Dogecoin Co-Creator Claims Cartel Of Wealthy Elites Control Crypto

Masons, Zionists, ‘Reptiloids’, modern-era oligarchs – the names change with times and places, yet the bigger picture remains the same: according to conspiracy theorists, our world is a chessboard, where we are but pawns.

Of course, it was just a matter of time before these ideas emerged in the crypto space with their crazy volatility and huge jackpots. One of their proponents is Dogecoin co-creator Jackson Palmer, who believes the whole cryptocurrency market is puppeteered by the anonymous rich. Well, is it?

Joker, Founder, Antagonist

I’ve already told Dogecoin’s story in one of my previous posts, so I’ll keep it short here. Born (literally) as a joke in 2013, by some insane twist of fate (and Elon Musk’s Tweets), the coin reached the heights Markus and Palmer – its creators – never intended it to reach. With a total market cap of $38.92 billion, Dogecoin is now the world’s sixth-biggest cryptocurrency. After peaking at $0.72 in May, it trades for $0.3 at the time of this writing – which is still more than a 15.000% increase compared to its starting price.

Some tongues argue the reason for Palmer’s change of faith was his joke being taken way too seriously: to the point of ridicule. Some, more malicious, say it was the frustration of selling out too early. The fact is, Palmer, who hasn’t been a frequent Twitterer as of late, started a thread earlier this summer where he claims the industry is ruled by an elite cartel of the wealthy and powerful.

Make yourself comfortable, fellow Blocksters, let’s hear from the accuser.

The Cartel

‘After years of studying it, I believe 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 writes.

According to the thread, decentralization is fake, while in reality, crypto inherits the worst traits from capitalism. What’s more, it uses modern technology to ‘limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person’ – achieving, this way, a whole new level of financial exploitation of the masses.

The Origin of Conspiracies

Personally, I find it hard to believe in conspiracies – but I’m more of an agnostic, not an atheist. Is it possible that ruling elites exist? In theory, yes. Does Palmer’s theory send a little shiver down my spine? It does, I admit. Still, I think these theories say more about human psychology than reality as it is.

So what is the reason for their emergence? I’d bet first on the fact that no human can get the full, non-distorted picture of the world, and second, on the closed nature of elite society. Have you heard of Bohemian Grove? That’s a good example of how groups and places masses have no access to breed incredible legends.

Slovenian philosopher Slavoj ižek gives another reason: the human desire for paternalism, our urge to find a logic in the seemingly chaotic workings of the universe.

Do you believe in conspiracies? Share your opinion in the comments below!

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