Jackson Palmer, co-creator of dogecoin meme cryptocurrency, posted some harsh words about crypto, on Wednesday, July 15th.
“I am often asked if I will return to the crypto market or if I will start sharing my thoughts on this issue again. My answer is a wholehearted ‘no,’” Palmer wrote on Twitter.
Back in 2013, Palmer and Billy Marcus came up with the idea for dogecoin. Dogecoin or Doge was created on the occasion of a successful meme that was circulating the internet at that time starring a lovable dog of the breed Shiba Inu that resembles the famous breed Akita. No one, however, expected the success that would follow. Now, the cryptocurrency in question is one of the top 10 cryptocurrencies in the world. Earlier this year, it reached an all-time high of almost 74 cents. Despite its recent rise in popularity, neither of its two creators made a single dollar, and both sold out before the rise of dogecoin.
In a tweet, Palmer criticised the cryptocurrency market, saying it was “controlled by a powerful cartel of rich people” who “have evolved to integrate many of the same institutions linked to the existing central financial system.
He admits that this form of “economic exploitation” existed even before encryption. He also claims that the encryption industry negatively affects the “average” people involved in it. Proponents of encryption, however, see things differently. For example, bitcoin, the largest digital cryptocurrency, is considered by its investors as a hedge against inflation.
On the other hand, Marcus was much more active on social media than Palmer, even though he is no longer involved with dogecoin. “The encryption community can be quite elitist. “We would like to create a more fun, more open and inclusive community,” he told CNBC.