Dogecoin Founder Turns Down $500k Investment Offer

Nermin Hajdarbegovic
Feb 17, 2014 at 17:15 UTC
Updated Sep 10, 2014 at 12:01 UTC

Dogecoin Founder Jackson Palmer has turned down a substantial investment offer from a group of Australian venture capitalists. Palmer was apparently offered $500,000, but he told Techly he turned down the offer. When asked why, he simply said: “because f*** that”.

Although dogecoin started off as an elaborate joke, the actual model is a lot more interesting than the hair-down meme image of this altcoin. There is no artificial cap on how many coins can be mined, as the cap is increased by five million units each year.

“It’s a deflationary/inflationary model I like to jokingly call ‘dogeflation’,” Palmer said. “We’re trying to stabilise ourselves and get it to a point where it can be treated as a viable currency.”

Bitcoin types are elitists, doge is for everyone

Palmer points out that people will not be using dogecoins to buy yachts and cars – but they could use it for microtransactions based off social media. Such transactions could allow internet communities to support media outlets, artists and various content creators.

He also took a swipe at some members of the bitcoin community, describing bitcoin enthusiasts as an “elitist little group” that doesn’t like outsiders, while dogecoin is more of a grassroots thing.

“You can go to a Bitcoin meet up and meet people who are like ‘I have 100 bitcoins, I’m a multimillionaire’,” he said.“Dogecoin is the community’s currency, open to everyone, and that’s how I want to keep it.”

Even dogecoin needs regulation

Although Palmer wants to keep dogecoin open to anyone, even if he has to turn down heaps of cash to keep it independent, he is in favour of some form of regulation. Palmer explains in a rather humorous fashion:

“I’ve been approached by VCs lately who want to cash in on this Dogecoin thing and they’re offering me what in reality is ridiculous amounts of money. And I’m sitting there quietly with them saying ‘I want to throw X amount of dollars at this’ and I’m like, ‘take a step back, it’s a dog on a coin’. Has the world gone mad?”

As if his remarks about bitcoin elitists weren’t enough, Palmer also went out of his way to irk all those who are not in favour of any crypo regulation. He is an avid advocate of regulation and he believes the Australian government needs to regulate and legitimise digital currencies.

“I do ultimately think we need to regulate around this stuff otherwise you will not gain the trust of the average Joe who wants to put $100 into whatever digital currency they’re using,” he said.

Palmer also praised the Canadian government for its decision to regulate cryptocurrencies.

Shiba image via ShutterStock

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