Dogecoin Co-Founder Says He’s Done With Cryptos, That They Don’t Align With His Belief System

Dogecoin co-founder Jackson Palmer had harsh words about cryptos, calling them “inherently right-wing hyper-capitalist technology built primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight and artificially imposed scarcity, ”in a rant on Twitter yesterday. Palmer added that he would not “go back wholeheartedly to cryptocurrency.”

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Palmer has criticized everything about the industry, from lack of regulation to “cult-type” programs, to get-rich-quick and buy influencers, as well as the “powerful cartel of rich people” that control it.

“It doesn’t fit my politics or my belief system, and I don’t have the energy to try to discuss it with those who don’t want to engage in a meaningful conversation,” he said. he tweeted.

“Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, over time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system as they do. were meant to replace, “Palmer tweeted.

Dogecoin was created as a joke – its name is a reference to a popular internet meme, according to Coinbase.

While it has gained incredible traction over the past few months as well as celebrity endorsement including Elon Musk, but also Mark Cuban and Snoop Dog, like any other crypto, it is extremely volatile. Unlike Bitcoin, whose supply is capped at 21 million, it does not contain the important supply and demand factor. Dogecoin currently has 130 billion tokens in circulation and no hard cap on the number of coins that can be produced.

This morning, Doge was at $ 0.18. down 3.7% in the past 24 hours, according to CoinMarketCap.

Palmer went on to tweet that the cryptocurrency industry “is leveraging a web of shady business connections, bought out influencers and paid media outlets to perpetuate a ‘get rich quick’ cult funnel designed to mine money from financially desperate and naive people. “

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“Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost specially designed to make the profit funnel more efficient for those at the top and less protected for the vulnerable,” a- he added.

“Cryptocurrency is like taking the worst aspects of the current capitalist system (e.g. corruption, fraud, inequality) and using software to technically limit the use of interventions (e.g. audits , regulations, taxation) which serve as protections or safety nets for the average person, “he posted.” Have you lost your savings account password? Your fault. Being the victim of a scam? Your fault. Billionaires manipulate the markets? They are geniuses.

“This is the kind of dangerous ‘free for all’ capitalism that cryptocurrency has unfortunately been designed to facilitate since its inception. But nowadays, even the most modest critic of cryptocurrency will draw the stigma of powerful industry leaders and the anger of retail investors to whom they have sold the false promise of one day being another billionaire. A good faith debate is almost impossible, ”he continued.

See: Mark Cuban Talks Dogecoin: “You need to know why you are investing”
Find: Robinhood makes public its IPO prospectus, revealing profitability for the first time largely due to Dogecoin

Palmer ended by saying he applauded “those who have the energy to continue to ask the tough questions and to apply the prism of the harsh skepticism to which all technology should be subjected.”

“New technologies can make the world a better place, but not when they are decoupled from its inherent political or societal consequences.”

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This article originally appeared on GOBankingRates.com: Dogecoin Co-Founder Says He’s Done With Cryptos, That They Don’t Align With His Belief System