Co-founder sees crypto as a “right-wing hypercapitalist” technology

The co-founder of the DOGE memecoin, Jackson Palmer, addressed the entire cryptocurrency industry and its investors in a lively Twitter thread on Wednesday.

Palmer, who made the coin extremely popular as a joke in 2013, has posted a long story on whether he will ever return to crypto, his answer we emphasize “no”. He stated his belief that cryptocurrencies are right and unequal:

“I believe cryptocurrency is a right-wing hypercapitalist technology designed primarily to increase the wealth of its supporters through a combination of tax avoidance, reduced regulatory oversight and more. Determination and scarcity are artificially enforced.”

Palmer also claimed that the crypto industry is controlled by “a powerful consortium of wealthy individuals” that includes “many similar institutions that are tied to, without being intended to replace, the existing centralized financial system.”

Tech news website Mashable has dubbed it the “Shiba Inu-sized Dump on Crypto.” Palmer went on to say that cryptocurrencies are not user-friendly as users are held responsible for losing their passwords or falling victim to scammers.

Has anyone been more injured in this area than Jackson Palmer? pic.twitter.com/DmWBDTrDk9

– WalPanda (@WhalePanda) July 14, 2021

Palmer, who was relatively calm during the Dogecoin surge this year, raved about the technology, claiming it was designed to curtail consumer protection.

“Cryptocurrency is like taking the worst parts of today’s capitalist system (e.g. corruption, fraud, inequality) and using software to protect or improve the use of interventions (e.g. exams, regulations, taxes) Securing people to be technically limited. “

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He admits that cryptocurrency “doesn’t fit my political system or my beliefs” and the counter arguments don’t mind because he “doesn’t have the energy” to talk to those who “don’t want to take part in a conversation” . . “He turned off the ability to reply on his Twitter feed.

In 2015, the Australian Palmer announced that he was taking an “extended sabbatical” from the “toxic” world of cryptocurrencies. In 2018, he told Vice that he was not making a profit from participating in the Dogecoin project.

DOGE price is down 73% from its all-time high of $ 0.731 on May 9, but is trading 4% at $ 0.196 that day, according to CoinGecko.