Welcome to Elon Musk’s Dogecoin Dystopia

by Apr 4, 2023Articles


Twitter changed its iconic blue bird logo to the Dogecoin symbol today.

You can see it on the screenshot below (top left):

This isn’t a delayed April’s Fools joke, this has actually happened.

And it a symbol that something’s rotten in the world of Web2.

What is Dogecoin?

Dogecoin is a meme-based cryptocurrency shilled by Twitter CEO and space botherer, Elon Musk.

It doesn’t have any intrinsic value (it has an unlimited supply) or world changing use case.

It’s really just a token with a dog’s face slapped on it.

And yet the move has sent Dogecoin’s price soaring by nearly 30%, at the time of writing.

No doubt the Twitter logo will switch back soon enough, but it doesn’t matter. It’s too late.

We’ve nose dived into digital dystopia

Musk’s actions show that the whims of tech oligarchs can quite literally move markets.

He’s a self appointed dictator at the helm of a 450 million strong online nation, and we should be very concerned.

Does this sound like an overstatement?

I don’t think so.

In the space of a few clicks Elon could, if he so chooses, subtly alter Twitter’s algorithms and manipulate the behaviours of hundreds of millions of people…

He could do this at any time and we might never know about it.

A subtle shift to the news feed that delivers 10% more outrage…

A tiny tweak to the hash-tag ‘trends’ that favours allies’ business or political interests…

Maybe he’ll prove benign, maybe all of this is careless frat boy antics.

Whatever the intention, there’s an important question here:

Do you trust any single individual to wield such power?

Should one man hold the puppet strings?

… be trusted not to get drunk on his power, or tempted by his own self interests?

All this is made possible because the foundations of our current social media platforms are rotten.

The engine room of the public forum is closed, secret and centralised.

There’s no transparency, there are no real checks and balances.

Stories like this underscore the dangerous ‘new normal’ we find ourselves in with big tech and Web2.

(And by Web2 I’m talking about the current incarnation of the internet).

Stunts like this also fan the flames of confusion and misunderstanding surrounding crypto.

For those uninitiated with the technology, it can reinforce the perception that anything crypto related is a speculative bubble driven by hype.

This tragic misunderstanding (which is relentlessly replayed over and over) can overshadow the world changing potential of blockchain technology.

With a single finger snap, the CEO of a major social media platform can send financial markets into a frenzy.

And we’re powerless to stop it, aren’t we?

Crypto and Web3: The path to decentralisation and the crushing of big tech cartels

Crypto technology has the potential to change things.

At the heart of all of this is decentralisation.

It’s a horribly jargony term (I don’t know who comes up with these) but once it clicks it’s one of those ideas that is imbued with a magic and power.

It makes you think: “how on earth have we been operating with the current broken system for so long”.

Web3 shifts control away from corporations and individuals toward a more distributed model.

And decentralisation helps address many of the problems associated with the rotten foundations and abuses of big tech and Web2.

It reduces the power of single individuals or corporations to manipulate markets – instead decisions can be made collectively by its network of users in a fast, safe and efficient way

It promotes transparency and trust – as I always say, blockchain technology automates trust.

It creates an immutable, publicly verifiable record of transactions and actions… not a murky pool of vested interests.

It encourages competition and innovation – decentralisation breaks down the barriers to entry…

It fosters a more open, collaborative environment.

As we move toward a decentralised future, the influence of tech oligarchs like Elon Musk will diminish.

The Key Takeaway

Today’s big tech dictators don’t necessarily have bad intentions.

But they wield too much power.

A poor night’s sleep can lead anyone to make a poor or rash decision.

Imagine if that grumpy decision maker has the power to tweak algorithms in a way that can impact on hundreds of millions of people’s lives.

Decentralisation is coming.

As we move toward a decentralised future, the influence of tech oligarchs will wane.

The potential for market manipulation and self-interested actions will diminish.

This shift will enable a more level playing field, more opportunity and more value.

And it will be thrilling to watch.

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