Palmer, who co-created the fake cryptocurrency in 2013 with Billy Markus, took to twitter Wednesday to bluntly denounce the state of the crypto:
“After years of study, I think cryptocurrency is an 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 scarcity. applied. “
Far from being a decentralized and libertarian alternative to traditional monetary systems, crypto “is controlled by a powerful cartel of wealthy figures,” he said, who “have evolved to incorporate many of the same institutions linked to the financial system. existing centralized system that they are supposed to put in place to replace.
Meanwhile, the rich get richer and the most vulnerable investors are at the greatest risk, he said.
“The cryptocurrency industry relies on a web of shady business relationships, bought influencers and paid media to perpetuate a ‘get rich quick’ cult funnel designed to extract money from financially desperate people and naive, ”he continued in a thread of 10 tweets. “Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost specially designed to make the profit funnel more efficient for those at the top and less protected for the most vulnerable. “
In a tweeted response on Wednesday, Palmer’s dogecoin co-creator Markus conceded that “his arguments are generally valid.”
This is not the first time that Palmer has protested against cryptocurrencies. After dogecoin hit a market cap of $ 2 billion in 2017, he wrote in Vice that “something is really wrong” and that the crypto industry has been hijacked by “crooks and opportunists”.
Things have gotten even crazier since then. Although it has lost around two-thirds of its value since its peak in May, the DOGEUSD dogecoin,
is still up over 4,100% year-to-date, with a current market cap of over $ 28 billion.
Palmer and Markus moved away from dogecoin years ago. But while Markus is still active in the crypto world, Palmer is done. In the 2017 Vice article, Palmer said he ended his involvement in dogecoin and crypto in 2015 and donated his profits to charity. And don’t ask him again – Palmer’s tweet thread on Wednesday began: “I get asked often if I’m going to ‘go back to cryptocurrency’ or if I will return to regularly sharing my thoughts on the subject. My answer is a wholehearted “no”.