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:
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
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.