Sunday, May 9, 2021

☕️ Dogecoin millionaire

This wasn't in the job description

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May 09, 2021 | View Online | Sign Up
Mother's Day hero

Ariel Davis

IN THIS ISSUE

A History of Recalls

We Talk With a Dogecoin Millionaire

A Fixer-Upper in Maryland

 
 

Editor's Note

 
 

Good morning and Happy Mother's Day! Gotta be a little selfish and use this section to shout out my own mom, right? Thanks for everything, Mom, love you! And, of course, we're dishing a huge helping of gratitude to the rest of the mothers and mother figures reading this. I love you too!

I'm also happy to report that so far this week we've raised more than $3,000 for the National Diaper Bank Network. But there's still time to add to the total. So, once you're done reading Sunday Edition, slam the share button, spread the Brew to friends and family, and help us raise even more money for a great cause. We're donating $1 per referral. 

—Neal Freyman

 

CULTURE

 

Stock Watch: Recalls

     
 

Q&A

 

Icebreakers with... Carlos Watson

Carlos Watson headshot

Carlos Watson

Carlos Watson is an Emmy-winning journalist who has a longer list of travel recommendations than anyone you'll ever meet. Watson founded the media network OZY in 2013 and spends his time talking to past presidents and tech billionaires on The Carlos Watson Show

Next weekend, you can catch Watson asking more famous people questions at this year's virtual OZY Fest, but for now, we ask the questions...

You've traveled to over 50 different countries, what's your best travel advice?

Every place I go, I find universities and I find where they play basketball. You'll always meet interesting locals that way.

What is a question that you wish people would ask you?

"Why are you not on the Lakers?" I'm a notoriously bad basketball player, but I'm a legend in my own mind. A more serious question...I wish someone would ask me, "What are your favorite books?"

What are you looking forward to right now?

I'm looking forward to the sun, more of it. I'm looking forward to playing pickup basketball. Again, that theme returns. I'm looking forward to seeing some parts of the world again. I'm looking forward to seeing my buddy José at the YMCA. José is 87 this year. He works out two hours most mornings. I haven't seen him in a year and he always encourages me and reminds me when I'm slacking off.

What is an outdated piece of advice that you wish people would stop giving?

"Don't worry, it'll be okay." There are times when it will be and it's good to get that perspective, but there are other times when it's really important to acknowledge that it's not going to be okay unless you do something very different.

You've interviewed lots of famous people in your career, what's your favorite question to ask?

I love to ask people the most interesting thing they've ever learned about love—it's a really good insight especially from people like Wynton Marsalis and Ava DuVernay. I love to ask the most beautiful place they've ever been. And I love to ask people what their karaoke song is.

What is your go-to karaoke song?

If my sister Carolyn is there, we sing "My Way" by Frank Sinatra together. But if she's not there, then I will happily sing "The Gambler" by Kenny Rogers.

This interview was lightly edited and condensed for clarity.

     
 
Barron's

 

WORK LIFE

 

That's Not What It Said in the Job Description

Make It Work logo

Each week, Morning Brew's Head of People Ops Kate Noel answers reader-submitted questions about work in 2021. 

"My job is becoming more than what the job description outlined. What should I do?"—Joel, Sacramento

Hey, Joel, why don't you make this an opportunity to do a check-in with your manager? You'll want your manager to be aware of the additional work and talk through the expectations for your current role. Speaking with your manager may also help you understand why you're being asked to do more than expected. Also, let them know if this kind of work is something you might be interested in continuing. Who knows? This could be your chance to grow within the company. 

"I have a very strong urge to quit my job to pursue something I'm actually interested in but am scared to quit. What should I do?"—Marcia, New Jersey   

Good on you for wanting to take that leap of faith! I would do a little bit of research before quitting, because it sounds like you're still trying to figure out what you actually want to do next. An easy way to fumble the bag is to not have a plan. Stick it out at this current job and use it to your advantage. I also hope that you knowing that you're planning your exit helps with whatever it is you're feeling about your current role. Good luck and let us know how it all works out!

"Why is Kate so beautiful?"—Earl 
 
Don't know but shoutout to my mama and 'em.

Something bothering you at work? Ask Kate for advice here.

     
 

ANALYSIS

 

Meet a Real-Life Dogecoin Millionaire

Jasyn Prolifiq headshot

Jasyn Prolifiq

"I'm just a dude," Jasyn Prolifiq said. Prolifiq is 33 years old and lives in Los Angeles. He works a 9–5 making YouTube videos for an online hip-hop magazine, he loves his family, and on April 15 he became a dogecoin millionaire.  

Prolifiq first got into investing a few years ago when he bought his first Tesla stock. He's always been a saver, resisting the urge to replace his 2004 Toyota Corolla that's falling apart. "The mirror on the side is broken and every time I try to superglue it, it just melts down the side of the door."

