Recently a founder of Dogecoin, one Jackson Palmer, left the movement, because it had become to him... Cultlike. Many people would argue the mass of flesh surrounding Dogecoin has been cultlike for some time, but memes tend to do this. It isn't like anyone was warned where this was headed.
And were people warned that this whole thing was a dump and dilute scam ever since Jackson Palmer et al decided merely being a sham wasn't enough. And now the combination of groupthinking derps having a hugfest and Jackon Palmer trying to assert any influence at all over this cancer of his creation is that he had to leave, giving the reason that everyone around Dogecoin has started treating it like a cult. Even before this blowup though, the only serious prediction market in Bitcoin wasn't giving Doge's ability to sustain anything resembling a value much hope at all. Other Jackson Palmer having to managed an exit from Dogecoin that doesn't make him seem like the wrong kind of sleaze,1 there is actually a useful lesson here in one of the tremendous advantages Bitcoin enjoys by having been first to the scene.
By being the first, Bitcoin arrived as a fairly blank slate. The system had some rules as defined by the software code, but beyond that a number of people of diverse backgrounds and interests began to notice this thing. Over the course of Bitcoin history there have been winners and losers, and a number of things that don't work in crypto have been demonstrated experientially shaping the view of the space for those who arrived and continue to arrive later.
The problem that afflicts every new alternative to Bitcoin is that each of them has some spin that attracts a group around them that shares the belief in why tweak X and change Y make it superior to Bitcoin in some way. You get Litecoiners who only wanted to mine coins rather than pay someone else for them while also not wanting to buy ASICs watching in horror as Scrypt mining ASICs are now a thing and they have suddenly become bagholders. It is how you get Mastercoin people who wanted to do anything with their Bitcoins other than holding then run to Maidsafe when it gave them an opportunity to do anything other than hold Mastercoin.
This phenomenon where in alternatives to Bitcoin attract increasingly homogenous groups is perhaps most evident in Dogecoiners who seemingly want to make the Dystopia depicted below to become a reality.
Jackson Palmer was either slain by the monster he created or committed the smoothest exit of any penny stock pump and dump promoter in history.
- He still actually leaves a scammer having milked this dump and dilute, but he gets to appear as though he was chased out simply for inhering the virtue of being an asshole. [↩]
- This is from "The Lego Movie" which is certainly the most vile piece of socialist propaganda to have been produced in the Western Hemisphere. [↩]