Jackson Palmer, co-founder of the Dogecoin project repeated his thoughts about crypto and this time was very serious about lashing it out. He tweeted this time to showcase ideas more clearly and repeat his plans about not coming back to the cryptocurrency industry. Palmer is kind of an influencer on Twitter and his thoughts may affect the market considerably. Although many criticize him for his thoughts, it seems the Dogecoin co-founder no longer believes in the achievements of the cryptocurrency industry.
The Big No to Crypto
Many of the blockchain and crypto veterans are still active in the industries. The early developers and adopters are today investors or at least advisors in various blockchain projects. Most of them got rich in the industry and are now moving it forward with their knowledge and wealth.
But there are some of them who have left the industry. Some others are like Jackson Palmer that even lost their beliefs in the technology. He left the Dogecoin project years ago and is now saying that the whole crypto industry has serious problems.
There have been many considerations that Palmer may come back to the crypto world. But he clearly published his plans by saying a big No on Twitter. The latest thread on his account describes why he won’t come back to the crypto community again. Palmer calls the cryptocurrency industry “an inherently right-wing, hyper-capitalistic technology.”
He believes the creators of cryptocurrency planned to make a tool to amplify the wealth of a small group by providing tax avoidance and some tricks like enforced scarcity. It seems he is pointing to coins like Bitcoin by saying enforced scarcity.
Palmer continues by pointing to the decentralized promise of the crypto industry. He believes that current actors are somehow repeating the previous processes that were present in centralized concepts. According to the tweet:
“Despite claims of” decentralization”, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions to the existing centralized financial system they supposedly tied out to replace.”
The whole thread talks about the negative parts of the crypto industry and calls it a corrupt system. Palmer finishes talking by saying that he no longer will engage in public discussions about cryptocurrencies and will never come back to the industry. Regardless of Palmer being correct or not, this kind of expression may have a direct effect on the market and even make newcomers afraid about the future of the industry.