Dogecoin Co-Creator Criticizes Crypto Industry's Alignment with Capitalism

Jackson Palmer, the co-creator of Dogecoin has left some fiery comments about the ‘real’ condition of the cryptocurrency market on Twitter today and it has given a great peek behind the curtain. The claims of Palmer are direct and target the super-rich class of business giants. He has confirmed that the crypto industry has promoted exactly the kind of financial system it affirms to replace. According to him, cryptocurrency is like taking the worst parts of today’s capitalist system such as corruption, fraud, inequality, and then using software to technically limit the use of interventions like audits, regulation, taxation which serve as protections or safety nets for the average person.

He has exposed how this industry puts up a fake ‘get rich soon’ sign to extract new money from the desperate wanna-be riches. He admitted that financial exploitation undoubtedly existed before cryptocurrency, but to him, cryptocurrency seems like it was purposefully built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable. His words were very straightforward when he wrote, “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.”

Palmer’s tweet has led a lot of people to think about the actual value of having a decentralized financial system. On the other hand, some people seem skeptical about the truth behind these tweets as Palmer himself is an inventor of a cryptocurrency coin, and even a famous one at that, called Dogecoin. Rumors are that he had recently invested in cryptocurrency. A part of the Twitter world is thinking that these tweets may be an instance of ‘sour grape’ syndrome.