DigiByte’s founder has stood down citing a corrupted crypto culture fixated on profiteering just weeks after DGB rallied 90% in six weeks.
Jared Tate, the founder of DigiByte (DGB), has announced he is stepping down from his daily operation, accusing the crypto community of becoming “co-opted [and] eroded by greed” and warning of centralization.
Tate’s announcement comes shortly after DigiByte rallied by 900% in roughly six weeks.
DigitByte founder stands down
In a series of tweets posted on May 15, Tate took aim at the blockchain community for placing an emphasis on short-term profiteering.
“All 90% of the people care for is cashing out when a coin moons,” he said. “It’s a primal force. I get that. But everyday I see this tech being used to enrich the few at the expense of the long term good of the many.“
“The centralization of this industry will be its undoing if we let it,” he continued, emphasizing that the consolidation of the blockchain sector limits meaningful participation and engagement from everyday people.
“I will not quietly sit back & watch the fundamentals of what I spent the most creative years of my life to build be co-opted & eroded by greed.”
DGB posts moonshot rally
Tate‘s remarks come following a two-month bull market that saw DigiByte rally by over 900% from roughly 0.00275 BTC on March 20 to 0.03 BTC at its peak on May 6.
Since topping out, DGB has crashed by one-third and is currently trying to establish support at the key level of $0.02.
Bitfinex DGB/USD: TradingView
When measured against BTC, DigitByte rallied as much as 660% from March 25 until going parabolic on May 6 — surging from 50 satoshis to 390. DGB is now trying to find support at roughly 220 satoshis.
Bitfinex DGB/BTC: TradingView
Tate plans to keep building on DGB
Citing eight years experience building in the blockchain sector, Tate declares that “the original values of this industry are gone.”
Tate clarified that he will not permanently leave the project, but will “be focusing on using open source DGB tech to build some commercial applications” independent of DigiByte.
DigitByte’s founder concluded by thanking the project’s supporters and community, stating: “It is your turn to take over the reigns and guide DGB to new levels.”
“A decentralized project must stand on its own merit. Not it’s founders’ opinions.”