According to Jackson Palmer, founder of dogecoin, the cryptocurrency ecosystem has become toxic and he will be taking an extended leave of absence from the community. Dogecoin is one of the younger members of the digital currency industry and was launched in December 2013.
Will be taking an extended leave of absence from the toxic (and quite frankly, stagnant) space that is cryptocurrency.
— Jackson Palmer (@ummjackson) April 23, 2015
Palmer still reminded members of the community to not lose sight of the playful roots of dogecoin. However, he also said that the industry has stagnated and that the quality of the startups has been poor. He also blamed the rise in venture capitalism in the industry in fostering a toxic environment.
“All in all, the cryptocurrency space increasingly feels like a bunch of white libertarian bros sitting around hoping to get rich and coming up with half-baked, buzzword-filled business ideas which often fail in an effort to try and do so,” said Palmer in his statement.
He also said that members of the digital currency industry have done very little to create an environment that is inclusive. He pointed out that the community is dominated by white males and filled with beliefs that he doesn’t support. “I don’t have time for it anymore,” he added.
Palmer sees the digital currency industry as a hotbed for scams, as news of security threats and hacking incidents have been dominant. For him, businesses aren’t doing enough to bring the technology to the masses.
In addition, he also took a swipe at the comparison to credit cards and other traditional means of payment, which tend to incur additional costs. “Those charges merchants incur on traditional credit card payments? They exist for a reason, and that’s insurance against fraud protection,” he explained. “I like the idea of being able to reverse charges if my bank account is ever compromised, personally.”
For other members of the community, Palmer may simply be sour-graping over the lack of popularity in dogecoin compared to other cryptocurrencies.