Dogecoin=Facebook, Bitcoin=MySpace

Why Dogecoin will succeed.

Here’s a list of comparisons of Dogecoin to Facebook:

1. Both started as a total joke. Dogecoin as a meme currency, Facebook as a dorm “hot-or-not” popularity contest.
2. Both experienced immediate, unprecedentedly massive growth.
3. Both built on the most successful mechanics of existing players. Dogecoin is a Litecoin clone, which was itself inspired by Bitcoin. Facebook cloned many of the UI features of Friendster, Myspace, etc.
4. Both have ambitious, nobel social missions. Dogecoin as a means to “share and connect” wealth, Facebook to “share and connect” people throughout the world.
5. Both have a defining, mythical leader. Dogecoin has the Doge itself. Facebook has Mark Zuckerberg.

Here’s a list of comparisons of Bitcoin to Myspace:

1. Both were the 1st major mover in their spaces.
2. Both were dominated by awful clientele. We can debate about the extent to which this is perception vs. reality, but Myspace was known as a place for bad kids. Bitcoin is most known for being used by porn websites and drug dealers.
3. Both were fallen by repeated technical disasters. It was a running joke how much of the Myspace website regularly didn’t work. Mt.Gox, the oldest, biggest Bitcoin exchange has had several flameouts leading to massive panic.
4. Both had ineffective or even evil leadership. Myspace had many well-documented management issues and then they were bought by News corp! One of Bitcoin’s most prominent supporters, Charles Shrem, was recently arrested for money laundering and faces years of jail time.
5. Both got pinned down as niche products. Myspace was the place for music and then came iTunes. Bitcoin is seen as a fringe payment method offered by desperate companies, e.g., Zynga, to generate publicity.

“You know what’s cool?”-Justin Timberlake/Sean Parker

I don’t think it’s gonna be the 21 million Bitcoins. My hunch is it’s the 100+5% (such inflation!) BILLION Dogecoins.