Jackson Palmer – the co-creator of popular meme currency Dogecoin – had some unflattering things to say about the industry he has called home for so many years.
Palmer: Cryptocurrency Is “Inherently Right Wing”
In a recent interview, Palmer claimed that the crypto space has largely become exactly like the financial industry it was designed to replace. He says it is controlled by a small group of wealthy elitists that have managed to weave their way in and implement methods primarily designed to benefit them while ousting standard traders.
In the interview, Palmer said:
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 had a hand in bringing Dogecoin to the cryptocurrency market. Doge is often recognized by the adorable little Shiba Inu dog that has served as its mascot since it first appeared. However, what many people may not realize is that Dogecoin was never an asset that Palmer or his team felt should be taken seriously.
It was established simply as a means of making fun of crypto holders and the industry in general, though it has since exploded over the years – largely due to newfound respect and attention from the likes of billionaire entrepreneurs such as Elon Musk – to become one of the biggest digital currencies in the history of the space.
Nevertheless, Palmer has since suggested that he wants nothing more to do with the cryptocurrency industry, claiming that it is not in any way, shape, or form like the world he and so many other digital developers had in mind. He says:
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.
Lesser Traders Are Not Protected
He also said that one of the big problems with cryptocurrency as of late is that it is so separate from standard financial institutions that it does not have means of protecting the interests of those who are less fortunate or wealthy. He explains:
Fall victim to a scam? Your fault. Cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable… Like taking the worst parts of today’s capitalist system (such as corruption, fraud, and inequality) and using software to technically limit the use of interventions (such as audits, regulation and taxation) which serve as protections or safety nets for the average person.
Dogecoin has since become the fourth largest cryptocurrency in the word. Three months ago, one unit was trading for just shy of one dollar.