cryptocurrency, Dogcoin,
hey what's up mkbhd here back with
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another
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tech video kinda
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let's talk about dogecoin so you might
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have seen this all over twitter for the
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past
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couple of weeks or months this seemingly
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random crypto coming out of nowhere
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coming from a few fractions of a penny
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all the way up to
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a few cents on its way to who knows what
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powered by
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rocket emojis shiba e news and elon musk
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tweets
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kind of random but in the tech world
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it's it's been kind of fascinating
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to watch what's been going on here and
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so on this topic that i think i would i
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would normally have on my podcast on
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on the waveform podcast shameless plug
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um i felt like it would make a fun video
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to sort of unpack
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how i look at what's been going on here
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this video
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is not official financial advice i'm not
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an expert
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it's not the type of thing you should
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probably get from a youtuber anyway but
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i'm not responsible for anything you may
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do
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or decide to do after watching this
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video
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so okay dogecoin is a cryptocurrency so
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in order to understand
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basically what's happening with it you
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should understand what cryptocurrencies
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are
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and so i'll just use bitcoin the most
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prominent one as my example here so
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bitcoin's been around since 2009 it's
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the most prominent
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largest uh crypto by market cap but to
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oversimplify it's basically
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a decentralized digital currency it's an
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unregulated
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highly volatile digital currency built
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on blockchain but of course
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bitcoin's not the only one there are
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tons of other
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currencies based on the same thing but
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like based on alterations of the same
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rules
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so they're alternate coins they're
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called altcoins
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and there's a lot of them the thing is
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almost
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anyone can make an altcoin eventually
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like it's actually fairly impressive how
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easy it is to make
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and so there are tons of them and
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they're all built on like different
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little tweaks and versions
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of the same fundamentals and pretty much
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all of them will claim to be
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better than bitcoin in some way
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debatable
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but there's a lot of them out there
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which is the point and uh you might have
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heard of some of these so there's
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ethereum
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there's litecoin stellar ripple
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dash neo you can literally just open up
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coinbase and sort through tons and tons
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of them
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and this is just a small fraction
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there's at this point i'm going to say
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probably thousands of different altcoins
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to pick from
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and they're all basically trying to give
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you some reason for them to catch on
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some reason that they're better than
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bitcoin to invest in
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or use and then there's dogecoin
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dogecoin was literally started as a joke
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as a tweet by jackson palmer while he
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was walking at adobe
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sort of literally making fun of how many
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alt coins there were like oh what
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imagine there was this shiba inu powered
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doge coin and the coin had a little
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picture of the meme on it
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and it just kind of hooked on a lot and
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got traction from there it's like one of
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those jokes that catches on so much
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it becomes more than the joke it like
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outgrows itself and it becomes a real
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thing
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so he collaborated with billy marcus
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from ibm
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and uh they gave it a logo registered it
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launched it built the thing
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and now it's real so okay fundamentally
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we know what dogecoin is
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as an alternate crypto but i think the
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reason
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that it's caught back on and stuck
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around for as long as it has
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is much more interesting to me see the
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thing you start to notice about
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cryptocurrencies
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is they all take themselves very
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seriously and they should
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because they're they exist in different
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worlds for great reasons i actually
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really like the idea of bitcoin i think
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having like a global currency makes
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sense in the age of the internet we live
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in but now that there are so many
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altcoins it can feel kind of
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overwhelming to sort through them all
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and find out which ones
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are useful which ones are good
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short-term
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versus long-term investments which ones
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you can buy that may actually make you
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money that's what everyone wants to know
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and everyone kind of like stocks
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everyone wants to find that hidden gem
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of like a young
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smaller crypto that has just the right
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combination of things that it's going to
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grow and turn into this massive
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important thing
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and so that gets people investing in all
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kinds of small very young
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crypto that eventually gets you in the
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murky waters of
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possible scams and and pump and dump
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schemes and things that you probably
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shouldn't be investing in so dogecoin
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seems like it's caught on because it
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started as a joke
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and then and now people are taking it
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super seriously but also kind of as a
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joke but also kind of for real does that
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make sense so graham stefan who knows
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way more about finance than me
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made a really great video about dogecoin
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like a day or two ago
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where and i'll link his video below you
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should watch the whole thing but he
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makes a really great point
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which is that because it started as a
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harmless joke
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and because it's obvious the founders
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aren't really doing this for the money
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and it's just such a
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sort of a jokey thing in its origin that
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actually makes it
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in this world of crypto that takes
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itself super seriously
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it makes it more accessible it makes it
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less intimidating it makes it more
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likely to succeed
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because of how obvious it is that
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they're not trying and so graham brings
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up this example of the same thing
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with someone named will rogers who ran
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for president in 1928
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and won on a joke campaign
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and then eventually resigned could have
