This week Dogecoin co-creator Jackson Palmer addressed the question of whether he’d return to cryptocurrency.
“My answer is a wholehearted ‘no’,” he confirmed, before launching into a scathing Tweet storm. “To avoid repeating myself I figure it might be worthwhile briefly explaining why hereâ¦”
“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. 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.
“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive. 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. 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…
“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.”
Insider points out this wasn’t Palmer’s first time speaking out against crypto. “When Dogecoin soared to $2 billion in 2018, he wrote an op-ed on Vice, saying ‘something is very wrong.'”
Palmer and his co-founder, Billy Markus, created Dogecoin in 2013 as a “joke” currency as alternative cryptocurrencies flooded the market, promising to be the next big thing… It is now valued at $25.8 billion, as of time of writing.
Palmer and Markus are no longer part of Dogecoin. Both left in 2015 after deciding that the cryptocurrency was not aligned with their values. Palmer’s co-creator, Markus, retweeted Palmer’s Twitter thread and responded with a GIF.
In a later tweet, Markus added that “I think his points are generally valid aside from the pointless American politics piece.”