DOGE is a Meme for the People | PleasrDAO's Andy8052 and Jamis Johnson

Transcript

all right bankless nation we are here with jameis johnson and andy8052 from pleaser dow actually andy we've had andy on like three times in the last two weeks all regular things uh but pleaser dal has something brand new for the crypto world which i think is going to be a fun new toy that we all get to play with so so guys what has pleaser dow just done uh jameis we might want to take this one yeah it's a new day it's a new day for memes we have fractionalized the og doge the the meme of all memes the mona lisa of the internet uh and we're auctioning it off on miso 20 supply on me so

it's a big day for all of us we've had this cooking for a long time i mean the the first idea we had when we uh went after people pleasers unit swap piece was to fractionalize it so this is about five months coming and it's a crazy day okay so we got to back up and start the story at the beginning um and so i'll just rush through the very beginning early of uh genesis of pleaser dial please reveal came out because uh people pleasers unit swap x times y equals k uni unicorn gif uh announcing unison v3 came out and hayden and a few other people all joined created the dow really hastily in order to purchase people pleasers art then it

kind of took a mind of its own and people pleaser started to be turned into a capital coordination dao to purchase really really cool like crypto internet culture and one of the things that it bought was the original doge picture who was sold by the owner of the dog the doge that that created the doge meme and then how much did people that did please or dao how much wood did that cost please or dad what was the cost of that one it was uh 16696 eth 1696 eth i think that's around like six million dollars today um and we bought it from otsuko who is the uh

i think she's in her 70s now in japan she's a school teacher and she posted this photo in 2010 and it's like you know it's like a butterfly flaps its wings back in 2010 and now we're talking about electronic math money flooding through the ether it's very it's very weird but it's it's you know that's what memes are it's fun all right so in the crypto world when you say doge generally people think dogecoin but what people pleaser or excuse me what pleaser dao purchased was the actual genesis of the same meme that spun up dogecoin right and so i want to tell you that topic she uploaded the original photo and uh she worked with the ethereum foundation

to get this all right and it was sold on zora uh we're in contact with her she doesn't speak english so it's a little tricky but um yeah it's all it's come so far it's really fun so okay so let's let's go and dive into what is unlocked here and and andy i want to turn to you here uh you were you've been a part of pleaser dow but you've also been focused on your own fractional platform which just got um some some uh some seed funding from paradigm so congratulations on that uh when did uh fractional as an idea come to you and what was that before or after pleaser dial got started so i think it was before yeah it was i started working on fractional in

february so it's been about seven months um pleaser dow came to be five months yeah march 26 yeah yeah so um so yeah i've been doing it for a bit but it was super super early at that point um and yeah kind of pretty early on in the formation of pleaser using fractional or fractionalization in general kind of felt like the logical progression of what we were doing um but we didn't totally know what it was ever going to look like or how we were going to do it or anything and then

we like had ideas for some of the other stuff we had and then once we had the chance to get doge we were like this this has to be the first thing that we do it's just too perfect we were even thinking of being the like grand opening piece for fractional but for various reasons that didn't happen but um okay so so let's go into where we are today so pl uh pleaser excuse pleaser dow has has a ton of capital locked up in illiquid nfts which it doesn't want to get rid of right wants to keep those nfts probably um and so fractional is a tool for pleaser dao to gain access and unlock some of the capital inside of its items and also put more of those items into the hands of

more of those people by the process of fractionalization so let's go through some of the details as to how how do you guys plan on getting this 6 million dollar doge nft which is a deep part of of internet culture into as many different hands as possible you guys are starting with a sale so let's go into the details of the sale how is the sale mechanism actually what are the details behind the sale so it's a we're doing a miso batch auction so essentially all of the ethereum that's contributed to that sale we will be distributing 20 of the entire supply to all of the participants pro rata so if you bought if you had one percent of the contributions you would get one percent

of the 20 of tokens being distributed and that's just kind of that's our first move um we feel very responsible for this piece we want to be good stewards of the community and this piece so we want to take our time to do it right to ensure that we can kind of hit an escape velocity of mimetic following in a community that's really strong we have a handful of ideas for releasing tokens to to collectors and people who are members in this community uh without any downward price pressure we have a dev fund set up that will basically be dedicated to building out

