The entrepreneur from Australia, Jackson Palmer amazed that they invented as a joke in 2013 Dogtown cryptocurrency (DOGE) at the peak in late December, reached a capitalization of $ 2 billion and attracted to cryptocurrencies dozens, and perhaps hundreds of thousands of new users. At the time of publication DOGE capitalization is around 1.3 billion.
In 2013, Palmer jokingly created Dogtown – a fork of Litecoin with a higher emission and a short block and named it in honor of the Chinese dog breeds Shiba inu. For a pretty picture users called coin money child. The Aussie wanted to show the absurdity of a huge investment in volatile assets during the cryptocurrency boom 2013.
The founder of the DOGE believed that Dogtown will be an educational platform for beginners – bitcoin for the people. In addition, the coin was worth much less than its «Pope» of litecoin, and it was great for micropayments and donations. A big role in his popularity played a social network and support community Reddit. Among the advantages of logicon – operational generating unit times a minute, that is fast confirmation of transactions. DOGE is still popular and in December soared together with the other cryptocurrencies, despite the fact that his development has stalled in 2016, when the Palmer walked away from the project. Now Dogtown supported by the community, however, serious innovations were not more than two years.
In 2015, the stock market became interested in large investors. «I saw the space filled with opportunists seeking to make money, not people who invest in the development of new technologies», – says the businessman. Inexperienced investors acquired cheap assets in the hope that their investments will soar as bitcoin. This way and Dogtown.
Last year, the total market capitalization of digital money has reached 800 billion dollars. Today about twenty years cryptocurrency and bitcoin millionaires say at every step. In turn, the entrepreneur from Australia calls for further elaboration of the technology of the blockchain, and not the pursuit of quick enrichment.
«We are entering a new period of speculative kleptomania,» says Palmer.
Initial placement of tokens (ICO), which boom in 2017 has led to increased activity of fraudsters, clearly shows this. For example, I remember the story of the Creator of PlexCoin, who promised investors unrealistic 1 400% profit, and at the end of last year was sentenced to prison.
Palmer does not undertake to predict, when the cryptocurrency market collapses. It is more interested in what awaits us after.
«As soon as the price bubble in the crypto-currencies deflate, and with it all the hype, will the community to restore energy, to create real innovative technology?» – asks a rhetorical question Creator Dogtown.
Today Jackson Palmer works as a marketing Manager at Adobe Systems in San Francisco. He has savings in the cryptocurrency. Some of them, the Aussie keeps dohyoung.