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Australian dogecoin founder speaks on the future of cryptocurrency

Date

Karissa Bell

Jackson Palmer, co-founder of Dogecoin, a cryptocurrency that uses the Shiba Inu dog character from the "Doge" internet meme as its mascot.

Jackson Palmer, co-founder of Dogecoin, a cryptocurrency that uses the Shiba Inu dog character from the "Doge" internet meme as its mascot. Photo: Tony Walters

This post was originally published on Mashable.

Dogecoin, the 140-day-old cryptocurrency, held its first conference in San Francisco on Friday where hundreds of the currency's devotees turned out to show their support and, of course, "tip" anyone with a QR code handy.

Dogecoin's Sydney-born founder Jackson Palmer gave the keynote during which he discussed the currency's unexpected journey from joke to reality and the future of the cryptocurrency that in just over four months has already become the most widely traded virtual currency in the world.

The dogecoin market has become a networked, self-regulating, peer-to-peer community.

The dogecoin market has become a networked, self-regulating, peer-to-peer community.

Palmer, who was involved in other cryptocurrency communities at the time, officially launched dogecoin in December of 2013. The currency was quickly embraced by the Reddit community who has collectively given out $US150,000 in dogecoin "tips" to other Reddit users, Palmer said.

During his keynote, the dogecoin founder said that the viability of digital currencies shouldn't depend on its value in US dollars. (Currently, 1 dogecoin is about $US0.0005, according to BitInfoCharts.)

"Unfortunately, a lot of communities around cryptocurrency, that's all they care about," he said. "I don't wake up every day and wonder about what my paycheck is. You shouldn't wake up every day and worry about what Bitcoin is in US dollars or what Dogecoin is in US dollars."

An example of the doge meme.

An example of the doge meme.

He said the eventual success of the currency will depend on its widespread adoption by both consumers and businesses.

"The key to our success is to build merchant and user redemption," he said. "We need to encourage more small businesses and big businesses to start adopting dogecoin as a form of payment. We need to build demand for people that want to pay using dogecoin."

Palmer also talked at length about dogecoin's community and the charitable reputation the currency's users have already earned.

The Dogecoin Foundation, a nonprofit organisation created by the currency's founders, has already raised more than a $US100,000 for charities, Palmer said, including an initiative that raised $US30,000 (about 20 million dogecoin) to provide service dogs to children with disabilities.

Reddit's r/dogecoin community also helped raise funds to send Jamaica's bobsled team to the Sochi Winter Olympics and, more recently, raised $US55,000 (roughly 67 million dogecoin) to sponsor an underdog Nascar driver at Talladega.

"We need to keep up the fun community spirit we have, we need to never lose sight of the fact that there's a dog on our coin," Palmer told the crowd of more than 400 who attended the event, which was organised by Follow The Coin.

Earlier this year, Palmer left Australia for San Francisco to take up dogecoin's cause. He currently works as a product manager at Adobe.

Mashable is the largest independent news source covering digital culture, social media and technology.

2 comments

  • Hmm, a lot of misunderstanding about doge out there now- nobody is getting rich off of this so you can't simply call it a scam for a start.

    Jackson may be the inventor but it's 'miners' who make the dogecoin itself. Basically, miners use computers to solve math problems which unlocks elements of a recipe if you will, for the code. The miners invest their time and electricity into making the digital currency which is essentially, a line of code.

    The concept of doge was meant to be a tipping coin.
    It wasn't meant to be an investment instrument.

    Might take 2 years for doge to reach a value of 10 cents each from its current value of a tenth of a cent.

    Yeah, I obviously believe in doge because I want banks to be out of the picture altogether- I've been scammed by banks with ridiculous fees for years and it's time we took the power to transfer money away from the banks.

    Banks believe it is their right to charge account keeping fees etc etc etc. That model needs to change.

    Digital currency for the digital era.

    Commenter
    Alex
    Location
    Finley
    Date and time
    April 28, 2014, 12:44PM
    • What a clever young man.

      Commenter
      Barry
      Date and time
      April 29, 2014, 12:48PM
      Comments are now closed
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