Co-founder denounces crypto as right-wing hypercapitalist technology

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Dogecoin (DOGE) memecoin co-founder Jackson Palmer on Wednesday slammed the entire crypto industry and its investors in a vitriolic Twitter thread.

Palmer, who created the hugely popular coin as a joke in 2013, kicked off his tirade in a long thread on whether he would ever return to cryptocurrency. In short, his answer is a categorical no. He stated his belief that crypto is right-wing and unfair:

I think cryptocurrency is inherently right-wing hyper-capitalist technology, designed primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight, and artificially enforced scarcity.

Palmer also claimed that the crypto industry is controlled by a powerful cartel of wealthy figures who have evolved to incorporate many of the same institutions tied to the existing centralized financial system that they are meant to replace.

The Mashable tech news website called it a Shiba Inu-sized crypto dump. Palmer went on to say that crypto is not user-friendly, with users blamed for lost passwords or victims of scams.

Is there anyone in this space more stubborn than Jackson Palmer? pic.twitter.com/DmWBDTrDk9

WhalePanda (@WhalePanda) July 14, 2021

Palmer, who has been rather silent during the epic rise of Dogecoins this year, took a hit with the technology claiming it was designed to limit consumer protection.

Cryptocurrency is like taking the worst parts of the current capitalist system (e.g. corruption, fraud, inequality) and using software to technically limit the use of interventions (e.g., audits, regulations, taxation) that serve as protections or safety nets for the average person. .

Related: Has The Doge Had His Time? Dogecoin interest cools

He admitted that cryptocurrency didn’t fit my politics or my belief system and had no interest in counterarguments because he didn’t have the energy to try and engage with those who didn’t. did not want to engage in a founded conversation. He has disabled the ability to reply to his Twitter feed.

In 2015, Palmer announced that he was taking extended leave from the toxic world of cryptocurrency. In 2018, he told Vice that he made no profit from his involvement in the Dogecoin project.

DOGE prices fell 73% from their all-time May 9 high of $ 0.731, but were trading up 4% on the day to $ 0.196, according to CoinGecko.

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