“There’s a squeamish delight in ‘getting into crypto’ at a time of life when you’re supposed to be hitting safer stuff – real estate, gold, municipal bonds.” page88 shares the new hobby her partner picked up during the pandemic. From 1843mag
e bought a beaut of a truck this summer: a second-hand, barn-red Nissan Frontier with a cab that fits four and a cargo bed big enough for stacks of plywood sheets. During the pandemic my partner, Richard, started a business restoring old houses, so he needed a spacious pickup. Our purchase was unremarkable – except that we paid for it with Dogecoin, a cryptocurrency that had little value or prominence at the start of the year.
He spent around $50 buying tens of thousands of Dogecoins for less than a cent a pop. Tell me it doesn’t feel good to have that many units of any currency in your digital pocket, even if those coins are writ on water. By contrast, most people can afford to purchase only a fragment of a Bitcoin, which over the past three months has fluctuated in value between $30,000 and $65,000.
Then things got really crazy. Mark Cuban, an American businessman, started barking about Doge on Twitter. The Dallas Mavericks, the basketball team that Cuban owns, began accepting Dogecoin as payment for tickets. Musk would cryptically tweet “who let the Doge out” or just “$DOGE” along with the rocket emoji. The price zoomed. The doge devotees chanted that this dopey memecoin would go “to da moon”.
Like a motorcycle, crypto keeps you young, where young means moody, desperate and on the cusp of danger We nervously tuned into the show that evening. The cast of “Saturday Night Live” was rumoured to be ambivalent about Musk who, as many people see it, has threatened union organisers and spread disinformation about covid-19. Some worry about the environmental effects of cryptocurrencies, too, as the computer power needed to generate more coins burns through a lot of electricity.
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