Jackson Palmer, the co-creator of Dogecoin, has revealed on social media that he would never return to cryptocurrencies. Cryptography, he claimed, is an “inherently right-wing, hyper-capitalistic technology.” Palmer isn’t generally very social media savvy. In reality, he made his Twitter account private in 2019. He has never said anything on media platforms ever since, even as Dogecoin hit unprecedented highs early this year. Palmer, on the other hand, reappeared on Twitter on Wednesday, blasting several cryptocurrencies. He even went so far as to label it a fraud, claiming it was built on “an inherently right-wing, hyper-capitalistic technology.”
The co-creator of the meme-based cryptocurrency stated in his debut tweet that he was asked repeatedly whether he would come back to the realm of crypto tokens. Although his answers to those questions are a resounding “no,” he felt compelled to elaborate.
Palmer said in his second tweet that digital currencies were created solely to “amplify the riches of its proponents” through a mix of tax evasion, less regulatory scrutiny, and artificial scarcity.
Despite claims of “decentralisation,” Palmer says that a powerful cartel of rich individuals controls the sector, which now includes many of the institutions they were meant to replace.
Besides that, he took on the cryptocurrency world, that has gained backing from billionaire Elon Musk, claiming that the company uses a system of sleazy business links, purchased bloggers, and pay-for-play news organizations to reinforce a cult-like “get rich quick” loop engineered to “extract new money” from the monetarily pathetic and uninformed.
“Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable,” he asserted.
He compared cryptocurrencies to taking the worst aspects of today’s capitalist system — corruption, fraud, and inequality — and using technology to minimize the usage of measures like audits, regulation, and taxation, which act as security or support systems for the common individual.
Palmer then moves on to explain issues that have troubled everyone, regardless of their involvement in cryptocurrency.
Palmer believes that the current era has been such that even the mildest criticism of cryptocurrencies is met with slander from influential individuals in the business, as well as the wrath of ordinary investors who have been given the broken pretense of one day being a fellow millionaire. “Good-faith debate is near impossible,” he added.
Palmer stated that he no longer goes out of his way to engage in public debate about cryptocurrencies after stating the reasons why he would never return to it.
Palmer then thanked people who continue to raise tough questions of those in charge of the business in his final tweet of the thread, saying that “applying the lens of rigorous skepticism all technology should be subject to”.