Although Dogecoin (DOGE) remains one of the top cryptocurrency choices available in the market at the moment, this does not necessarily reflect the attitude of its creator, Jackson Palmer. It must be reiterated that Dogecoin was created with the intention of it being a joke and to highlight how fickle investors can be when it comes to choosing what cryptocurrencies to support. However, in what many would consider a moment of irony, Dogecoin began to receive considerable traction and attention from the crypto community and even managed to attract continued support from billionaire Elon Musk.
Currently, DOGE is the 8th highest ranked cryptocurrency by market cap and is trading around $0.19. Despite the altcoin’s success, Jackson wanted to discuss how the cryptocurrency community has degenerated, in his opinion, and why he is incredibly unlikely to become involved with crypto again.
Palmer believes there is much that is wrong with cryptocurrency
Firstly, Jackson claims that the cryptocurrency industry is one that is mainly utilized by governments (usually right-wing) in an attempt to make the rich even richer by getting rid of any regulatory powers that the government may want to use. He truly does believe that crypto is extremely capitalist in nature and is only really there to help certain individuals avoid paying taxes, enforce artificially created scarcity, and eliminate regulation as much as possible.
Simply put, the Dogecoin creator is not a fan of decentralized finance (DeFi) and believes that the process of decentralization is nothing more than an illusion. He thinks that cryptocurrencies are primarily controlled through large-scale institutions and players (whales) who tend to manipulate the industry and market around in whatever way will make the most profits. In this way, he added, a capitalist hierarchy is established.
Palmer claims that if we were to take the absolute worst aspects of capitalism, which would include inequality, fraud, and corruption, and then subsequently utilize certain software and technology in order to restrict interventions such as taxation, regulation, and audits, we would then be left with what has become to be known as cryptocurrency.
Not everyone agrees with Palmer
Needless to say, Palmer has faced a lot of backlash and criticism for his comments. His Dogecoin co-creator, Billy Markus, had recognized Jackson’s point of view and considered it to be ‘mostly valid.’ However, he did mention that the opinions expressed by Palmer tended to be leaning towards a much more political perspective than anything else.
Others, however, such as Castle Island Venture’s Nic Carter, had stated that Palmer should not really talk about how the crypto industry is exploitative as he created an altcoin designed specifically to take advantage of Bitcoin’s (BTC) popularity so that he may derive profits from various investors.
Many investors had decided to remain neutral and wanted nothing to do with what had been said, and some believe that Jackson is only saying these things because he secretly regrets selling off all of his DOGE long ago.