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Dogecoin co-creator puts the boot into the cryptocurrency industry and calls it an "inherently right-wing, hyper-capitalistic technology"

Dogecoin enjoyed over 20,000% increase in a year but has been crashing hard lately. (Image source: CoinMarketCap/Imgflip - edited)
Dogecoin enjoyed over 20,000% increase in a year but has been crashing hard lately. (Image source: CoinMarketCap/Imgflip - edited)
One of the co-creators of Dogecoin, Jackson Palmer, has been sharing some very strong opinions about the cryptocurrency industry and its involvement with “a network of shady business connections, bought influencers and pay-for-play media outlets”. Dogecoin was launched as a joke in 2013 but now has a market cap of over US$21 billion.
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Jackson Palmer, who created Dogecoin with Billy Markus as a response to the volatile nature of the cryptocurrency market, has come out all guns blazing against the crypto industry as a whole. Palmer wanted to answer the question of whether he would return to cryptocurrency or not after taking an extended leave of absence from the industry. It seems the idea of doing such a thing fired the Dogecoin author up quite fiercely, as can be judged by some of the comments he made:

I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology

the cryptocurrency industry is controlled by a powerful cartel of wealthy figures

cryptocurrency is almost purpose built to make the funnel of profiteering more efficient

New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.

The whole Twitter thread is a scathing attack on the cryptocurrency industry, with Palmer basically stating, in a nutshell, that manipulation by those powerful enough and rich enough means that crypto can offer false promises to the “financially desperate and naïve” while allowing the wealthy to accumulate even greater wealth without having to be too concerned about pesky issues such as taxes and regulations.

Dogecoin has been plummeting in value lately, with the May high price of US$0.73 per coin falling to the latest price of US$0.16, which is a loss of a huge -77.70%. Ironically, considering Palmer’s cutting statements about “wealthy figures”, one of Dogecoin’s main cheerleaders, Elon Musk, has once again been showing his support for the altcoin by posting a Twitter profile picture of himself wearing sunglasses that reflect the familiar Doge meme of the Shiba Inu dog that is used as the cryptocurrency’s logo. 

Buy a commemorative Dogecoin "coin" on Amazon

Dogecoin has dropped dramatically in price since May 2021. (Image source: CoinMarketCap)
Dogecoin has dropped dramatically in price since May 2021. (Image source: CoinMarketCap)
Elon Musk has been a prominent supporter of Dogecoin. (Image source: @elonmusk)
Elon Musk has been a prominent supporter of Dogecoin. (Image source: @elonmusk)
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Daniel R Deakin
Daniel R Deakin - Managing Editor News - 2331 articles published on Notebookcheck since 2012
My interest in technology began after I was presented with an Atari 800XL home computer in the mid-1980s. I especially enjoy writing about technological advances, compelling rumors, and intriguing tech-related leaks. I have a degree in International Relations and Strategic Studies and count my family, reading, writing, and travel as the main passions of my life. I have been with Notebookcheck since 2012.
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 07 > Dogecoin co-creator puts the boot into the cryptocurrency industry and calls it an "inherently right-wing, hyper-capitalistic technology"
Daniel R Deakin, 2021-07-20 (Update: 2021-07-20)