Dogecoin or bust
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 26 May 2021
⏱️ 18 minutes
🧾️ Download transcript
Summary
Will the craze for the cryptocurrency started as a joke end in tears? We delve into the world of Dogecoin and ask why people are investing and what the consequences might be. We hear why amateur investors, Vicki Richards from Philadelphia and Erik van der Zanden in the Netherlands, decided to buy Dogecoin. Plus, Kevin Roose, a tech columnist with the New York Times explains why the last year of financial trials and tribulations have made cryptocurrencies attractive to some seeking to make a fortune. And David Gerard, a cryptocurrency sceptic and author of Attack of the 50ft Blockchain, tells us why he thinks the crypto boom will turn to a bust. (Photo of visual representations of digital cryptocurrencies, Dogecoin and Bitcoin. Photo by Yuriko Nakao for Getty Images).
Transcript
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| 0:00.0 | Hello there, I'm Ed Butler. Welcome to Business Daily from the BBC. |
| 0:05.9 | Today, the investors buying into a cryptocurrency in order to change the world. |
| 0:11.2 | Now something you have a currency that belongs to us. |
| 0:14.6 | For me, it comes back to how we hope to live in an ideal state, where power belongs to the people. |
| 0:22.4 | And leaders, they will always serve the people. But can a currency really do that? Many experts say the latest craze for |
| 0:28.0 | something called Dogecoin is going to end in tears. These are speculative commodities where the |
| 0:33.7 | object itself has no use case. You can't do anything with a crypto token. |
| 0:38.3 | They attract scammers who want to scam people, |
| 0:41.1 | and you see a lot of suckers. |
| 0:42.9 | All is to come in Business Daily from the BBC. |
| 0:49.1 | I'm one of those people that I've said this over and over again on the Reddit sub that if you |
| 0:56.3 | don't like roller coasters, now's the time to exit the ride. And I've always been one of those |
| 1:02.0 | people who absolutely loved roller coasters, but I only go on it, do it, join it as much as I can |
| 1:09.1 | afford. This is Vicky Richards. |
| 1:11.7 | She's a 58-year-old professional from Philadelphia. |
| 1:14.8 | By her own admission, she's not got much investing expertise, but this year she decided to |
| 1:20.3 | stick $1,000 into Dogecoin, a little-known cryptocurrency that was gaining a bit of publicity |
| 1:25.8 | online. |
| 1:26.4 | So I think what makes Dogecoin different from other cryptocurrencies out there |
| 1:30.8 | is that the community surrounding Doge has a different belief. |
| 1:35.4 | I'll see groups and pictures of people who are investing for very personal reasons. |
| 1:41.0 | A lot of cryptocurrency groups out there tend to idealize the uber rich lifestyle. |
... |
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