15 Jul 2021 4:33 PM +00:00

Dogecoin Co-Founder Blasts Cryptocurrency, Describes It As "Inherently Right-Wing, Hyper-Capitalistic Technology"

The co-founder of Dogecoin, Jackson Palmer, has rejected any potential "return to cryptocurrency" in a scathing criticism of the industry.

Palmer, who now works at Adobe, first created Dogecoin with Billy Markus in 2013.

However, as evidenced on his Twitter account, his opinion about the cryptocurrency space has now changed.

"Cult-like"

In a series of tweets, Palmer described cryptocurrency as "an inherently right-wing, hyper-capitalistic technology" run by a "powerful cartel of wealthy figures" who use the technology to enhance their own wealth.

He also said the industry is "a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive" that then takes "the worst parts of today's capitalist system" and undermines any protection for an average person.

Palmer also took aim at cryptocurrency billionaires. "Lose your savings account password? Your fault," he said. "Fall victim to a scam? Your fault. Billionaires manipulating markets? They’re geniuses."

Advertisement

One of the most notable cryptocurrency billionaires - Elon Musk - has become an avid supporter of Dogecoin. In a deleted tweet following Musk's appearance on SNL, Palmer said: "Reminder: Elon Musk is and always will be a self-absorbed grifter."

"I applaud those with the energy to continue asking the hard questions and applying the lens of rigorous skepticism all technology should be subject to," Palmer continued. "New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences."

This isn't the first time Doge's co-creator has clashed with cryptocurrency. In 2015, Palmer announced he would leave the cryptocurrency community, describing the community as "toxic" in a now-deleted tweet.

Markus, on the other hand, tweeted in June that he had recently bought Dogecoin "after 8 years of vowing never to buy crypto again."

Read More: Dogecoin 1.21 Update: What Will The New Dogecoin Upgrade Add?