AI Summary
5 min readMemes Rule The World: Dogecoin's Creator on the Power of Internet Culture
The episode opens with the hosts discussing a "vampire attack" on OpenSea, the dominant NFT marketplace, by a newcomer called LooksRare. The attack worked by airdropping LOOKS tokens to anyone who had traded on OpenSea, rewarding them based on their transaction volume. One host claimed roughly 3,000 LOOKS tokens worth about $15,000 at the time, simply by listing a worthless NFT for sale on the new platform. He immediately converted the tokens to ETH and then to USD. The mechanism is straightforward: LooksRare scraped public blockchain data to identify OpenSea users, then offered them free tokens as an incentive to list NFTs on the new marketplace. The tokens gained real value because people began trading and staking them, creating liquidity. The host staked his tokens at a 950% APR, partly to learn more about the protocol. The hosts see this as a case study in Web3's ability to let users "vote with their feet" credibly, forcing centralized platforms like OpenSea to compete on fees and features. They note the irony that the biggest crypto companies—Coinbase, OpenSea—are still centralized, and attacks like this can "chip away at the veneer" of those incumbents.
The Dogecoin Origin Story
Continue reading the full summary in the app — free to try.
Read Full Summary →Free • No credit card required
Never miss an episode of The Startup Ideas Podcast
Get every new episode summarized in your inbox — free, ~5 minutes to read.
No spam. Unsubscribe anytime.
What you'll learn
- 1 (00:00) **Cold Open & Banter** - Hosts Greg and Mario banter about a retro headset and their drinks for the episode.
- 2 (01:45) **Episode Preview & Ad Break** - Hosts tease a special guest and run ads for Capchase and Common Stock.
- 3 (03:42) **LooksRare's "Vampire Attack" on OpenSea** - The hosts discuss the new NFT marketplace LooksRare and its airdrop strategy to steal users from OpenSea.
- 4 (15:58) **Introducing Guest Billy Markus (Shibetoshi Nakamoto)** - The hosts transition to their main guest, the creator of Dogecoin.
- 5 (22:00) **The Origin Story of Dogecoin** - Billy recounts how he created Dogecoin as a joke in a few hours.
- 6 (31:50) **The 2021 Dogecoin Surge & Billy's Regret** - Billy discusses watching Dogecoin's price explode in 2021 after selling his holdings in 2015.
- 7 (44:39) **Memes, Community, and the Future** - The conversation shifts to the power of memes, community building, and Billy's predictions for the future.
+ Full timestamped outline available in the app
Show Notes
Have you heard the story about the crypto founder who sold all his crypto for $10,000 only for it to be worth billions many years later? On this episode of Where It Happens, co-hosts Sahil Bloom (@sahilbloom) and Greg Isenberg (@gregisenberg) get to the bottom of one of the craziest stories by speaking directly with the co-creator of Dogecoin Billy Markus (@BillyM2k). He explains his early experiments in crypto, how he created Dogecoin, the truth about his famous sell, the future of cryptocurrencies, and a special message for Elon Musk.
Want more community? Learn more here: http://trwih.com
SPECIAL THANKS TO OUR SPONSORS
COMMONSTOCK
Why settle for the old model of investing when new options offer you so much transparency to help you grow your wealth? Commonstock is the home of smart money and an innovative social media approach to investing. We both love the platform and have used it to enhance our financial strategy.
Commonstock is a social media platform like Reddit, but it removes anonymity and adds transparency. The app lets you see what smart money investors are buying and selling – in real-time – all while letting you see their reason why. This way, you know whether investors have skin in the game, or whether they only talk a big game. It’s a great way to get insights that support your investing strategy.
To learn more and sign-up today go to commonstock.com.
CAPCHASE
Today’s show is sponsored by Capchase.
Capchase is a new financing option for fast-growing startups. They are offering Where It Happens listeners .25% off their first draw, preferred onboarding, and more. Their main product Capchase Grow lets you tap into your future revenue today, meaning you can reinvest in your business faster. We love what they are offering to business owners.
To learn more go to capchase.com/room
More from this podcast
The Startup Ideas Podcast →