Dogecoin Co-Founder Says Crypto Is Controlled by "Powerful Cartel" of Wealthy Figures

Dogecoin co-founder Jackson Palmer has vented his frustration with the cryptocurrency industry in a lengthy Twitter thread, claiming that it’s controlled by “a powerful cartel” of wealthy figures:

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 believes that crypto is a “right-wing, hyper-capitalistic technology,” which doesn’t align with his personal beliefs.

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.

— Jackson Palmer (@ummjackson) July 14, 2021

He adds that cryptocurrencies were specifically built to enrich those at the top. Thus, they represent the worst of today’s system.

The software engineer claims that he will no longer engage in any discussions on the topic.

As reported by U.Today, Palmer recently called Tesla CEO Elon Musk “a self-absorbed grifter” due to his Dogecoin tweets.

He didn’t get a cent

After co-founding Dogecoin with Billy “Shibetoshi Nakamoto” Markus in 2013, Palmer left the project two years later because he grew dissatisfied with toxicity within the community.

The crypto cynic was never able to profit off the meme coin’s massive rally that took place earlier this year. In early May, Dogecoin’s market cap peaked at a staggering $90 billion.

According to Markus, Palmer had around 5 million DOGE when the cryptocurrency was worthless. He donated a portion of his holdings and bought some Nutella with the rest of the coins.

yeah he is very out of doge and crypto - max he had was around 5 million way back when it was worth nothing, he donated some and bought nutella with it and didn’t have anymore similar time that I didn’t have anymore

— Shibetoshi Nakamoto (@BillyM2k) July 13, 2021