- Dogecoin co-creator Jackson Palmer denounced cryptocurrency on Wednesday, saying he would never again be involved with the “inherently right-wing” ecosystem that he helped build.
- Palmer says crypto is “built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”
- Palmer created Dogecoin with Billy Markus as a “joke” in 2013, but it has grown in popularity thanks to promotion by billionaires Elon Musk and Mark Cuban.
Rudy Takala from Mediaite writes:
“A Dogecoin co-founder denounced cryptocurrency on Wednesday, saying he would never again be involved with the “inherently right-wing” ecosystem he helped to build.
“I am often asked if I will ‘return to cryptocurrency’ or begin regularly sharing my thoughts on the topic again,” Jackson Palmer wrote in a thread on Twitter. He said the answer was a “wholehearted ‘no.’”
He cited the fact that some cryptocurrency applications lack a central authority — such as a bank — capable of recovering lost passwords, and said digital currency was “almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.
“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,” he added. “But these days even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors.”
Palmer created Dogecoin with co-founder Billy Markus as a “joke” in 2013, but it has grown in popularity partially thanks to promotion this year by billionaires Elon Musk and Mark Cuban. Its value stood at a little more than $25 billion as of Wednesday, according to data-tracker Messari…”
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