Dogecoin co-creator says he doesn’t plan to return to crypto

Dogecoin co-creator Jackson Palmer says he wants nothing to do with cryptocurrency as it is “controlled by a powerful cartel of wealthy figures.”

The meme-inspired cryptocurrency co-creator made a shocking return to Twitter on Wednesday, tweeting despicable things against cryptocurrency in general. He explained why he thinks digital currency is such a bad idea.

“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 ‘np’”, Palmer said in a tweet.

Palmer and co-creator Billy Markus created dogecoin in 2013 as a joke inspired by the “Doge” meme which features a Shiba Inu dog. Both creators never intended for dogecoin to be taken as a serious cryptocurrency. Fast forward years later, big names like Elon Musk are putting dogecoin on the news headlines.

Dogecoin is currently one of the top 10 cryptocurrencies by market value. Despite its market potentials dogecoin only hit an all-time high of nearly 74 cents and both creators are yet to profit from it. Palmer and Markus both sold out on the cryptocurrency before its global rise. They claimed that cryptocurrency wasn’t in line with their values.

In his Wednesday Twitter thread, Palmer criticized unknown cryptocurrency powers saying that space is controlled by a “powerful cartel” of wealthy people who have “evolved to incorporate any of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”

He blasted criticized the use of cryptocurrency as a tool to make “profiteering more efficient for those at the top” a system he said is designed to make the rich richer through “tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.”

Palmer also accused the crypto market of encouraging a network of “shady business connections.” He suggested that most cryptocurrency influencers are bought at a price and the industry is filled with “pay-for-play media outlets to perpetuate a cult-like ‘get rich quick’ funnel designed to extract new money from the financially desperate and naïve.”

He describes crypto investment as a type of “financial exploitation” and admitted that others existed before cryptocurrency. Palmer added that he still believes that the “average” investor will be hurt by the crypto industry which is susceptible to fraud, as other crypto critics have stated.

Dogecoin co-creator Markus responded to Palmer’s tweet, agreeing with his current stance about cryptocurrency.

“There’s a lot of terrible people who are involved in the crypto space, and I completely understand why he would feel negative about it,” Markus said. In another tweet, he added that he could relate with Palmer because they both experienced the negative side of the cryptocurrency saga.

Concerning the main motivation behind the creation of dogecoin, Markus told CNBC that the idea was to get the “elitist” cryptocurrency community to become more “inclusive” and they wanted a community that was “more fun, lighthearted and inclusive.”

Cryptocurrency supporters think otherwise. For example, bitcoin, the largest cryptocurrency by market value was created to be a decentralized peer-to-peer financial system and has succeeded as such. It is also considered to be a hedge against inflation and has many other benefits.