Jackson Palmer, co-creator of Dogecoin, has taken to Twitter with an anti-crypto thread stating “right-wing, hyper capitalistic technology.”
Jackson Palmer, along with his business partner at the time, Billy Markus, created the meme crypto Dogecoin in 2013. Which later was abandoned altogether by the developers and sold all of their coins in 2015.
Now, Jackson Palmer’s latest anti-crypto tweets have stirred up skepticism. His thread claim that crypto is “an inherently right-wing, hyper-capitalist technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.”
Further adding: “Despite claims of decentralization, the cryptocurrency industry is controlled by a power 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.” The thread suggests that crypto advocates and blockchain technology sought to replace centralized systems with decentralization has wielded to cater to the thing it sought to destroy.
He has also voiced his concerns about crypto scam tokens promoted by influencers and suggests cryptocurrencies are selective of demerits of the current capitalist financial system amplified with technology claiming: “The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-media outlets to perpetuate a cult-like get rich quick funnel designed to extract new money from the financially desperate and naive.
“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 (audits, regulation, taxation) which serve as protections or safety nets for the average person.”
The recent pump of Dogecoin sparked, and fueled by Tesla CEO Elon Musk’s pro-meme tweets has led Palmer’s overall view on cryptocurrency as billionaires manipulating markets and selling a quick rich dream, claiming: “Lose your savings account password? Your fault. 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.
But these days, even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who they’ve sold the false promise of one day being a fellow billionaire. Good-faith debate is near impossible.”
Twitter users have poured in support for the one-sided anti-crypto thread. A retweet by a Twitter user @rabble quotes, “there is something interesting and useful in blockchain, decentralized tech, and cryptocurrency, but mostly it’s as @ummjackson lays out in this stream.”
But many have ironically pointed out him creating a cryptocurrency with zero utility that artificially drives its price simply through tweets by influencers. Twitter user @asymmetricbets quotes, “well you literally created a shitcoin, so. #bitcoin.”
A few Twitter users have also replied to the threads sharing the latest Youtube video promoting cryptocurrency as currency of currency, directed and hosted by critically acclaimed film director Spike Lee promoting Coin Cloud, a crypto atm service provider. Although the promotion video does not specify any particular cryptocurrency, Lee says, “new money is positive, inclusive, fluid, strong and culturally rich.”