Jackson Palmer, the co-creator of the meme-inspired cryptocurrency dogecoin, made a rare return to Twitter on Wednesday with some harsh words about crypto in general.
“I am often asked if I will ‘return to cryptocurrency’ or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted ‘no,'” Palmer tweeted on Wednesday.
These are the Doge creators comments on crypto:
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 tweeted out on Wednesday afternoon.
Palmer went on to say that while crypto’s biggest fans often point to it as an equitable alternative to the Big Banks because of the currency’s decentralized nature, the truth is that the two share the same problem: rich people. As he (rightfully) noted, the bulk of the crypto community is controlled by “a powerful cartel of wealthy figures” who are turning decentralized finance into a system that largely benefits those at the top—kind of like the centralized systems crypto claims to replace.