The Dogecoin is a cryptocurrency derived from another (Litecoin) and famous for using a Shiba Inu dog logo from the internet meme 'Doge'. Since the second half of June 2014, more than 80% of a total of one hundred billion have been mined. In addition, it is the first virtual currency with a parodic religion, devised by the programmer and former IBM engineer Billy Markus in 2013.
When its creator gave it life, many of us did not know what the cryptocurrencies were, nor the Bitcoin, nor the protocols and algorithms behind the Blockchain or chain of blocks, the system on which the virtual currencies settle. However, at that time, the most techies began to test their revolutionary possibilities. And although today its values have reached exorbitant figures, the skepticism generated around cryptocurrencies is also on the rise.
DOGECOIN, THE CURRENCY WITH THE MEME OF A JAPANESE DOG
Thus, as a shock therapy against the fever of serious and more consolidated virtual currencies such as bitcoin, Billy Markus and Jackson Palmer, an Australian who was in charge of the marketing department of Adobe Systems, took a meme from a Japanese dog as a logo But who could take them seriously?
During the first months anyone could generate their own Dogecoin or acquire them by tens of thousandth of a euro and as with almost any cryptocurrency, the market itself decides how the change from a virtual currency to a traditional currency fluctuates. Now, Dogecoin has sparked the interest of digital media around the world because, as is often the case, reality trumps fiction. In recent days, the price of this cryptocurrency has multiplied by seven, with no apparent reason or change in technology or acceptance by any new market.
Its creator already expressed his concern about these issues last year when he told the 'New York Times' that he observed similarities between the industry of crypto-finances, the ICOs and the excitement that had generated the arrival of Internet companies, "the dotcom bubble " Astonished with the latest trends, he added that, despite having faith in the Dogecoin development team to keep the software stable and secure, he considers that he says a lot about the world of cryptocurrencies that a currency with a dog as logo and that have not released a software update in more than two years, exceed one billion valuation.
INVEST IN VIRTUAL COINS?
However, there are many other experts in the sector who have warned of the excesses of the investment community in cryptocurrencies, that overwhelmed by the desire to become rich seem not to worry about the technology that moves virtual currencies, their potential and their real impact in society. The famous American blogger who managed to retire at thirty thanks to, among other issues, his investment ability Mr Money Mustache recently published an article in 'The Guardian' in which he warns: Are you thinking of investing in cryptocurrencies? Do not do it.
"I have been observing this Bitcoin situation for some years, assuming it would simply explode. But a collective madness has arisen around the new field of cryptocurrencies, which causes an irrational fever of gold throughout the world. It has reached the point where a lot of investors ask whether or not to bet on Bitcoin. No, you should not invest in Bitcoin, "he explains.
In his opinion, it is not an investment; just as gold, stamps or tulip bulbs are not investments either. However, "many people in the past bought these things to drive them at sky-high prices, not because they were useful, produced money or had social value, but only because people thought they could sell them for more money in the future." When someone performs this type of operation, is speculating, conclusively concludes this 'cryptocritic'.
THE MAIN CRIPTOMONEDAS FALL 20%
Before they were considered an asset for technophiles, but now cryptocurrencies are gaining more acceptance. Although the most popular virtual currency, Bitcoin, accumulates a drop of over 20% in the last 24 hours in the main markets of Asia, given the fears of possible restrictions on this currency. It is a very volatile market: in December, the main cryptocurrencies staged outstanding rises, which have now been transformed into falls: Ethereum (ETH) has fallen by more than 16%, while Ripple (XRP), Cardano (ADA) or Stellar (XLM) have decreased their value by more than 20%. What are the reasons? Experts believe that these fluctuations are closely related to the bad news coming from China and South Korea.
Will they go back up ?; Will they be the future? Will the possible bubble explode? For the moment, Ignacio de la Torre, partner and chief economist economist of the Arcano Group, launches this warning in a talk on technological disruptions: "The Bitcoin (as well as other virtual currencies) is invaluable and overrated, like the Spanish stamps in 2006 These are operations that are based only on mutual trust. " The only thing that all the experts seem to agree on is that the really interesting thing that can revolutionize the financial world is the technology behind the cryptocurrencies; blockchain.