Dogecoin Creator Wary of Cryptocurrencies, Laments Lack of Evolution in Technology
Dogecoin creator Jackson Palmer has written a piece to lament how 2017 played out for cryptocurrencies, including his own joke coin.
It’s easy to assume that cryptocurrency creators and founders would be thrilled with how 2017 turned out for them. That, however, would be a hasty assumption, at least where Dogecoin creator Jackson Palmer is concerned.
Palmer has officially declared that 2017 was “the worst year yet for crypto coins.”
“Dogecoin’s valuation is the result of market mania that has resulted in inexperienced investors buying up low-priced assets on a whim, hoping that they will follow Bitcoin’s meteoric trajectory. This irrational enthusiasm, coupled with large players manipulating largely unregulated markets, has resulted in a weekly cycle of rallies and crashes across just about every crypto asset,” he wrote in a piece.
Towards the end of 2013, after Bitcoin experienced its first explosive rise and surged from $150 to $1,000, a group of individuals decided to create a joke cryptocurrency called Dogecoin. They named it after a popular internet meme that features a Shiba Inu dog making sarcastic comments.
When John McAfee declared Dogecoin “Coin Of The Week” in a tweet earlier this month, the cryptocurrency quickly skyrocketed to a $2 billion market capitalization.
“It’s great to see mainstream excitement about cryptocurrency, but the continued focus on price and potential to “get rich quick” distracts from the laudable goals that projects like Bitcoin set out with. Even more importantly, the underlying technology is still facing technical challenges related to scaling that need to be addressed,” Palmer said.
Although he may appear to lament the state of the cryptocurrency market, he is very clear on the fact that his actual disappointment stems from the abandonment of the principles that birthed Bitcoin.
“Once the cryptocurrency price bubble pops and takes all the hype with it, will the community be able to recover the energy it needs to build real, innovative technology once again?” he asked in the conclusion of his post.