Jackson Palmer, co-creator of the popular cryptocurrency meme dogecoin (DOGE), took to Twitter this past Wednesday (15th) to criticize not only his creation, but all digital currencies as well. He argues that it is a “hypercapitalist” technology, aimed at enriching the rich through “tax evasion, reduced regulatory oversight and artificially applied scarcity”.
The software engineer is not a social media user, he has remained almost completely disconnected for two years, officially returning this week to Twitter to comment on some constant questions he receives. Palmer is one of the minds behind the creation of dogecoin in 2013, a cryptocurrency that was released as a satire on bitcoin, but which gained fame and supporters in 2021.
He didn’t directly comment on the Shiba Inu dog meme-based digital currency, not even when its price soared from less than $0.01 to its current record high of $0.74 in May. However, he has positioned himself as a critic of cryptocurrencies for many years.
Cryptocurrencies are controlled by “the rich cartel”
For Palmer, digital currencies were supposed to replace the financial market, but they turned out to be equal or worse as they evade regulations through technology. He adds that cryptocurrencies serve to make the rich richer at the expense of small investors.
“After years of studying this, I believe that cryptocurrencies are an inherently right-wing hypercapitalist technology, built primarily to amplify the wealth of its proponents through a combination of tax evasion, reduced regulatory oversight and artificially applied scarcity.”
said Jackson Palmer on Twitter.
“Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures,” continued the software engineer. “Over time, they have evolved to incorporate many of the same institutions linked to the existing centralized financial system, that they were supposed to replace.”
Palmer argues that cryptocurrencies’ independence from conventional financial systems also means they have no mechanism to protect the less wealthy. “Being a victim of a scam? Your fault,” he said.
“Cryptocurrencies were practically created with the purpose of making the profit system more efficient for those at the top and less protected for the vulnerable…how to take the worst parts of today’s capitalist system (eg corruption, fraud, inequality) and using software to technically limit the use of interventions (eg, audits, regulation, taxation) that serve as safeguards or safety nets for the average person.”
Palmer called Elon Musk a “self-centered crook”
After the controversial string of Twitter posts, he explained that he no longer wants to get involved or discuss cryptocurrencies, saying that even the slightest criticism draws the ire of crowds of retail investors and the “powerful figures who are in control of the industry ”. “A healthy debate is almost impossible,” he concluded.
Palmer had briefly returned to the social network in May to criticize Elon Musk shortly after Tesla stopped accepting bitcoin (BTC). At the time, he said the tycoon “is and always will be a self-centered crook,” but he deleted the post after an hour. At the same time, he also commented that the billionaire’s participation on Saturday Night Live was “cringe”.
With information: Gizmodo