Dogecoin Co-Founder Criticizes Crypto World, Claims It Is Ruled By Powerful Cartels – Bitcoin News

In a recent Twitter storm, Dogecoin co-founder Jordan Palmer stated that he would not return to the cryptocurrency world. Palmer sharply criticized the cryptocurrency industry, calling it “hyper-capitalist” and being run by “powerful cartels” of wealthy people. Palmer co-created Dogecoin with Billy Markus in 2013 as a joke to make fun of the crypto community.

Dogecoin Co-Founder Strikes Crypto Industry

Dogecoin co-founder Jordan Palmer is really upset with the path the cryptocurrency industry has taken. In a recent tweet storm, the Australian programmer fired shots at the world of cryptocurrencies and sharply criticized it. Palmer says he won’t return or get involved in cryptocurrency circles because the industry is now representing. Similarly, Dogecoin ‘s father criticized several key features of what some cryptos claim to be. He specified Cryptocurrency was a:

… right-wing, hypercapitalist technology designed primarily to increase the wealth of its proponents through a combination of tax avoidance, reduced regulatory oversight, and artificially enforced scarcity.

Palmer too criticized the marketing network behind the crypto industry, which he says exploits financially troubled people and leads them to invest their savings in hopes of making quick money. On the subject, Palmer stated that the industry is taking advantage of the following:

… a network of shady business connections, bought influencers, and pay-for-play media to maintain a cult-like “get rich quick” funnel designed to get new money out of the financially desperate and naive.

In conclusion, Palmer slammed emphasizes the idea that crypto is decentralized:

Despite claims of “decentralization,” the cryptocurrency industry is controlled by a powerful cartel of wealthy personalities who have evolved over time to include many of the same institutions tied to the existing centralized financial system they allegedly wanted to replace .

Dogecoin was a joke

Jordan Palmer was never too fond of cryptocurrencies. To him, Dogecoin was a joke, a token coin that came from a 2013 meme. In any case, he always criticized the scruffy and uncritical praise that Bitcoin proponents gave the currency. Because of this, Palmer has said that Bitcoin should have value that is tied to the value it offers society. In short, he considers this value to be too little.

However, Palmer has one thing in common with the original proponents of cryptocurrencies: his disdain for the traditional financial system. Basically, Palmer believes these institutional investors could nullify the real benefits of cryptocurrencies and turn them into pure fiat coins. Palmer hinted at this possibility, claiming that banks already had the power to hostilely take over Bitcoin as early as 2018. According to some analysts, this has already happened.

What do you think of Jordan Palmer’s thoughts on the cryptocurrency industry? Let us know in the comments section below.

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