According to Palmer, cryptocurrencies show negative features of the current capitalist system. Palmer also says that the crypto industry takes the finances from desperate people.
Jackson Palmer, Co-creator of Dogecoin (DOGE), went to social media and commented against cryptocurrencies. According to Palmer, this is hyper-capitalist technology aimed at making people who already have money richer by means that, in his view, lack ethics.
The Developer Believes that Cryptocurrencies Serve as a Right-Wing Capitalist Technology
The main goal of this technology is to amplify and increase the wealth of its defenders through a combination of tax evasion, diminished regulatory oversight, and a scarcity imposed in artificial ways.
Following the same thread, Parker spoke about the industry around cryptocurrencies. According to him it taps into a network of shady business connections and bought influencers. According to Palmer, the success of cryptocurrencies is on the false promise of get-rich-quick, by which new money gets extracted from the naive and the financially desperate people.
Also, the developer took the chance to speak against the defects that he sees in the capitalist system. He said that cryptocurrencies are like taking the worst parts of capitalism, technically setting a limit in interventions that could serve as protections or safety nets for the average person.
In addition, he stated that the crypto asset market is heavily manipulated and controlled by a cartel of many wealthy figures. These figures, he says, are moving the business toward something akin to the centralized financial system, which they say they want to replace.
For the co-creator of the cryptocurrency, which started as a simple joke, the ecosystem is still unprepared for a discussion on this topic. The co-creator said that even the most modest criticism of cryptocurrencies would be controversial for the figures who currently control the industry. It would also enrage retail investors, who have sold the false promise that they will one day become billionaires.
Debate on Twitter against the Creator of Dogecoin
Palmer and his comments generated a bunch of different opinions within crypto-Twitter. Juan Condori, aircraft line manager at the Talma Company, stated his thoughts in the following tweet: You are only a resentful person if you started something and you do not have a viable project, nothing happens, the currency stagnates, unless someone finances bad propaganda, what little person you are.
One user who argued against Palmer Ironically wrote: “OK! Ban any exchange that does not have a judge involved.” According to this user, Palmer redounds too much to say that cryptocurrencies are not the right choice because some people win and others lose.
Palmer has also received criticism for the generalization he made during his criticism. @dogedoor told him that generalizing a topic is just a dumb way of looking at things. The user continued saying that It is like saying users do not want to spend money because people use it for bad things.
By: Jenson Nuñez