From Dogecoin to Twitter: The Making of the Everything App

Depending on whom you ask, Elon is either an egotistical villain or a savior. He is currently the world’s richest man, with a net worth of about 200 Billion. Well, with that kind of money it becomes easy to create products that have a direct impact on people’s daily lives- with huge repercussions.

Now, Elon is not your average billionaire. Most of the time, he has swayed the masses to his favor, much to the chagrin of big tech. This has turned him into somewhat of a cult, with a huge following and an enviable portfolio of companies that seek to upend conventional beliefs and corporations. From Neuralink to Space X , Tesla to the Boring Company, he is an entrepreneur who seeks to “disrupt” global order as he strives to achieve what may somewhat be thought to be impossible — until it’s done.

Twitter Acquisition and Association with Dogecoin

Elon’s recent acquisition of Twitter may not have come as a surprise, seeing the influence this app has on disseminating and sharing “truth”.

He offered to buy it at a ridiculously high rate ( USD 44 Billion)- perhaps an indication that he believed the app was worth a lot more. The buying process was initially marred by accusations and counter-accusations, until the deal finally went through at the end of October 2022. After purchasing it, he said that he intends to make Twitter the most accurate source of information across the world by empowering citizen journalism.

” It is important for the world to have a common digital square where a wide range of beliefs can be debated in a healthy
manner without resorting to violence” ,

he stated in a statement after the acquisition.

Recently, Elon shared screenshots of an internal meeting he had on Twitter- showing the progress of the platform and future plans that included introducing a payment system. This caused Dogecoin to rally and gained about 19% from the news. The relationship between Elon and Dogecoin isn’t new. From the time Elon bought Twitter, there were rumors that the company has been working on a development that would allow crypto payments, and the market interpreted this to mean Dogecoin would be the choice of crypto. Elon has also been posting dog-themed memes
on his account, perhaps confirming the widely held beliefs that indeed this may be the crypto that would most likely be adopted on the platform.

The Everything App

How he intends to promote global truth, we are yet to know, but one thing is for sure, he is on a mission to redefine this space and we are already seeing lots of resistance from Big tech — If recent rumors of Apple delisting Twitter from its App store are anything to go by. What we also know is that this acquisition may gel well with his desire to create an app that he once called the x app or the everything app- something similar to TenCent’s we chat or Alipay, but for the world.

Also called a super app, an everything app is an app where you can do everything without leaving the app. Think of it as a single app that contains all the digital services you may need-from chatting to booking a hotel,
even hailing a taxi, or making payments to your local store. These apps are dominant in the Asian region. In China, an app like Wechat is ubiquitous and essential for everyday use. More than a billion people have access to We chat in China and use it to do basically everything from paying bills to booking medical appointments. Other apps in Asia that have adopted this model are the Grab app in Malaysia and Singapore and the Line app in Japan.

Elon once mentioned that acquiring Twitter will accelerate the development of X or the everything app by at least three to five years.

We have already started seeing developments geared towards attaining this goal, especially with the launch of Twitter 2.0. It seems that Elon would like to ape the models of Wechat, Grab, and Line but this time scale it up for the global audience. So basically, the X app would be the same as Wechat, but for the world. If the recently shared screenshots on his Twitter page are anything to go by, then the new app will include video streaming, video chats, long texts, and payment platforms- building blocks for a diversified platform.

Add Neuralink to all this talk and the conversation on what this app may accomplish changes. Neuralink is a company owned by Elon that wants to implant coin-sized computer chips into human minds.

They recently stated that they are awaiting FDA approvals and will start trials for this in the next 6 months. So, maybe, Elon’s goal for the X app is to ultimately have it work as a computer- chip implanted in human brains and do “ everything”, if it could.

Challenges in Setting up the Everything App

As he pursues this goal, there are hurdles that have to be overcome. Firstly, he is not the only entrepreneur that wants to create this app.

Some companies have already tried this and achieved success (within their geographies). He is therefore bound to face stiff competition from these companies and other big tech companies that are working on this- Facebook is a good example. Facebook is striving to create a platform that will be a melting pot for all online services- from payments to interactions and even booking appointments. Other big tech companies that have also made forays into this domain are Google, Tiktok, and even Uber. Secondly,
most people, especially in the West, are not accustomed to this and may find it hard to adopt a single app that “does everything”. This may explain the modest success achieved by other big tech companies that have tried to launch this kind of app in America. Finally, regulatory hurdles may arise, especially if he were to incorporate crypto payment solutions.

Even with all these bottlenecks, Elon doe not shy away from a good fight. He has demonstrated time and again his ability to get into industries that are considered ‘impossible to penetrate and deliver game-changing products that reshape an entire industry. Wishing him away may not
be an efficient strategy. Savvy investors may try to get into some of the
companies/ solutions that would most likely be adopted into this trend.
Cryptocurrencies like Doge are a good buy at this stage.

