Palmer is one of the brains behind the development of Dogecoin. He created the cryptocurrency as a joke back in 2013, but he later left before Dogecoin hit the limelight. He even sold all his DOGE holdings; hence he did not make any significant gains, given that Dogecoin was worth much less than it is worth today.
Firm Stance against Crypto
In response to a question of whether he would go back to the crypto sector, Palmer responded with a firm, ‘No.” According to him, cryptocurrencies did not promote equality.
“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 also added that the crypto market was under the control of influential individuals who “evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
It is clear that Jackson has allowed his political ideologies to shape his view of the crypto world and as is so often the case, he misses the mark entirely. Bitcoin itself was set up to empower people and remove power from financial institutions, something that many crypto projects have carried forward.
Crypto Lacks User Protection
Besides bashing crypto influencers, Palmer also stated that cryptocurrencies expose users to massive risks and losses. Crypto investors were most often victims of lost passwords or scams according to him.
“Cryptocurrency is like taking the worst parts of today’s capitalist system (e.g. corruption, fraud, inequality) and using software to technically limit the use of interventions (e.g. audits, regulation, taxation) which serve as protections or safety nets for the average person.”
Palmer did not leave any room for arguments stating that he ‘doesn’t have the energy’ to prove his thoughts to those unwilling to understand his point of view. To ensure none responded to his thread, Palmer turned off the ability of other Twitter uses to respond to his feed.
It is abundantly clear that Palmer has taken a very narrow-minded approach to crypto and is unwilling to consider other people’s opinions or even the basic facts.
Palmer and Other Doge Founders Share Sentiments (And Likely Bitterness)
It is the first time that Palmer is attacking Dogecoin and crypto this year. The Dogecoin co-founder has not been vocal about the increased prices of Dogecoin.
Palmer previously attacked the crypto market in 2015 when he called the market ‘toxic.’ At the time, Palmer stated that the toxicity drove him towards taking a leave of absence.
Billy Markus, the other co-creator of Dogecoin, responded to Palmer’s tweet stating that the points given by him were ‘Generally valid.’ He also added that ‘I understand his perspective, and we both saw mostly the negative side of all this.’
It seems from Markus’ statement that both he and Palmer haven’t profited from DOGE alluded to by the “saw mostly the negative side of all this”, potentially because they cashed out their DOGE before the recent boom.
Despite Dogecoin making significant gains this year, the cryptocurrency has lost around 75% of its value. However, its popularity in the crypto market is still intact.