Benzinga - Billy Markus, popularly known as Shibetoshi Nakamoto, one of the original creators of Dogecoin, raised concerns about the funding and productivity of the meme cryptocurrency’s development.
What Happened: The discussion began when an X user questioned whether Dogecoin had promoted a decentralized exchange (DEX) that funneled 50% of its fees toward those running the official Dogecoin account.
question: how would you like dogecoin development to be funded ideally, since there was no premine or presale like other coins?the community has donated maybe 40k total in 10 years, with 95% in the first 6 months
— Shibetoshi Nakamoto (@BillyM2k) October 12, 2023
Responding to the query, Markus, highlighted the challenge of funding Dogecoin’s development in the absence of a premine or presale typical of other cryptocurrencies. He noted that the community had donated a total of approximately $40,000 over ten years, with the majority of contributions occurring within the first six months.
He stated, “The community has donated maybe 40k total in 10 years, with 95% in the first 6 months or like, what does the community actually want anyway? I never really see it do anything productive at all, ever – I personally don't see why anyone would ever develop on the product or spend any time on it for this community unless they enjoy pain and stress.”
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Why It Matters: It should be noted that Dogecoin’s funds for development largely rely on community donations.
Dogecoin, originally created in 2013 as a lighthearted and meme-inspired cryptocurrency, has gained a substantial following over the years. However, Shibetoshi’s comment serves as a reminder that sustained development requires not only passionate community involvement but also adequate financial support.
In an interview with Benzinga in 2022, Markus said he doesn't have many regrets about the timeline of creating Dogecoin and how everything went down.
"I don't think I would do anything different," Markus said. "Dogecoin became what it is because of all the choices Jackson and I made."
In a recent Twitter exchange, Markus candidly expressed his thoughts on the state of the Dogecoin community. Responding to a user’s observation about declining community engagement, Markus did not hold back, stating that the Dogecoin community has been “dead” for more than a year.
I've observed a decline in the Dogecoin community recently. It appears that many are prioritizing ad revenue over engaging with our own community. It's disheartening to see making $10-15 become more important than nurturing the community.