In a Reddit post titled “Many FUD? Let’s fix that! – wow!” Patrick Lodder, one of the Dogecoin Developers, addressed the whole “whale wallet” and Robinhood controversy. He is saying in part that ‘calls to action’ are being spun by ‘sensationalists (including the media) towards a narrative that does not help Dogecoin in any way.’ This negative press only hurts Dogecoin and its community.
First, he addresses the topic of ‘whale wallets’.
“many people seem to mistake the bank’s vault to be someone’s personal vault. This is not so much an issue with distribution of coin to people, but primarily a matter of ecosystem maturity: there simply aren’t as many user-friendly and convenient on-chain services as there are centralized and custodial ones, yet.
This can be observed throughout the entire crypto space as it works to mature; it isn’t a focal point that is just unique to Dogecoin, it is just very visible here and it is amplified by a disproportionate amount of new shibes currently using custodial services.”
So the ‘whale wallets’ we can see on sites like bitinfocharts.com are not always actual people and is not something you only with the Dogecoin blockchain. All other altcoins have this perceived issue as well, which in effect is a none issue.
“As more people use on-chain services, the optics of distribution will improve as a side effect of better sovereignty and security of people’s holdings.”
He then talks about those who are creating YouTube videos and tweets demanding action from places like Robinhood and bashing the company. Those actions do not do anyone in the Doge community any good.
“FUD-ing a trading platform will never help your investment or the community. Likewise, spreading misinformation about the sub-optimal distribution of a crypto, without understanding that it is possible that you’re seeing the equivalent of a couple of “Fort Knox”-es holding custodial coin, is not going to do any good, because it puts the wrong people on the spot. This does not help our cause, quite the contrary; it will accumulate negative sentiment and that in turn harms momentum.”
Lodder then asks the community what the point of all this negative energy.
“Before amassing support to a notion we must ask ourselves; do we create clarity or confusion? Do we educate or astound? Do we work for the good cause of the community or for our personal gain? Do we unite or divide?”
He later brings it back to what Dogecoin and the community are all about.
“Let’s be optimistic and work together for the good of all! All we need to do is resist the temptation of blaming others when the cards are down and instead take positive action to achieve what we believe in. There are millions of intelligent, compassionate and overall lovely shibes out there that want to have an impact. Let’s show the world what we can do; let’s show everyone that dreams can come true.”
Well said and well put, it is nice to see one of the developers speak out and help reset the community. Negative press affects the price and the perception of Dogecoin.
Bashing places like Robinhood makes for YouTube views, and Tweet likes but helps no one other than the person or persons wanting attention. FUD’ing up Dogecoin is bad for everyone. Fear, Uncertainty, and Doubt are things people don’t invest in.
To The Moon!