DigiByte founder retires and calls crypto culture „greedy

Jared Tate, the founder of DigiByte (DGB), has announced that he is giving up his daily duties, accusing the crypto community of having been „co-opted [and] eroded by greed“, while warning about centralisation.

Tate’s announcement comes shortly after DigiByte recovered 900% in about six weeks.

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DigiByte founder retires
In a series of tweets published on May 15, Tate addressed the blockchain community for emphasizing short-term speculation.

„Ninety percent of the people who care about it are getting paid when a currency rises,“ he said. „It’s a major force. I understand that. But every day I see this technology being used to enrich the few at the expense of the long-term good of the many.

„The centralization of this industry will be its downfall if we allow it to,“ he continued, stressing that the consolidation of the blockchain sector limits the meaningful participation and engagement of ordinary people.

He added:

„I will not sit back and watch the foundations of what I spent building in the most creative years of my life be co-opted and eroded by greed.“

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Tate’s comments come after a two-month bull market that saw – – – – rise over 900%, from approximately 0.00275 BTC on March 20th to 0.03 BTC at its peak on May 6th.

Since its peak, DGB has fallen by a third and is currently trying to establish support at the key 0.02 USD level.

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When compared to BTC, DigitByte had increased to 660% from March 25 until it adopted parabolic behavior on May 6, going from 50 satoshis to 390.

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Tate plans to continue building on DGB
Citing eight years of experience building in the blockchain sector, Tate states that „the original values of this industry have disappeared“.

Tate clarified that he will not permanently abandon the project, but will „focus on using open source DGB technology to build some commercial applications“ independent of DigiByte.

The DigiByte founder concluded by thanking the project’s supporters and the community, stating that: „It is your turn to take the lead and guide DGB to new levels“.

„A decentralized project must have its own merit. It’s not the opinions of its founders.“