Digibyte founder steps down and DGB tanks

Digibyte founder Jared Tate announced he is leaving over the weekend. Upon leaving he took a dig at the culture in the crypto world citing greed as one of the main reasons. 

All 90% of the people care for is cashing out when a coin moons. 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. 

Digibyte founder steps down and DGB tanks

In a series of tweets, he explained his reason for leaving in more detail. He said he needed some time off social media and he was leaving to have "a well-earned sabbatical". 

Deleting twitter to focus on mental energy & time on something innovative w/ DGB is what I encourage everyone to do this summer. Three days without any social media on my phone & I haven't been happier. There is a beautiful life & world outside of here.

As you can see from the daily DGB/USD chart below the market has not taken the news well. The price is around 10% lower on the session after being one of the best performers over the year. It is not clear when the founder will return but maybe there will be an unwind of some of this selling pressure. Mr Tate said he will still be keeping his holdings of DGB.

In a series of tweets posted on May 15, Tate took aim at the blockchain community for placing an emphasis on short-term profiteering.

“All 90% of the people care for is cashing out when a coin moon,” he said. “It's a primal force. I get that. But everyday I see this tech 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 undoing if we let it,” he continued, emphasizing that the consolidation of the blockchain sector limits meaningful participation and engagement from everyday people.

He added:

“I will not quietly sit back & watch the fundamentals of what I spent the most creative years of my life to build be co-opted & eroded by greed.”

DGB posts moonshot rally

Tate’s remarks come following a two-month bull market that saw DigiByte rally by over 900% from roughly 0.00275 BTC on March 20 to 0.03 BTC at its peak on May 6.

Since topping out, DGB has crashed by one-third and is currently trying to establish support at the key level of $0.02.

When measured against BTC, DigitByte rallied as much as 660% from March 25 until going parabolic on May 6 — surging from 50 satoshis to 390. DGB is now trying to find support at roughly 220 satoshis.

Tate plans to keep building on DGB

Citing eight years of experience building in the blockchain sector, Tate declares that “the original values of this industry are gone.”

Tate clarified that he will not permanently leave the project, but will “be focusing on using open-source DGB tech to build some commercial applications” independent of DigiByte.

DigitByte’s founder concluded by thanking the project’s supporters and community, stating: “It is your turn to take over the reins and guide DGB to new levels.”

“A decentralized project must stand on its own merit. Not it’s founders' opinions.”


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