Jackson Palmer, creator of Dogecoin, sharply criticized cryptocurrency market participants, calling it hypercapitalistic.
In mid-2019, Dogecoin creator Jackson Palmer blocked his YouTube channel and closed his Twitter account. After nearly two years of silence, the software engineer broke the silence on social media with one purpose – to criticize cryptocurrency traders for their greed.
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”
Palmer continued his reasoning by writing that while ardent fans of cryptocurrency often point to it as a fair alternative to the banking system due to the decentralized nature of cryptocurrencies, the truth is that they both have the same problem, hyperrich people.
According to him, the cryptocurrency market is controlled by a “powerful cartel of wealthy figures” who are turning decentralized finance into a system that largely benefits those at the top. And in this regard, cryptocurrencies are no different from the centralized systems that cryptocurrencies were intended to replace.
“Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable. Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.”
One of the bad features of the crypto community that Palmer points out is that “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.”