Dogecoin creator Jackson Palmer doesn’t think the blockchain’s progression is anything like that of the Internet, in a tweet from Wednesday. Palmer said it’s “dishonest” to compare the two, citing the “user demand” and “market fit” of the Internet after 10 years of development. Jackson…
Dogecoin creator Jackson Palmer doesn’t think the blockchain’s progression is anything like that of the Internet, in a tweet from Wednesday.
Palmer said it’s “dishonest” to compare the two, citing the “user demand” and “market fit” of the Internet after 10 years of development.
Of course, web historians might disagree with Jackson’s timetables. The Internet technically existed as far back as the 1960s. It had some strong university usage in the 1970s. In the 1980s the rise of the personal computer and BBS systems fomented the cypherpunk revolution that led to Bitcoin. If you only trace back to the beginning of the Hyptertext Transfer Protocol or the days of AOL, however, then Bitcoin is lagging.
It should be noted that e-commerce was uncommon on the web until the 2000s, largely in part due to the lack of security involved with transmitting money. Many of the early e-commerce sites simply required you to call in with your payment information, or mail payment. The first time this reporter bought anything from Amazon, he mailed in a money order. Same thing with most purchases on e-Bay.
Which is to say, like the Internet, Bitcoin could take decades to find its “user demand” and “market fit.”
Like the web, Bitcoin adoption hasn’t been as fast as some would like because it’s not required to do much. The increasing reliance of educational systems on web technologies can be attributed with the later widespread adoption of the web as much as anything else. In truth, though, the Internet didn’t become ubiquitous until the advent of smart phones. For many lower-income people, mobile computing was their first time having a personal computer of any kind. It’s no surprise that mobile users now dominate the web.
Twitter user Conor Ham responded to the tweet, clarifying that he might agree with Palmer’s assessment if “blockchain technology” means everything besides Bitcoin. The tweet is a bit of a sleight at Palmer, who invented Dogecoin.
Palmer, for his part, responded that his statement does include Bitcoin.
Dogecoin is the 26th most valuable cryptocurrency by market capitalization. It has nearly a quarter-billion in assets invested into its infrastructure. Palmer created it as a joke, but the joke has consistently been on him. Dogecoin sees wide use in the cryptosphere, with acceptance by various payment processors as well as gambling sites.
In a couple follow-up tweets, Palmer has further elucidated his opinions.
The above tweet spurred almost twice as much discussion as the first. People disagreed with Palmer on various grounds, primarily the use cases for Bitcoin. In one insightful tweet, Ari Paul points out that asset seizure is a reality everyone has to deal with, not just criminals.
Paul leaves out the recent push by radical members of the center-left US democratic party to dig deeper into the pockets of Americans. As Bill Gates said, such policies will lead to “tax dodging.” As a result, privacy coins like Monero and Zcash could see renewed interest in the coming years, as the popularity of “progressive” tax policies grows.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN.
Featured Image from Kevin Rose/YouTube
Last modified: January 10, 2020 5:16 PM UTC