Dogecoin Co-Founder Says He Has No Plans To Go Back To Cryptocurrencies

Dogecoin has shown tremendous growth within a year. Take a coin for a joke that the founders believe will go nowhere as one of the highest earning coins in space. Due to the development of Dogecoin, one of its founders, who previously sold his cryptocurrency to buy an old Honda, announced that he had bought the money back.

But that doesn’t apply to the other founder of the meme coin, Jackson Palmer. Dogecoin co-founder said he had no plans to return to crypto.

Dogecoin Co-Founder Says He Has No Plans To Go Back To Cryptocurrencies

Before that, Bill Markus – one of the founders of Dogecoin – sold all his money and left the crypto world with the promise of never going back. But the prosperity of his creative work pulled him back and he has started holding some digital assets again.

It was different for the other founder of the meme coin, Jackson Palmer. When asked if he would ever return to the market, Palmer firmly replied that he did not intend to. The Dogecoin co-founder said he won’t regularly share his thoughts on the crypto market again either.

Palmer went on to create a Twitter thread explaining his reasoning. According to Palmer, he believes that cryptocurrency is “a hypercapitalist technology inherent in the right.” He believes this is to serve to add wealth to its proponents through a combination of factors. Factors such as tax avoidance, reduced regulatory oversight and artificially enforced scarcity.

It wouldn’t be far to think that this has to do with a limited supply of bitcoins. This scarcity suggests that the world will one day run out of bitcoins. As a result, the price of the digital asset will drop as people rush to own a piece of it. Dogecoin meets this imposed scarcity by not having a cap or supply cap.

Jackson Palmer also broadened his considerations on decentralization. Decentralization has always been one of the big drivers of digital assets. A currency that is not controlled by anyone means that players cannot manipulate it as they wish to their advantage. But apparently this is not the case.

Palmer writes: A powerful conglomerate still controls the system. “Decentralization” is essentially becoming a smoke screen to cover up what is really going on behind the scenes.

Palmer explained in the following tweet that cryptocurrency is simply a “get rich quick” channel designed to take money from the financially naive and desperate. According to him, the crypto industry has the worst parts of capitalism. And then you use software to limit intrusion that acts as a safety net.

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