Dogecoin co-creator Jackson Palmer dropped a bombshell on social media, saying he will never return to cryptocurrency. He called crypto an “inherently right, hyper-capitalist technology”. Palmer isn’t usually that active on social media. In fact, he also made his Twitter account private in 2019. Since then, even when Dogecoin hit record highs earlier this year, it hasn’t said anything on social media platforms. On Wednesday, however, Palmer reappeared on Twitter and blew up the various cryptocurrencies. He even went so far as to call it a shame based on “an inherently right, hypercapitalist technology.”
In his first tweet, the co-creator of the meme-based cryptocurrency said that he was often asked if he would return to the world of crypto tokens. While his answer to this question is a whole-hearted “no”, he thought he would explain.
I am often asked whether I am “going back to cryptocurrency” or regularly sharing my thoughts on the subject again. My answer is a whole-hearted “no”, but in order not to repeat myself, I think it might be worthwhile to briefly explain here why …
– Jackson Palmer (@ummjackson) July 14, 2021
In his second tweet, Palmer said digital currencies were built primarily to “increase the wealth of their advocates” through a combination of tax avoidance, reduced regulatory oversight and artificially enforced scarcity.
After years of study, I believe that cryptocurrency is an inherently right-wing, hypercapitalist technology, designed primarily to increase the wealth of its proponents through a combination of tax avoidance, decreased regulatory oversight, and artificially enforced scarcity.
– Jackson Palmer (@ummjackson) July 14, 2021
Palmer said that despite claims of “decentralization,” a powerful cartel of wealthy personalities controlled the industry, which now includes many of the same institutions it allegedly sought to replace.
Despite claims of “decentralization,” the cryptocurrency industry is controlled by a powerful cartel of wealthy personalities who have evolved over time to include many of the same institutions tied to the existing centralized financial system they allegedly wanted to replace .
– Jackson Palmer (@ummjackson) July 14, 2021
In addition, the Dogecoin founder took on the world of cryptocurrencies, backed by the likes of billionaire Elon Musk, and said the industry was leveraging a network of dubious business connections, buying influencers and pay-for-play media to create a sect maintain the “get rich quick” funnel designed to “extract new money” for the financially desperate and naive.
The cryptocurrency industry leverages a network of dubious business connections, bought influencers, and pay-for-play media to maintain a cult-like “get rich quick” funnel designed to attract new money from the financially desperate and naive.
– Jackson Palmer (@ummjackson) July 14, 2021
“Financial exploitation clearly existed before cryptocurrency, but cryptocurrency is almost purpose-built to make the profit-making funnel more efficient for the front runners and less protected for the weak,” he added.
He said cryptocurrency is like taking the worst parts of today’s capitalist system – corruption, fraud, inequality – and using software to technically limit the use of interventions like audits, regulation and taxation that act as a protection or safety net for serve the average person.
Palmer then talked about things that preoccupied everyone regardless of their interest in digital currencies.
Lost your savings account password? Your fault.
Become a victim of fraud? Your fault.
Billionaires manipulating markets? They are geniuses.
This is the type of dangerous “free” capitalism cryptocurrency that has unfortunately been developed since its inception.
– Jackson Palmer (@ummjackson) July 14, 2021
Palmer said the time is when even the most humble criticism of the cryptocurrency is being cut off from the powerful figures in control of the industry and the wrath of retail investors who sold the false promise to one day become a billionaire be . “A debate in good faith is almost impossible,” he said.
After listing the reasons why he will never return to crypto, Palmer said that he no longer participates in public discussions about cryptocurrencies.
For these reasons, I simply no longer make an effort to participate in the public discussion about cryptocurrencies. It doesn’t align with my politics or my belief system, and I don’t have the energy to discuss this with those who are unwilling to enter into an informed conversation.
– Jackson Palmer (@ummjackson) July 14, 2021
In his final tweet on the thread, Palmer paid tribute to those who continue to ask tough questions to those in charge of the industry and “apply the lens of the rigorous skepticism that should apply to all technology”.
I applaud those who have the energy to continue to ask the tough questions and use the lens of the rigorous skepticism that any technology should face. New technologies can make the world a better place, but not if they are decoupled from their inherent political or social consequences.
– Jackson Palmer (@ummjackson) July 14, 2021
However, this wasn’t the first time Palmer has returned to Twitter to take on those who can influence the market in the blink of an eye. In May 2021, he had Tesla CEO Elon Musk in his sights, he was a “self-centered crook” and described his appearance on Saturday Night Live (SNL) as “twitching”. Musk had referred to Dogecoin as a “crush” during one of his appearances on the popular TV show. And the Dogecoin price had soared just in anticipation of its appearance. However, Palmer added that he would delete his tweets criticizing Musk in “a minute,” and he did. However, several Twitter users saved the screenshot.
My husband came back from the shadow realm to immerse Elon and leave again pic.twitter.com/1meheDu7Dn
– ∞ CO ฿ IE (@CryptoCobain) May 14, 2021
He said that too! pic.twitter.com/o8NjsigU7Y
– G-100P (@ G100Prime) May 14, 2021
In 2015, Palmer announced an “extended leave of absence” from the cryptocurrency community, calling it “toxic” and criticizing it as “white male dominance” and tarnished by “business ideas full of buzzwords”.
Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