After watching r/WallStreetBets traders initiate the epic short squeeze in GameStop's stock this winter, Prolifiq decided to go all-in on doge. He maxed out two credit cards, borrowed money from family and friends, and put his entire life savings into dogecoin through the Robinhood app. Prolifiq said he invested ~$180,000 into the meme stock when it was less than $0.05 on February 5, and on April 15, exactly 69 days later—an important number in the doge community because of...well...the cultural significance—he broke $1 million in holdings.

How'd he get there? 

February 4: Elon Musk tweeted that "dogecoin is the people's crypto" and posted a photoshopped image of him and doge. 

February 7: By 6:59pm ET dogecoin hit $0.08.

April 15: Dogecoin hit $0.29 and Prolifiq became a paper millionaire.

May 5: Prolifiq's holdings rose to $2.7 million when dogecoin hit $0.65, up 13,960.31% YTD and close to its all-time high of $0.69, per CoinDesk.

Last night: Elon Musk hosted SNL, which, yes, some commentators linked to the run-up in doge prices. 

It's not that crazy to draw the connection; after all, satire is part of dogecoin's DNA. The crypto was created by software engineers Billy Markus and Jackson Palmer in 2013 as a parody of other "altcoins" (cryptocurrencies other than bitcoin) that were all about getting rich and hoarding digital assets. Its rise has been fueled by social media—tweets, memes, and cultural events like the 4/20 pot holiday—inviting speculative traders who want to make a quick buck.

Which is also what makes it sketchy

Dogecoin lacks infrastructure and practical use cases, says Galaxy Digital Research in its recent report. And while it's one of the oldest cryptos on the market (a year-and-a-half older than ethereum), it hasn't seen much real development compared to bitcoin's bustling ecosystem.

In February, Elon Musk said that people should not be putting their life savings into cryptocurrency. 

So what about the guy who did? Prolifiq remains bullish about the crypto, but he's also preparing a content side hustle for whether dogecoin goes to the moon or burns up before it reaches orbit. He's already bought the web domain www.thedogecoinmillionaire.com and snagged "thedogecoinmillionaire" handles on YouTube, Twitter, Instagram, and TikTok. 

"The longer I hold, the more I can create content on top of all of this, even if it goes down, guess what? That's content. People want to see me lose a hundred thousand dollars," he said. Eventually, he wants to start a record label, buy his mom a house, and, "Once Tesla accepts dogecoin, I'm buying my first Tesla."

Read the Matty Merritt extended cut with a deep dive into doge and the perfect Ben Affleck joke here.

     
 
Route

 

REAL ESTATE

 

Open House

It's Open House o'clock, the only time of day when it's totally normal to whisper, "I want that," at your screen. We'll give you a few facts about a listing and you try to guess the price. Today's home is courtesy of the most addicting Instagram account, Cheap Old Houses.

Keller Williams Premier Realty

Welcome to the most colorful house in Hagerstown, MD. This 1,772 square-foot duplex was built in 1904 and is within walking distance of the town's main street. The inside needs a little fixing up, but it's definitely got the charm that makes you want to quit your newsletter writing job in a big city and renovate a vintage home in a town you've never been to. Amenities include:

  • 4 beds, 1.5 baths
  • A finished(ish) attic
  • 10-foot-tall ceilings 
  • A lil' alcove for your stove

So, how much for your next project? Scroll to the bottom for the price.

     
 

RECS

 

Just Click It

  1. Maybe it's time you take a sabbatical. (Lenny's Newsletter)
  2. Following up on last week's Sunday Edition: How Basecamp blew up. (Platformer)
  3. How two Black CEOs got corporate America to pay attention to voting rights. (Washington Post)
  4. Public health and privacy collide in the sewer. (Undark)
  5. How thrifting became problematic. (Vox)
  6. Which animal has the stretchiest mouth? (Live Science)
  7. How to write a cover letter and not hate the process. (Morning Brew)
  8. Ontario businesses are in a sign war with each other. (BBC)
  9. The inside story of TikTok's tumultuous rise—and how it defeated Trump. (Forbes)
  10. It's not too late! Find a perfect present for the newly minted grad in your life. (Sidekick)

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*This is sponsored advertising content

 

CONTEST

 

Meme Battle

Welcome back to Morning Brew's Meme Battle, where we crown a single memelord every Sunday.

Today's memelord: Austin in Nashville, TN, with some very relatable content.


 


This week's challenge: You can find the new meme template here for next Sunday. Once you're done making your meme, submit it at this link. We'll pick a new memelord in next week's Sunday Edition and provide you with another meme template to meme-ify. 

     
 

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ANSWER

 

$105,000

     

Written by Jamie Wilde, Matty Merritt, and Neal Freyman

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