Dogecoin co-creator puts the boot into the cryptocurrency industry and calls it an "inherently right-wing, hyper-capitalistic technology"
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.
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.— Jackson Palmer (@ummjackson) July 14, 2021