- Co-founder of Dogecoin slammed the crypto industry.
- Jackson Palmer said a powerful cartel of wealthy figures controls the crypto industry.
The co-founder of Dogecoin, Jackson Palmer, said a powerful cartel of wealthy figures controls the crypto industry.
Jackson Palmer has slammed the crypto industry in a series of Twitter threads on July 14, 2021. According to the co-founder of the popular memecoin, crypto is a scam.
Palmer went on Twitter for the first time in two years and said,
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.
In addition, he said that while the crypto community often points to it as an alternative to banks because of the currency’s decentralized nature, the truth is that the two have the same problem, “rich people”.
I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…
— Jackson Palmer (@ummjackson) July 14, 2021
Also, Palmer stressed that the crypto industry is controlled by a “powerful cartel of wealthy figures” who are changing DeFi into a system that largely benefits those at the top—kind of like the centralized systems crypto claims to replace.
As financial exploitation undoubtedly existed before crypto, he added that crypto is almost purpose-built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the weak.
However, he admitted that crypto doesn’t align with his politics or belief system. Therefore, he has no interest in arguing as he “doesn’t have the energy to talk with those “unwilling to engage in a grounded conversation.”
Palmer’s comment itself is well worth the read, even if you disagree with what he said—and there are going to be plenty that do.