Jackson Palmer, founder of Dogecoin and senior manager at Adobe has announced his indefinite leave of absence from the Bitcoin community. He calls the community as toxic and used it as an occasion to bring forth some disturbing trends in the industry. However, he encouraged the dogecoin users to not get disheartened and remember the playful side of its roots. When it was launched in 2013, Dogecoin gained prominence amongst users as a preferred alternative currency although the trend has seen a fall in sometime.

According to the statements made by Palmer, he suggests that the industry is being victimized by stagnation because of some people and their ideologies that it has attracted. He also blames the quality of start-ups that have been initiated by new participants in this industry.

The community is not as inclusive as it should be

Palmer very clearly stated how the community that was built for the propagation of Bitcoin has not been very inclusive. He cites examples of Kentucky Senator and member of US Tea Party, Rand Paul.

He also said that the community is dominated by white men with their anarchy induced libertarian views that is not helping the industry at all. In fact they never seem to agree with one another.

Palmer’s comments are aligned with that of Fusion, a popular media outlet that also raised the issue of male dominance in one of their recent articles.

Lack of progress made in the business

Palmer also blamed the businesses in the digital currency domain for not making any progress in making this currency mainstream and bringing technology to the common people.

He says that there is still no venture capitalist funding that has been given to a business that brings forth a successful business model outside of merchant service or exchange.

Unfortunately, while Bitcoin was launched to become a successful mode of monetary transactions, it has become a hotbed of crime. If one were to follow stories, they would know that people have actually lost money. He did not flinch at expressing his admiration for the traditional systems such as Venmo for their fundamental technology as well as value that they bring to the ecosystem.

He further added that the charges incurred by credit card companies are for the security of their cards and to offer protection against potential frauds.

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