Dogecoin’s co-creator criticizes the cryptocurrency sector because it is run by powerful cartels2 min read
In a recent series of tweets, Dogecoin co-creator Jackson Palmer said he would not return to the world of cryptocurrencies. Palmer launched a sharp critique of the cryptocurrency industry, calling the sector, run by “powerful cartels of rich personalities, hypercapitalist.” Palmer created Dogecoin with Billy Markus as early as 2013 as a joke and made fun of the crypto community.
The co-creator of Dogecoin criticizes the cryptocurrency sector
Jordan Palmer, co-creator of Dogecoin, is really upset with the path the cryptocurrency sector has taken. In the recent series of tweets an Australian programmer sharply criticized the world of cryptocurrencies. Palmer says he will not return because of what the industry is now. Dogecoin’s father criticized several key features. He stated that cryptocurrencies are:
“… A right-wing, hypercapitalist technology built primarily to multiply the wealth of its supporters by a combination of tax avoidance, limited regulatory oversight, and artificial deficiency.”
Palmer also criticized the marketing network behind the cryptocurrency sector, which he said feeds on financially needy individuals, forcing them to invest their savings in the hope of making money quickly. On this topic, Palmer stated that the sector uses:
“… A network of opaque business connections, purchased influencers and paid sources of information to maintain a cult of ‘getting rich quick’ designed to make new money from financially desperate and naive people.”
In conclusion, Palmer refuted the idea that the crypto was decentralized and stressed:
“Despite allegations of ‘decentralization’, the cryptocurrency sector is dominated by a cartel of wealthy individuals tied to the existing centralized financial system, which they have allegedly replaced.”
Dogecoin was a joke
Jordan Palmer never liked cryptocurrencies very much. Dogecoin was a joke for him, a coin based on memes in 2013. In any case, he always criticized the uncritical praise he saw when BTC’s supporters promoted the coin. For this reason, Palmer stated that BTC should have a value linked to the value it provides to public. In short, it considers this value to be insufficient.
However, Palmer shares something with the original supporters of cryptocurrencies: his contempt for the traditional financial system. In principle, Palmer thinks that these institutional investors could exploit the real benefits of cryptocurrencies and turn them into mere fiat coins. Palmer suggested this possibility as early as 2018, when he claimed that banks had the power to take control of BTC. And according to some, it has already happened.
What do you think of Jordan Palmer’s thoughts on the cryptocurrency sector?