The co-creator of meme cryptocurrency Dogecoin (DOGE) is calling out the entire crypto space as a social ill.
In a viral tweetstorm, Palmer, who created Dogecoin in 2013 as a joke with fellow developer Billy Markus, says he thinks the cryptoverse has evolved into something he can no longer support.
According to Palmer, the crypto culture’s mantras of decentralization and sound money are largely facades that rich gatekeepers use to lure in and dupe financially desperate participants.
“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.
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.
Despite claims of