On Wednesday, Jackson Palmer, the co-creator of the meme-inspired cryptocurrency dogecoin, made a rare comeback to Twitter, slamming crypto in general. “I’m frequently asked if I’ll’return to cryptocurrencies’ or resume giving my thoughts on the subject on a regular basis. My answer is a resounding ‘no.’ “Palmer sent out a tweet on Wednesday. Dogecoin was invented by Palmer and Billy Markus in 2013 as a joke based on the “Doge” meme, which depicts a shiba inu dog. Markus and Palmer had no intention of taking dogecoin seriously. However, the coin has recently taken off, and dogecoin is now one of the top ten cryptocurrencies in terms of market capitalization. It reached an all-time high of roughly 74 cents earlier this year. Markus and Palmer haven’t gained from dogecoin’s recent surge in popularity because they both sold out before the cryptocurrency’s stratospheric climb. Palmer chastised individuals in charge of the cryptocurrency industry on Twitter, claiming it is “dominated by a powerful cartel of affluent figures” who “have evolved to encompass many of the same institutions related to the old centralized financial system that ostensibly set out to eliminate.” Palmer also chastised the way cryptocurrency is disseminated and marketed. “The cryptocurrency industry uses a network of dubious business ties, purchased influencers, and pay-for-play media sites to sustain a cult-like ‘get rich quick’ funnel meant to take new money from the financially desperate and inexperienced,” he claimed in another tweet. Palmer acknowledges that this form of “financial exploitation” happened before to cryptocurrencies, but he continues to feel that the crypto economy harms “ordinary” people who participate. He, like other cryptocurrency detractors, believes it is vulnerable to deception. Supporters of cryptocurrency have a different perspective. Bitcoin, the most valuable cryptocurrency by market capitalization, was designed to be a decentralized, peer-to-peer financial system. It is viewed as a hedge against inflation by its owners, among other things. Markus, dogecoin’s other co-creator, tweeted in response to Palmer’s thread that Palmer’s “comments are generally accurate.” “There are a lot of awful people involved in the crypto sector,” Markus added, “and I entirely see why he would be hostile about it.” In another tweet, he added, “I understand his perspective and we both saw largely the negative side of all of this.” Despite not being involved in the development of Dogecoin, Markus has been much more active on social media. “The crypto world can be fairly snobbish and not particularly inclusive,” Markus previously told CNBC Make It about launching dogecoin. “It succeeded, and that’s why the dogecoin community continues to exist.” Now is the time to register: With our weekly email, you’ll learn more about money and your work. Not to be missed:/n
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