In 2013, Jackson Palmer and Billy Markus created a ‘joke’ cryptocurrency based on the Doge meme (yes, the Shiba Inu puppy) and christened it Dogecoin. In 2015 Palmer withdrew from the project, claiming that a “toxic community” had been created around it, full of speculators.
He then sold all his dogecoins to pay the rent for his house. Today, with the revaluation of his creation, some dogecoins could have made him a millionaire: they have gone from being worth the same as a Honda car to be worth the same as its manufacturer.
And now, eight years later, Palmer no longer likes how things have changed. A few hours ago, Palmer decided to launch the Twitter account he registered a year ago (after making the previous one private) to share his thoughts on the world of cryptocurrencies.
This is remarkable because he hadn’t come out to comment even when his creation hit its valuation record earlier this year. But now you have an important message to share: that cryptocurrencies are a scam and always have been.
New ‘decentralized finance’ favors the same people as centralized finance, according to Palmer.
After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalist technology built primarily to amplify the wealth of its defenders through a combination of tax evasion, reduced regulatory oversight, and the imposition of artificial scarcity .”
“The cryptocurrency industry takes advantage of a network of shady business connections and influencers and purchased media to perpetuate a ‘get rich quick scheme, not unlike a cult, and designed to extract new money from the financially desperate and naive.
To all those who point to ‘cryptos’ as decentralized alternatives (although perhaps not so decentralized, starting with Dogecoin itself ) to central banks, Palmer points out that, in reality, both mechanisms share the same problem: the rich.
And, according to the creator of Dogecoin, most of the crypto community is controlled by “a powerful cartel of rich celebrities” who are making decentralized finance benefit those at the top … just like centralized ones, go.
For Palmer, another of the problems of cryptocurrencies is its community and the fact that “even the most modest criticism” of them unleashes fierce criticism not only from the “powerful figures who control the industry” but also from the small ones. Investors, terrified at the prospect of losing everything.
” I am often asked if ‘I will return to cryptocurrencies’ or if I will regularly return to share my reflections on this topic,” says Palmer, who a couple of years ago closed his informative channel on ‘crypto.’ ” My answer is a resounding ‘no’, “sentence.
Billy Markus, the other co-creator of Dogecoin, much more active in networks, entered to comment on his partner’s intervention: “There are a lot of horrible people involved in the cryptocurrency realm, and I completely understand their negative feelings about it.”