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

Jackson Palmer blasted crypto in a scathing Twitter thread.

Tech
27,851 Hypes 11 Comments

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.”

Read Full Article

What to Read Next

Reclusive Dogecoin Co-Creator Surfaces To Call Elon Musk "Self-Absorbed Grifter"
Tech

Reclusive Dogecoin Co-Creator Surfaces To Call Elon Musk "Self-Absorbed Grifter"

Deleting his tweets about the “Dogefather” almost immediately.

SpaceX Is Launching a Moon Satellite Funded by Dogecoin
Tech

SpaceX Is Launching a Moon Satellite Funded by Dogecoin

DOGE-1 is going to the Moon.

BAPE Now Co-Controlled by CVC Capital After a Completion of Investment
Fashion 

BAPE Now Co-Controlled by CVC Capital After a Completion of Investment

Since separating from Hong Kong’s I.T Limited.


Pace Gallery Brought a Star-Studded Lineup to Art Basel 2021
Art

Pace Gallery Brought a Star-Studded Lineup to Art Basel 2021

From Pablo Picasso to Ellsworth Kelly, Jeff Koons to Latifa Echakhch.

'The Simpsons' Predicted Richard Branson's Space Flight 13 Years Ago
Entertainment

'The Simpsons' Predicted Richard Branson's Space Flight 13 Years Ago

Adding to Donald Trump’s presidency, Disney buying Fox, and three-eyed fish.

Take an Official Look at the UNDERCOVER x Nike Dunk High 1985 "Gym Red"
Footwear

Take an Official Look at the UNDERCOVER x Nike Dunk High 1985 "Gym Red"

Jun Takahashi takes on the court classic.

'Battlefield 2042' Cross-Play Won't Be Cross-Generation
Gaming

'Battlefield 2042' Cross-Play Won't Be Cross-Generation

Previous-gen consoles are restricted to 64-player lobbies.

MAGIC NUMBER and BEDWIN & THE HEARTBREAKERS Reveal "LIGHT OF WORLDS" Capsule
Fashion

MAGIC NUMBER and BEDWIN & THE HEARTBREAKERS Reveal "LIGHT OF WORLDS" Capsule

Inspired by Tokyo’s neon lights and Kamakura’s ocean sunrise.

Marvel Confirms Season 2 of 'Loki' on Disney+
Entertainment

Marvel Confirms Season 2 of 'Loki' on Disney+

Revealed in the Season 1 Finale.


Apple Is Rumored To Have  Bought $2.5 Billion USD Worth of Bitcoin
Tech

Apple Is Rumored To Have Bought $2.5 Billion USD Worth of Bitcoin

Some are in doubt due to Apple’s history with BTC.

Conor McGregor's Coach Reveals Reason Behind UFC 264 Leg Break
Sports

Conor McGregor's Coach Reveals Reason Behind UFC 264 Leg Break

Claiming it all started from a training camp injury.

Netflix Hires Former EA Executive to Lead its Gaming Venture
Gaming

Netflix Hires Former EA Executive to Lead its Gaming Venture

The streaming giant is reportedly looking to offer gaming “within the next year.”

Yves Tumor Delivers Surprise 'The Asymptotical World' EP
Music

Yves Tumor Delivers Surprise 'The Asymptotical World' EP

Featuring “Jackie” and “Tuck” with NAKED.

Take an Official Look at the AMBUSH x Nike Dunk High "Flash Lime"
Footwear

Take an Official Look at the AMBUSH x Nike Dunk High "Flash Lime"

Helping mark the upcoming Olympics.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.