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Let's Know Things

Meme Squeeze

Let's Know Things

Colin Wright

News Commentary, News

4.8593 Ratings

🗓️ 16 February 2021

⏱️ 32 minutes

🧾️ Download transcript

Summary

This week we talk about Dogecoin, GameStop, and the short squeeze.


We also discuss Bitcoin, Greater Fools, and bubbles.



This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit letsknowthings.substack.com/subscribe

Transcript

Click on a timestamp to play from that location

0:00.0

In late 2013, a software engineer named Jackson Palmer, who was working at Adobe at the time,

0:22.7

decided to lampoon the burgeoning digital currency market that was dominated by Bitcoin

0:27.7

and increasingly flooded with other similar-ish offerings, often called altcoins.

0:34.8

Among them, such standouts as World Coin, Anon Coin, Mega Coin, and BBQ

0:41.4

coin. And he did this by creating a splash page for a not-real digital asset of his own,

0:48.5

which he jokingly called Dogecoin. The name of this faux coin was derived from a meme that featured a Shiba Inu

0:58.0

dog, Comic Sans typography, and a specific type of misspelling that became associated with the

1:04.5

meme. Faces like much wow and so amaze allude to the idea that this text represents the internal monologue of this dog

1:14.4

that is looking at the camera awkwardly, which I know doesn't make a whole lot of sense if you've

1:19.5

never seen this meme. But the upside is that the fake altcoin, this software engineer

1:25.3

advertised on this fake landing page featured the face of this

1:30.1

much-beloved meme-worthy Shiba-inu dog, and the name Doge, which is what the dog became known

1:37.1

as due to the aforementioned misspellings that accompany these memes, became part of the fake

1:43.0

alt-coins moniker, doge coin.

1:45.9

Another software engineer named Billy Marcus, who was working for IBM at the time,

1:51.7

saw the splash page for this fake alt coin, loved the concept, and reached out to Palmer

1:57.4

to see if he was keen to make this joke coin into an actual digital asset,

2:03.2

one that could be designed so that it reached a much wider audience than Bitcoin,

2:07.8

despite having many of these same attributes.

2:10.9

Marcus had already been working on a digital coin that at the time he called Bells,

2:19.3

named after an in-game currency from Nintendo's Animal Crossing video game.

2:22.3

The Bells concept wasn't really getting much traction though, and he thought it would be

...

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