Jackson Palmer founded Dogecoin (DOGE) – but did not make a cent profit with the cryptocurrency. Now he’s billing the entire crypto industry on Twitter-and not leaving a good hair on it.

Crypto-right-wing, hyper-capitalist technology?

Dogecoin founder Jackson Palmer is not good at talking about the crypto industry. On the contrary. On Twitter, Palmer, who launched DOGE as a joke in 2013, writes the frustration from the soul: he is often asked if he will return to the crypto scene. His answer was always “no” – and in order not to have to repeat himself in the future, he now explains his reasons for doing so. And they have it all.

Palmer is convinced that cryptocurrencies were created only to make rich people even richer in an unfair way:

“After years of study, I believe that cryptocurrency is an inherently right-wing, hyper-capitalist technology built primarily to augment the wealth of its proponents through a combination of tax avoidance, reduced regulatory oversight, and artificially enforced scarcity.“

The DOGE founder also doesn’t think much of the thesis that the cryptocurrency industry is decentralized. He claims: Crypto is controlled by a few very powerful and rich personalities-and they are now just like the institutions that should have replaced them.

Rip-off of the “Desperate and naive”

Instead of promoting financial freedom, the cryptocurrency industry would use a network of shady business connections, bought influencers, and paid media to develop a cult-like “get rich fast”narrative designed to rip off new money from the “financially desperate and naive,” Palmer says.

Crypto is like combining the worst aspects of capitalism (e.g. corruption, fraud, inequality) with software to prevent interventions (e.g. audits, regulation, taxation) that serve as protection for retail investors, explains the DOGE founder. But nobody wants to hear that, says Palmer:

“These days, even the most modest criticism of cryptocurrencies attracts slander from the powerful figures who control the industry and the wrath of retail investors to whom they have sold the false promise of one day being a fellow billionaire. A sincere debate is almost impossible.“

Palmer didn’t earn a cent on DOGE

He therefore no longer bother to participate in public discussions on cryptocurrencies. Palmer admits that cryptocurrencies” don’t fit my politics or my belief system.” He does not have the energy “to discuss with those who are not willing to engage in a well-founded conversation”. It fits that he has disabled the comment function in his thread-so users can not react to his statements.

However, it is questionable whether Palmer is not exaggerating a little with his very general crypto criticism. Sure, the crypto industry is largely unregulated and still in its infancy. However, it seems a bit too much of a good thing to cover an entire industry due to some negative aspects. Many within the crypto community also insinuate that Palmer is so “salty” (annoyed) only because he of all people could not benefit from the unprecedented rise of Dogecoin.

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Last updated on July 15, 2021

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