Dogecoin co-creator says crypto is a shady and exploitative industry
Corruption and cultism has turned Jackson Palmer off cryptocurrency for good.
Jackson Palmer, who co-created Dogecoin with Billy Markus in 2013, dropped what many would consider a truth bomb about the cryptocurrency space.
Considering his earlier experiences, particularly the shady and exploitative side of the business, Jackson gives an affirmative no to making a return.
Dogecoin price analysis
2021 has been a standout year for Dogecoin in terms of price action and mainstream exposure.
But since hitting a high of $0.74 on May 9, a series of lower highs suggest the party may be over. This issue is exacerbated by DOGE’s primary use case being “for the memes.”
Currently, the price of DOGE is $0.1921, which is a 74% drop from the local top.
Hodlers can find strong support at the $0.1641 level, but price action looks to be curling down for a retest of this level. A failure to hold may lead to further downside.
As Dogecoin faces this “do or die” moment, Palmer breaks his silence to explain why he will not be making a return to cryptocurrency.
Palmer lays it down as he sees it
Markus, unlike Palmer, has, of late, become actively involved in the space. For example, in releasing Dogecoin NFTs, and frequently posting about the topic.
Whereas Palmer had kept a low profile even during the boom period when Dogecoin was melting faces and turning the concept of investing on its head.
But this week, Palmer saw fit to share his thoughts on the industry in a series of tweets. In them, he paints a picture of corruption and cultism, which turns him off the space.
Plamer calls cryptocurrency an “inherently right-wing, hyper capitalistic technology,” implying that its primary purpose is to further the wealth of its proponents through “tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”
Although the promise of decentralization makes for a strong selling point, he questions whether decentralization exists. Drawing reference to “powerful cartels” that have sold out, Palmer says the crypto industry has become that which it was supposed to usurp.
“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.“
Without let up, Palmer then discusses financial exploitation, which he says is rife in the industry. All of which gears towards manipulating the desperate and naive.
“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive.”
Palmer said even the slightest critique would incur severe backlash. Thus hampering any “good-faith” discussion on the matter.
For that reason, he prefers to steer clear of cryptocurrency altogether.