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DigiByte founder withdraws from the project due to “Greed and pillaging”

on May 16, 2020
Updated: Mar 28, 2022
  • DigiByte recently announced his departure from the project due to greed in the crypto industry.
  • He noted multiple examples where he and his project were betrayed in order for people to make a quick profit.
  • Disappointed, he decided to step down, and dedicate his time to building on DigiByte's blockchain.

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The founder of a project called DigiByte (DGB), Jared Tate, recently made an announcement that astounded the crypto space. He revealed that he plans to step down from the front of the crypto sector. As for his reason for doing so, he listed the ‘greed and rampant pillaging’ of the digital currency industry.

His announcement came only yesterday, May 15th, via his own Twitter page.

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90% of the crypto industry only cares about which coin will moon

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Tate spent the last eight years at the front-end of the cryptocurrency industry. He said that this time taught him some valuable and humbling lessons. However, the first of them is that the crypto industry’s driving force is greed and that the same is true for many people’s actions in life.

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He addressed the original values of the crypto industry, stating that they are no longer there, at all. All that 90% of people now care about is which coin will ‘moon,’ and which coin will crash. No one cares for taking the power away from the centralized institutions and focusing on giving it back to the people themselves.

He criticized the fact that this technology which has so much potential is only being used for enriching the few. Even worse, to do so, it is sacrificing ‘the long-term good of the many.’

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The betrayals in crypto industry

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Tate noted that he doesn’t speak for everyone involved with his own project when he says that the crypto industry lost its original values.

Tate further stressed that he lost count of how many people stabbed him in the back and/or tried to use him or his project to try and make a quick profit. He added that this even included close friends and confidants.

The same happened in the world of business, where firms made millions off of his coin, and then simply left, refusing to invest in it and contribute to its ecosystem’s growth. He admits that nothing really required them to do it, but it remains clear that they are simply there for the money and nothing else.

DigiByte itself sits at the 34th spot on the list of largest cryptos by market cap. The coin recently saw an excellent performance, surging by 300% in April alone. It reached its peak after skyrocketing by 930% over the course of the last seven weeks. DGB originally launched in 2014, and it did it without an ICO, too. It developed strictly voluntarily, with no one to oversee it in the role of authority, not even his founder himself. Learn how to buy Digibyte here!

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