Dogecoin Co-Founder Admits that Cryptocurrency is a Scam

According to Dogecoin’s co-founder Jackson Palmer, cryptocurrency is a scam that is helping the rich get richer.

Despite being a key architect of dogecoin, one of the most popular digital assets of 2021, Palmer wrote on Twitter 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.”

Palmer helped create the digital currency with IBM software engineer Billy Markus in 2013. It was originally started as a joke but became one of the most popular cryptocurrencies trading.

“Despite claims of ‘decentralization,’ the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace,” Palmer, also an Adobe software engineer, said on Twitter.

“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cultlike ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive,” he added,

According to Palmer, cryptocurrency has taken the worst parts of today’s capitalist system, such as corruption, fraud, inequality, using software to technically limit the use of interventions (e.g., audits, regulation, taxation) that serve as protections or safety nets for the average person.

Palmer began his tweets with, “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 .”

He additionally wrote, “Lose your savings account password? Your fault. Fall victim to a scam? Your fault. Billionaires manipulating markets? They’re geniuses. This is the type of dangerous “free for all” capitalism cryptocurrency was unfortunately architected to facilitate since its inception.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.