DOGE Creator Palmer Says Crypto Preys On The “Financially Desperate”

DOGE Creator Palmer Jackson launched a twitterstorm claiming that crypto preys on the “Financially Desperate and Naive” as we are reading more in our latest dogecoin news today.

The man who founded DOGE, launched an attack on the entire cryptosystem. Jackson Palmer left Dogecoin in 2015 but his most recent comments show that he is probably not coming back to crypto ever because the DOGE creator said that crypto preys on the financially desperate and it is among the worst parts of today’s capitalist system. Palmer who founded Dogecoin in 2013 with his partner Billy Markus before selling all of his coins, announced that he wants nothing to do more with the crypto space:

“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.”

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

He added:

“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.”

According to him, crypto is taking the parts of the world of today’s capitalist system and uses software to technically limit the use of interventions that serve as protections of safety for the average person. However, after a 6000% rise in one year, Dogecoin now has a market cap of $26 billion. Dogecoin’s founder no longer sees anything to laugh about whether it’s DOGE or the wider crypto sphere. Jackson criticized the crypto’s use of Shady Business connections to drain the money of the financially desperate and naive. This is because people buy in the cult where they think they can get rich quickly.

The echoes of that critique sound through Doge’s success which is mostly pinned on one of the world’s richest men- Elon Musk. The billionaire claimed the coin was his favorite crypto causing its price to surge. Another proponent of DOGE was billionaire Mark Cuban. Despite all that, this is not the first time Palmer criticized the crypto space. In 2015, Palmer bowed out of Dogecoin and the rest of the crypto space calling the ecosystem toxic. In 2018, he said that Bitcoin became “cult-like” and that the technology will not add much value to society.