Joe Weisenthal — Dogecoin Is On A Gigantic Tear, And It's Not Hard To See Why

When I've written about cryptocurrencies in the past, I've argued that an important facet of them is as a social network. A social network as you think about it (like Twitter or Facebook) only has value because lots of other people you know are using them. The technology itself can easily be copied. It's the same with digital currencies. It's the social aspect and network affects that creates the value, since the actual code is easily replicated.

The Doge community isn't likely to become a "mass" thing, but it seems to attract fun people that are into doing cool things. It's not that weird to see why it's taken off so much.

Business Insider — Clusterstock
Dogecoin Is On A Gigantic Tear, And It's Not Hard To See Why
Joe Weisenthal

Cryptocurrencies being used to power social networks? Now that's an idea that has legs.