Home » This Is Why Dogecoin Co-Creator Says He Won’t Return to Cryptocurrency: ‘A Rich Cabal’ Controls It

This Is Why Dogecoin Co-Creator Says He Won’t Return to Cryptocurrency: ‘A Rich Cabal’ Controls It

by CryptoWordTalk

On Wednesday, Jackson Palmer, co-creator of the meme-inspired cryptocurrency dogecoin, made a rare comeback to Twitter with some scathing comments about cryptocurrencies in general.

“I am frequently asked if I intend to return to cryptocurrency’ or resume regular sharing of my thoughts on the subject. My response is a categorical ‘no,'” Palmer tweeted on Wednesday.

Palmer and Billy Markus developed dogecoin in 2013 as a prank inspired on the “Doge” meme depicting a shiba inu dog. Markus and Palmer had no intention of having dogecoin regarded seriously.

However, the currency has lately taken off, and dogecoin is now one of the top ten cryptocurrencies in terms of market capitalization. It reached an all-time high of almost 74 cents earlier this year. Despite dogecoin’s current popularity increase, Markus and Palmer have not benefited, since they both sold out before to the cryptocurrency’s spectacular ascent.

Palmer criticized those in power in the cryptocurrency space in his Twitter thread, claiming that it is “controlled by a powerful cartel of wealthy figures” that has “evolved to incorporate many of the same institutions associated with the existing centralized financial system they ostensibly set out to replace.”

Palmer also took aim at the way cryptocurrency is shared and promoted. In another tweet, he said that the cryptocurrency sector “uses a network of dubious 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.”

Palmer acknowledges that this kind of “financial exploitation” occurred before to cryptocurrencies, but maintains his belief that the crypto business is detrimental to the “average” individuals that participate. He, like other cryptocurrency opponents, thinks it is equally vulnerable to deception.

Cryptocurrency supporters have a different perspective. For instance, bitcoin, the world’s most valuable cryptocurrency, was designed to be a decentralized, peer-to-peer financial system. It is seen as a hedge against inflation by its holders, among other reasons.

Markus, the second co-creator of dogecoin, responded to Palmer’s thread by tweeting that Palmer’s “points are generally valid.”

“There are a lot of bad people in the cryptocurrency space, and I completely understand why he would feel that way,” Markus wrote. “I understand his point of view, and we both saw the majority of the negative aspects of this,” he said in another tweet.

Markus has been much more active on social media, despite the fact that he is not actively engaged with dogecoin’s development.

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