Dogecoin and its popularity and growth have been one for the books. The coin had shown tremendous growth in the space of one year. Taking a coin made as a joke which the founders believed would go nowhere to be one of the top gaining coins in the space. In light of Dogecoin’s growth, one of its founders who had earlier sold his crypto to buy an old Honda announced he had bought back into the coin.
Bill Markus had sold all of his coins and exited the crypto world, vowing never to return. But the prosperity of his creation drew him back in and he has started holding some digital assets again.
But this would not be the case for the meme coin’s other founder Jackson Palmer. In response to questions about whether he would ever return to the market, Palmer replied categorically that he had no plans to do so. The Dogecoin co-founder said he would not return to regularly sharing his thoughts about the cryptocurrency market either.
A Cartel Controls The Cryptocurrency Industry
In an attempt to clear the air once and for all, Palmer went on to create a Twitter thread explaining his reasonings. According to Palmer, he believes that crypto is “an inherently right-wing, hyper-capitalist technology.” This, he believes, was built to amplify the wealth of its proponents through a combination of factors. The factors include tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.
It would not be far off base to think this was in reference to the limited supply of bitcoin. This perceived scarcity that one day the world would run out of bitcoins. Hence, gouging the price of the digital asset as everyone rushes to own a piece of it. Dogecoin takes a jab at this imposed scarcity by having no supply limit or cap.
Dogecoin price currently trading below $0.20 | Source: DOGEUSD on TradingView.com
Jackson Palmer also expanded further on his thoughts on decentralization. Decentralization has always been one of the big pulls of digital assets. A currency that isn’t controlled by anyone would mean that players would not be able to manipulate it on a whim for their benefit. But apparently, this is not the case.
A powerful cartel still controls the system, Palmer wrote. Making “decentralization” basically a smokescreen to mask what was actually going on behind the scenes.
Cryptos Like Dogecoin Are A Get Rich Quick Scheme
Palmer explained in the following tweet that crypto was simply a “get rich quick” funnel that was designed to extract money from financially desperate and naive people. According to him, the crypto industry takes the worst parts of capitalism. And then uses software to limit the interventions which would serve as safety nets.
Concluding his threat, Palmer opined that having a good-faith debate is now near impossible in the market. And thus, this has fueled his passion for staying away from the crypto industry.
Given these reasons, the Dogecoin co-founder laid out that he no longer went out of his way to talk about cryptos. As he does not possess the energy to engage in debates with people unwilling to have a grounded conversation. The full Twitter thread is available here.
Featured image from Ethereum World News, chart from TradingView.com