that would be much appreciated

— Elon Musk (@elonmusk) September 17, 2018

ok, *now* I can finally call it a night. https://t.co/8sTjFCQYk8

— Jackson Palmer (@ummjackson) September 17, 2018

In less than a day, Palmer did what Twitter could not, and developed a real way to combat Twitter giveaway scammers. He created a script that identifies any users replying to a Tweet that have the same profile picture as the Twitter celebrity being targeted, instantly blocking the fake accounts run by scammers.

This should help curtail Twitter crypto giveaway scammers and perhaps lead to new ideas to stop the scammers that are even more effective. Perhaps a Twitter crypto giveaway scammer could slightly alter the profile picture so the script doesn’t detect them but that already makes the scam way harder and less effective, and the algorithm can be improved to detect the typical wording used for Ether giveaway scams to make it bulletproof.

 

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Dogecoin Rally Finally Breaks After 187% Increase in a Week

Dogecoin has broken the general bearish trend of the crypto markets, with a sudden and rapid rally beginning on 29 August 2018. On 26 August, Dogecoin was stable near USD 0.0023 and by 1 September it hit USD 0.0066. This represents a 187% increase for Dogecoin’s price in less than a week. Daily trading volumes approached USD 200 million during this time, unprecedented levels for Dogecoin and an indication of the speculative frenzy that was surrounding Dogecoin.

Now this rally has broken and Dogecoin has dropped 25%, back to USD 0.005, and this market behavior has some characteristics of a classic pump and dump.

Bitcoin News first covered the Dogecoin rally on 31 August when its price was USD 0.0042, which represented a sharp 80% increase. Dogecoin rallied upwards another 100% after that article was written. This was likely because news of the Dogecoin rally was getting broadcast on all the crypto media sites around that time, generating a wave of speculation and investment.

Initially, the rally began due to the launching of Dogethereum, which is like Ethereum except it has the Dogecoin brand, and everyone who held Dogecoin received free Dogethereum. This creates a big incentive for users to use Dogethereum, to create Dogecoin-themed Dapps. The Dogecoin community has always been very active on Reddit, and now they are going into a frenzy to help each other and compete while building Dogecoin Dapps.

Even though the reason for this rally is legitimate, speculation took hold and ultimately has some characteristics of a classic pump and dump. Some whales then began to dump Dogecoin around the time it hit its peak, causing the rally to stall and slightly reverse, which caused other whales to dump their holdings. This is what caused the 25% downtrend, in combination with small-time investors panicking and selling once the price began to drop.

Dogecoin’s price is still over 100% higher than it was before the rally started, so it doesn’t appear this will be a full pump and dump where the price crashes back to below where the rally started.

This is a good illustration of the wild west nature of the crypto markets. In no other type of markets are such incredible gains seen followed by such a big crash in the same week. Crypto trading volatility is higher than the volatility in any other asset class, especially when dealing with alternative cryptocurrenciess like Dogecoin. Its market will likely see continued volatility in the coming weeks and months.

 

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Dogecoin Rallies 80% as Dogethereum Is Announced

Dogecoin, a popular alternative cryptocurrency from the early days of crypto is finding new life during August 2018. Dogecoin has rallied from USD 0.0023 on 26 August to USD 0.0042 on 31 August, a massive 83% increase. This has mooned its CoinMarketCap ranking, it now sits at #23 with a market cap of USD 481 million, after being somewhere around #35 less than a week ago.

There are a couple of major developments in the Dogecoin world that is probably causing this rally. A partnership between Dogecoin and Ethereum has been announced, and this is being called Dogethereum. The developers of Dogecoin are creating Dogethereum with an Ethereum ERC-20 smart contract. Everyone who held Dogecoin at the time Dogethereum was launched will be rewarded the new crypto at the ratio 10,000 Dogecoins per Dogethereum.

It seems like Dogethereum has all the capabilities of Ethereum via smart contracts, the difference being it has the Dogecoin brand, and Dogecoin users will have an incentive to use Dogethereum because they are rewarded free Dogethereum. This could lead to the rise of a full spectrum of Dogecoin dApps, which has the potential to re-invigorate the Dogecoin community. The Dogecoin community has been active and healthy since the beginning of Dogecoin, and it is likely many people will jump on this opportunity to create Dogecoin dApps.

Additionally, Dogecoin has been listed on Robinhood as of July 2018, which is a popular stock trading app that began listing cryptocurrencies in the past year. Robinhood provides zero fee crypto trading, and therefore people will now be able to trade Dogecoin at no fee. This has the potential to increase Dogecoin’s market liquidity and demand, which may be exactly what we are seeing right now with this major Dogecoin rally.

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