CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$47,061.00
  • ethereum
    ETH$1,479.60
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » DigiByte Founder Steps Down Due to Greed and Pillaging of Crypto Space

    DigiByte Founder Steps Down Due to Greed and Pillaging of Crypto Space

    Author: Greg Thomson

    Last Updated May 22, 2020 @ 10:26

    Jared Tate, the Founder of DigiByte (DGB), announced that he will be stepping aside from day-to-day operations due to the “Greed…and rampant pillaging” of the cryptocurrency industry.

    Tate announced his departure from the front-end of the crypto space on his Twitter page on May 15. After eight years in the industry, he had this to say about his experiences:

    “Along the way I have learned some very humbling lessons. #1 of which is greed is the fundamental driving force in crypto & people’s actions in life.”

    DigiByte Founder Sick of Greed

    Tate said he doesn’t speak for everyone involved with DigiByte when he proclaims that the original values of the crypto industry have disappeared. Tate noted that all 90% of the people care about is cashing out when one of their coins “moon.”

    Tate added: “It’s a primal force. I get that. But every day I see this tech being used to enrich the few at the expense of the long term good of the many.” He said making a quick buck is not why blockchain matters.

    4/ As the consolidation in this industry continues so does the ability for everyday people to truly participate it what makes this tech great. If you are here to make a quick buck and retire on your own island more power to you. But thats not why blockchain tech matters.

    — Jared Tate ©️ (@jaredctate) May 15, 2020

    DigiByte is currently ranked 34th by market cap following a recent 300% surge in April, which eventually peaked at 930% growth over seven weeks. The project launched in 2014 without an ICO and is developed voluntarily without any overseeing authority – not even Tate.

    Back Stabbers and Rampant Pillaging

    Tate’s goodbye thread continued: “I cannot count the number of people I have had over the last half-decade stab me in the back and attempt to use me and/or DigiByte for a quick buck,” he said, adding, “Even close friends & confidants. It gets old.”

    The outgoing face of DigiByte said he’d seen organizations make millions from DGB, only to cash out and refuse to contribute back to the ecosystem. Tate added:

    “Yes nothing requires them to do so. But the rampant pillaging of the fruits and labor of the few by the many is a backwards equation.”

    Until things change, Tate will now be removing himself from the “emerging crypto status quo.”

    I do not know what the ideal answer to the above is but I personally am done freely giving, giving, giving while the many take, take, take. As such I will be focusingy time and energy on a new endeavor & distancing myself from the emerging crypto status quo.

    — Jared Tate ©️ (@jaredctate) May 15, 2020

    Tate Leaves to Build

    Tate said he wouldn’t be leaving DigiByte forever, and that he would now be focusing on building commercial applications using the DigiByte blockchain. Tate ended by urging others to take over the reins of the project, adding, “A decentralized project must stand on its own merit. Not its founder’s opinion.”

    It’s worth noting that DigiByte got to 34th spot in the market cap rankings without the exposure of being listed on Binance. Jared Tate and Binance CEO Changpeng Zhao (CZ) had a war of words in 2018, which led to Tate claiming CZ demanded $300,000, plus 3% of the DigiByte coin supply to get DGB listed on the exchange.

    Could that be an example of the rampant pillaging Tate referred to?

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • BitcoinEthereumSquarePayPal
      The Digital Age Is Here: Crypto And Fintech Companies Soar, While Bank Stocks Tank
    • paypal_crypto_bitcoin-min
      The Good and The Bad About Cryptocurrency on PayPal
    • nasdaq_cover
      First Ever Company With Crypto Exchange Listed on NASDAQ
    Read more on: Altcoins DigiByte

    About The Author

    Greg Thomson View more posts by this author

    Greg is a journalist from Glasgow, Scotland who covers the cryptocurrency and blockchain beat. He has contributed to some of the foremost publications in the industry and joined CryptoPotato in 2020. Contact Greg

  • bitcoin
    BTC$47,061.00
  • ethereum
    ETH$1,479.60
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    What is Dogecoin (DOGE)? 5 Facts About the Crypto That Started as a Joke 

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!