DOGE Co-creator Palmer Criticizes Crypto as ETH Co-founder Reveals Crypto Exit

News / 19.07.2021

Dogecoin co-creator Jackson Palmer has labeled the cryptocurrency industry a right-wing, hyper-capitalistic technology. Palmer dropped the bombshell on social media in a lengthy Twitter post. He said that he would never return to cryptocurrency, a powerful cartel of wealthy figures.

He added that crypto is created fundamentally to amplify the wealth of the rich by extracting money from the financially desperate and naïve.

Palmer is not usually active on social media. As a matter of fact, in 2019, he had also made his Twitter account private. Later he didn’t say anything on social media platforms even when Dogecoin reached record highs earlier this year. Despite that, Palmer resurfaced on Twitter on Wednesday and blasted the various cryptocurrencies.

Joke Coin

In 2013, Palmer created Dogecoin as a joke based on the “Doge” meme, portraying a Shiba Inu dog alongside Billy Markus. The software engineers didn’t intend for Dogecoin to be taken seriously or intend to make it one of the top cryptocurrencies.

Palmer announced he was taking a lengthy leave of absence from the toxic cryptocurrency world in 2015. In 2018, he said that he had not made any profit from his involvement with Dogecoin.

Earlier this year, Markus wrote in a Reddit post that he is no longer part of the Dogecoin project. He left around 2015 as the community started to shift from one that he was comfortable with strongly. Currently, Markus does not own any Dogecoin except what has been tipped recently. He handed out and sold all the crypto he had back in 2015 after being laid off.

Quitting Crypto 

Anthony Di Iorio, a Canadian entrepreneur primarily and one of Ethereum’s co-founders, has announced his intentions of exiting the world of cryptocurrency. Di Iorio says that he is taking the major step, in part, because of safety reasons. Though he has not given specifics, he added that he doesn’t want to be a crypto guy but be “a guy tackling complex problems.

He also warned a lot of times and cryptocurrency is not what the world needs. Nevertheless, Di Iorio helped to commence the development of Ethereum in 2013 as the project’s financier and was named by Forbes as a borderline billionaire in 2018.

Financial Freedom

CEO of Coinbase, Brian Armstrong, took to Twitter to express his thoughts about Jackson Palmer’s statements. While Palmer is now dismissive of the cryptocurrency industry, Armstrong’s beliefs are different. To Armstrong, the cryptocurrency industry has its issues; however, it still provides an alternative for people who want more financial freedom.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.