Corruption and cultism drove Jackson Palmer away from the crypto universe forever.
Jackson Palmer, who co-created Dogecoin with Billy Markus in 2013, said what many would consider a bombshell on the crypto universe.
Considering his past experiences, particularly the dark and exploitative side of the business, Jackson gives a no-no about being part of this universe again.
Currently, the price of DOGE is US$0.1921, which represents a 74% drop compared to the local top.
Hodlers may find strong support at the $0.1641 level, but price action appears to be falling for a new test of this level. Failure to insure can lead to other disadvantages.
As Dogecoin faces this do-or-die moment, Palmer breaks his silence to explain why he won’t be making a return to the crypto universe.
Palmer talks about the crypto universe
Markus, unlike Palmer, has recently become actively involved in this universe. For example, in the release of Dogecoin NFTs and in frequent posts on the subject.
Whereas Palmer maintained a low profile even during the boom period, when Dogecoin was growing and becoming a good investment.
But this week, Palmer saw fit to share his thoughts on that scenario in a series of tweets. In them, he paints a picture of corruption and cultism, which drives him away.
Palmer calls cryptocurrency an “inherently right-wing hyper-capitalist technology”, implying that its main objective is to increase the wealth of its proponents through “tax evasion, reduced regulatory oversight and artificially applied scarcity”.
While the promise of decentralization is a strong selling point, it questions whether decentralization exists. Referring to “powerful cartels” that have run out, Palmer says the crypto market has become what it should usurp.
“Despite claims of ‘decentralization’, the cryptocurrency market is controlled by a powerful cartel of wealthy figures who, over time, have evolved to incorporate many of the same institutions linked to the existing centralized financial system they are supposed to replace.”
Without giving up, Palmer then discusses financial exploitation, which he says is common in the industry. All of this aimed at manipulating the desperate and naive.
“The cryptocurrency market leverages a network of dubious business connections, bought influencers and paid media to perpetuate a cult funnel of ‘get-rich-quick’ designed to extract new money from the financially desperate and naive.”
Palmer said even the slightest criticism would incur severe reactions. Thus hindering any discussion of “good faith” on the subject.
For this reason, he prefers to avoid the crypto universe altogether.