On July 15 local time, Dogecoin co-founder Jackson Palmer publicly criticized the entire cryptocurrency industry on Twitter. He believes that cryptocurrency represents "the worst part of today's capitalist system."
Jackson Palmer co-founded Dogecoin with Billy Markus in 2013, then sold his entire holding. Today, Dogecoin is already the top ten cryptocurrency in the world by market value, and is also considered to be the originator of the popular memecoin, but Jackson Palmer himself no longer wants to have anything to do with the encryption industry.
“After years of research, I believe that cryptocurrencies are inherently a right-wing, hypercapitalist technology whose primary purpose is to expand the wealth of its proponents through a combination of tax avoidance, reduced regulation, and artificially enforced scarcity, He tweeted: "Despite claims to be 'decentralized,' the cryptocurrency industry is now controlled by a monopoly of wealthy individuals who were originally meant to replace existing centralized financial institutions. Over time, these billionaires have become these centralized institutions.”
Jackson Palmer believes: "Cryptocurrency simply represents the worst parts of today's capitalist system (e.g. corruption, fraud, inequality) and uses software to technically limit interventions (e.g. auditing, regulation, taxation) that A protection or safety net for ordinary people.
Dogecoin was originally born to satirize the enthusiasm for cryptocurrencies, but the price of the currency has continued to rise under the bull market atmosphere. The increase has reached an astonishing 6,000% since last year. Celebrities on Twitter such as Elon Musk, billionaire Driven by Mark Cuban and others, its popularity has surpassed that of Ethereum, the second largest cryptocurrency in the world.
What followed was an ever-increasing number of hype bubbles and scams. Fraudulent domain name registrations for cryptocurrencies and exchanges have peaked over the past few months, according to data from a BrandShield report. BrandShield analysis found that due to the impact of Musk’s tweets, the price of Dogecoin has fluctuated greatly. Correspondingly, the number of fraudulent domain name registrations related to Dogecoin has also exploded.
What Jackson Palmer is criticizing is the cryptocurrency industry as a whole. He believes cryptocurrencies use "shady business connections" to suck money from "economically desperate and naive" people. He claimed that he will no longer participate in public discussions about cryptocurrencies because he believes that "moderate criticism" of the crypto world is impossible, and those super rich or retail investors who think they will become super rich are all right. The industry is overzealous and "kind of cult-like".
His attacks on the industry sparked dissatisfaction among some practitioners. Nic Carter of Castle Island Venture thought Palmer's behavior was "despicable". He replied to Jackson Palmer on Twitter: "It is the technology itself that makes you influential, but You created a worthless Bitcoin knockoff that does nothing but extort ignorant investors, and you use that notoriety to attack and disrupt Bitcoin technology, it's hard to imagine It's meaner than that."
