Home » Jared Tate: Crypto Industry Fuels with Greed

Jared Tate: Crypto Industry Fuels with Greed

Founder of Digitbyte Jared Tate announced his departure from work on the project due to the "greed and rampant pillaging" of the crypto industry.
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Founder of Digitbyte Jared Tate announced his departure from work on the project due to the “greed and rampant pillaging” of the crypto industry.

Jared Tate tweeted that he started working in the blockchain industry 8 years ago. Then he believed that it was this industry that could improve the world in any economic crisis. However, having worked with blockchain and cryptocurrencies for many years, Tate came to the conclusion that greed is a fundamental driving force in the cryptocurrency industry, as in the rest of life.

“All 90% of the people care for is cashing out when a coin “moons.” Its 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,” Jared  twitted. 

He added that if the crypto community uses crypto only for fast profit, this will lead to the centralization of the industry. “Fast money lovers who want to move to their own island” can destroy it. The main goal of the blockchain is not to enrich, but to decentralize and empower ordinary people with equal rights. 

Tate will direct his efforts and time to new activities, as the cryptocurrency industry is “stuck in the status quo”. At the same time, the creator of Digibyte does not abandon the project, but will focus on using open DGB technology to create his own commercial applications.

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