Dogecoin Co-founder Claims Billionaires Are Manipulating Cryptocurrency
He posted a series of tweets stating that he has no plans to return to cryptocurrency
For the most part, the co-founder of Dogecoin, Jackson Palmer has remained quiet as the altcoin went through a meteoric rise followed by a fall. However, now he has come out of the silence to talk about how he believes the cryptocurrency market is being manipulated by billionaires.
Jackson Palmer, an Aussie software engineer is among the two founders who created Dogecoin in 2013 as a joke. Just recently, he posted a series of tweets stating that he has no plans to return to cryptocurrency, which he calls “inherently right-wing, hyper-capitalistic technology.”
Palmer also took a go on the resurgence of the cryptocurrency market. According to him, the market is now “controlled by a powerful cartel of wealthy figures.” Furthermore, he also took a jab at the Tesla founder, Elon Musk.
Currently, Jackson Palmer is the product management director at Adobe. The Dogecoin co-founder has not spoken much in the media since 2015 after he took an “extended leave of absence” from the cryptocurrency world, which according to him is “toxic and frankly, stagnant.”
Though, the increased mania in the market has brought Jackson Palmer back. In 2018, when the market capitalization of Dogecoin went past $1 billion, Palmer stated that the excitement over the investing potential of the altcoin is worrisome in tweets that have since been deleted.
According to some reports, the Dogecoin founder also said that Elon is a “self-absorbed grifter” after his company, Tesla removed Bitcoin from the accepted payment methods in May resulting in a huge sell-off that Bitcoin still has not recovered from.
The other co-founder of Dogecoin, Billy Markus also distanced himself from the project in 2015. However, he mentioned recently that he has bought some more Dogecoins after selling off what he had in 2015. Regarding this, he said in a Tweet from June, “I bought dogecoin after eight years of vowing never to buy crypto again, an hour ago.”
Many cryptocurrency enthusiasts and investors might not have a liking for Musk, for many have suffered big losses due to the plunge in Bitcoin price. Though, the tech billionaire’s stance seems unwavering.
Tweets of Jackson Palmer about cryptocurrency
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.
— Jackson Palmer (@ummjackson) July 14, 2021
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.
— Jackson Palmer (@ummjackson) July 14, 2021
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.
— Jackson Palmer (@ummjackson) July 14, 2021
In other news, Elon Musk has recently bought a Virgin Galactic spaceflight ticket, which is more of an endorsement for his friend Richard Branson.
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