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Has He Gone Barking Mad?
Dogecoin Creator Bashes Blockchain & Cryptocurrencies
In a series of tweets between the 26th of February to the 28th, Dogecoin co-founder, Jackson Palmer bashed the concepts of cryptocurrency & blockchain. While many crypto-influencers tend to bash their competitors or rival projects on twitter, it is rare that one would attack the industry as a whole.
Palmer Tweeted the following:
"It's plainly dishonest to liken blockchain technology to the advent of the internet, which after 10 years had obvious product-market fit and user demand."
"Meanwhile, after 10 years Bitcoin doesn't have a real use case outside of illegal activity, gambling or supposedly being useful if we enter some Mad Max-like dystopia."
Palmer's tweets managed to enrage many in the industry, with influencers such as IvanOnTech responding to his posts. Many brought up examples of struggling countries, such as Venezuela and asset seizure as a use-case.
A Bit About Dogecoin
Introduced in 2013, Dogecoin was one of the 1st altcoins to come into existence. The currency initially started as a joke, but quickly gained traction from the crypto-community. It became common as an online tipping tool for streamers and content creators. Despite not going through any technological updates since 2014, Dogecoin is still the #26 cryptocurrency by market-cap. Reports claim that there are more active Dogecoin wallets than Ripple & Ethereum wallets as per Feb 2019.
What Happens Now?
Charlie Lee, the founder of Litecoin publicly announced on Twitter back in July 2018 that he has sold all of his Litecoin holdings. As result of this the value of Litecoin tumbled a bit and later dropped sharply with the price collapse of Bitcoin. While Lee wasn't bearish on cryptocurrencies like Palmer and had a legitimate reason for selling his share, many saw it as a lack of confidence in Litecoin. Dogecoin might fare a similar fate and decline slightly just due to a few tweets by its co-creator.
One thing is certain, Palmer won't be too popular at blockchain conferences anymore.