Dogecoin Co-Founder Jackson Palmer condemns cryptocurrency, calls it 'hyper-capitalistic'

Dogecoin Co-Founder Jackson Palmer recently lashed out on cryptocurrencies and emphasized that he would continue to stay away from all the hysteria. Palmer referred to the hype around digital currencies as “an inherently right-wing, hyper-capitalistic technology" built to amplify the wealth of its proponents. Dogecoin co-founder’s lengthy rant over cryptocurrencies was posted on Twitter on Wednesday when he also said that the entire cryptocurrency industry is being “controlled” by the wealthy as a digital asset led to “tax avoidance” and “diminished” regulatory oversight.

Palmer went on to denounce the lack of audits, regulations and even taxation on the digital currencies which according to him act as a “safety net” for an average person. The absence of such policies has made cryptocurrencies, as per Palmer, dangerous for the common man. Dogecoin co-founder started off by saying, “I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…”

“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,” he said.

“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. Palmer also said, “For these reasons, I simply no longer go out of my way to engage in public discussion regarding cryptocurrency. It doesn't align with my politics or belief system, and I don't have the energy to try and discuss that with those unwilling to engage in a grounded conversation.”

Jackson Palmer and Billy Markus create 'Dogecoin'

In Dogecoin, ‘Doge’, as described by its creators is a’ “fun, friendly mascot.” After first emerging several years ago, the iconic doge meme featuring ‘Shibe’ exploded on the internet. An Australian marketer, Paler had even joked about combining two of the internet’s most famous topics which were the doge and the cryptocurrency. At the time, Palmer had tweeted saying “pretty sure it’s the next big thing.”

The cryptocurrency, Dogecoin began as a meme and has now existed for nearly seven years. It was launched in 2013 owing to the short-lived online craze for pictures of the specific Japanese dog breed. Through December 2020, Dogecoin has been gaining its value but the latest spike has triggered howls of "crypto-hype" from sceptics. Even though started as a joke by two software engineers Billy Markus and Jackson Palmer, as per CNN the cryptocurrency has witnessed a jump of 2000% in value since the beginning of this year. 

“Dogecoin is an open-source peer-to-peer digital currency, favoured by Shiba Inus worldwide.” The official website of Dogecoin describes the cryptocurrency as “the fun and friendly internet currency”

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