In a recent storm on Twitter, the co-founder of Dogecoin founder Jordan Palmer said he would not be returning to the cryptocurrency world. Palmer has launched harsh criticism of the cryptocurrency industry, calling it “hyper capitalist” and run by “powerful cartels” of wealthy figures. Palmer created Dogecoin with Billy Markus in 2013 as a joke, poking fun at the crypto community.
Dogecoin Co-Founder Slams Crypto Industry
Dogecoin co-founder Jordan Palmer is genuinely upset with the route taken by the cryptocurrency industry. In a recent tweetstorm, the Australian programmer took photos of the cryptocurrency world, criticizing it harshly. Palmer says he won’t return or get involved in cryptocurrency circles because of what the industry now stands for. Likewise, Dogecoin’s father criticized several key traits of what some cryptos claim to be. He declared the cryptocurrency was a:
… Right-wing hypercapitalist technology designed primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight, and artificially enforced scarcity.
Palmer too critical the marketing network behind the crypto industry, which he says prey on financially troubled individuals, enticing them to invest their savings in the hope of making a quick buck. On this, Palmer said the industry relies on:
… A network of shady business connections, bought-in influencers and paid media outlets to perpetuate a cult “get-rich-quick” funnel designed to extract money from the financially desperate and naive.
To conclude, Palmer slammed the idea that crypto is decentralized, emphasizing:
Despite claims of “decentralization,” the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, over time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system that they once were. supposed to replace.
Dogecoin was a joke
Jordan Palmer never liked cryptocurrencies too much. To him, Dogecoin was a joke, a fake coin from a 2013 meme. In any case, he has always criticized the flattering and uncritical praise he has seen bitcoin supporters give to the currency. For this reason, Palmer said bitcoin should have a value tied to the value it provides to society. In short, he considers that this value is lacking.
However, Palmer shares something in common with the original proponents of cryptocurrencies: his contempt for the mainstream financial system. Basically, Palmer believes these institutional investors could reverse the real benefits of cryptocurrencies and turn them into mere fiat coins. Palmer hinted at this possibility, saying the banks had the power to make a hostile takeover bid on Bitcoin in 2018. And according to some analysts, it has happened before.
What do you think of Jordan Palmer’s thoughts on the cryptocurrency industry? Tell us in the comments section below.
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