Jackson Palmer, one of the co-founders of Dogecoin (CCC:DOGE-USD), is in the news after explaining his stance on crypto.
Palmer starts off a string of Tweets by stating that many people have asked him if he intends to return to crypto. The DOGE co-founder responded to that question with a “wholehearted ‘no'”. He then went on to explain why this is his stance.
Here’s a portion of the Tweets made by Palmer.
“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.
Despite claims of “decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.
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.
Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.
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.”
The Dogecoin co-founder limited replies to his Tweet but that didn’t stop users from weighing in on the news. Thousands of users Quote Tweeted him with their own responses. Here are a few examples.
Twitter Reacts to the Dogecoin News
Really interesting how one of the Dogecoin "inventors" (@ummjackson) is totally against Crypto and the other (@BillyM2k) became a corrupted NFT shill for his own profit and fame. https://t.co/6aPXFUwvPS
— Christina (@HalloFeld) July 15, 2021
Dogecoin creator lays down a brutal thread about why Crypto is not what it appears to be.
This has become a full-blown battle of Narratives… https://t.co/U9YoWlJnSq
— Barry Ritholtz (@ritholtz) July 15, 2021
Even the guy who created Dogecoin thinks crypto is a bullshit. Make of that what you will. https://t.co/hhYTOxRXYS
— DreemurrDeceevurr (@DDeceevurr) July 15, 2021
Your a communist. Wanting to keep your own capital is a human right. https://t.co/6h3sRY3YRH
— TopRoller 🇺🇸 (@Toprolling) July 15, 2021
Well his creation of doge coin was shit anyways, with no scarcity, its nothing more than just a fiat, you can't create an ass crypto to fight crypto, you just made a crystal clear distinction of what's a good and a bad crypto is https://t.co/vG0LAv4vCr
— Freizorclam (@freezorclam) July 15, 2021
Traders that are looking for other recent crypto news outside of Dogecoin will want to keep reading.
InvestorPlace.com keeps up with the crypto space regularly and today is no different. A few cryptos worth checking in on include Quant (CCC:QNT-USD), Ethereum (CCC:ETH-USD), and Chainlink (CCC:LINK-USD). You can learn more about these topics at the following links.
More Crypto News for Thursday
- Build a Bridge to Blockchain Interoperability with Quant
- Investors Should Wait Out The Price Volatility In Ethereum
- A Mark Cuban Cosign Could Catapult Chainlink Prices Higher
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.