Dogecoin Co-Founder Criticizes Crypto World, States It Is Managed by Powerful Cartels – Bitcoin News

In a recent twitterstorm, Dogecoin founder co-founder Jordan Palmer stated he wouldn’t return to the cryptocurrency world. Palmer unleashed harsh criticisms of the cryptocurrency industry, calling it “hyper capitalistic,” and managed by “powerful cartels” of wealthy figures. Palmer created Dogecoin along with Billy Markus back in 2013 as a joke, making fun of the crypto community.

Dogecoin Co-Founder Slams Crypto Industry

Dogecoin co-founder Jordan Palmer is really upset about the road the cryptocurrency industry has taken. In a recent tweetstorm, the Australian programmer took shots at the cryptocurrency world, criticizing it harshly. Palmer says he won’t return or mingle in cryptocurrency circles because of what the industry represents now. Similarly, the father of Dogecoin criticized several key traits of what some cryptos claim to be. He stated cryptocurrency was a:

…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 also criticized the marketing network behind the crypto industry, which he says preys on financially struggling individuals, getting them to invest their savings hoping to make a quick buck. On this subject, Palmer stated the industry leverages a:

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

To conclude, Palmer slammed the idea that crypto is decentralized, stressing:

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.

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