Dogecoin co-creator Jackson Palmer criticizes the crypto industry

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Jackson Palmer, the co-creator of the memes-inspired cryptocurrency dogecoin, made a rare comeback on Twitter on Wednesday with harsh words about crypto in general.

“I’m often asked if I’m going to ‘go back to cryptocurrency’ or start sharing my thoughts on the subject again on a regular basis. My answer is a wholehearted ‘no’,” Palmer tweeted Wednesday.

In 2013, Palmer and Billy Markus created dogecoin as a joke based on the “Doge” meme, which depicts a shiba inu dog. Markus and Palmer had no intention of dogecoin being taken seriously.

But the coin has recently taken off and dogecoin is currently one of the top 10 cryptocurrencies by market value. Earlier this year, it hit a record high of almost 74 cents. Despite its recent surge in popularity, Markus and Palmer didn’t profit, as they both sold off before dogecoin’s meteoric rise.

In his Twitter thread, Palmer criticized those in power in the cryptocurrency space, saying it is “controlled by a powerful cartel of wealthy figures” who “have evolved to incorporate many of the same institutions linked to the system. existing centralized financial institution that they are supposed to establish to replace. “

Palmer also criticized the way crypto is shared and traded. In another tweet, he alleged that “the cryptocurrency industry relies on a web of shady business relationships, has bought influencers and paid media outlets to perpetuate a ‘get rich quick’ cult funnel designed to extract money from the financially desperate. and naive. “

Palmer admits that this type of “financial exploitation” existed before cryptocurrency, but says he still believes the crypto industry is hurting the “average” people who join it. He also believes he is susceptible to fraud, like other cryptocurrency critics.

Cryptocurrency supporters see it differently. For example, bitcoin, the largest cryptocurrency by market value, was designed to be a decentralized peer-to-peer financial system. It is considered by its holders as a hedge against inflation, among others.

In response to Palmer’s thread, Markus, the other dogecoin co-creator, tweeted that “Palmer’s points are generally valid.”

“There are a lot of terrible people involved in the crypto space, and I fully understand why he would feel negative about it,” Markus wrote. “I understand his point of view and we both saw mostly the negative side of it all,” he said in another tweet.

Markus has been much more active on social media, although he is not currently involved in the development of dogecoin.

“The crypto community can be quite elitist and not very inclusive, and we wanted to create a more fun, leaner and more inclusive community,” Markus told CNBC Make It of the creation of dogecoin. “It worked and that’s why the dogecoin community constantly maintains a presence.”

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