Jackson Palmer, the co-creator of the meme-inspired dogecoin cryptocurrency, made an uncommon return on Twitter Wednesday with some harsh remarks about cryptocurrencies.
After shutting down his YouTube channel and turning off his Twitter account in mid-2019, the software program engineer hadn’t even taken a have a look at the platforms; even when the value of dogecoin had reached information earlier this yr.
Market sentiment has additionally weakened within the altcoin market after Palmer transmitted a scattered opinion in regards to the crypto business, claiming that it’s a rip-off and has at all times been.
“After years of research, I consider that cryptocurrency is an intrinsically right-wing, hyper-capitalist expertise constructed primarily to amplify the wealth of its proponents by a mixture of tax evasion, diminished regulatory management, and artificially imposed shortages.” he stated.[[” embedded=”” url=””>tweeted out on Wednesday afternoon.
Palmer went on to say that while crypto’s biggest fans often point to it as an equitable alternative to the Big Banks because of the currency’s decentralized nature, the truth is that the two share the same problem: rich people. As he (rightfully) noted, the bulk of the crypto community is controlled by “a powerful cartel of wealthy figures” who are turning decentralized finance into a system that largely benefits those at the top—pretty much like the centralized systems crypto claims to replace.
Dogecoin broke below 20 cents and is trading at 19 cents as of report time with a daily trading volume of over $1 billion and a market cap of $25 billion.
Dogecoin is currently one of the top 10 cryptocurrencies by market value. Earlier this year, it hit an all-time high of almost 74 cents. However, despite its recent surge in popularity, Markus and Palmer (dogecoin’s founders) haven’t profited, as they both sold out before dogecoin’s meteoric rise.
Palmer’s full thread itself is well worth the read, even if you disagree with what he’s saying—and there are going to be a lot of people who do. One of the many concerning traits of the crypto community that Palmer points out is that “even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry,” not to mention the ire of everyday investors terrified of losing it all.