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Dogecoin Co-founder Slams Cryptocurrency, Calls it 'Hyper-capitalistic Technology' to Serve Rich

Dogecoin co-founder Jackson Palmer slams cryptocurrencies in Twitter rant.

Dogecoin co-founder Jackson Palmer slams cryptocurrencies in Twitter rant.

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.

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.

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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.

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first published:July 16, 2021, 09:45 IST