Dogecoin co-founder’s criticisms of cryptocurrencies shake up social media

Key facts:

In Palmer’s view, cryptocurrencies show the worst of the current capitalist system.

According to Palmer, the crypto industry takes money from financially desperate people.

Jackson Palmer, co-creator of Dogecoin (DOGE), used social media to comment against cryptocurrencies. In his view, this is “hyper-capitalist technology” aimed at making people who already have money richer by means that, in his view, are unethical.

The developer wrote on his Twitter account, on July 14, specifically the following: «After years of studying them, I believe that cryptocurrencies are an inherently right-wing hypercapitalist technology built primarily to amplify the wealth of its defenders through from a combination of tax evasion, diminished regulatory oversight and artificially imposed scarcity. ‘

Within the same thread, he touched on the industry around cryptocurrencies, which he said “taps into a network of shady business connections and bought influencers.” According to Palmer, this industry is founded on the promise to get rich quick, whereby “new money is extracted from the naive and financially desperate.”

Also, the developer took the opportunity to throw his darts against the flaws he sees in the capitalist system: «Cryptocurrencies are like taking the worst parts of the current capitalist system, (for example, fraud, corruption and inequality) and using software to technically limit the use of interventions (for example, audits, regulation and taxes) that serve as protections or safety nets for the average person.


Jackson Palmer, the co-creator of Dogecoin, says that cryptocurrencies are an expression of the worst of capitalism. Source: Youtube.

In addition, he noted that the crypto market is heavily manipulated and controlled by “a powerful cartel” of wealthy figures. These figures, he says, are doing that the business evolves towards something similar to the centralized financial system, which they say they want to replace.

To the co-creator of the cryptocurrency that started as a joke, the ecosystem is not prepared a debate on this topic. “Even the most modest criticism of cryptocurrencies will provoke smears from the powerful figures who control the industry and the ire of retail investors who have been sold the false promise that they will one day be billionaires,” Palmer says, adding that “the debate in good faith is almost impossible.

Debate on Twitter: opinions for and against the creator of Dogecoin

Palmer’s comments generated various opinions within the «crypto-Twitter». For example, Juan Condori, head of the aircraft line at the Talma company, made the following remark: «You are only a resentful person, if you started something and you don’t have a solid project, nothing happens, the currency stagnates, unless someone pay for doing bad propaganda, what little person you are ».

Another user who was against Palmer was @ Santiag61888533. Ironically, this tweeter wrote: “OK! Prohibit any exchange that does not have a judge involved. According to him, Palmer writes too much just to say that “cryptocurrencies are bad because some win and others lose.”

Also Palmer was criticized for the generalization that apparentlyHe did in his review. @dogedoor told him that generalization is “a stupid way of looking at things.” “It’s like saying you don’t want to use money because people use it for bad things,” he said.

In this regard, the user @dogedoor set a position on the issue and pointed out that not all people can be put into the same bag: «He is generalizing and discarding everyone else. It’s like saying you don’t want to use money because people use it for bad things. It’s a stupid way of looking at things.

For his part, @yimbyarts made the following comment: «I was there a few years ago when [Palmer] He was trying to educate people about cryptocurrencies in good faith, but he got a lot of criticism for it. (…) No good deed goes unpunished. I don’t blame him, honestly.

In favor of Palmer was also expressed @ bubbles3805. According to this tweeter “cryptocurrencies have brought out the worst in some people.”

Several bitcoiners took the opportunity to score the difference they see in the pioneer crypto asset, with the rest of the digital currencies. For example, the Argentine libertarian Adam Dubove, considers that what Palmer said “is correct about ‘cryptocurrencies’ but not about bitcoin.”

Dogecoin became a serious joke

Thanks to the pro-Dogecoin tilt expressed by Tesla CEO Elon Musk, the popularity and price of the cryptocurrency have taken off. At the time of writing this note, its market capitalization is over USD 22 billion, with a volume traded in the last 24 hours of USD 1 billion.

This cryptocurrency was created in 2013 as a parody and baptized by inspiration of a meme. In early 2018 Jackson Palmer made some comments that were reviewed by CriptoNoticias through which he expressed his concern about the excesses and irrationality of the market, appealing to the vague sense of trading a cryptocurrency that is good for nothing but humorous purposes.

Palmer assured, on that occasion, that the discussions lately are based only on the volatility and the price of the markets. As a consequence, currencies like Ripple that, in his opinion, are not innovative and distance themselves from the ideal of bitcoin, gain high appreciation overnight.

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