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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?