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Jackson Palmer, the person behind the development of Dogecoin, the meme coin which now has its name included in the list of biggest cryptocurrencies by market capitalization has attacked the crypto environment. Palmer has recently claimed that crypto has got the worst parts of the capitalist system of today.
Jackson Palmer of Dogecoin Criticizes Crypto Ecosystem
Jackson Palmer founded Dogecoin back in the year 2013 just for fun with Billy Markus, who happens to be the co-founder of Dogecoin before selling all his holdings.
In a tweet shared by him on Wednesday, he explained why he does not want any further involvement of his in the crypto world and said:
“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.”
In addition to this, he revealed that though it has always been claimed that the cryptocurrencies are decentralized, they are controlled by big entities and said:
“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.”
Worst Part of Today’s Capitalist System Involved in Cryptocurrencies
In another tweet shared by Jackson Palmer, it was revealed that the concept of cryptocurrencies is twisted and he added:
“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.”
In response to his tweet, Nic Carter of VC firm Castle Island Ventures said:
“Hard to conceive of anything more despicable than creating a meritless clone of bitcoin with no use case other than ripping off clueless investors than using that notoriety to attack & undermine the technology that made you relevant.”