Dogecoin co-founder Jackson Palmer has vowed never to participate in the cryptocurrency market again. He posted a sort of farewell letter on his Twitter this Wednesday, July 14th.
According to Jackson Palmer’s explanation, people often come to him to question whether he will ever return to the market he helped create. In 2013 he was one of those responsible for creating Dogecoin, the cryptocurrency meme that went viral.
“I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…”, says Jackson Palmer.
For the old cryptocurrency enthusiast, this technology turned out to be bad for him as he deepened his studies on the subject. One of the reasons for Palmer’s refusal to return to the sector is that, in his view, digital currencies were created by the right and are hyper-capitalist.
“After years of studying it, 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.”
Dogecoin creator no longer wants to return to the ecosystem due to the concentration of billionaires
For Jackson Palmer, the cryptocurrency market turned out to be the perfect place for billionaires who ended up creating a cartel in this space.
This way, there is no more decentralization in the cryptocurrency industry, judged the co-founder of Dogecoin, saying that it will never return to the market.
“Despite claims of “decentralization”, 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.”
In addition to these considerations, Palmer also stated that the market uses influencers to attract new people, with ideas of getting rich quick.
“The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naive.”
Despite his criticisms, he believes that cryptocurrency technology is not responsible for financial exploits, as these have been around since before the technology.
Even so, with cryptocurrencies, Jackson believes that corruption, fraud and inequality have been boosted.
“Good-faith debate is near impossible”
For Palmer, it is not even possible to have a healthy debate about cryptocurrencies, as the billionaires who control the sector already criticize these actions.
“But these days even the most modest critique of cryptocurrency will draw smears from the powerful figures in control of the industry and the ire of retail investors who have sold the false promise of one day being a fellow billionaire. Good-faith debate is near impossible.”
Thus, Palmer ended his farewell letter stating that he no longer has the energy to participate in this ecosystem, which he considers too capitalist and toxic.
Finally, he urged people to make rigorous analyzes of the technology they intend to use, which must never stray from its social consequences.
I applaud those with the energy to continue asking the hard questions and applying the lens of rigorous skepticism all technology should be subject to. New technology can make the world a better place, but not when decoupled from its inherent politics or societal consequences.
— Jackson Palmer (@ummjackson) July 14, 2021
It is worth noting that the Dogecoin cryptocurrency that he helped found has seen a great appreciation in the last year, helped mainly by Elon Musk, the second richest man in the world today, according to Billionaires 2021 Forbes.
Emergence of Dogecoin (DOGE)
Dogecoin’s story is unlike any other cryptocurrency. As we said above, it all came from an internet meme. Meme is basically a kind of joke that originates from the internet or social media. Usually people who frequent profiles, pages or similar forums on social networks take some fact, event or discussion and reread it, usually with a comic connotation, and create a meme, which can appear through a montage, photos, videos or phrases.
In the case of Dogecoin, it all started in late 2013. Billy Markus and Jackson Palmer started working on the Dogecoin code to honor the meme (inside joke) of the Japanese Shiba Inu dog, which hit the nets in 2013. The dog’s image it is the identity of the coin.
The Dogecoin token came about like that. When the coin was launched in 2014, initially its popularity was more present among geeks (nerds), as happened with the launch of Bitcoin. However, over time, Dogecoin gained strength and notoriety, especially in discussions that take place on Reddit, a forum that raises debates on certain topics and that constantly discusses cryptocurrencies. Currently, Dogecoin (DOGE) is one of the 10 largest cryptocurrencies on the market, according to CoinMarketCap.
