"Hi everyone this is Charles Hoskinson broadcasting live from warm sunny Colorado. Always warm, always sunny, sometimes Colorado, even when I have snow on the ground so the topic of today's video is DOGE DOGE DOGE, the crazy crazy coin that never dies and has been around our industry for quite a long time.
The first time at a conference I got a question about DOGE, I'll never forget, I was on a panel with Dan Larimer and David Johnston and it was being moderated by Jason King and it was a mastercoin versus bitshares versus ethereum panel and at that time I was still part of the ethereum project. That was January of 2014. Very long time ago and there was a joking comment about DOGE getting smart contracts before us and conquering the entire world.
DOGE has always been for our industry kind of a an inside joke, a pet rock, a fun mocking cryptocurrency light-hearted thing and it just always seems to be around but it something we, for the most part, have never taken seriously recently due to the efforts of Elon Musk principally and market manipulation by clever whales DOGE has become stratospheric and has become a haven for new entrants into the cryptocurrency space. Let's be very clear this is a bubble! The price of DOGE is not sustainable, it's going to collapse and a massive amount of retail money is going to be lost very quickly. My belief is that after that bubble bursts, it will be a catalyst for regulators and lawmakers to get involved in our industry and hurt the entire industry.
It's not a good event and by no means is this sustainable. You know when you look at the third generation of cryptocurrencies the ALGORANDs, the TEZOS, the AVALANCHEs, the CARDANOs, the ETH2... Each of these projects have large teams, capital and accountability. People wake up every single day to try to get the software the protocols and the ecosystems to the next level. They have the aspirations or reality of use and utility. People use these systems to do interesting things or promote new business models that we've never seen before.
DOGE does not have a stable development team, there is no original technology in DOGE, it's a copy of bitcoin. If at two o'clock in the morning a major flaw is discovered there will be no one who's up late at night trying to find a way to fix it. Maybe a volunteer but no guarantee. It is a pet rock, it's not real and if this is the gateway for retail investors to enter our ecosystem at massive losses, at some point it's going to hurt each and every one of us. After the bubble burst, because it will, there's going to be congressional inquiries, there's going to be senate hearings, there's going to be SEC running around, there's going to be all kinds of regulators running around saying this is proof that crypto can't control itself.
We need to come in and save you and you're not going to like the outcome and the people leading the third generation were the ones who are going to have to clean up the mess and endure the consequences of the coming regulation as a result of the bubble bursting. It's a mockery of my life's work, it's a mockery of the hard work and effort that so many people put into this industry. In space there is an enormous difference between the TEZOS and the ALOGORANDs and the AVALANCHEs and the CARDANOs and DOGE.
The science alone, the papers alone, the code alone, there's nothing that's a copy. It's all novel and original and people put so much effort and work into it and to have this surge be what defines our industry and the perception of our industry where does that lead? So, I know a lot of people are celebrating on that side of the aisle and they think this is just the best thing ever and Elon Musk continues to post and post and post and really seems to enjoy doing this but what goes up will come down and our industry is going to be worse for it.
So, my warning to anybody who will listen is don't buy DOGE! Get out of DOGE! If you've made money, great, get the hell out of it! It's a bubble, it's not real, there's nothing sustainable there and to the industry as a whole stand up to this behavior, this manipulation, we have grown beyond this. If we continue doing these things we will be regulated to a point where we no longer have freedom in autonomy and we're no better than the banks!
You'll have to get a crypto charter just like you get a bank charter. It'll be an invitation only club and controlled by the top down and any freedom that we have managed to pull back from the legacy financial system will be lost because of our stupidity and avarice. It has to stop and it's getting too big!
45 billion, 50 billion, what happens when it gets to 100 billion? To 200 billion? These numbers bring lawmakers in, these numbers bring international regulation in, it has to stop and it's not!
No one seems to be calling it out and saying hey let's slow this down, hey industry be careful, there's no substance behind what's happening here, it is what it is. I guess the caravan moves on and the work continues and I'll be here tomorrow and the day after and the day after and the day after even if there are hard days even if we get yelled at, even if we have to somehow deal with new regulations even, if we have to deal with bad perceptions of the industry going into yet another crypto winter.
We endured a few before, we'll endure another again. I'm just sad and sorry for all people that are going to lose money and I'm sad and sorry for all the people in our industry that are delighting from this event knowing full well what it's going to do. Until next time, talk to you guys later..."
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