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Dogecoin Co-Creator Says Cryptocurrency Is Now "Controlled by a Powerful Cartel of Wealthy Figures"



Dogecoin co-creator, Jackson Palmer, recently took to Twitter to speak his thoughts on the current state of cryptocurrency.


In a lengthy scathing thread, Palmer shared his negative view of the current state of cryptocurrencies, openly calling the digital asset “a joke” back in 2013. Noting 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.” Instead of bringing “decentralization,” Palmer claims that crypto is actually “controlled by a powerful cartel of wealthy figures” that are using it to “extract new money from the financially desperate and naive.”


He also revealed why he hasn’t been more vocal, Palmer stating, “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 ended his thread with, “new technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.”




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