Dogecoin Co-Creator Says Cryptocurrency Is Now "Controlled by a Powerful Cartel of Wealthy Figures"

Dogecoin co-creator, Jackson Palmer, recently resurfaced on Twitter to offer his thoughts on the current state of cryptocurrency.

In a lengthy scathing thread, Palmer continued to share his negative view of cryptocurrencies, openly calling the digital asset “a joke” back in 2013. Noting 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.” Instead of bringing “decentralization,” Palmer points out that crypto is actually “controlled by a powerful cartel of wealthy figures” that are using it to “extract new money from the financially desperate and naive.”

Revealing why he hasn’t been more vocal, Palmer stated, “cryptocurrency is like taking 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) which serve as protections or safety nets for the average person.”

Ending his thread with, “new technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.”

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

Despite claims of “decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.

— Jackson Palmer (@ummjackson) July 14, 2021

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.

— Jackson Palmer (@ummjackson) July 14, 2021

Lose your savings account password? Your fault.
Fall victim to a scam? Your fault.
Billionaires manipulating markets? They’re geniuses.

This is the type of dangerous “free for all” capitalism cryptocurrency was unfortunately architected to facilitate since its inception.

— Jackson Palmer (@ummjackson) July 14, 2021

For these reasons, I simply no longer go out of my way to engage in public discussion regarding cryptocurrency. It doesn’t align with my politics or belief system, and I don’t have the energy to try and discuss that with those unwilling to engage in a grounded conversation.

— Jackson Palmer (@ummjackson) July 14, 2021

I applaud those with the energy to continue asking the hard questions and applying the lens of rigorous skepticism all technology should be subject to. New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.

— Jackson Palmer (@ummjackson) July 14, 2021