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been president but the whole point of
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his campaign was to show how dumb it was
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and mock the whole process
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and so that was like the dogecoin of
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politicians but i also have an example
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of like the equal but opposite
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situation um in my own inbox i got an
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email about sponsor potential
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sponsorship integration
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and i i say no to 99.999
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of the emails that i get about stuff
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like this but i always like to hear them
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out in case there's potential
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in this deal let's figure out what it is
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so i get this email so this one
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said they just wanted to tweet and that
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they already have participation from
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lindsay lohan amanda cerny neo
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lil yachty and more
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i'm i'm like all right that's an
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interesting group it's an interesting
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so okay what what is the campaign for
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and it turned out it's for tron
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a cryptocurrency that they're i guess
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paying people to tweet about and clearly
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they care a lot about
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people caring about it if they want
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lindsay lohan to
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promote it i guess i mean i don't i
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don't know who gets their financial
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advice
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from nevermind but the more i read into
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this email the more sketchy it is
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they mention they're often referred to
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as the ethereum killer
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whatever you say uh and that they need
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to make it look like it's not a
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sponsored tweet
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and then they linked three example
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tweets one from lindsay lohan
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neo and lil yachty which i clicked on
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none of which were even marked as an ad
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by the way like i hate i don't i'm not
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trying to call people out on this but
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that is pretty cringe behavior
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but the point of me bringing this up is
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this is this is like the opposite end of
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the the dogecoin
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strategy where they clearly take
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themselves way too seriously
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where they have people with stakes in it
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paying people to talk about it to
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hopefully get it
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more attention and to boost volume and
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to boost prices and a strategy like that
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comes off as so insincere and so
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try hard that like just look at the
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comments everybody people are already
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turned off by it
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actually people kind of hate it and so
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dogecoin on the other hand is is being
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boosted literally by people
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meaning online and the owners because i
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think they realize that it's never been
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meant to be taken that seriously have
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just been using that press and using
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money they get from it from
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for honestly the best causes possible
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they've used the press to their
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advantage and have donated gains to
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meaningful causes like they've donated
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fifty thousand dollars to raise
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awareness
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of kenya's water crisis and graham
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stefan pointed out
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25 000 to get the jamaican bobsled team
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to the olympics
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that is a cool runnings movie reference
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incredible movie
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hilarious movie if you haven't seen it
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you should
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just making sure everybody caught that
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but the point is the
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it felt like it felt like the crypto for
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the people like the more accessible
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less intimidating version for the people
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the smaller price made it ideal for
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things like
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uh micro tipping on social media
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websites like reddit would let you just
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tip in dogecoin if you wanted to and
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then lately of course
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elon musk seems to be really enjoying it
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um i mean we've he's always been
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specifically into like memeing on
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for a long time anyway uh but obviously
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he's he's all in
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like if you look at his twitter over the
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past like month or two it's just been
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all dogecoin and then if you watch
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the price and volume of dogecoin go up
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the more he tweets about it
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and then it'll sort of simmer down and
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die off after a while and then he'll
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tweet about it again
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and it'll it'll kick up i bet if you
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drew a volume graph
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of how many times people trade and talk
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about it
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it would be your right lock step in line
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with elon's tweets
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that's just the way it is but hey in
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this world of unregulated
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decentralized cryptocurrencies that's
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fair game
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so at least now we understand the memes
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about
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dogecoin going all the way up to a
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dollar i think it's at like five and a
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half cents right now something like that
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do i think it'll ever get up to a dollar
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probably not but again this isn't
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financial advice but anyway
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in summary dogecoin has caught on
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as an altcoin but also as a meme
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not just because people seem to be
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rallying against
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wall street against that's the whole big
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financial
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institution that's kind of had its way
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forever but also because of the meme
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and like the doge himself i feel like
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this meme
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has a longer shelf life than most it
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feels like the currency of
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internet attention now as far as if you
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should invest or not
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this video is still not financial advice
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so again i'm not responsible for
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anything you may do
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or think about doing after watching what
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i say
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but i think it is actually a fun
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harmless
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cryptocurrency to at least get started
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with and and begin to mess around with
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to understand the inner workings of how
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it works how the trading works
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what apps you like to use things like
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that i wouldn't invest any money that
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you're uncomfortable with turning to
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zero dollars
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because it could but i think once you're
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done messing with that then you can take
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those learnings
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and apply it to other future investments
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because it's always a good idea to have
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a diverse set of investments
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that's financial 101 but in the meantime
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it feels good to be in on the joke now
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feels good to understand it
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people are going to ride this either to
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the moon
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or till it dies because that's what the
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internet does
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with every joke thanks for watching
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catch you guys the next one peace
Dogecoin: Explained
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