Dogecoin co-creator Jackson Palmer has slammed the cryptocurrency industry, calling it ‘inherently right-wing’, ‘hyper-capitalistic’ technology.
In a series of tweet, Jackson Palmer wrote harsh words about cryptocurrency. The Dogecoin co-founder wrote, “After years of studying it, I believe that cryptocurrency is an inherently 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”.
He said that cryptocurrency industry leverages a network of shady business connections to extract “new money from the financially desperate and naive”.
Palmer added that 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.
“Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person,” the dogecoin co-creator added.
Additionally, the Dogecoin co-founder, Palmer also said that he would never return to cryptocurrency industry.
Palmer said, “I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted ‘no'”.
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”.
It 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 condemned Tesla CEO Elon Musk, saying he was a “self-absorbed grifter”, and labelled his Saturday Night Live (SNL) appearance as “cringe”.
Never miss a story! Stay connected and informed with Mint.
our App Now!!