Dogecoin co-founder Jackson Palmer publicly slammed the entire cryptocurrency industry on Twitter, arguing that cryptocurrencies represent "the worst part of the capitalist system today."
Jackson Palmer co-founded Dogecoin with Billy Markus in 2013, then sold his entire stake.
Dogecoin is now one of the world's top 10 cryptocurrencies by market capitalization and is considered the father of the popular Memecoin, but Jackson Palmer no longer wants to be associated with the crypto industry.
"After years of research, I believe that cryptocurrency is essentially a right-wing, hyper-capitalist technology whose primary purpose is to expand the wealth of its proponents through a combination of tax avoidance, reduced regulation, and artificially enforced scarcity,"
"Despite claims of 'decentralisation', the cryptocurrency industry is now controlled by a monopoly of wealthy individuals who were originally intended to replace the existing centralised financial institutions that the plutocrats have become over time," he tweeted.
Jackson Palmer argues: "Cryptocurrencies simply represent the worst parts of today's capitalist system (e.g., corruption, fraud, inequality) and use software to technically limit interventions (e.g., auditing, regulation, taxation) that are protections or safety nets for ordinary people.
Dogcoin was originally created as a satire on cryptocurrency mania, but the currency's price has been rising in the bull market, rising by a whopping 6,000% in the year to date and surpassing ethereum, the world's second-largest cryptocurrency, thanks to Twitter personalities like Elon Musk and billionaire Mark Cuban.
This was followed by an increasing number of hype bubbles and frauds.
Fraudulent domain name registrations in cryptocurrencies and exchanges have peaked in the past few months, according to data from a BrandShield report.
BrandShield's analysis found that the price of Dogecoin fluctuated wildly in response to Musk's tweets, and that the number of fraudulent domain name registrations related to dogecoin exploded accordingly.
Jackson Palmer is criticizing the cryptocurrency industry as a whole.
He argues that cryptocurrencies use "murky business ties" to suck money from people who are "economically desperate and naive".
He said he would no longer engage in public discussions about cryptocurrencies because he believes "moderate criticism" of the crypto world is impossible and that the super-rich, or retail investors who think they will become super-rich, are too enthusiastic about the industry and "kind of like a cult."
Castle Island Venture's Nic Carter called Palmer's actions "despicable." He tweeted back:
"What makes you influential is the technology itself, but you've created a worthless copycat bitcoin that serves no purpose other than to blackmail investors who don't understand, and it's hard to imagine anything more despicable than using that notoriety to attack and undermine bitcoin's technology."
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source https://www.reddit.com/r/btc/comments/ppnsr8/dogecoin_founder_slams_cryptocurrency_the/
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