Dogecoin co-founder Jackson Palmer says crypto represents the worst aspect of capitalism.
Dogecoin co-founder Jackson Palmer expressed his frustration with the cryptocurrency industry in a lengthy Twitter thread, claiming that the crypto industry is controlled by a “powerful cartel” of wealthy figures:
“Despite claims of decentralization, the cryptocurrency industry; over time, it is run by a powerful cartel of wealthy individuals that has evolved to include many of the same institutions linked to the existing centralized financial system they plan to replace.”
Palmer believes that crypto is a “right-wing, hyper-capitalist technology” that is incompatible with his personal beliefs.
He adds that cryptocurrencies were created specifically to enrich those at the top. So they represent the worst aspects of contemporary capitalism.
The software engineer claims that he will no longer participate in any discussion on the subject, but it is unclear whether he will keep that promise.
As previously reported by us, Palmer recently called Tesla CEO Elon Musk a “smug scammer” because of his Dogecoin tweets.