Dogecoin Co-founder Calls Cryptos a Hyper-capitalist Technology
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15 July
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Meme crypto Dogecoin co-founder Jackson Palmer has criticized the crypto industry, calling it a concentration of "the worst elements of the capitalist system." This is how Palmer has responded to the question of whether he will return to the digital asset space:

"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 has also raised the question of who controls the cryptocurrency industry:

"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."

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According to Palmer, cryptos continue the work of capitalism, amplifying its negative characteristics with the help of technology:

"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."

Palmer has said he does not plan to return to the cryptocurrency sector, as "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."

Palmer launched Dogecoin back in 2013, but has eventually backed away from the project amid conflicts in the community.

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