Dogecoin Co-Creator: "I Will Never Return to Cryptocurrency"

Palmer Criticizes Cryptocurrency on Twitter
"Wealthy Cartels Exploit Cryptocurrency for Tax Evasion and Illegal Transactions"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Suhwan] Jackson Palmer, co-developer of the cryptocurrency Dogecoin, stated on Twitter that "a cartel of the wealthy controls the cryptocurrency community and siphons money from economically vulnerable people," and said he would never return to cryptocurrency.

On the 14th (local time), Palmer posted a critical opinion about cryptocurrency on Twitter, saying, "I am often asked, 'Will you return to cryptocurrency?' or 'Will you regularly share your thoughts on this topic?' My sincere answer is 'No.'

Palmer tweeted, "After years of research, I have come to believe that cryptocurrency is essentially a right-wing hyper-capitalist technology created to expand the wealth of cryptocurrency supporters by combining tax evasion, deregulation, and artificial scarcity."

He continued, "Cryptocurrency fans claim it is a decentralized financial system and a fair alternative to big banks," but pointed out, "In reality, cryptocurrency is controlled by a powerful cartel of the wealthy."

Palmer also said, "Cryptocurrency embodies the worst parts of today's capitalist system," citing corruption, fraud, and inequality as examples. He criticized, "Cryptocurrency uses software to technically limit various surveillance and regulatory systems that could prevent harm to ordinary people."

In another tweet, he accused the cryptocurrency industry of creating a funnel-like scheme such as 'get-rich-quick' by using suspicious business networks, influencers, and paid media to siphon money from financially desperate and naive people.

Palmer emphasized, "I acknowledge that such 'financial exploitation' existed before cryptocurrency, but I believe the cryptocurrency industry still harms ordinary people who participate in it."

He added, "While new technologies can make the world a better place, they can also have negative social impacts."

CNBC reported that Marcus, another co-developer of Dogecoin, expressed agreement via Twitter, saying, "Palmer's claims are largely valid."

Marcus said, "There are many terrible people in the cryptocurrency space. I completely understand why he (Palmer) feels negatively about cryptocurrency," and added, "I understand his perspective, and we both have seen the negative sides of all this."

Dogecoin is a cryptocurrency created in 2013 as a joke by software developers Palmer and Billy Marcus. The Japanese Shiba Inu dog 'Doge,' which was popular as an internet meme (a photo or video trending on the internet), became the currency's mascot.

Dogecoin became a hot topic after Tesla CEO Elon Musk repeatedly mentioned it on Twitter, experiencing a surge of hundreds of times in value over the past 7 to 8 months before declining.

This content was produced with the assistance of AI translation services.