{"id":46123,"date":"2021-07-15T10:27:50","date_gmt":"2021-07-15T07:27:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46123"},"modified":"2025-09-01T14:46:21","modified_gmt":"2025-09-01T11:46:21","slug":"dogecoin-co-founder-the-crypto-industry-is-controlled-by-a-cartel-of-the-wealthy","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/dogecoin-co-founder-the-crypto-industry-is-controlled-by-a-cartel-of-the-wealthy\/","title":{"rendered":"Dogecoin co-founder: the crypto industry is controlled by a cartel of the wealthy"},"content":{"rendered":"<p>Dogecoin co-founder Jackson Palmer described cryptocurrency as &#8220;an ultra-right, hyper-capitalist technology&#8221; created to increase the wealth of the already wealthy.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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.<\/p>\n<p>\u2014 Jackson Palmer (@ummjackson) <a href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353985406406658?ref_src=twsrc%5Etfw\">July 14, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Palmer, early supporters of cryptocurrency accumulate fortunes by avoiding taxes, taking advantage of a lack of regulation in the industry, and artificially creating asset scarcity.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Despite claims of \u201cdecentralization\u201d, 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,&#8221; Palmer wrote.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">Despite claims of \u201cdecentralization\u201d, 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.<\/p>\n<p>\u2014 Jackson Palmer (@ummjackson) <a href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353986392072196?ref_src=twsrc%5Etfw\">July 14, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The co-founder noted that the digital asset industry is aimed at exploiting the least protected segments of the population. In his words, it has &#8220;taken the worst features of the modern capitalist system&#8221; and used technology to curb interventions such as audits and regulation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The cryptocurrency industry uses a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like \u201cget rich quick\u201d funnel designed to extract new money from the financially desperate and naive,&#8221; he said.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">The cryptocurrency industry leverages a network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like \u201cget rich quick\u201d funnel designed to extract new money from the financially desperate and naive.<\/p>\n<p>\u2014 Jackson Palmer (@ummjackson) <a href=\"https:\/\/twitter.com\/ummjackson\/status\/1415353987503583236?ref_src=twsrc%5Etfw\">July 14, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Palmer stressed that he does not plan to return to the industry or discuss it on Twitter. He said that even modest criticism of cryptocurrencies would trigger a furious reaction from the influential figures who control the industry and from retail investors who were promised easy money.<\/p>\n<p>In 2013, Palmer, together with Adobe Systems colleague Billy Markus, created the meme cryptocurrency Dogecoin. The developers did not expect the project to be taken seriously.<\/p>\n<p>In January 2018 Palmer wrote an article for Vice, in which he stated that valuing the asset&#8217;s market capitalization at $2 billion was &#8220;very wrong&#8221;.<\/p>\n<p>Now DOGE sits among the ten largest digital assets by market capitalization, at $25.41 billion, according to CoinGecko. Over the past year the price of the cryptocurrency has risen by more than 5,800%. At the time of writing the asset was trading at around $0.19.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"502\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/doge-9-1024x502.png\" alt=\"Dogecoin co-founder: the crypto industry is controlled by a cartel of the wealthy\" class=\"wp-image-142530\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/doge-9-1024x502.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/doge-9-300x147.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/doge-9-768x377.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/doge-9-1536x754.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/doge-9.png 1828w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Hourly chart DOGE\/USDT on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/DOGEUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>The developers did not profit from this rally. They left the project long ago and <a href=\"https:\/\/u1f987.com\/en\/news\/dogecoin-cofounder-explains-how-he-got-rid-of-his-coins-in-2015\">sold their DOGE<\/a> in 2015.<\/p>\n<p>Unlike Palmer, Markus was not as radical in his remarks. He noted that the former colleague&#8217;s theses were generally valid, aside from the meaningless part about American politics.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I think his points are generally valid aside from the pointless American politics piece<\/p>\n<p>\u2014 Shibetoshi Nakamoto (@BillyM2k) <a href=\"https:\/\/twitter.com\/BillyM2k\/status\/1415382110894891008?ref_src=twsrc%5Etfw\">July 14, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;There are many awful people in the cryptocurrency industry, and I fully understand why he feels negative about this,&#8221; Marcus wrote in another tweet.<\/p>\n<\/blockquote>\n<p>Earlier in May, Palmer <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-criticises-bitcoin-for-centralisation-and-threatens-to-bet-it-all-on-doge\">called Elon Musk a narcissistic con artist<\/a>, and his appearance on Saturday Night Live was cringe.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin co-founder Jackson Palmer described cryptocurrency as an &#8220;ultra-right, hyper-capitalist technology&#8221; created to increase the wealth of the already wealthy.<\/p>\n","protected":false},"author":1,"featured_media":46124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[99,2217,1138],"class_list":["post-46123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dogecoin","tag-jackson-palmer","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"36","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=46123"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46123\/revisions"}],"predecessor-version":[{"id":46125,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46123\/revisions\/46125"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/46124"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=46123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=46123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=46123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}