According to Jackson Palmer, the crypto industry is not decentralized but is run by a rich man cartel.
Dogecoin co founder Jackson Palmer criticized the cryptocurrency on Twitter, calling it the worst part of the capitalist system.
According to Palmer, this technology was created with the aim of increasing the welfare of its supporters through tax evasion, lack of regulatory oversight and artificial scarcity.
Also, the altcoin developer denied the assertion about the decentralization of cryptocurrency and stated that the crypto industry is run by a cartel of rich people.
Financial exploitation undoubtedly existed before cryptocurrency, but cryptocurrency is almost purpose built to make the funnel of profiteering more efficient for those at the top and less safeguarded for the vulnerable.
— Jackson Palmer (@ummjackson) July 14, 2021
Palmer added that digital money has made the speculation funnel more effective for those at the top and less secure for the vulnerable.
“Lost your wallet password? Your fault. Fall victim to a scam? Your fault. Are billionaires manipulating markets? They are geniuses, ”Palmer said.
In 2013, Palmer jokingly created Dogecoin, later Billy Marcus joined the developer. In 2015, Palmer left the project due to the toxicity of cryptocurrency. In 2018, the developer reported that he had not made any profit from the development of Dogecoin.
In May 2021, Dogecoin reached an all-time high of $ 0.73. Altcoin is up 18,150% since January. The digital coin has been repeatedly mentioned in his tweets by the CEO of Tesla and SpaceX Elon Musk.
In one of the publications, the businessman called the advantages of Dogecoin over Bitcoin and Ethereum. As of July 15, Dogecoin price is $ 0.19 (down 74% from the high).
BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.
There is merit imo to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.
— Elon Musk (@elonmusk) July 9, 2021
