The creator of Dogecoin belittles and berates blockchain technology while comparing it with the advent of the internet. Jackson Palmer made his opinion known through a tweet post on the 26th of February.
Blockchain’s Market Fit and Demand.
The comparison between the blockchain technology and the internet has become prominent amid the blockchain tech enthusiasts, as it is often referred to as the future of the tech world. This notion is however countered by Jackson Palmer, the creator of Dogecoin, the 26th rated cryptocurrency by market cap in a recent tweet post.
Palmer stated in the tweet that; “it’s plainly dishonest to liken blockchain technology to the advent of the internet, which after 10 years had obvious product-market fit and user demand.”
The Advent Of Internet
Web historians might refute Palmer’s opinion on the advent of the internet. Down the memory lane, the internet can be said to be technically in existence in the 1960s. The 1970s witnessed some strong university usage, and the 1980s saw the rise of personal computers and BBS systems.
The assertion of Palmer may be right if he only traces the history of the internet back to the beginning of the Hypertext Transfer Protocol or the days of AOL. However, if the historical timeline of the internet evolution is to be followed, then, blockchain technology is not lagging as Palmer posited.
Also, E-commerce can be said to have been in existence but uncommon on the web until the 2000s. This can be adduced to the concern of security in the process of transmitting money. Early E-commerce sites require its customers to call in with their payment information or mail payment.
The years it took the E-commerce before it became prominent with its user’s demand might also be a testament that the time frame of blockchain tech adoption is still not lagging.
Also, Palmer further stated that; “meanwhile, after 10 years Bitcoin doesn’t have a real use case outside of illegal activity, gambling or supposedly being useful if we enter some Mad Max-like dystopia.”
Last year, a report of the DEA showed that cryptocurrency had seen a surge in use for legal activities. It was noted that crypto use for speculative investment, store of value and payment, have taken center stage of the industry. A tweeter user clarified this to Palmer by stating; “The ‘mad max dystopia’ hedge is a stylized version of the real answer. There’s a $20+ trillion market for seizure resistance that plenty of BTC holders make use of. It’s not an application. Holding wealth securely *is* the use.”
Meanwhile, if blockchain technology and cryptocurrencies seem a joke to Palmer, then Dogecoin which has gained wide usage and adoption by different payment processors is the joke in the crypto market. Or better still Palmer himself is the comedian in the crypto market.