Dogecoin co-creator Jackson Palmer took to Twitter on Wednesday to explain why he will never return to cryptocurrency. Palmer launched a scathing attack on the crypto sector and explained why he no longer wants to engage with it.
Dogecoin Co-Creator Jackson Palmer Not Returning to Crypto
In a rare appearance on the microblogging social media platform, Jackson Palmer had some hard-hitting thoughts about cryptocurrency.
I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…— Jackson Palmer (@ummjackson) July 14, 2021
Palmer co-created the meme-coin Dogecoin as a joke back in 2013 with Billy Markus, Investopedia said. The Shiba Inu dog meme inspired the name.
Dogecoin gained traction in the middle of 2020 when a viral video on TikTok urged people to invest $25 in the coin. By 2021, Doge is now being backed by Tesla CEO Elon Musk and the cryptocurrency quickly rose the ranks of the crypto market, even becoming one of the top 10 cryptocurrencies by market value, said CNBC.
Devoted fans of the meme-coin and of Musk then set off to take Dogecoin "to the moon" by raising its price in the market. Dallas Mavericks owner Mark Cuban also showed support for the cryptocurrency.
That is where Palmer's problem with cryptocurrency lies.
"Inherently Right-Wing, Hyper Capitalistic Technology"
Palmer said in his Twitter thread that after years of studying crypto, he believes that it is an "inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents." Palmer cited these supporters were a "powerful cartel" of rich individuals and they would amass wealth through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.
He said that despite its "decentralization," the crypto industry leverages a network of "shady business connections," bought internet influencers, and pay-for-play media outlets to perpetuate the "get rich quick" movement that he says extracts money from the financially desperate and naive who were sold the false promise of one day being a billionaire too.
Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.— Jackson Palmer (@ummjackson) July 14, 2021
Cryptocurrency is almost purpose-built to make gaining wealth more efficient for those at the top while the vulnerable were less safeguarded from the volatile nature of the market. To Palmer, crypto took the worst parts of today's capitalist system including corrpution, fraud, and inequality and uses software to limit protections and safety nets for the average person performing trades in that market.
Audits, regulations, and taxation are almost non-existent in the cryptocurrency sphere.
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.
Regular people are left vulnerable should anything go wrong with their holdings like losing their wallet or password, or falling victim to a scam. They're also at risk when billionaire "geniuses" decide to manipulate the market and skyrocket prices.
Dogecoin co-creator Markus also told Bloomberg in February that he thinks Doecoin's price rise is "silly," via Yahoo! News.
Palmer expressed belief that all technology should be subject to rigorous skepticism and should be asked the hard questions so it isn't left unchecked.
I applaud those with the energy to continue asking the hard questions and applying the lens of rigorous skepticism all technology should be subject to. New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.— Jackson Palmer (@ummjackson) July 14, 2021
In the end, he said cryptocurrency does not align with his politics or belief system and he does not have the energy to try and discuss that with those unwilling to engage in a "grounded conversation." He said that good faith debate is near impossible.