According to Jackson Palmer, the crypto industry is not decentralized but is run by a rich man cartel.
Dogecoin co-founder Jackson Palmer criticized the cryptocurrency on Twitter, calling it the worst part of the capitalist system, regardless of Dogecoin advantages. According to Palmer, this technology was created with the aim of increasing the welfare of its supporters through tax evasion, lack of regulatory oversight and artificial scarcity.
Also, after Musk’s joke that Crypto-Auditor previously informed you about, the altcoin developer denied the assertion about the decentralization of digital assets and stated that the crypto industry is controlled by a cartel of rich people.
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 explaining why here…
— Jackson Palmer (@ummjackson) July 14, 2021
Palmer added that digital money has made the speculation funnel more effective for those at the top and less secure for the vulnerable.
“Lost your wallet password? Your fault. Fall victim to a scam? Your fault. Are billionaires manipulating the markets? They are geniuses,” Palmer said.
In 2013, Palmer jokingly created Dogecoin, later Billy Marcus joined the developer. In 2015, Palmer left the project due to the toxicity of cryptocurrencies. In 2018, the developer reported that he had not received any profit from the development of Dogecoin.
In May 2021, Dogecoin reached an all-time high of $ 0.73. Altcoin is up 18,150% since January. The digital coin has been repeatedly mentioned in his tweets by the CEO of Tesla and SpaceX Elon Musk. In one of the publications, the businessman called the advantages of Dogecoin over Bitcoin and Ethereum. As of July 15, Dogecoin price is $ 0.19 (down 74% from the high).