Re <<Crypto update>>
different opinions welcomed
bloomberg.com
The Creator of Dogecoin Made a Brief Statement In Order to Blast All of Crypto
Joe Weisenthal
15 July 2021, 03:08 GMT+8
Jackson Palmer is one of the creators of the most valuable jokes of all time.
Back in January 2018, he wrote an article for Vice about his creation of Dogecoin, noting that it had a $2 billion valuation, which represented something “very wrong.”
Welp. Let’s fast forward to today. Although its price has retreated substantially from its highs earlier this year, according to CoinGecko, the total value of all Doge is now $26 billion. And again, that’s with a massive plunge from its highs.
Palmer isn’t heard from much. He rarely tweets or talks about crypto. But today he briefly reappeared to point out that he has nothing new to say other than that it’s largely a sham, based on right-wing, hyper-capitalist values to enrich the very wealthy.
The whole thread is here, but these first few tweets capture the gist of it.
Jackson Palmer
It goes on a bit longer.
Of course, there are going to be detractors who argue that he’s just resentful that he built this ultra-valuable joke and never cashed in. In his Vice piece, he talks about stepping away and giving up his coins back in 2015:
By 2015, the energy in the community had changed—those who got burned by the scammers began to disappear and the community’s interest in Dogecoin declined, as did its price in US dollars. At the same time, confidence in Bitcoin was shaken: hacks and scams dominated the news cycle, and merchant adoption failed to grow at forecasted rates. Despite these events, huge sums of venture capital continued to pour into fresh cryptocurrency companies backed only by buzzword-laden websites and lacking any discernible business model. In light of all this, in 2015 I decided to back away from any involvement in Dogecoin and cryptocurrency in general. I handed development of Dogecoin over to a team of community members that I trusted. I made it clear at the time that any Dogecoin I previously held—the small amount I have now came from people “tipping” me after I left—had been sent to charity drives run by the community, and that I’d made zero profit from my involvement with the project.
Obviously there are many in the community who believe the exact opposite —that crypto can be an egalitarian force — and they’ll point to what’s going on in El Salvador, or other emerging markets, where holders use the asset as a way to avoid failing currencies.
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