events uh we're going to be doing a lot of merch we're going to be doing a lot of you know we're here to surprise and delight we want to do a bunch of things that are surprising and planned uh we and we need devs and we need artists and we need people to to uh participate so if you're listening to this you know come to our discord this is a perfect chance to get in and like be a part of a community and a movement um we have 2 000 people in the discord right now i think uh we need as many people to help with this as possible but we are also made we are also going to hold a significant chunk because you know on fractional if you if if you

have 51 of the tokens you can prevent an auction you know and we kind of look at it as like a 51 attack on a proof of doge network we want to make sure that there are no attacks and that we can properly bootstrap this network um and we you know pleaser dao's main focus is to be good stewards of this piece and to see it all the way through long term and those decisions will have to be made down the road how to get all of these tokens into the hands of all of the community so is the ethos behind this strategy to ultimately release 100 of all

doge uh doge equity of the nft into fractional tokens you guys are just doing it slowly over time so that no one corners the market and ever gains 51 percent or are you going to always keep 51 of the supply of the the fractionalized tokens inside of the pleaser dials like balance sheet the goal is to make a community that is strong and and properly decentralized so yes i would say we want this to be out into the world and you know it takes a long time for things to catch on dogecoin has been around for for a very long time so who knows where we'll be in a few years we may retain ten percent we may

retain one percent we may retain 50. uh we have to make those calls as we go moving forward i think the first step that we have to get over is like you know building a solid community to see this all the way through before we breach that 51 mark but after that i think we're extremely open to figuring out how to get this 100 distributed yeah yeah i think a challenge there is that you know people in pleaser dow still really love the doge nft and want to maintain a non-trivial amount of ownership over it just because we like it and the people in the dow like it

everyone likes it i'm pretty sure uh and so that's i think that's really the challenging part there and that'll take time to figure out but like like jim said the most important thing is just making sure that we're able to bootstrap a community and group people who are all excited about this and you know are happy to be a fractional owner of of doge so that we can kind of have this thing get to a point where pleaser now doesn't feel like uh it'd be doing it a disservice to give away too much too fast or something so this what really gets me excited about this is that uh this has the potential to actually fit that check the

box of what the og version of a dao is and there's in if you want to get really strict about the definition of a dao there's largely only like a smite very small handful of true daos one's bitcoin one's ethereum one is actually i would say the doge blockchain itself as some sort of like emergent organization of participants and i think what you guys are doing is you guys are actually making a new doge social organization and so you guys want the community to take over like ownership and and responsibility over the doge meme by putting it into the hands of more people and seeing what they can do with this new doge like asset on ethereum and see where the community can take it

right so that's why you guys want people to go into discord that's why it's why you guys are having a sale to put hands of the doge meme into more and more people what do you think the community around the doge nft meme could do yeah i mean i think you know we saw that the community already voted to uh change the auction time from 48 hours to 24 hours we want community to participate i think there's going to be a long bridge between you know our custody of this of these fractions and this piece uh into full decentralization but we're looking for i mean we're gonna we're planning to do in real life events merch you know i kind of custody already covered those but we're we're talking

like gated access uh we want nft projects built out um we want to create an entire memetic culture and society and community around this we basically look at dog dog tokens like your your access into this world um and we need people in the discord to kind of come help us build out all these ideas you know depending on the end result of the auction we're going to have a massive amount that we need to deploy into fun projects to to kind of maintain this and build it up this is just one small step in a long road ahead and you've seen like you know board api club has done an excellent job of coming up with really fun innovative

uh things around their community whether it's that game or you know mutant apes uh we need innovative fun gaming projects built out exactly like that right uh so we're looking for devs designers artists anyone who wants to help and i think you know a lot of people ask how to get into placer down there's a longer arc there of our you know we have a longer plan for that but this is a perfect opportunity to kind of come in and and and be a key figure in the dog community in the doge community like this is that moment right and the discord is pretty chaotic right now uh it's really fun we've got a lot of important people that have dropped in uh we have michael from sotheby's

michael buhana i think i butchered his name uh two dollar hot doge is in there krypton's uh path is in there we all love path so much so yeah this is a there's an as we all know there's an infinite number of things that can be programmed on the blockchain especially in nft land and we'd love to explore all ideas so let's actually turn to go back to the details of the sale it's a 24-hour sale and i'm on the website uh right now um and andy if you're capable of uh yeah yeah clicking that link and sharing screen uh so we have 18 hours 43 minutes left as of right now it looks like uh not any doge has been yet purchased i