It will most likely continue its upward trajectory for as long as Twitter intends to create a payment gateway. However, there is no guarantee that it will be X app’s currency of choice.

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You’ve bought Dogecoin? Now what?

A friend messaged me a week ago to tell me they had bought Dogecoin. My eyebrows rose slightly, although it was a wet weekend, so buying DOGE was probably a form of indoor entertainment. It may also appeal to dog lovers: the Shiba Inu is pretty cute compared to the symbols all the other altcoins use. I mean, if there was a Peppa Pig token, I expect my youngest would be begging me to buy it.

Elon Musk (yes, him again) did a lot for DOGE by calling it ‘the people’s crypto’ and tweeting that SpaceX would put a literal Dogecoin on the moon. Plus, Mark Cuban told Forbes that Dogecoin was “the best entertainment for your buck” and noted that he had bought some Dogecoin for his son. There, you see – it’s entertaining and it has the dog!

Still, let’s not forget the say about he who laughs first! Dogecoin has been soaring: it’s up more than 300% over the past month — and it has surged more than 10,000% in the last year. That’s remarkable, but what can you do with it?

You need a BitPay card

BitPay’s Mastercard now supports DOGE. So, if you have a BitPay card you can now use the Shiba Inu-inspired currency to make purchases online or in stores. BitPay has also added support for the Apple Wallet, so you can store your BitPay card in your iPhone and fund Apple Pay purchases with crypto, including DOGE. Sadly for some, BitPay is only available in the USA.

The downside of Dogecoin

Nobody else seems to be remotely interested in DOGE. Coinbase won’t list it, which is very important, because Coinbase has a more stringent vetting processing than many exchanges. The Motley Fool says, “Dogecoin’s absence underscores management’s lack of confidence in its long-term potential. And given Coinbase’s scale, that’s a serious problem.”

Dogecoin hasn’t made the cut with PayPal either. Its recently launched Checkout with Crypto, allows consumers to fund purchases with cryptocurrency, and with the size of its user base, the absence of Dogecoin is a blow to the altcoin’s owners.

The problem for Dogecoin is that its utility doesn’t match its popularity, and while it has made huge gains thanks to its celebrity followers, such as Gene Simmons and Snoop Dogg, as well as Musk, there is no guarantee this level of excitement around it will continue.

It’s basically a ‘fun buy’, and there is nothing wrong with that, just don’t expect too much from it.

Dogecoin passion could prevent government crypto bans

Dogecoin, which has existed for a few years, is not a cryptocurrency of the usual kind. It’s a fun, ‘meme’ coin and Elon Musk, Gene Simmons, The Jonas Brothers and Snoop Doge have been having some fun with it recently. However, although it has no utility, Noelle Acheson, says “it embodies two key themes impacting institutional interest in crypto assets: the role of “fundamentals,” and the likelihood of successful government bans.”

Acheson asks if fun should drive value (Dogecoin is up 1,350% in 2021, and answers her own question with, why not? She points to GameStop (yes, again!) saying that the market’s understanding of ‘value’ is shifting. Matt Levine at Bloomberg summed it up: “Money and value are coordination games; what we use for money depends on the channels that we use to coordinate social activity. Once society was mediated by governments, and we used fiat currency. Now society is mediated by Twitter and Reddit and Elon Musk, so, sure, Dogecoin.”

Even Dogecoin’s founders have no idea why its success has continued some seven years after launching it. But they can’t remove it, or close it down, because Dogecoin runs on a public, decentralized blockchain that no one controls. So, it will probably continue to exist so long as people value its fun element.

It’s about passion

GameStop and Dogecoin both exemplify what community passion can achieve, and how it may potentially block government bans on crypto. For example, India tried to ban cryptocurrencies recently, but the community mobilised, created a hashtag and rallied its members to lobby government representatives. They pointed out that the country has 10-20 million crypto users, plus 340 startups and 50,000 employees in the crypto space.

Something similar happened in Nigeria where the central bank ordered banks to close the accounts of cryptocurrency users. There was a public outcry, and the central bank had to issue a press statement “reminding the public that the rule was not new, and that it was for their own good.” The central bank had to unblock accounts of 20 people involved in the #EndSARS movement, which was about the dissolution of a federal police unit with a reputation for fierce brutality. Acheson says, “The fact that the accounts were frozen in the first place is one of the many reasons seizure-resistant cryptocurrencies are rapidly gaining in popularity amongst Nigeria’s young.” It is also the case that Nigeria is gaining recognition as Africa’s Silicon Valley, and trading crypto assets is a way of life for many young people. They have new tools to work with and a growing disrespect for institutions. Because of the central bank directive, they are simply moving from exchanges to peer-to-peer channels. As a result, the politicians have taken notice,, and some prominent voices in government have spoken out against the ban. Other countries will be watching this with interest, because as Acheson warns, “the very act of attempting to repress cryptocurrency’s use could light a fire under a generational understanding of why it’s necessary.”