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DOGE Coin Creator Jackson Palmer on Institutional investor Excitement Being Overhyped
For many of the participants in the crypto markets, the involvement of institutional investors is fundamental for the growth of the industry. Indeed, people are so obsessed with these investors that they often overlook the adverse effects they could bring with them. Recently, Jack Palmer, one of the brains behind the development of Dogecoin, stated that institutional investors are likely to curtail the objectives of the crypto space.
Jack Palmer believes that the obsession amongst crypto community members for the involvement of traditional financial service providers is unhealthy. In a post published on the Diar, a cryptocurrency online newsletter, Jack opined that these institutions are likely to divert the course of the cryptocurrency sector.
The argument fronted by Palmer is based upon the three major advantages of digital currencies. He believes that institutional investors will inhibit the realization of these benefits, which include:
One of the main reasons for the creation of Bitcoin was to eliminate dependence on a single point of failure. Bitcoin addresses this challenge through decentralization –where if one node fails, the others on the network replace its functions without a noticeable glitch in operations. Moreover, its Proof-of-work consensus mechanism ensures that no single entity has censorship rights over other nodes on the network.
The inclusion of banks as the gateway to cryptocurrency trading reestablishes the single point of failure that Bitcoin seeks to eliminate. For instance, if an exchange platform or a bank goes offline, a user cannot access the Bitcoin network. Also, the exchanges and banks can easily censor a user’s account if they deem it suspicious.
A ‘trustless' currency is one that does not place trust on a central authority. Such is the case with Bitcoin, as every user has their own private keys which gives them full control over their money.
Currently, a significant number of trading platforms are offering custodial solutions to their customers. This goes against the principles of trustless financial transactions, one of the fundamental ideologies of virtual currencies. Essentially, storing Bitcoin gives the exchange platforms control over the customers’ funds.
Additionally, Jack mentioned that large amounts of cryptocurrency held by a central authority are vulnerable to hacking attacks. In this regard, he referred to the Mt. Gox incident where millions worth of digital currencies were stolen by hackers.
Bitcoin rose to prominence after it emerged that the infamous 2008 financial crisis was caused by malpractice. Unlike fiat money, Bitcoin was immune to manipulation by central banks, as all members to the network had access to a public blockchain ledger. This ledger enables Bitcoin users to track the entire history of their transactions. Its immutability means that the records are reliable.
However, the influx of institutional investors has resulted in the creation of private off-chain databases. The excuse for this practice is that off-chain databases are scalable, faster and cheaper. On the contrary, transactions can no longer be verified using cryptographic algorithms and are therefore vulnerable to skewing.
Impact Of Institutional Investors On The Crypto Market
As mentioned above, the involvement of institutional investors contradicts the key objectives of cryptocurrencies. As time goes by, these institutions are likely to establish their own cryptocurrency tokens over which they have total control. In fact, the warm reception afforded by the crypto community will even spur banks and exchanges to issue and manage their own cryptocurrencies. A perfect example for this is the introduction of centralized stablecoins such as the USDC.
The only hope for digital currencies are the improvements on their underlying blockchain protocols. These standards are resistant to the dominance that institutional investors may impose over virtual currencies. For instance, scaling solutions such as Lightning and Plasma do not require custody over users’ digital assets. Likewise, there are several privacy-focused cryptocurrencies such as Grin and Zcash.
Nevertheless, the decision lies with the crypto community. Will they compromise the core ideologies of cryptocurrencies in favor of market growth and immense capital offered by institutional investors? For now, let’s wait and see.
Elon Musk And Dogecoin's Jackson Palmer To Fight Twitter Spam Bots Together
Dogecoin’s creator, Jackson Palmer, and Tesla’s CEO, Elon Musk, decided to team up to fight against spam bots on the famous social network Twitter.
Immediately after, Jackson Palmer answered positively.
In the last months, an important number of fake accounts started to appear on Twitter. Most of them impersonate figures in the cryptocurrency world trying to steal investors’ funds. In general, they work by answering Tweets made by some figures in the crypto space. They claim that if users send funds to a specific ETH/BTC account, they would receive two or even three times the amount of funds sent.
Dogecoin is one of the oldest and most valuable cryptocurrencies in the market. Since always, it is known as a ‘meme virtual currency,’ and indeed it remained in this way in the last years.
However, during the last bear market, Dogecoin registered important gains. For example, at the end of August and the beginning of September, this virtual currency grew over 160% moving from $0,0025 to $0,0065 dollars in just some days. After this price increase, the currency operated stable close to $0,006 dollars. In terms of BTC, the price has also increased substantially, 200% in 10 days.
On August 30th, Dogecoin experienced an increased trading volume that reached $198 million dollars transacted on September 1st. Now, the volume has stabilized around $25 million dollars.
One of the reasons about this price increase could be related to an increased interest in Venezuela for this virtual currency. The same has happened with Litecoin (LTC) in the South American country. At the end of August, Google Trends marked that in the country, the interest for Dogecoin spiked up to 100 points over 100.
The same has happened all over the world. Google Trends marks that there was an increased interest that reached 100 points on September 1st.
