Dogecoin co-creator Jackson Palmer has dropped a bombshell on social media saying that he will never return to cryptocurrency. He called crypto was an “inherently right-wing, hyper-capitalistic technology”. Palmer, usually, isn't that active on social media. In fact, in 2019 he had also made his Twitter account private. Since then, even when Dogecoin reached record highs earlier this year, he didn't say anything on social media platforms. However, on Wednesday, Palmer resurfaced on Twitter and blasted the various cryptocurrencies. He went to the extent of calling it a sham, based on “an inherently right-wing, hyper-capitalistic technology”.
In his first tweet, the co-creator of the meme-based cryptocurrency said that he was often asked if he would return to the world of crypto tokens. While his answer to that question is a wholehearted “no”, he thought he would explain.
In his second tweet, Palmer said that digital currencies were built primarily to “amplify the wealth of its proponents” through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.
Palmer said that despite claims of “decentralization”, a powerful cartel of wealthy figures controlled the industry that now incorporates many of the same institutions they supposedly set out to replace.
Furthermore, the Dogecoin founder took on the cryptocurrency world, which has received support from the likes of billionaire Elon Musk, saying the 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.
"Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable," he added.
He said that cryptocurrency was like taking the worst parts of today's capitalist system — corruption, fraud, inequality — and using software to technically limit the use of interventions such as audits, regulation, and taxation, which serve as protection or safety nets for the average person.
Palmer, then, went on to speak about things that have concerned every single individual irrespective of his interest in digital currencies.
Palmer said that the time is such that even the most modest critique of cryptocurrency draws smears from the powerful figures, who are in control of the industry and the ire of retail investors who they've sold the false promise of one day being a fellow billionaire. "Good-faith debate is near impossible," he said.
After listing out the reasons why he will never return to crypto, Palmer said that he no longer goes out of the way to engage in public discussion regarding cryptocurrency.
In his last tweet of the thread, Palmer then appreciated the ones who continue to ask hard questions of those in control of the industry and for "applying the lens of rigorous skepticism all technology should be subject to".
This, however, was not the first time Palmer returned to Twitter to take on those capable of influencing the market at the drop of a hat. In May 2021, he had targeted Tesla CEO Elon Musk, saying he was a “self-absorbed grifter”, and labelled his Saturday Night Live (SNL) appearance as “cringe”. Musk had called Dogecoin a “hustle” during one of his gigs on the popular TV show. And Dogecoin price had soared just in the anticipation of his appearance. Palmer, however, added that he would delete his tweets criticising Musk in “one minute” and he did that. Several Twitter users saved the screenshot, though.
In 2015, Palmer announced an “extended leave of absence” from the cryptocurrency community, calling it “toxic” and criticising it for being “white male-dominated” and marred by “buzzword-filled business ideas."
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