think people are still waiting for the dutch auction price to go to where they want it to um i could be wrong about that i think so we had right so there's been 2 560 eth uh raise contributed okay oh so okay so it's not it's a batch auction just to clarify dutch auctions are a slightly different mechanism and we had to kind of it took a long time to pick which one but essentially with a bad traction the entire pool that's uh contributed will receive all of the 20 tokens to each uh like your prorated contribution to that pool okay so if it does the timing of when you

deposit ether or purchase doge impact how much doge you will be getting or will the price be everyone's going to ultimately pay the same price per doge unit dog unit it so it is uh dependent on how much is contributed so with the batch auction there's oftentimes people will wait till the end uh towards the end because you know let's say let's say you contributed early on and it was one ethereum and then towards the end it goes all the way up to 10 to 3. now the value has been 10x and you've been diluted 10x so the the pricing mechanism for batch auction is essentially like

as more and more people contribute there's less of an incentive for you to jump in the auction as well and that's supposed to be a price discovery mechanism to find like a fair value price for the uh uh for the piece okay okay is that clear because these auction mechanisms are pretty confusing yeah they are they are pretty confusing especially especially with i don't think too many people have used this this miso platform but it's simply just a function of writing how much putting a number of how much each you want to contribute and then writing the transaction right and then you send the ethan and then and then that's it there's no not too so if i contributed 10 eighth just to make up some numbers and the total pool contributed was a hundred eighth

i would represent 10 of contributions so then the 20 of the tokens that were being distributed uh i would get 10 of that 20 percent so i would get 2 percent of all of the tokens in the supply because it's my share of what i contributed to the pool right okay and so no one is no one is putting in like if two people both put in the same amount of ether they're not getting different amounts of doge back based on when they did it it's just they will both get the equal amounts of ether based on their contributions no matter when they win 24 hours they contributed every single person gets the same price right right yeah well guys and then so is the plan for as the market absorbs the dog

tokens uh the plan is to also just sell a little bit more into the market over time question mark we're never gonna i mean we're not we're not selling into the market we would what it would look like would basically be either i mean the primary mechanism we've been exploring would be like a uniswap range limit order that does not have downward pressure uh we would provide liquidity at maybe outside of the range which would essentially distribute tokens to people who swapped right but it would not have any cell pressure that's we were very adamant that we don't want to dump on anyone this is not our plan at all

so my ques my the other question i have is now we have two competing doges we have doge the currency which is currently valued at 38 billion dollars and we also have dog the fractionalized nft which is actually ownership in the nft that the 38 billion dollar dosh cryptocurrency is based off of uh and so my question to you guys is is dog undervalued i'll let andy take that one that's probably a question that we're not comfortable answering um well we can leave it as a thought experiment for the listener then in that case um i will say one thing that we were talking about you were talking asking earlier about like

different things you think would be cool to see built and stuff like that something that so this was something obviously like once we decided okay we're gonna we're gonna fractionalize doge what do we want to do with it how do we want it to play out people toss around like a million ideas one of the ideas that was really fun that we decided was not right for for us to like bootstrap at launch but i think would be still cool to see is like basically an x die style chain uh proof of authority chain that was instead using dog token and then you would basically have a evm compatible dog token chain dog ecosystem yeah i think

yeah exactly i i think there's a lot of like really cool stuff like that that could be done with this that fits in and can you know fit into a lot of the ethos of meme culture and doge and everything that comes along with that which could be really exciting we would love to work with dutch coin to get a you know finally get a solid doge doge to dog uh bridge [Laughter] dog on dog that's a little uh yeah i mean we also really needed to get it on arbitrary or somehow too because i think that can be really fun to explore there's so much we need the the dog holders can be kind of like the badger holders for bitcoin but for doge instead

just providing doge financial infrastructure on ethereum yeah and why not but yeah and i think in general we view all this is very additive like i don't think we view the dogenft or other doge nfts or dogecoin in any way as like adversaries or competing against each other or competing for the same mind share but that you know we just want to make something that's like building things up and and amplifying the internet culture and all the really cool stuff that was like while we started doing what pleaser is doing in the first place yeah rising doge lifts all dogos the problem with doing shows about this

is that it's just going to devolve into memory left and right which is great um it's so fun i mean that's what brings value right like i think people have consistently underestimated that people like to laugh and people like memes and people like culture and we're seeing that cultural shift on ethereum you know we knew it was going to ingest wall street and ingest the monetary system but i don't think people were quite quite ready for how fast it was going to ingest all of culture and uh yeah yeah that's very exciting and speaking to that uh growing the pi collaborative nature there's obviously a ton of alignment between pleaser dow which has a bunch of capital locked up in nfts and andy's

