Palmer, a co-founder of Dogecoin, believes that cryptocurrency is the worst component of today’s capitalism system.
Cryptocurrencies, he continued, are “intended to grab money from the financially desperate and inexperienced.”
Jackson Palmer, the co-creator of Dogecoin, a meme-based cryptocurrency, has launched a Twitter attack on the cryptocurrency sector. After leaving in 2015, his surprising tweets indicate that he has no plans to return to the currency he founded.
Cryptocurrencies, according to Palmer, are “the worst features of today’s capitalism system (e.g. corruption, fraud, inequality).” Crypto also limits protective interventions such as audits and legislation, according to him.
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced security,” Palmer wrote in a tweet.
Dogecoin’s Ascension
Dogecoin is notable for being named after a popular online dog meme. The coin was created by Palmer and his software engineer colleague Billy Markus to mock Bitcoin knockoffs. Wealth seekers and those looking for a more ‘fun’ alternative to coins like Bitcoin and Ethereum have flocked to the coin.
Furthermore, Elon Musk, the CEO of Tesla, and Mark Cuban, another billionaire, are prominent DOGE supporters, adding to the coin’s popularity. DOGE is now the eighth-largest cryptocurrency, with a market worth of $26 billion, after gaining 6,000 percent in the past year.
Markus, on the other hand, sold all of his Dogecoin holdings in 2014 due to a personal financial difficulty. However, the engineer just purchased the coin back, most likely as a result of its recent success.
The Crypto Industry’s Capitalism: Despite this, Palmer Palmer believes the bitcoin sector is based on “a network of unscrupulous business relationships.” He noted that the industry includes hired influencers and “pay-for-play media sources” that promote the “cult-like” promise of instant money.
The crypto ecosystem is “intended to grab money from the financially desperate and inexperienced,” according to Palmer. Its design is based on making money for the controllers at the expense of the poor and vulnerable.
Palmer ends his series of tweets by stating that he does not want to debate since crypto critics “attract slander” from the industry’s powerful controllers. Retail investors, in particular, have become crypto evangelists as the concept of a “billionaire future” takes root in their minds.
Palmer’s mistrust about the crypto business began in 2015, when he pulled out of Dogecoin, alleging it was “poison.” Later that year, he stated that Bitcoin was a “small cult-like” phenomenon that brought little value to society. Despite this, he acknowledged to owning Bitcoin, Ethereum, and Tezos, among other cryptocurrencies.
Nic Carter of Castle Island Ventures, a blockchain-focused firm, commented, “Hard to imagine anything more despicable than creating a worthless clone of bitcoin with no use case other than ripping off clueless investors then using that notoriety to attack and undermine the technology that made you relevant.”
Palmer, on the other hand, insists that cryptocurrencies are no longer compatible with his “policies or religious system.”
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