Dogecoin Creator: Crypto Bubble ‘More Epic Scale’ than Dot-Com Bust

“The bigger this bubble goes, the bigger negative connotation it’s going to have….It’s going to be like the dot-com bust, but on a much more epic scale.”

Dogecoin Creator: Crypto Bubble ‘More Epic Scale’ than Dot-Com Bust:

Dogecoin creator Jackson Palmer weighed in on the cryptocurrency bubble debate, stating that he believes the markets are in a bubble and that the eventual pop will make people less likely to embrace the underlying cryptocurrency and blockchain technology.

Palmer told the New York Times that he sees parallels between the crypto finance industry–initial coin offerings in particular–and the dot-com bust, when Internet companies achieved market caps in the hundreds of millions of dollars despite not having clear business models, eventually leading to a stock market crash.

He is confident the same fate awaits the cryptocurrency markets. As he warns:

People are treating cryptocurrency now like penny stocks….It’s become a securities market.

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Harvard Supercomputer ‘Abused’ To Mine Dogecoin

dogecoin

Harvard Supercomputer “Abused” To Mine Dogecoin (ZeroHedge, Feb 26, 2014):

Harvard’s Research Computing department’s 14,000-core supercomputer “Odyssey” has been moonlighting as a virtual currency miner. As The Register reports, a Harvard student has had their access credentials revoked after the discovery that the Odyssey cluster had been scheduled for use in a Dogecoin mining operation. Harvard is not happy: “Any participation in ‘Klondike’ style digital mining operations or contests for profit requiring Harvard owned assets to examine digital currency key strength and length are strictly prohibited for fairly obvious reasons.”

That someone would seek to employ a supercomputer cluster in a mining operation is hardly a surprise, given the current market for Bitcoin and the various altcoin formats.

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