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Returning to crypto is a 'wholehearted no' for Dogecoin founder

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(Kitco News) - In a ten-deep Twitter thread posted Wednesday, Dogecoin founder Jackson Palmer blasted the cryptocurrency market as "inherently right-wing, hyper-capitalistic" with a driving force built on tax avoidance and diminished regulatory oversight.

Palmer created Dogecoin in 2013. Doge refers to the popular and meme-able Shiba Inu dog. Earlier this year, Elon Musk latched onto the currency, asking his Twitter followers if Tesla should accept payment in Dogecoin. The coin traded up 700% in May.

Palmer said nothing is new; rather, cryptocurrency has adopted the worst aspects of the old financial system.

"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," writes Palmer.

"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."

Palmer is mostly concerned about crypto's lack of guard rails.

"Lose your savings account password? Your fault. Fall victim to a scam? Your fault. Billionaires manipulating markets? They're geniuses. This is the type of dangerous "free for all" capitalism cryptocurrency was unfortunately architected to facilitate since its inception," writes Palmer.

Today Dogecoin is down 7.68% to 18.4 cents as of 1 p.m. ET.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.