Dogecoin co-founder Jackson Palmer came down hard upon cryptocurrencies and insisted that he shall stay away from the hysteria, calling it “an inherently right-wing, hyper-capitalistic technology" built to amplify the wealth of its proponents. Palmer’s rant against the crypto world and the “wealthy" attached to it appeared on his Twitter page on Wednesday where he wrote that the cryptocurrency industry was “controlled" by the wealthy as the digital asset led to “tax avoidance" and “diminished" regulatory oversight, making the rich richer.
He further added that the lack of audits, regulations, and taxation in the technology which serve as a “safety net" for the average person is what has made cryptocurrency dangerous. “Lose your savings account password? Your fault. Fall victim to a scam? Your fault. Billionaires manipulating markets? They’re geniuses," Palmer wrote.
“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive," he added.
Despite claims of “decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.— Jackson Palmer (@ummjackson) July 14, 2021
Lose your savings account password? Your fault.Fall victim to a scam? Your fault.Billionaires manipulating markets? They’re geniuses.This is the type of dangerous “free for all” capitalism cryptocurrency was unfortunately architected to facilitate since its inception.
— Jackson Palmer (@ummjackson) July 14, 2021
Palmer concluded by saying he no longer engages in discussions around cryptocurrency as it did not “align" with his politics or belief system.
Dogecoin emerged in 2013 as a joke. It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it was birthed as a joke, it actually led to some practicality as its large supply and low price facilitated efficient micro-tipping content on social media. It is a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm.
Priced at $0.186729, Dogecoin currently has a market cap of $24.33B at the time of writing this.