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 joj 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 master coin 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 uh and uh there was a joking comment about doge getting smart contracts before us and conquering the entire world uh doge has always been for our industry kind of a an inside joke a pet rock a fun mocking cryptocurrency light-hearted thing uh 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 uh and market manipulation by clever wales 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 al grants the tasos the avalanches the cardanos the f2s 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 tasos and the algorithms and the avalanches and the cardanos and doge the science alone the paper's 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 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 uh and it's getting too big 45 billion 50 billion what happens when it gets to 100 billion it gets 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 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
