It turns out that the creator of the meme cryptocurrency Dogecoin is not a fan of cryptocurrencies.
Dogecoin started as a joke but has gained notoriety from the likes of Elon Musk. In a series of tweets, Dogecoin co-creator Jackson Palmer ripped into cryptocurrency, saying that it was purpose-built to “amplify the wealth of its proponents.”
“After years of studying it,” he tweeted this week, “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,” Palmer added.
He says that 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.”
Lose your savings account password? Your fault.— Jackson Palmer (@ummjackson) July 14, 2021
Fall victim to a scam? Your fault.
Billionaires manipulating markets? They’re geniuses.
This is the type of dangerous “free for all” capitalism cryptocurrency was unfortunately architected to facilitate since its inception.
Crypto bulls will pointedly disagree with Palmer, but there is certainly no lack of scams and market manipulation taking place. At the same time, many financial institutions have started to embrace Bitcoin and Ethereum as legitimate investments. First-time crypto investors are wise to tread carefully though.