While the whole world is vying with each other about the coronavirus and arguing about its impact on the global economy, we decided to talk about the crypto-market. In particular, about how it was seen by the creator of the well-known meme-coin, “Dogecoin”, Jackson Palmer who recently left the cryptocurrency community.
We would like to remind you that in February of this year, a well-known entrepreneur Jackson Palmer left the crypto-industry, saying that he was disappointed in the cryptocurrency community. In his opinion, cryptocurrencies and blockchain could become the basis for recreating the financial system, but this is hardly feasible. Looking back, the entrepreneur claims that the crypto-market has existed for more than a decade, but during this time “almost nothing has happened”. Only the price tags of currencies have grown, but the development of the phenomenon itself has not moved from the dead point, becoming a fiefdom for people interested only in speculation.
As for Dogecoin itself , this coin originates in the distant 2013. Started as a joke, a kind of stone in the garden of the growing trend at the time to create various “coins“, the famous ” Shiba Inu” was warmly received by the cryptocurrency community.
According to Palmer’s own assurances, he never saw Dogecoin as a killer of Fiat money or bitcoin. The project developed and positioned itself as a community, the only purpose of which was a fun presentation of information about bitcoin and cryptocurrencies for those who were just starting their way in this market. Palmer himself was just having fun doing it. He used most of his income to send micropayments, for charity, and to buy a jar of Nutella, which he incidentally described in an interview for the International Business Times back in 2014.
It used to be better. This is what D. Palmer thinks, looking back to 2013. At that time, the vision of cryptocurrencies was simple and clear. Bitcoin and its followers saw an alternative to Fiat money, which, thanks to decentralization, could free people from dependence on financial institutions. The need to create such an alternative was reinforced by the results of crisis in 2008, after which the level of corruption of banks and financial companies became obvious. But time passed, and no development of the cherished technology happened. Moreover, the very attitude of people to such a phenomenon as cryptocurrencies has changed significantly.
It was no longer a technology that could change the world. The vector of development has gone astray, and most of the community began to perceive digital currencies not as a technology, but as an opportunity to quickly make a fortune. Values gave way to greed and as a result, a huge number of projects appeared that do not carry any ideas, have a weak business model, but at the same time collect millions of dollars. Collecting simply because people are not interested in technology, but the opportunity to get a quick profit from speculation, and in the process stumble upon a “new bitcoin”. This eventually led to what we have today. The original principles of bitcoin are blurred, the evolution of finance is not interesting to anyone, but bitcoin futures are traded on Wall Street. “You should fight evil but not join it.” (since we’re talking about a meme).
I think you all have your own opinion about Jackson Palmer. Personally, we think he is an extraordinary and charismatic person. Having only a desire and a sense of humor, he did what many experienced entrepreneurs cannot do today — he created a currency and a community that can rightfully be considered one of the oldest in the crypto-community. He promoted the original principles of bitcoin and focused people’s attention on the fact that first of all, cryptocurrencies were created in order to make this world a better place.
Looking back at the history of Dogecoin, you can’t help but think that this coin is more like a continuation of the ideas that Satoshi Nakamoto once described in his White paper. However, why did the “Shiba Inu “ created as a joke turn out to be closer to bitcoin than those coins that initially position themselves as the inheritors of the first cryptocurrency? The answer probably lies in the motives pursued by their creators. The creators of most coins are profit-oriented businessmen to various degrees. However, can we consider Jackson Palmer and Satoshi Nakamoto to be the same? We don’t think so. And the reason for this is on the surface. The first person did not make a fortune on his creation and remained fully committed to his goals and principles. The second is mysterious and we don’t know anything about Satoshi. So it would be dishonest and stupid to accuse him of greed. Especially with an eye to the fact that funds that supposedly belong to Nakamoto have been lying motionless for many years.
Regarding Palmer’s motives. Does the world need a transformation of the monetary system? Absolutely yes, it does. In addition to the fact that this is a natural process that many people for various reasons are afraid of or do not accept, it is also a reasonable necessity. The financial system based on traditional currencies secured by something tangible has outlived its usefulness a long time ago.
Remember the first world economic crisis (1857–1858). The fall in grain prices and the banal theft of funds from the bank provoked a panic, which caused about two hundred banks to go bankrupt within a couple of months. The credit system failed, and people rushed to close deposits and change bills for the gold that provides them. In the end, it got to the point where banks were unable to meet their obligations, leaving panicked people with nothing.
Also, we suggest you remember the “depression” of 1873–1896. Starting with the collapse of the stock exchange in Vienna, the panic quickly spread across Europe, spread to the United States, and then to Russia. Some time later, it was followed by the “Great depression” (1929–1939), which resulted in a crisis from which the United States, Canada, Great Britain, Germany and France suffered the most.
And there are many more such examples. Among them, both the “Oil crisis” of the seventies, and the widely known “Black Monday” of the eighties that followed it. “Russian default” in ninety eight, and the subsequent crisis of 2008. The reality of the modern world is that every twenty or thirty years “the “traditional” financial system is on the edge, stops working and loses the trust of people.
There were enough prerequisites. The history itself hints that it is time to revise something in the existing model. The only problem is that there are very few crypto enthusiasts who are really interested in modernizing the financial system. Most of both investors and projects do not set themselves any other goals than speculation. This was what upset Palmer.
But they didn’t understand him. Or they simply refused to understand.
A source: https://hub.forklog.com/siba-inu-mem-i-banka-nutelly/
