London Daily

Focus on the big picture.
Friday, Jun 20, 2025

Dogecoin Co-Creator Palmer: Crypto Feeds on 'Financially Desperate and Naive'

Dogecoin Co-Creator Palmer: Crypto Feeds on 'Financially Desperate and Naive'

One of the two co-creators of Dogecoin, currently the 8th the biggest cryptocurrencies by market cap, has launched an attack on the whole crypto ecosystem.

The co-creator of a popular meme currency Dogecoin has launched an attack on cryptocurrency, saying it has the “worst parts of today’s capitalist system.”

Jackson Palmer, who founded Dogecoin in 2013 together with Billy Markus before selling all his holdings, explained in a Wednesday Twitter thread why he wants nothing more to do with the crypto world.

“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.”

He continued:

“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 tied to the existing centralized financial system they supposedly set out to replace.”

“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.”

It’s quite a statement from a man who helped launch the eighth-biggest cryptocurrency, although the coin was meant as a joke to begin with.

After a 6,000% rise in the past year alone, Dogecoin now has a market cap of $26 billion. The coin, based on a popular internet dog meme and intended to poke fun at Bitcoin knockoffs, has gained a cult following from those who want to get rich, others who think it is a light-hearted alternative to the sometimes serious world of Bitcoin and Ethereum, and for those who missed the train on the two largest coins.

Palmer is not joking about Dogecoin or wider crypto market anymore.

Jackson has criticized cryptocurrency’s use of “shady business connections” to suck money out of “the financially desperate and naive.” This is because people buy into a cult where they think they can get rich quick, he argued.

Jackson concluded that he would no longer engage in public discussion about cryptocurrency. According to him, event “modest critique” of the crypto world is not possible because of the fanaticism of its followers – the super rich or retail investors who think they will one day be super rich.

Echoes of that critique sound through Dogecoin’s own success, which is largely pinned on one of the world’s richest men, Tesla CEO Elon Musk, pumping the coin’s price on Twitter, whether that is his intention or not.

The eccentric billionaire – known for his Twitter outbursts – has claimed Dogecoin his favorite crypto, causing its price to go through the roof.

Co-billionaire Mark Cuban is also a proponent of DOGE.

Nic Carter of blockchain-focused VC firm Castle Island Ventures condemned Palmer’s tweets.

This isn’t the first time Palmer has criticized the crypto world or the coin he helped create. In 2015, Palmer bowed out of Dogecoin and the wider crypto world, calling its ecosystem “toxic.” In 2018, he said that Bitcoin had become a “little cult-like” and that the technology had yet to add very much value to society:

“What it really is, is a re-centralization of some of the stuff that bitcoin was trying to decentralize, right? If we get to a point where the money distribution in Bitcoin looks fairly identical to that of the traditional Wall St. banks, then what have we really achieved?”

Source: Dogecoin Co-Creator Palmer: Crypto Feeds on 'Financially Desperate and Naive' – Fintechs.fi

Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×