'I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents,' dogecoin co-creator Jackson Palmer says.
Palmer, who co-created the mock cryptocurrency in 2013 with Billy Markus, took to Twitter on Wednesday to denounce the state of crypto in no uncertain terms:
Far from being a decentralized, libertarian alternative to traditional monetary systems, crypto “is controlled by a powerful cartel of wealthy figures,” he said, who have “evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
“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,” he continued in a 10-tweet thread.
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