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In a recent twitterstorm, Dogecoin founder co-founder Jordan Palmer stated he wouldn\u2019t return to the cryptocurrency world. Palmer unleashed harsh criticisms of the cryptocurrency industry, calling it \u201chyper capitalistic,\u201d and managed by \u201cpowerful cartels\u201d of wealthy figures. Palmer created Dogecoin along with Billy Markus back in 2013 as a joke, making fun of the crypto community.<\/strong><\/p>\n Dogecoin co-founder Jordan Palmer is really upset about the road the cryptocurrency industry has taken. In a recent tweetstorm, the Australian programmer took shots at the cryptocurrency world, criticizing it harshly. Palmer says he won\u2019t return<\/a> or mingle in cryptocurrency circles because of what the industry represents now. Similarly, the father of Dogecoin criticized several key traits of what some cryptos claim to be. He stated<\/a> cryptocurrency was a:<\/p>\n \u2026right-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.<\/p>\n<\/blockquote>\n Palmer also criticized<\/a> the marketing network behind the crypto industry, which he says preys on financially struggling individuals, getting them to invest their savings hoping to make a quick buck. On this subject, Palmer stated the industry leverages a:<\/p>\n \u2026network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like \u201cget rich quick\u201d funnel designed to extract new money from the financially desperate and naive.<\/p>\n<\/blockquote>\n To conclude, Palmer slammed<\/a> the idea that crypto is decentralized, stressing:<\/p>\n Despite claims of \u2018decentralization\u2019, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n Jordan Palmer was never too fond of cryptocurrencies. For him, Dogecoin was a joke<\/a>, a mock coin stemming from a meme back in 2013. In any case, he always criticized the fawning and uncritical praise he saw bitcoin proponents give to the currency. For this reason, Palmer has said<\/a> bitcoin should have a value tied to the value it provides society. In short, he considers this value to be lacking.<\/p>\n However, Palmer shares something in common with the original proponents of cryptocurrencies: his disdain for the traditional financial system. Basically, Palmer thinks these institutional investors could overturn the real benefits of cryptocurrencies and turn them into mere fiat coins. Palmer hinted at this possibility, claiming banks had the power to do a hostile takeover over Bitcoin back in 2018. And according to some analysts, this has already<\/a> happened<\/a>.<\/p>\nDogecoin Co-Founder Slams Crypto Industry<\/h2>\n
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Dogecoin Was a Joke<\/h2>\n