Found on Encyclopedia Dramatica
I don't much write or care about altcoins. Every now and then one lasts long enough and offers something different enough from Bitcoin that I make a decision that my holding a few might make some sense. This was the decision I made with litecoin. I picked up a few and keep them safely and entirely offline and plan on redeeming them only in the event that SHA-256 as implemented by Bitcoin would be catastrophically broken in a way that proves fatal to Bitcoin and its value. I don't trade them, daytrade them, or do much of anything with them beyond making sure the address still holding them shows the balance remains there on the blockchain and make sure the private key is still safely where I last left it. Suffice to say I don't much care about altcoins.1
So now we have established my general apathy to altcoins in general, let's get to why I care enough to write about Dogecoin. A particular hazard for people looking into DogeCoin will be familiar to anyone who has spent any period of time on the Internet. Consider the following video:
If I haven't made it clear enough already, the hazard is that Doge will become "Old meme" and unfunny leading a rapid devaluation of DogeCoin. This outcome, based on Internet history is both inevitable, and will likely be unrecoverable.
Encyclopedia Dramatica has a rather terse article describing the phenomenon of Old meme, but appended to the article is a lengthy list of things you might have remembered as having been funny at some point until they stopped being funny. Sure they might elicit the occasional chuckle now and again for old times sake, but none of them are going to recapture the cultural Zeitgeist. Even before the internet this is how memes have worked. Kilroy is a prefect example of a pre-internet meme that like Doge was once everywhere. Sure you might run into "Kilroy was here" every now and then in a VFW bathroom, but the culture has moved on. Just to rub this in further I offer this list from Cracked2 of 7 memes that predate the Internet.
For those to hopped up on Doge I'll try to phrase this in a way you might be able to understand: So Meme, Cute Doge, New Coin, Old meme, Abandon Coin!
You can no longer say you weren't warned.
- Some of my first BTC collected did come from this compensation arrangement commonly referred to as Devcoin. Devcoin though has in reality little to do with either "Dev" anything or being a "coin" at all. For a while though it was one of the best ways to receive value for text you wrote and didn't much care about. Then the usual altcoin pumpers and dumpers came to realize it was still alive for some definition of alive and nothing of value was lost. [↩]
- Cracked itself being Old meme and unfunny [↩]