Another Bitcoin ETF bites the dust; but is an ETF really

Of Wolves and Weasels - Day 76 - ASICs are not the problem

Hey all! GoodShibe here!
One of the things that can be hard to wrap our heads around, especially for those watching the ticker-tape in dismay, is that there's a whole other world going on out there.
Out there wars are about to start raging, protests are getting violent, planes are going missing - essentially, good intentions or not, the rest of the world doesn't have time to think about things like Cryptocurrency.
They have more important things on their mind.
What's happening to Dogecoin is basically what's happening to every other crypto out there: We're turning inward.
With the absence of new blood and interest to shore up our valuations, cryptos have gone meta.
Some might even say 'cannibalistic'.
What that means is that Bitcoin-based multi-pools have basically turned to chewing up the wealth of other coins, strip-mining their value to convert to BTC. And that 'demand' for their coin is one of the things helping to shore up BTC's price right now.
Now, yes, this has always been kind of a 'thing' but with low amounts of people coming into our collective worlds, we've become much more vulnerable to these sorts of problems.
Unfortunately, even after Digishield has been added, it turns out that we're still in a bit of a bind, considering that we are, by far, one of the most profitable coins to mine.
Even with the halved output, our coin is up near the top of the charts.
If our NASCAR project goes off without a hitch, reminding people that we're still here, the influx will only highlight and strengthen us - a temporary influx of value for Multi-pools to strip-mine from us.
Promotion and Charity are good 'top ups', but they do little to help us long-term, especially when we don't make the best of those opportunities.
So what do we do about this?
Lots of folks have talked about changing core elements of our coin, about adopting technology that, yes, will block out multi-pools and ASICs... at a cost of locking out pretty much everyone else too.
The people with money to invest in mining are going to invest it in mining and it doesn't matter whether they're buying 40 new video cards or building server farms or creating botnets to mine for them.
These issues don't fix the core of the problem:
To the people who want to mine us dry, we're a source of income and nothing more.
The only way forward out of this tunnel, that I see, is to be out there, creating a base-level of demand.
In order to survive those who, well, simply don't care about us, we need a strong DOGEconomy. Something to help sop up the soggy coins laying around on the exchanges, pulling down our valuation.
Some have mentioned that the best way forward is to do the same to others - That DOGE should strip-mine other coins in order to inflate our price.
Of course such a tactic would be entirely an illusion - "Robbing Peter to pay Paul" as my grandfather would say - and we'd be enacting upon others that which we've already had done to us.
If we don't like it, how then can we be so bold as to go and do it to others?
The way forward is going to take the time and work of many Shibes; we can still have fun, still laugh and enjoy ourselves, but we're going to have to get our paws dirty.
I want to remind you of this bit of perspective from our friend and co-founder BillyM2K - shared in a post made on our two-month anniversary:
"The moment that people stop trying to participate in making positive things happen and start complaining that others need to do things for them is the moment a community starts to get sick. When no one is trying to make things happen and everyone is complaining that others do those things for them, that is when a community dies. Let's not let that happen."
My friends, this isn't the time to get depressed, to look wistfully at the moon and say 'it was a fool's errand'.
This isn't the time to look to the Shibe beside you and expect them to carry your load.
The moon is still there, our goal and the roadmap to get there has never been clearer.
But it takes a want.
A desire to build, even when it seems like it is all crumbling around you.
So, please, don't lose heart, my friends.
Because the work we do now will pay off down the road.
But we need to start building. And fast.
It's 7:48AM EST and we're at 63.37% of DOGEs found. Our Global Hashrate is holding well at ~77 GigaHashes per second and our Difficulty is bouncing around between ~821 and ~1501.
As always, I appreciate your support!
EDIT: Changing our tech, Strip-mining other coins, they're bandaid solutions - but they won't fix the core issue, which is this:
Right now the only major 'demand' for Dogecoin is as a stepping stone for others to get access to the coin they really want.
EDIT 2: Congrats to inneedofaname as their idea to 'fund' was voted forward with 51 votes and will be the community's first week-long effort. The Action thread - to get the idea up and off the ground is - can be found here.
EDIT 3: Weekly Community Voting Thread - Week 2 - Day 1 is now up! Put your ideas forward to be voted and actioned next week!
submitted by GoodShibe to dogecoin [link] [comments]

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