Dogecoin co-creator Jackson Palmer ripped cryptocurrency in his latest statement on Twitter.
In his statement Palmer went on record saying “I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents”.
He then stated that cryptocurrency makes the rich get richer at the expense of the less wealthy investor.
Many members of the Dogecoin community blasted Jackson and claimed Palmer’s statement is just FUD “fear, uncertainty and doubt” due to the fact he sold all his holding in Dogecoin in 2015 for just $10,000.
If Palmer never sold his holdings he would be a multimillionaire today.
"I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents," dogecoin co-creator Jackson Palmer says.https://t.co/9bNpiMuETd
— MarketWatch (@MarketWatch) July 15, 2021
The co-creator of Dogecoin has a LOT to say about the world of crypto.https://t.co/KpVvFi7xMp
— Complex (@Complex) July 14, 2021
Market Watch had more on the story:
Dogecoin was made as a joke, but Jackson Palmer really doesn’t think it’s funny anymore.
Palmer, who co-created the mock cryptocurrency in 2013 with Billy Markus, took to Twitter on Wednesday to denounce the state of crypto in no uncertain terms:
“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 scarcity.”
Far from being a decentralized, libertarian alternative to traditional monetary systems, crypto “is controlled by a powerful cartel of wealthy figures,” he said, who have “evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
Meanwhile the rich get richer and the most vulnerable investors are exposed to the most risk, he said.
— CNBC (@CNBC) July 14, 2021
CNBC had these details to add to the story:
Jackson Palmer, the co-creator of the meme-inspired cryptocurrency dogecoin, made a rare return to Twitter on Wednesday with some harsh words about crypto in general.
In 2013, Palmer and Billy Markus created dogecoin as a joke based on the “Doge” meme, which portrays a shiba inu dog. Markus and Palmer didn’t intend for dogecoin to be taken seriously.
But the coin has recently taken off, and dogecoin is currently one of the top 10 cryptocurrencies by market value. Earlier this year, it hit an all-time high of nearly 74 cents. Despite its recent surge in popularity, Markus and Palmer haven’t profited, as they both sold out before dogecoin’s meteoric rise.
In his Twitter thread, Palmer criticized those in power in the cryptocurrency space, saying that it is “controlled by a powerful cartel of wealthy figures” who “have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
Palmer also criticized how crypto is shared and marketed. In another tweet, he alleged that “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.”
IGNORE the NOISE! IGNORE the FUD! What matters is what you believe, #dogearmy will always believe in #dogecoin and back it up!! 💪🏼💪🏼💪🏼🔥🔥🔥🚀🚀🚀 #DOGE #DogeFam #DoOnlyGoodEveryday #DogeTumbler pic.twitter.com/Q6obJBqiQ6
— Ðogecoin~CA⬆️ (@topherAlba26) July 9, 2021
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