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Dogecoin Co-Founder Says Crypto Is Controlled by "Powerful Cartel" of Wealthy Figures

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Wed, 07/14/2021 - 17:52
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Alex Dovbnya
Dogecoin co-founder Jackson Palmer says crypto represents the worst of capitalism
Dogecoin Co-Founder Says Crypto Is Controlled by "Powerful Cartel" of Wealthy Figures
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Dogecoin co-founder Jackson Palmer has vented his frustration with the cryptocurrency industry in a lengthy Twitter thread, claiming that it’s controlled by “a powerful cartel” of wealthy figures:

Despite claims of “decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.

Palmer believes that crypto is a “right-wing, hyper-capitalistic technology,” which doesn’t align with his personal beliefs.

He adds that cryptocurrencies were specifically built to enrich those at the top. Thus, they represent the worst of today’s system.

The software engineer claims that he will no longer engage in any discussions on the topic.

As reported by U.Today, Palmer recently called Tesla CEO Elon Musk “a self-absorbed grifter” due to his Dogecoin tweets.

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He didn’t get a cent

After co-founding Dogecoin with Billy “Shibetoshi Nakamoto” Markus in 2013, Palmer left the project two years later because he grew dissatisfied with toxicity within the community.

The crypto cynic was never able to profit off the meme coin’s massive rally that took place earlier this year. In early May, Dogecoin’s market cap peaked at a staggering $90 billion.

According to Markus, Palmer had around 5 million DOGE when the cryptocurrency was worthless. He donated a portion of his holdings and bought some Nutella with the rest of the coins.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.