After a deafening silence, Dogecoin co-creator Jackson Palmer has boomed against cryptocurrencies, labeling them as a right-wing and a hyper-capitalist technology.
Palmer was presumably asked if he would ever return to cryptocurrency, and the outburst is seen as a response to those questions.
The Twitter Storm
In a series of tweets where Palmer minced no words in sharing what he thought about cryptocurrency, he described it as a hyper-capitalist and inherently right-wing technology, describing it as a means for crypto proponents to amplify their wealth through a combination of means such as diminished regulatory oversight, tax avoidance, and artificial scarcity.
He further stated that the cryptocurrency industry has become like the existing centralized financial system that it set out to replace and criticized the claims of “decentralization” in an industry controlled by cartels and influential figures.
Enabler Of Financial Exploitation
In his outburst, he described the cryptocurrency industry as an enabler of financial exploitation, describing it to be purpose-built for making profiteering more efficient for those right at the top while removing key safety nets for the average investor, leaving them vulnerable.
According to Palmer, Cryptocurrency has taken the worst bits of the capitalist system and has used software to limit interventions such as taxation, regulations and audits, that act as a safety net for average investors.
Crypto Twitter Reacts
Understandably, there were sharp reactions to Palmer’s comments, with several prominent members of the cryptocurrency community sharing their reactions. User CryptoParadyme defended the technology, stating that Code and Coders don’t have politics. According to him, Bitcoin is apolitical and only tracks entries in a trustless manner.
Author of Dear Reader and The Anarchist Handbook, Michael Malice called Palmer’s rant against cryptocurrency an “odd endorsement of cryptocurrency.” Robert Leshner, CEO of Compound Finance, joked that Palmer’s description of the true nature of cryptocurrency actually made it sound pretty bad-ass.
Axia Labs founder, James Waugh, described Palmer’s outburst as ill-informed and said that what he was describing fit the description of the current economic system and not the cryptocurrency industry. However, the co-creator of Dogecoin found some support with The Thinkin Project Founder, Jim Stewartson, who extended his support to him, describing cryptocurrency as an enormous “pump-and-dump” scheme orchestrated by billionaires.
Not The First Outburst
This isn’t the first time that Dogecoin’s co-creator has spoken out against the crypto industry. Back in 2018, when Dogecoin had cracked $2 Billion, Palmer said in an op-ed in Vice that inexperienced buyers were lapping up lower-priced coins hoping that they would become the next Bitcoin. However, according to him, all this was doing was creating market hysteria.
He stated that the “get rich quick” mentality was distracting people from the real reason for cryptocurrency, which was to be used as an alternative that does away with the need to trust in financial institutions in the aftermath of the 2008 financial crisis.
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