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The creator of Dogecoin says cryptocurrency is a scam to help the rich get richer

The coin’s creator is definitely not a fan of cryptocurrency.

dogecoin on table
Image: FXTM

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Earlier this year, Dogecoin was one of the hottest topics on the internet, with the meme-coin reaching the huge mark of 72 cents per coin. Now the coin’s value has decreased significantly and its creator has come out to condemn cryptocurrency as a whole.

Jackson Palmer created Dogecoin in 2013. The coin was created as a joke based on the popular meme image of a Shiba Inu dog with a very concerned look on its face. The coin took a few years to gain traction, but earlier this year it reached a massive market value of nearly $90 billion.

Since then, Dogecoin has dropped to around 17 cents, losing more than two-thirds of its valuation.

Earlier this week, Palmer went on a tirade on Twitter, condemning cryptocurrency and calling it “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.”

READ MORE: Dogecoin co-creator says Elon Musk is a grifter

Palmer goes on to attack the “decentralization” claim that most cryptocurrencies boast saying “the 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.”

Palmer is completely fed up with cryptocurrency. “Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person,” reads one of his recent tweets.

I think it’s safe to say that Jackson Palmer is officially out of the cryptocurrency game.

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Staff writer at KnowTechie. Alex has two years of experience covering all things technology, from video games to electric cars. He's a gamer at heart, with a passion for first-person shooters and expansive RPGs. Shoot him an email at alex@knowtechie.com

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