Dogecoin Co-Founder Criticizes Crypto World, States It Is Managed by Powerful Cartels – Bitcoin News


Dogecoin Co-Founder Criticizes Crypto World, States It Is Managed by Powerful Cartels

In a recent twitterstorm, Dogecoin founder co-founder Jackson Palmer stated he wouldn’t return to the cryptocurrency world. Palmer unleashed harsh criticisms of the cryptocurrency industry, calling it “hyper capitalistic,” and managed by “powerful cartels” of wealthy figures. Palmer created Dogecoin along with Billy Markus back in 2013 as a joke, making fun of the crypto community.

Dogecoin Co-Founder Slams Crypto Industry

Dogecoin co-founder Jackson Palmer is really upset about the road the cryptocurrency industry has taken. In a recent tweetstorm, the Australian programmer took shots at the cryptocurrency world, criticizing it harshly. Palmer says he won’t return or mingle in cryptocurrency circles because of what the industry represents now. Similarly, the father of Dogecoin criticized several key traits of what some cryptos claim to be. He stated cryptocurrency was a:

…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.

Palmer also criticized the marketing network behind the crypto industry, which he says preys on financially struggling individuals, getting them to invest their savings hoping to make a quick buck. On this subject, Palmer stated 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.

To conclude, Palmer slammed the idea that crypto is decentralized, stressing:

Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.

Dogecoin Was a Joke

Jackson Palmer was never too fond of cryptocurrencies. For him, Dogecoin was a joke, a mock coin stemming from a meme back in 2013. In any case, he always criticized the fawning and uncritical praise he saw bitcoin proponents give to the currency. For this reason, Palmer has said bitcoin should have a value tied to the value it provides society. In short, he considers this value to be lacking.

However, Palmer shares something in common with the original proponents of cryptocurrencies: his disdain for the traditional financial system. Basically, Palmer thinks these institutional investors could overturn the real benefits of cryptocurrencies and turn them into mere fiat coins. Palmer hinted at this possibility, claiming banks had the power to do a hostile takeover over Bitcoin back in 2018. And according to some analysts, this has already happened.

Tags in this story
Billy Markus, Criticism, crypto industry, Cryptocurrency community, dogecoin, dogecoin founder, jackson palmer

What do you think of Jackson Palmer’s thoughts about the cryptocurrency industry? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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