fractional which fractionalizes nfts into erc-20 units which are inherently more liquid what's the future roadmap plans relationship between please or doubt and fractional are you guys going to please are now going to fractionalize more things with fractional well you know i think each one of these nfts that pliso dao has right now is very unique in my opinion and maybe you could love together all of the people pleaser nfts we have in some way but for the most part we have a pretty wide array of nfts and i think each one kind of deserves its own like thoughtful time to figure out what exactly it is and you

know kind of like at the end of the day our mission is to get really valuable nfts that we think are like super important to the history of the internet and culture and find a way to give them back to everyone who wants who wants to have a piece of it and so naturally fractionalization there makes a lot of sense and that's kind of how we're going about doge but i don't think we've really 100 committed to anything for anything else because we want to keep our options open and who knows what other things are going to come up or different ways we can do [Music] a different ownership ideas and stuff with different nfts but i would be surprised if pleaser down never fractionalized anything again

but at the same time i don't think we have we currently don't really have immediate plans for any of our current nfts kind of like a next thing we're doing i think you can you can kind of look at fractional as like one of the core primitives for like a uh like a culture culture lego right and these like cultural legos are going to plug in just like moneylegos um i think that's actually kind of the broader vision that most people are missing with nft is they get hung up on like hey why i can copy and paste this image but and you know we have to go down into the weeds about provenance and you know what even is worth and value but really behind all that is this

massive wave of utility and functionality that's just gonna you know bring a whole new layer on top of of what the trad fi uh the traditional sorry trad art people are already trying to do but it's just gonna like we all knew d5 was obvious right but like trad art is going to be ingested just the same way and and it's going to move the speed of information and all these pieces are going to plug in together and at the end of the day we are trying to get you know the most talented uh people that are pushing the limits into pleaser down so that we can participate in those systems and kind of explore the realm of possibilities there yeah that's that's super exciting stuff

and pleaser doubts definitely at the the head of the frontier of the digital financialization of both internet and non-internet culture um one idea that i think i think would be really cool is that you know as pleaser dow fractionalizes more and more of its nfts that they turn into an index co-op basket and all of a sudden we can have a pleaser dow index token that is a fractional ownership in a bunch of pleaser dow nfts you guys thought about that yeah it's been brooch i'm not the first person to have this idea we've talked about that yeah we've talked we've had a lot of ideas

tossed around i i like i think it's fun to talk about i i really like the idea of a doge index uh with like uh you know feisty we love path and i think index coupe would be fantastic a group to do to handle that so index group if you're listening reach out to myself or pleaser down so what uh what uh success signs you guys looking for at the end of the sale like how will you know that it went as well as you could have hoped for what are the indicators or flags of success to be honest i think like to me just doing it is a success um i think you know

a lot of people won't believe us but most of what we're doing the police are now isn't really about like how much money we can make we're not we're really not interested in like min maxing the nfts that we've purchased um i'm excited to have a ton of people own something that's i think really important and uh to me that's like the biggest thing of success so hopefully when this is over tomorrow there is now a large group of people in our discord and around who all own dog tokens and are excited about kind of what the future holds there and building community and and working together and continuing to like build on like the meme economy world that we're kind of creating here uh to

me that's that's the biggest form of success absolutely yeah i mean it's going to be really weird looking back on this conversation and being like you know right now there are 660 participants in the auction and i think the ultimate goal for us would be in a year from now it's in the hands of hundreds of thousands of people um [Music] absolutely just love seeing people trickle in because this is like the nascent stages of a organism that's going to be much bigger than we could ever imagine well guys i just put the discord channel into the youtube chat and description if you're watching the youtube you're going to need to refresh the page to get that in in the description so go and join

the dog pound discord channel uh and get involved with the doge with the dog doggy tokens brand new doggy tokens um jameis andy anything else you want the bankless listener in bankless nation to do uh moving forward come get a piece of the mona lisa of the internet come join the community we're we're waiting for you awesome guys i think that's that's about it yeah thanks for having us on yes and uh congrats congrats for getting this out the door and um even though you guys said you guys aren't looking for any particular metrics of success i hope all the success comes to you no matter what thanks david thank you very much cheers hey we hope you enjoyed the video

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