Dogecoin co-founder’s critiques of cryptocurrencies shake up social media

Key facts:
  • In Palmer’s view, cryptocurrencies show the worst of the current capitalist system.

  • According to Palmer, the cryptocurrency industry takes money from financially desperate people.

Jackson Palmer, co-creator of Dogecoin (DOGE), used social media to comment against cryptocurrencies. In his view, this is a “hypercapitalist technology” aimed at making people who already have money richer with means that, in his view, are unethical.

The developer wrote in his account on Twitterlast July 14, specifically the following: “After years of study, I believe that criptomonedas are a technology hipercapitalista inherently right-wing built, primarily, to amplify the richness of its defenders through a combination of tax evasion, regulatory oversight diminished and scarcity imposed artificially”.

Within the same thread, he referred to the industry around cryptocurrencies, of which he said it “leverages a network of shady business connections and bought influencers.” According to Palmer, this industry it is based on the promise of getting rich quickly, through which “new money is extracted from the naive and those who are financially desperate”.

Also, the developer took the opportunity to throw his darts against the flaws he sees in the capitalist system: “cryptocurrencies are like taking the worst parts of the current capitalist system, (e.g. fraud, corruption and inequality) and using software to technically limit the use of interventions (e.g. audits, regulation and taxation) that serve as protections or safety nets for the average person.”

Jackson Palmer, the co-creator of Dogecoin, says cryptocurrencies are an expression of the worst of capitalism. Source: Youtube.

He further noted that the crypto asset market is heavily manipulated and controlled by “a powerful cartel” of wealthy figures. According to him, these figures are doing that the business evolves towards something similar to the centralized financial systemwhich, they say, they want to replace.

For the co-creator of the cryptocurrency that started as a joke, the ecosystem is not ready for a debate on this issue. “Even the most modest criticism of cryptocurrencies will provoke slander from the powerful figures who control the industry and the anger of retail investors to whom they have sold the false promise that they will one day be billionaires,” Palmer argues, adding that “the debate in good faith is almost impossible.”

Debate on Twitter: opinions for and against the creator of Dogecoin

Palmer’s comments generated diverse opinions within the “crypto-Twitter”. For example, Juan Condori, head of aircraft line at the Talma company, made the following signalling: “You are only a resentful person, if something you started and does not have a solid project nothing happens, the currency stagnates, unless someone pays you for doing bad propaganda, what a few people you are”.

Another user who came out against Palmer was @Santiag61888533. Ironically, this twitterer write: “OK! Prohibit any exchange that does not have a judge involved.” According to him, Palmer writes too much just to say that “cryptocurrencies are bad because some win and others lose.”

As well Palmer was criticized for the generalization that apparently, made in his review. @ dogedoor he said that generalization is ” a stupid way of looking at things.” “It’s like saying you don’t want to use money because people use it for bad things,” he said.

In this regard, user @dogedoor set a position on the issue and note that you can’t put everyone in the same bag :” It’s generalizing and discarding everyone else. It’s like saying you don’t want to use money because people use it for bad things. It’s a stupid way of looking at things.”

Meanwhile, @yimbyarts made the following comment: “I was there a few years ago when [Palmer] he was trying to educate people about cryptocurrencies in good faith, but he received a lot of criticism for it. ( … ) No good deed goes unpunished. I don’t blame him, honestly.”

For Palmer too expressed @ bubbles3805. According to this twitter user “cryptocurrencies have brought out the worst in some people.”

Several bitcoiners took the opportunity to mark the difference they see in the pioneering crypto asset, with the rest of the digital currencies. For example, the Argentine libertarian Adam Dubove, consider that what Palmer said “is correct about ‘cryptocurrencies’ but not about bitcoin.”

Dogecoin became a serious joke

Thanks to the pro-Dogecoin inclination expressed by Tesla CEO Elon Musk, the popularity and price of the cryptocurrency have taken off. At the time of writing your market capitalization is over USD 22 billion, with a volume traded in the last 24 hours of USD 1 billion.

This cryptocurrency was created in 2013 as a parody and named after the inspiration of a meme. In early 2018 Jackson Palmer made some comments that were reviewed by Crypto News through which he expressed concern about the excesses and irrationality of the market, appealing to the vague sense of trading a cryptocurrency that serves nothing but humorous purposes.

Palmer said, on that occasion, that the discussions lately are based only on the volatility and price of the markets. As a consequence, currencies like Ripple that, he said, are not innovative and distance themselves from the ideal of bitcoin, get high appreciation overnight.

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