In the last 24 hours, Dogecoin has lost 1.83% of its value. It’s market capitalization is $726 million dollars and each token can be bought for $0.006257 dollars.
Dogecoin Creator Jackson Palmer Explains Decentralized Application Problems
Dogecoin Developer Explains the Problem with Decentralized Applications
Decentralized applications have become the newest fad within the cryptocurrency developer community.
While in the olden days of blockchain technology creating decentralized applications may have been reserved for only those precious few developers with the intense technical knowledge required to capitalize on blockchain technology, several innovations have made it easier than ever for coders and entrepreneurs of all backgrounds to become involved in the decentralized application market.
All things considered, this has been very good for the crypto space. The profitable nature of many of these ventures had led to fierce competition, which has often led to the creation of new and exciting applications that could drastically change how the public views decentralized technologies and the blockchain. But for the majority of decentralized applications, these levels of adoption and profit are merely a fevered dream hidden behind a less optimistic reality.
One huge problem facing blockchain dApp developers comes from the simple lack of interest of the general consumer-base in using such applications. Additionally, the cost and energy required to create a dApp continues to discourage larger clients from jumping ship on the centralized sector in favor of blockchain-backed decentralized applications.
At least, this is the opinion espoused by Jackson Palmer, a developer famous for his creation of Dogecoin (DOGE), the meme and surprisingly popular cryptocurrency popularized on forums like Reddit and 4chan. In an opinionated tweet, the former Adobe developer outlined his belief that the traditional “build it and they will come” way of thinking might not be entirely accurate in the emerging dApp industry.
Readers should understand that Palmer’s recent qualms with the dApp system doesn’t negate his previous stance, which was heavily in favor of developers finding new ways to create decentralized applications to change the face of the blockchain and cryptocurrency community.
Instead, Palmer’s critique merely recognizes that the uniqueness of this new market means that developers need to avoid jumping into the process looking to experience immediate adoption.
Palmer also had a few words to say on how hopeful developers and startups can try to inspire the public to adopt and use their decentralized application. He specifically outlined that developers need to find ways to incentivize potential users into switching from centralized to decentralized applications.
Palmer pointed out that the Brave Browser was one dApp that did a spectacular job at incentivizing the switch when they used the BAT currency to encourage participation in the unique ecosystem.
According to Jackson Palmer, much of the problems in the dApp industry come from a philosophical perspective. Developers are moving forward with projects without putting in the effort to convince users to switch to a largely new and sometimes costly system, assuming that if they build it, then users will automatically come. Because this is not the case, Jackson Palmer contends that developers need to refocus their attention into creating ways to inspire users to adopt a new technology and contribute their assets to the newly-established ecosystem.
The dApp sector continues to grow, with new products being released daily. But for the vast majority of projects, user involvement seems to be a nearly-insurmountable obstacle to profitability. To remedy this issue, Palmer believes that a fundamental structural and philosophical change must occur; do not build hoping they will come, but build in a way that persuades them to come.
Dogecoin Creator Says Low Crypto Market Activity to Blame For Price Fall vs ETF News
Low Usage Might Be Responsible For Weak Crypto Markets
Dogecoin’s Jackson Palmer took to Twitter today to point that the low usage of cryptocurrency networks is responsible for their immense fragility in the face of such “non-news” events like this week.
Palmer identified that the entire market was once again moving together. The presumed wisdom behind such a move was the recent Bitcoin ETF decision being postponed by the SEC. However, such a news event should not have impacted upon the entire market in such a way. Since many in the space had already predicted that the SEC would take as much time as possible to approve or deny a Bitcoin ETF, the recent news should have had a negligible market response for Bitcoin.
SEC’s current decision should only affect the price of Bitcoin. However, the entire market is showing red at the time of writing. Of the largest coins by market capitalization, Bitcoin actually dropped by the lowest percentage over the previous 24 hours – almost 12%. It seems curious, therefore, that the likes of XRP suffered a drop of almost 20% over the same period when an ETF decision would have little bearing on the price of this largely unrelated asset.
Palmer goes on to speculate that the declines in price were indicative of the cryptocurrency networks having incredibly weak markets. This he puts down to an under utilization. He posted three graphs to illustrate his point.
Usage Of dApps
Palmer uses this graph to point out the daily users of decentralized applications. At the time of writing, there are less than 10,000 daily users of dApps. It’s not made clear if this is across all cryptocurrency networks capable of supporting such dApps or just the largest – Ethereum. Either way, the picture is pretty damning for a network that has had over $36 billion invested into it.
Ethereum's Low Transactions
This graph highlights the number of transactions occurring on the Ethereum network over the last 12 months. As that provided for Bitcoin transaction volume, the Ethereum figures are surprisingly low. At the time of writing the graph shows around 635,000 transactions per day.
In this Tweet, he turns his attention to XRP – the native currency on the Ripple network. Here he highlights that the network is processing fewer payments each day than it was back in 2016. Again, does a network built to facilitate value transactions that aren’t being used for purpose necessitate a multi-billion-dollar valuation?
Even though the conclusion Palmer comes to is not based on intensive studies, if true, substantial adoption and usage are required to stabilize the crypto market.