DOGECOIN Co-founder Slams Crypto Industry, Says It’s Controlled By The Wealthy

Date:

Jackson Palmer, co-founder of the top Meme cryptocurrency DOGECOIN is “pissed” with the crypto industry – or at least it seems he is. In a series of Twitter posts, the Australian tech leader vented his anger. 

“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,” said Palmer.

He also alleged that the entire crypto industry was kind of sham and that it’s being run by  “powerful cartel of wealthy figures” which have “evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

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,” he added.

Back in 2013, Palmer co-founded DOGECOIN. The cryptocurrency met with little success initially but over the years, what started out as a joke has become the world’s one of the top cryptocurrencies by market size.

George Kim
George Kim
With over three years of experience working as a crypto-journalist, George reports mostly on price movements and all major events that influence the cryptocurrency market. While George is all about discussing the trends and future trajectories of coins of all shapes and sizes, he will never let you know where he buries his funds.

Leave A Reply

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

118.4 Million DOGE Sent to Robinhood, Community Makes Wildest Guess

In an intriguing financial maneuver, a whopping 118.4 million...

Binance Refutes Insider Trading Concerns Amid BOME Frenzy

In the swirling vortex of cryptocurrency and meme coins,...

118.4 Million DOGE Sent to Robinhood, Community Makes Wildest Guess

In a captivating turn of events, Whale Alert, the...

KuCoin Embraces AI: Listing Solidus Ai Tech’s AITECH on Its Platform

In a notable expansion of its cryptocurrency and technology...